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Irda test-paper

This document contains a test paper with multiple choice questions and answers related to life insurance concepts. Some key topics covered include the main objective of life insurance (protection), clauses in insurance policies like the operative clause, roles of underwriters and agents, benefits provided by riders like accidental death benefits, requirements around premium payments, claim investigation timelines, the regulator IRDA, and the powers of the insurance ombudsman.

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IRDA Test Paper 2014 Q.:- What is the main objective of taking the life insurance policy? Ans: - Protection Q.:- Any assets, which are no longer suitable or are earning fewer returns than expected, should be? Ans: - Cashed in for investment into other assets. Q.:- The business of insurance is connected with? Ans: - Economic value of assets. Q.:- The consequences of these risks which will affect specific individuals or local communities in nature are called as? Ans: - particular risk Q.:- Pooling of insurance applies to? Ans: - All Type insurance (Only life insurance, only non-life insurance) Q.:- Both the parties to a contract must agree and understand the same thing and in the same sense which is called Ans: - Consensus ad idem. Q.:- A contract exists between insurer and proposes when Ans: - A proposal has been accepted by insurer. Q.:- Appointer’s Role Ans: - When nominee is minor Q.:- Payment of premium and sum assured are laid down in Ans: - Operative clause Q.:- Which clause lays down the mutual obligation the parties regarding, payment of premium by life assured & payment sum assured by? Ans: - Operative clause Q.:- Lien can be considered an alternative of which of the following Ans: - Clause. Q.:- What is the special report that is asked by the underwriter from the officer of the insurer? Ans: - Moral hazard report Q.:- The responsibility for classification and analysis of proposal form lies with whom Ans: - Underwriter
Q.:- In underwriting the economic value of the person is determined by what Ans: - Human life value Q.:- Mr. Kumar decides that is employees should have SSS scheme what type of plan is SSS Ans: - Not a specific plan Q.:- In cumulative bank deposit the interest that in normally compounded on what basis. Ans: - Quarterly Q.:- Anand received post taxation 5% return on his fixed deposit in bank if his net return is 3%, what can be the reason Ans: - Inflation Q.:- Which is the primary saving need among all saving needs? Ans: - Contingency/Emergency fund. Q.:- Time deposit account is issued by Ans: - Post Office Q.:- All ULIP pension plans have to give how much percentage as guaranteed returns Ans: - 4.50% Q.:- How the Daily Hospitalization cash benefit will provide benefits to policyholder who is hospitalized Ans: - A fixed amount on a daily basis is paid irrespective of the actual cost of treatment. Q.:- What are the benefits to the policyholder under surgical car rider? Ans: - Treatment cost of surgery subject to term & Condition Q.:- In a pension plan illustration what are the parts which shows the benefit for an annuitant Ans: - Guaranteed and non guaranteed part Q.:- Open market option under annuity policy would extend which of the following benefit Ans: - Increase in the range Q.:- Some health plans will give coverage for family member also we will call these plans as Ans: - Family floater health insurance plans Q.:- Rohit is working as sales manager with an FMCG company. His job requires him to travel across states. He is planning of covering his additional risk involved while traveling and a saving plan. What suggestion would you give him as an agent?
Ans: - To purchase an accidental rider with a saving insurance plan. Q.:- To sale focus during a client’s fact find session was healthcare requirements and estate planning. Ans: - Retirement Q.:- In which at the recognized life stages an individual does not require any protection cover Ans: - Childhood Q.:- Ajay and Vijay both are unmarried. Ajay has dependant parent. Which need Ajay must take care of on priority, although that will not be a priority for Vijay. Ans: - Health insurance for parents Q.:- Manish and Manisha is a married couple with one child. They want to plan for savings, child education/marriage and their retirement and protection of income. Which should be their lowest priority? Ans: - Marriage Q.:- A provision for superannuation is a normally taken a high need to Ans: - a Self employed person Q.:- During the recommendation stage the advisor needs to Ans: - Recommend the products that best meet the client’s need Q.:- Mr. Harsh an agent wants do a through fact finding for his client to Mr. Kishan who is a business man. Which of the following information will be helpful to know about the earnings and expense at kishan? Ans: - Client’s profit and withdrawal’s from business Q.:- Higher persistency to the insurer ensure what Ans: - Higher profits Q.:- Persistency has increased from 82% in previous year to 86% this year that means Ans: - Less Lapsation Q.:- When should an agent disclose the commission which he will earn from the product which he is going to sell? Ans: - When the customer asks him Q.:- Which one of the following factors does not help in the persistency Ans: - Dispatching discharge voucher to the customer Q.:- While on sales of an insurance plan Mr…. Had to show his license Ans: - The customer demanded
