1. Which market areas do Micro Insurance product concentrate?
a. People with large families c. people employed with the government
b. people with low income d. people with high income
ANSWER: B
2. The competition for the business of life insurance is?
a. Non-life insurance c. House property
b. Small saving d. None of these three
ANSWER: D
3. State which of the following statement is correct?
a. Perils are avoidable c. Both the above statement are correct
b. Perils are not avoidable d. Both the above statement are wrong
ANSWER: B
4. Whether there is any plan which allows weekly premium payment?
a. Group Insurance c. Micro Insurance
b. Vehicle Insurance d. Health Insurance
ANSWER: C
5. Dikshit has expertise in calculating premium level of product. He shall be useful in
which department?
a. Actuary c. Risk Manager
b. Underwriter d. Loss Adjuster
ANSWER: A
6. What is the major reason for self-employed to take insurance?
a. Save tax c. High Return
b. Fluctuating income d. Protection
ANSWER: D
26. In a guaranteed annuity option of 5 years, the policy holder will get annuity till?
a. Entire life term c. Annuity only for 5 years
b. Till 5 years and continue till annuitant
lives
d. None of the above
ANSWER: B
27. What are the Special features of Health plan?
a. Covers disease expenses c. covers hospitalization cost
b. Helps in Tax Benefits d. All of the above
ANSWER: D
28. A lump sum withdrawal allowed as commutation in pension is?
a. 1/3 of the accumulated fund c. 1/2 of the accumulated fund
b. 1/4 of the accumulated fund d. Full withdrawal is allowed
ANSWER: A
29. To avail the income tax benefit at investment stage is?
a. 10% of sum assured c. 30% of sum assured
b. 20% of sum assured d. 40% of sum assured
ANSWER: B
30. Mr. Raj is married and is father to 2 children. Which plan can he go for to cover his
whole family?
a. Health insurance c. Life insurance
b. Family floater d. Retirement
ANSWER: B
31. For his investment needs Ravi parked funds in equity. Returns from this investment can
be categorised as?
a. High risk c. Moderate risk
b. Low risk d. No risk
ANSWER: A
32. In which of the following case there is no defined retirement age?
a. Public sector employees c. Professional & businessmen
b. Pvt. sector employees d. All of above
ANSWER: B
33. An agent has recommended an investment product with non-guaranteed benefits. The
benefit illustration passed to his client will therefore use assumed annual growth rates of?
a. 5% and 8% c. 6% and 8%
b. 5% and 10% d. 6% and 10%
ANSWER: D
34. Nandu, aged 32 yrs., has taken money back plan. He is a teacher. Nandu referred his
agent to Vithal who is also a teacher. The agent advised him to take money back plan as
he is of the same age. Vithal’s age is 33yrs. Is it the right advice? Why
a. Yes Nandu & Vithal are of same age c. Yes, both are teachers
b. No. Customer needs could be different d. No, there is age difference
ANSWER: B
35. Objective of fact-find do not include?
a. Identify needs c. Provide for anticipated changes
b. Gathering client data d. Surrendering existing policies for
selling new one
ANSWER: D
36. Persistency has increased from 82 % in previous year to 86 % this year. That means?
a. More lapsation c. Less lapsation
b. More attrition d. No profits
ANSWER: C
37. The best way to prove that the customer of a ULIP policy is given awareness about the
commission paid to the agent is?
a. Ask the insurer to give a policy
endorsement letter
c. From signed copy of benefit
illustration
b. From the facts details d. From ticked column of proposal form
ANSWER: C
38. Under which one of the following acts the maximum remuneration that can be given to
insurance agent stated?
a. Income tax act c. Insurance act 1938
b. Indian contract act d. IRDA act 1999
ANSWER: C
39. Under what circumstances can the surrender of a policy be recommended by agent?
a. Miss sold the policy by not matching
needs
c. Financial problem compelling to
reduce expenditure or reschedule it
b. Products not good value for
money
d. one and all
ANSWER: D
40. Without submitting any form of claim, a life insurance policy holder received payments
of maturity. What type of policy he is holding?
a. ULIP c. Money Back
b. Term d. Health
ANSWER: C
41. A claim was paid in a policy and it was advertised in the newspaper as well. This
indicates that the policy was?
a. It was assigned c. It was lost
b. It was paid up d. It was surrendered
ANSWER: C
42. What are the consequences of paying a fraudulent claim?
a. Insurers profits affected which impacts
rise in premium
c. Temptation to continue the practice
b. Premium pool distorted d. All of above
ANSWER: D
43. Who is the regulatory body of money laundering in insurance sector?
a. SEBI c. IRDA
b. RBI d. TRAI
ANSWER: C
44. To ensure that the premiums are paid out of a legitimate source of funds cash is accepted
up to?
a. 50,000 c. 100,000
b. 99,990 d. Without any limit
ANSWER: A
45. Who controls and regulate the rates advantage, term and condition that may be offered
by insurers in respect of general insurance business?
a. Insurance regulatory an development
authority
c. Tariff Advisory Committee
b. Reserve Bank of India d. Insurance Institute the India
ANSWER: C
46. Insurance companies are required to honour the awards passed by the Insurance
Ombudsman?
a. 15 days c. 20 days
b. 10 days d. 3 days
ANSWER: A
47. What is the period of award passed to the customer decided by ombudsman?
a. 2months c. 5 months
b. 3 months d. 6 months
ANSWER: B
48. The ombudsman power is above?
a. 50 lac c. 25 lac
b. 30 lac d. 20 lac
ANSWER: D
49. How many ombudsman offices are located in India?
a. 10 c. 14
b. 12 d. 15
ANSWER: B
50. Insured can contact to seek the resolution of grievances they have against insurer to
IRDA through?
a. complaintgov.irdi.in c. irda.complaintsgovt.in
b. insurancecomplaint©irda.ifl d. complaintsirda.govt.in
ANSWER: D
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