Test Your Knowledge - Free MCQ PRACTICE
by Saksham Chaudhry : Paschim Vihar, New Delhi 110063 T: 1142316457, 9810570740
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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. 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. Ram is having wife and children, where as Shyam is unmarried 
B. Ram is oldcr than Shyam 
C. Shyani has taken more number of poticies that is why he has been given concession 
D. Ram's policy is having rider 

2. An agent does fact finding for a married couple with 9 year old chilThe agent identifies that they need Life insurance Protection, Child Insurance, Pension plan and health Insurance. Which of them should be given least preference?
A. Child Plan 
B. Pension Plan 
C. Health plan 
D. Life insurance 

3. On the maturity of an endowment policy, a reduced sum insured is paid out. What is the most likely reason for this?
A. The policy was made paid up during the policy term 
B. The policy was subject to a lien 
C. The policyholder's health seriously deteriorated during the policy term 
D. The instalments were commuted by the policyholder 

4. The amount paid out by the insurer under a 30-year life insurance policy exceeded the sum insured plus revisionary bonuses. The excess is likely to result from?
A. Charges refunded 
B. A frequency loading 
C. A tax rebate 
D. A terminal bonus 

5. Mr Ramesh has taken a life police as recommended by an insurance agent. Now the role of Agent's Principal lies with :
A. Insured 
B. Insurance Company 
C. Proposer 
D. IRDA 

6. Rajat and Ramesh buy a health plan witli same premium but Rajat gets more tax advantage. The reason could be :
A. Rajat is more than 65 years of age and Ramesh is less than 65 
B. RaJat is an NRI and Ramesh is not 
C. Rajat has better healtli than Ramesh 
D. Ramesh is richer than Rajat 

7. 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 

8. The general need for a pension policy results from the existence of what key problem?
A. Uncertainty over investment performance 
B. Lack of employment opportunities 
C. Anticipated fall in income 
D. Likely deterioration in health 

9. What is the key, that indicates that the insurance contract has begun?
A. Receipt of Policy Document 
B. Receipt of First Premium receipt 
C. Proposal Form Submission 
D. Checlue submitted date 

10. Akash is an unmarried person, employed with company ABC and drawing handsome salary. He has no liabilities. What kind of plan can be suggested to him?
A. Money Back 
B. Term Plan 
C. Endowment Plan 
D. ULIP 

11. The party who settles the claim on the behalf of an Insurer in Health Insurance, is known as:
A. Second Party Administrator 
B. IRDA 
C. Life Insurance. Council 
D. Third Party Administrator 

12. An insurance agent sold two policies to two different persons having the same policy term. He declares the commission to each of them. The commission of one of the policy is more than the other. What should be the reasons for this difference?
A. Risk profile of both the policyholders is different 
B. Age of both the policyholders is different 
C. One has chosen lump sum premium policy and other has chosen regular premium policy 
D. Both have chosen different kind of policies 

13. 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 

14. If a person is responsible to determine and finalize the rates of various insurance products for an insurer, which body/society is he a member of :
A. Institute of Actuaries in India 
B. Insurance Institute of India 
C. IRDA 
D. Life Insurance Council 

15. Rajiv has a pension plan which his employer has bought for him under employer employee relationship. The return on the investment is shown in an illustration. This depicts :
A. Employer employee benefits 
B. Bonus and pension 
C. Returns on one investment 
D. Guaranteed and non guaranteed 

16. Arun started a 20-year term insurance policy. Once established, when, if at all, is the insurer next entitled to ask him for proof of continuing good health?
A. At no point 
B. At the point when he changes occupation or retires 
C. When a lapsed policy is revived 
D. After the end of the first 12 months 

17. 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 

18. If an insurance policy is Nsued wi& a An, it will be mentioned in :
A. Proviso 
B. Scedule 
C. Terms and conditions 
D. Endorsement 

19. How can any Agent prove that he has shared with prospect, information on commission he earns?
A. Prospect giving age proof 
B. Prospect's signature on Benefit illustration 
C. Prospect Signing proposal form 
D. Confirmation through telephone 

20. For annuity plans. before receiving regular/periodic annuity payments, the individual can make a lump sum withdrawal. This is known as commutation. Up to what proportion of the accumulated fund can be withdrawn?
A. Only one third of the fund can be withdrawn 
B. Only half of the fund can be withdrawn 
C. Only one fourth of the fund can be withdrawn 
D. The entire fund can be withdrawn 

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