Q.:- Which one of the following reports in not considered in case of pankaj bought a plan in 2009 & died in road accident in 2011. Ans: - advisor confidential report Q.:- In the case of agent’s death, the commission payable will be paid to Ans: - His legal heirs Q.:- Which one of the section deals with the licensing of an agent Ans: - Section 42 of the insurance act 1938 Q.:- Under married women’s property act, 1874 a policyholder is Ans: - the trustee Q.:- Married women’s property act 19874 provides that a life insurance policy that has been taken out by Ans: - Married man Q.:- What is the role of National insurance Academy? Ans: - To undertake training activities Q.:- De-tarrification is a process by which pricing of insurance Ans: - insurers can price their product on their self past experiences Q.:- As per IRDA regulations IGMS Should be mandatory setup by Ans: - By all insurers Q.:- Generally insurance companies do not hold the premium in case of a fraud or misrepresentation. However, due to which of the following circumstances by insurer can retain the premium the policyholder Ans: - Indisputability clause Q.:- A policy holder is not satisfied with the services at the insurer and complains to ombudsman. In how many days from receipt of the complaint the ombudsman should pass the recommendation Ans: - 1 month Q.:- Ravi was expecting a claim amount of Rs. 12, 00,000 from insurer but it was rejected. He feels that it is repudiated on wrong reasons. Which consumer forum can be approach? Ans: - District level Q.:- If any consumer is dissatisfied with the customer care cell of any insurance company to whom they can escalate their grievances Ans: - Nodal Officer
Q.:- With this type of deposit the bank pays the principal and the total interest at the end of the term. Ans.:- Cumulative deposits Q.:- The premium on all riders put together should not exceed. Ans.:- 30% of the premium on the base policy. Q.:- How riders will help the customer in life insurance Ans.:- Allow policyholder to customize their insurance cover with accidental benefits Q.:- In daily hospitalization cash benefit scheme Ans.:- The insurance company may pay an additional amount on a daily basis if the insured is admitted to the intensive care unit (ICU). Q.:- A lump sum withdrawal allowed as commutation in pension plan is. Ans.:- 1/3 of the accumulation fund Q.:- Customer has opted for a 5 year guaranteed annuity option. What will happen to annuity, if the customer survives for 5 years after the end of guarantee period? Ans.:- Till he die Q.:- In term insurance if critical illness rider claim happens then what will happen to existing policy. Ans.:- CI benefits will case Q.:- What is the main objective of taking the life insurance policy? Ans:-. Protection Q.:- Group insurance can be taken in following relationship Ans.:- Employee- Employer Q.:- If a person consuming alcohol- what is the type of Hazard Ans.:- Moral Q.:- Life Insurance is the most important for which age group Ans.:- Pre- retirement Q.:- How are perils and hazards normally distinguished under therm insurance policies? Ans.:- Perils are risk that policyholders will die before a specified date and hazards are factors which could influence that risk. Q.:- Where one can approach in case of dispute Ans.:- Consumer forum
Q.:- The regulations issued by the IRDA, require that the decision on the proposer must be conveyed to the proposer within Ans.:- 15 days of receiving the proposal Q.:- According to IRDA guidelines, how long does an insurance company have to complete its investigation of claim? Ans.:- 180 days Q.:- Who is the regulator supervisor and monetary authority of the financial system in India? Ans.:- RBI Q.:- Indisputability clause can be enforced by the insurance company during the Ans.:- First two years of policy Q.:- To ensure that the premiums are paid out of a legitimate source at funds cash is accepted Ans.:- Up to 50,000 Q.:- If there is no claim in a year then what will be the benefit to the customer as no clam BOUNS Ans.:- Discount in next year premium Q.:- Maximum time for investigation in disputed claim Ans.:- 3 months Q.:- The Ombudsman’s powers are restricted to insurance contracts of value not exceeding Ans.:- 20Lakhs Q.:- In which section of policy document, information about the location at insurance Ombudsman had written Ans.:- Information statement Q.:- The premium for accidental death benefit rider must not exceed Ans.:- 30% of base policy premium Q.:- If the annual premium for a plan is 32000 and a frequency loading at 4% is added in a quarterly premium what is the amount that needs to be paid Ans.:- 8320 Q.:- What amount of insurable interest does an individual have in his own life And.:- Unlimited Q.:- Ombudsman passes an award within which time Ans.:- 3 months
