Test Your Knowledge - Free MCQ PRACTICE
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. In case of Widowed woman financial planning should ensure :
A. Estate planning
B. Retirement
C. Investment Management

2. Agent should be very careful while filling the proposal and if has doubt about the client's intentions. He should :
A. Issue the written warning to the proposer
B. Bring this to the notice of IRDA
C. Report to Ombudsman
D. Report to insurer

3. If a policyholder complains to the ombudsman that the insurer is not doing justice to him, in how many days ombudsman would give his recommendation?
A. 15 days
B. month
C. 3 months
D. 6 months

4. The policy is of term 30 years. For how many years maximum lien can be applied?
A. 5
B. 10
C. 15
D. 20

5. If we hold 100 units in gold ETF, how much grams we have in physical :
A. 5 or 10 grams
B. 10 or 15 grams
C. 15 or 25 grams
D. 50 or 100 grams

6. Mortality rate helps to identify
A. Peril
B. Level of Risk
C. Uncertainty
D. Hazard

7. During financial planning session if the agent finds out the following needs, which one should be given the top priority? Needs: Income protection, Childs education, marriage and emergency funds
A. Childs education
B. Marriage
C. Emergency fund
D. Income protection

8. A proposal is accepted with lien. What is lien substitute for:
A. Declined clalm
B. Increised premium
C. Increased Sum assured
D. Postponement

9. Gautam wants to purchase a Kisan Vikas PatrWhat is the most suitable place to purchase it from :
A. Bank
B. Insurance company
C. Post office
D. Share market

10. Govt. of India has full control over IRDUltimately which of the following matters/issues of IRDA are controlled by Govt. of India on an ongoing basis :
A. Formation of IRDA
B. Staffing pattern of IRDA
C. Policy matters
D. IRDA is an autonomous body. Govt of India has no control over IRDA

11. A client has been recommended a low-risk investment product by his insurance agent, but the client insists the agent arranges for the money to be invested in a higher risk product. What action should the agent take?
A. Carry out these instructions, but document that this contradicts the recommendation
B. Conduct a new fact-find
C. Invest a reduced amount of money in this product
D. Refuse to act for the client

12. During the process of applying for life insurance, the customer discloses confidentially to the insurance agent that he had a mild stroke four months ago, however this was NOT mentioned on the application form. In accordance with the Insurance Regulatory and Development Authority's Code of Conduct, how should the insurance agent deal with this information?
A. Ask the policyholder's doctor to send details to the insurer
B. Notify the insurer of this matter
C. Refuse to act for the customer in this case
D. Respect this confidentiality by not discussing it with anyone else

13. What key event is most likely to prevent insurers from ensuring that each insured person brings a fair premium to the pool for the risk presented?
A. A fraudulent claim
B. A policy assignment
C. A steep rise in inflation
D. A sudden illness

14. For an insurance plan of term 20 years, when will the persistency bonus be paid?
A. After each year
B. After 5 years
C. After 10 years
D. After 20years

15. Ajay has taken a term Insurance Policy with a Sum Assured of Rs. 4 lacs. As per IRDA Regulations on riders how much maximum sum assured he can take for Critical illness rider :
A. 2 Lac
B. 1 Lac
C. 4 Lac
D. 6 Lac

16. Ashu is an illiterate person and his proposal form was filled by NishThen what is the addional requirement taken in addition to the documents?
A. The policy needs to be advertised in newspaper
B. Nishu has to sign an indemnity bond
C. Thumimpression of Ashu has to be taken
D. Ashu needs to be to be medically examined

17. Nishit is an insurance agent. He was in process of selling Unit Linked Insurance Plan to his customer. The Customer has asked one technical question to him for which he did NOT know the answer, According to the best practices, what should Nishit do :
A. Decline to answer
B. Ask customer to refer product booklet
C. Refer matter to Supervisor
D. Ask customer to give question in writing

18. Attestation on the policy requires signature of
A. Agent
B. Insurance company's authorized official
C. Nominee
D. Appointee

19. The ombudsman's powers are restricted to insurance contracts of value not exceeding?
A. 50 lac
B. 30 lac
C. 25 lac
D. 20 lac

20. While calculating HLV using income replacement method - future income, number of years of work, increments in salary are taken into account. What else is important to be taken into account?
A. Inflation
B. Interest
C. Discount rate
D. Compounding

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