A fresh set of 20 random questions is generated every time you open this page and every time you refresh it.For each of the following multiple choice questions, choose the most appropriate answer :
1. Mr Gaurav has joined as Director of Insurance Company. Now as per the IRDA act he is not allowed to play the role of :
A. Agent
B. Chief Actuary
C. Under writer
D. All of these
2. Mr. Y has taken ULIP plan. When will the nomination cease?
A. Assignment
B. Switching
C. Redirection
D. Withdrawal
3. For assessing the risk of a group health insurance policy, which of the following information is the most critical :
A. Group lifestyle
B. Employees
C. Age of the group members
D. Medical history of group members
4. In case of presumption of death :
A. Not necessary to pay premium until court decree
B. Necessary to pay premium until court decree
C. Claim not admissible
D. None of these
5. After doing the need analysis of the client, the agent advised the client to opt for TROP product. But the client refuseAccording to ethical business practices what should the agent do?
A. Enquire about the refusal from the client
B. Suggest an alternative plan
C. Pass on to a senior
D. Pass on to the other agent
6. For an insurance agent, a low persistency ratio means
A. Loss of renewal commission
B. High client satisfaction
C. Higher reputation
D. More earning of First Year Commission
7. 1t has been observed that, most of the policies issued by M/S XYZ Insurance Company have been cancelled by the insured during the free look period. What may be the most likely reason so far ethics is concerned?
A. The company has no ethics
B. The company has only internal ethics but not external
C. The company has external ethics but not internal
D. The company has both the ethics
8. 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
9. Law of large numbers is worked out by which of the following
A. Pooling of risk
B. Maintaining insurable interest
C. With utmost good faith
D. Randomness
10. Ram and Shyam, both have taken life policy from same company through same agent for same perioDuring ttie process of disclosure, the agent has revealed that he obtains more commission from Ram. What may be the probable reason for the same?
A. Shyani has taken more number of poticies that is why he has been given concession
B. Ram's policy is having rider
C. Ram is oldcr than Shyam
D. Ram is having wife and children, where as Shyam is unmarried
11. In an endowment policy, bonus becomes payable because of
A. Indexation
B. Inflation
C. Loading
D. Increase in Premium
12. 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
13. A life insured had died one day before the expiry of grace period without paying the due premium. If insurance company has to pay claim at all, what should be the Claim amount?
A. Sum Assured
B. Surn Assured + Bonuses (if any)
C. Refund all the premiums paid till date
D. Sum Assured + Bonuses - premium due
14. 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
15. Suresh Sharmhas paid 8 yearly premiums for 30 year endowment plan having sum assured of 800000. The bonus accrued in the policy is 60000. Calculate the paid value of the policy
A. 17235
B. 272153
C. 273435
D. 273333
16. In the process of calculation of net premium, which will be deducted:
A. Bonus
B. Rate of return
C. Incorne from investments
D. Expenses
17. Ankur wants to plan for his daughter's education. As a financial advisor what rate would you consider to plan for her education in a later date?
A. Bonus
B. Inflation
C. Interest
D. Investment
18. 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
19. If someone wants to alter the nomination in the existing policy, what document would be required:
A. new proposal form needs to be filled
B. An endorsement on the policy stating the alteration
C. Nomination can not be altered
D. Assignment needs to be done
20. Mr Anwar has taken a Term Insurance Policy from Insurance Company. A term insurance is basically what kind of contract?
A. Indemnity Contract
B. Insurance Contract
C. Both these
D. Neither of these
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