For each of the following multiple choice questions, choose the most appropriate answer :
1. The main role of an underwriter in a non-life insurance company is normally to
A. assess the acceptability of particular risks
B. certify a loss when claims are submitted
C. design the structure of the products to be offered
D. negotiate with the industry regulator
2. Which of the following falls under voidable contract?
A. Misrepresentation
B. Lack of insurable interest
C. Fraud
D. None of the above
3. What are the financial planning need for a 38 year old lady with 2 year young daughter, whose husband has passed away leaving enough insurance cover?
A. Estate planning
B. Investment management
C. Loan protection
D. Pension planning
4. Sahil has submitted proposal for insurance. Assuming that there was no special agency engaged, apirt from the Agents confidential Report, what would be needed?
A. Medical Report
B. moral hazard report from senior employee of Sahil's insurer
C. Statement of good health
D. Declaration by Sahil
5. An individual is said to be competent to enter into contract if he is
A. 18 year old
B. 21 year old
C. 23 year old
D. 25 year old
6. The regulations issued by the IRDA, require that the decision on the proposal must be conveyed to the propcser within
A. 15 days of receiving the proposal
B. 20 days of receiving the proposal
C. 25 days of receiving the proposal
D. 30 days of receiving the proposal
7. The party who settles the claim on the behalf of an Insurer in Health Insurance, is known as:
A. IRDA
B. Second Party Administrator
C. Third Party Administrator
D. Life Insurance. Council
8. If the client does not wish to proceed with the recommendations right at the moment, the agent should :
A. Insist on taking the product right away
B. Should ask for the reason for not going with the recommendation
C. Should ask for a future date from the client
D. Should review once again
9. If Rahul buys a joint life plan along with his wife, then according to the IRDA's code of conduct for agents, the agent has to act in the interest of :
A. Rahul only
B. Rahul and his wife
C. Rahul and insurer
D. Rahul, his wife and insurer
10. In case of any unethical practices in sales followed by an insurance company the clea-cut impact will be shown in :
A. Claims ratio
B. TAT on complaints
C. Persistency ratio
D. Market share
11. Loan can be taken against life insurance policies. The loan can be specific percentage of which value?
A. Paid up value
B. Surrender value
C. Total premiums paid
D. Sum assured
12. Why do insurance companies follow the principle of law of Large numbers?
A. To calculate death ratio
B. Dctermine cost of annual claims
C. Calculate pure risks
D. None of these
13. A low persistency ratio for the insurance company means that:
A. The customers are satisfied with the products
B. The company is acquiring more business and new customers
C. A large numbers of policies have lapsed / surrendered resulting in loss of profit
D. The company will not declare bonus
14. The primary object of Fact-Finding is :
A. Giving comparison to customer
B. Need Identification of customer
C. To provide regulation information
D. To do the audit of customer
15. If there is an avtertisement in newspaper regarding policy, It could be due to :
A. Counter Offer
B. Lost Policy
C. Lien
D. Third party claimant
16. The sole focus during a client's fact-find session was healthcare requirements and estate planning. Which main life stage is he most likely to fall into?
A. Young married
B. Young married with children
C. Pre-retirement
D. Retirement
17. The need for the Health Insurance plans is of more relevance to the self employed than to the person of Public Sector because :
A. The Public sector employee can get the funds anytime
B. The Public sector employee get many benefits from their organization
C. The self employed is more prone to the medical problems
D. The dependency on the self employed of the whole family is more
18. What is the ceiling of tax exemption under section 80C of Income Tax Act?
A. 1 lakh
B. 1.5 lakhs
C. 2 lakhs
D. 3 lakhs
19. The Institute of Insurance and risk management is engaged in providing insurance education and :
A. Regulatiom
B. Redressal
C. Research
D. Repository
20. The reduction in the benefit illustration shows what :
A. Charges
B. Mortality
C. Interest
D. Inflation
Electrician Books
Rs405 |
Rs405 |
Rs270 |
Rs278 |
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Rs270 |
Rs279 |
Rs315 |
Rs315 |
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Rs216 |
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Rs180 |
Rs180 |
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Rs315 |
Rs279 |
Rs342 |
Rs279 |
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Rs505 |
Rs536 |
Rs217 |
Rs250 |
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Rs258 |
Rs299 |
Rs88 |
Rs101 |
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Rs387 |
Rs315 |
Rs360 |
Rs270 |
Rs245 |
Rs378 |
Rs459 |
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Rs187 |
Rs136 |
Rs299 |
Rs266 |
Rs180 |
Rs201 |
Rs39 |
Rs323 |
Rs360 |
Rs260 |
Rs288 |
Rs270 |
Rs323 |
Rs215 |
Rs243 |
Rs160 |
Rs225 |
Rs387 |
Rs315 |
Rs359 |
Rs288 |
Rs270 |
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