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. Pooling of risk in insurance means
A. The premium collected & deposited in pool
B. All similar risks are pooled together
C. Premium is pool to make claims
D. Contribution of insurance company
2. The advanitage of buying policy from an insurance brokers is :
A. More regulated market
B. Policyholder interest is taken care
C. More types ofplans to choose from
D. They offer plan that best suits the customer
3. A policyholder asked his insurance agent for guidance on submitting a claim for the maturity benefit under his life insurance policy. Due to pressure of work, the agent declined to assist. Consequently, this action is deemed to be a breach of the
A. General Insurance Council's guidelines
B. Insurance Regulatory and Development Authority's Code of Conduct
C. Insurance Ombudsman's protocols
D. Insurance Brokers Association of India's membership rules
4. In respect of the calculation of interim bonus, which period would be considered'?
A. Next bonus date
B. Previous valuation date to claim date
C. Claim date to next valuation date
D. Date of claim
5. In normal claim settlement process, if death claim arises within few days of issuing the policy, on priority, the company would check the following :
A. Age proof
B. Material facts
C. FIR
D. FPR
6. Shyam and his wife are being advised to have an estate planning after their fact finding. In what stage of life cycle stage they may be :
A. Young Married
B. Young Married with children
C. Married with older children
D. Retired
7. As per Regulation foi- protection of Policyholder's interest 2002 (IRDA), Which insurer will have a grievance redressal System?
A. Some specified insurers
B. Insurers without ombudsman
C. All insurers
D. It is optional
8. If in an endowment participating policy, 4% compounding bonus is declared after some years, what will be the amount of bonus declared?
A. 4% of basic sum assured amount
B. 4% of (basic sum assured + bonus for last year)
C. 4% of (accrued bonus + bonus for previous years)
D. 4% of (basic sum assured + accrued bonus)
9. 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
10. If contract is signed by 15 years old boy, this contract will be
A. Null and void
B. Invalid
C. Voidable
D. Valid
11. Mohit has two kids, one of 6 years and other 8 years. He is the earning member and not having life cover. Before advising him to take health policy, what whould you advise him?
A. Health policy for child
B. Health policy for wife
C. Life insurance policy for wife
D. Life Insurance policy for himself
12. If a person aged 25 vears, wants to take a plan, wherein, he can have sorne savings element and also the protection should be for indefinite tinie, which plan would you suggest, as an agent :
A. Endowrnent Plan
B. Unit Linked Insurance Plan
C. Term Plan
D. Whole Life Plan
13. Whole life policy document is :
A. Contract of Insurance
B. Evidence of Contract
C. Indemnity contract
D. Insurance
14. In case of nomination process under what circumstances an appointee is made?
A. Nominee is minor
B. Nomination relation is not established
C. Assignment is made
D. All these
15. While filling proposal form of Term insurance plan, details of two persons were mentioned in in non-medical underwriting form. What could be the reason?
A. Joint insurance Plan
B. Securing two lives under one plan
C. Proposer is different than Life insured
D. Extrdetails were required
16. In a pension plan illustration what is the part which shows the benefit for an annuitant
A. Insurance coverage
B. Annuity part
C. Guaianteed and non guaranteed part
D. Vesting age
17. 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. After the end of the first 12 months
C. At the point when he changes occupation or retires
D. When a lapsed policy is revived
18. Which tax rate is applicable, in case a client pays the premium of 5000/- and suffers illness before maturity?
A. Nil
B. 10%
C. 20%
D. 30%
19. In the context of financial planning, how is the difference between real needs and perceived needs best described?
A. Real needs are financial needs and perceived needs are non-financial needs
B. Real needs are actual needs and perceived needs are based upon client's thoughts and desires
C. Real needs are identified by the insurance agent and perceived needs are identified by the client
D. Real needs are needs which satisfy an objective and perceived needs are needs which do not satisfy an objective
20. The general need for a pension policy results from the existence of what key problem?
A. Anticipated fall in income
B. Lack of employment opportunities
C. Likely deterioration in health
D. Uncertainty over investment performance
Dr K Chaudhry 5 Alpha Inmternational City, Fatehabad 125050 M: 9810570740, 9810571993facebook.com/doctorkc