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. ABC Insurance Company has appointed many agents. They are helping in underwriting process to the underwriters. However, Mr. Vimal, an agent has done adverse selections. From insurance company's point of view, which among the following is most likely considered to be the adverse selection?
A. Obtaining policy from very poor person
B. Obtaining policy from rich man
C. Vimal has obtained most of his policies from railway porters
D. In certain cases material facts are changed to obtain higher claims
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. An investor has endowment policy with 30 years policy term. He has paid for eight years. The sum assured is 8,00,000/- and accumulated bonus 60,000/- What is the paid up value?
A. 2,13,333
B. 2,29,333
C. 2,73,333
D. 2,93,333
4. What is the need of doing the Fact Finding Analysis of a Customer?
A. To ensure and increase Sale
B. Correct Need Analysis
C. To follow IRDA Guidelines
D. To relate the Monetary benefits
5. In which of the following plans remaining part of the Sum Assured is paid on maturity?
A. Endowment plan
B. Convertible plan
C. Money back plan
D. Term Plan
6. If both mother and father of the proposer have died before the age of 30 due to heart diseases, it can be a case of:
A. Moral hazard
B. Physical hazard
C. Financial hazard
D. Occupational hazard
7. The changes in healthcare costs over recent years has had what general impact on healthcare insurance?
A. A fall in average premium levels
B. A reduction in underwriting requirements
C. A rise in the need for cover
D. A strengthening of the insurable interest rules
8. Central Government may supercede IRDA ::
A. through a motion in parliament
B. by issuing a notification
C. by ammeding IRDA Act
D. by any of these
9. If bonus is given under a plan, the additional premium added is known as
A. Loading
B. Investment
C. Frequcricy
D. None of these
10. An investor has taken G-securities by paying lump sum investment. Apart from periodical interest, what would he get at the end of the term?
A. Discounted value with interest
B. Principal amount
C. Discounted value with persistency bonus
D. None of these
11. Raunak recently arranged a life insurance policy under which he is classed as the master policyholder. This addresses his role as
A. a creditor
B. a debtor
C. an employee
D. an employer
12. In order to ensure that premiums are paid out of a legitimate source of funds cash is accepted :
A. Upto 50,000
B. Upto 25,000
C. Upto 10,000
D. Upto 5,000
13. Rahul is employed by Sunny. In respect of this employment, Rahul automatically has insurable interest in Sunny life up to what limit, if any?
A. Rahul monthly salary
B. Rahul pension fund value
C. Sunnyâ€'s annual profit
D. There is no limit
14. When undertaking financial planning for individuals without capital, what savings need is likely to be addressed in every single case?
A. Emergency funds
B. Funds for children's savings
C. Funds for educational costs
D. House purchase funds
15. Certificate of village panchayat
A. Will be considered standard age proof
B. Will be considered as nonstandard ageproof
C. Will not be accepted
D. Depends upon population of the place
16. What is the ceiling of tax exemption under 80C?
A. 1 lakh
B. 1.5 lakhs
C. 2 lakhs
D. 3 lakhs
17. When can an insurance agent suggest a Young Married Couple to purchase a ULIP policy?
A. Young Married Couple with single income no children
B. Young Married Couple with double income no children
C. Young Married Couple with children and double income
D. Young Married Couple with children and single income
18. If life insurance policy is issued with alien, it will be mentioned in
A. Proviso
B. Schedule
C. Terms & conditions
D. Endorsement
19. National Insurance academy has the following main function :
A. Calculating premium
B. Interact with the government
C. Training
D. Mortality analysis
20. 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
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