Q.:- If the license of an agent has been disqualified by a designated authority in 2010 then the person can apply for a license in which year Ans.:- 2015 Q.:- Under the hospital care rider what is the payout mode. Ans.:- Specified amount multiplied by the number at days the policyholder is hospitalized. Q.:- If the agent recommends the client to terminate an endowment plan and take a whole life in order to earn higher commission it’s termed as Ans.:- Churning Q.:- M.r Samad has taken a G-Sec and has parted with it mid way as he required the money with the intention at not getting the interest what will he get Ans.:- Discounted value Q.:- If bonus is given under a plan the additional premium added is known as Ans.:- Loading Q.:- Nomination can be in favor of how may people Ans.:- It can be any number Q.:- Mr. Balaji is suffering from Asthma and the policy in been done on joint life basis and the need for nomination under the plan is less as Ans.:- Joint life policy Q.:- What key impact will the agent have in low persistency? Ans.:- Will have impact in his commission Q.:- Within how many days will the underwriter needs to inform the policyholder regarding the status at the policy. Ans.:- 15 days Q.:- Certificate from the village panchayat Ans.:- Will be considered as non standard age proof Q.:- Varun wishes to pursue a career in insurance and wishes to be in a department which calculates the level of premium. In which department should he join. Ans.:- Actuary Q.:- Aswin is looking at different plans of insurance for protection at the lowest premium. Which is the best plan for him? Ans.:- Term plan Q.:- The insurance act of 1938 created which of these Ans.:- Traiff Advisory Committee
Q.:- Kalyan is an illiterate person and his proposal form was filled by simaran, then what is the additional requirement to be taken along with the documents Ans.:- Thumb impression of kalian has to be taken Q.:- Harsh’s policy matured, however he was paid only 25% of the sum insured in spite at all his premiums been paid on time . This indicates that his policy is a Ans.:- Money back plan Q.:- The Authority at COPA is limited to what amount at the district level Ans.:- 20, 00,000 Q.:- If a person is concentrating more on health plan and retirement plan then at which stage at life is he in Ans.:- Pre Retirement Q.:- The Institute of Insurance and Risk Management along with insurance education does what more Ans.:- Research Q.:- If the client does not wish to proceed with the recommendations right at the moment the agent should Ans.:- should ask for the reason for not going with the recommendation Q.:- A claim was paid in a policy and it was advertised in the newspaper also. This indicates that the policy was Ans.:- It was lost Q.:- An indemnity bond was signed in a policy when the claim was paid. This indicates that the policy was Ans.:- It was lost Q.:- Payment of premium and sum assured are laid down in Ans.:- Operative clause Q.:- What is the role of National Insurance Academy? Ans.:- To undertake training activities Q.:- Which is the primary saving need among all saving needs? Ans.:- Contingency/Emergency fund Q.:- Sanjeev is an insurance expert who has rich experience in determining premium levels for product, what is his profile like Ans.:- Any actuary Q: - The Non Government Organizations (NGO) helps the insurance industry immensely in
Ans.:- Linking Buyers & Sellers Q.:- Investment by foreign direct investors in to insurance co’s is restricted to Ans.:- 26% Q.:- Which market does the Micro Insurance Concentrate on? Ans.:- People with low income Q.:- What is the similarity between Recurring Deposits & Cumulative deposits in a bank? Ans.:- Guarantees Q.:- What facility do the insurers use to cover Risk beyond their Limits? Ans.:- Re Insurance Q.:- Lung cancer and smoking. Ans.:- Lung cancer is peril and smoking is moral hazard Q.:- The type of risk that can be insured against is Ans.:- Pure Risk Q.:- Pooling of risk in insurance means Ans.:- All similar risk are pooled together Q.:- Pure risk is classified under Ans.:- Insurable risk Q.:- The consequences of these risks which will affect specific individuals or local communities in nature is called as Ans.:- Particular risk Q.:- Harish takes a life insurance policy for Rames. Which of the following statement best describes the principle of insurable interest. Ans.:- Harish suffers financial loss incese of death of Ramensh Q.:- What is the min age to enter into the contract of insurance? Ans.:- 18 Q.:- In a whole life plan- The policyholder’s responsibility to give disclosure Ans.:- At the beginning of the contract Q.:- Principle of utmost good faith will operate in existing policy Ans.:- If the policy has lapsed and it has to be revived Q.:- Both the parties to a contract must agree and understand the same thing and in the same sense which is called
Ans.:- Consensus ad idem Q.:- Types of assignment Ans.:- Absolute & Conditional Q.:- Why does an insurer insist on age proof document? To assess Ans.:- Risk Assessment Q.:- Mr. A Submitted the proposal form. When will the risk begins for the company?. Ans.:- FPR issued Q.:- The obligation of the insurer for the whole life policy is mentioned in Ans.:- Operative Clause Q.:- Asvath is illiterate. He wants to take policy ans surya is a friend of his help him is answering questions and answers and also fills proposal. In addition to this requirement is Ans.:- Left thumb impression of asvath along with a declaration of his friend Q.:- While calculating Human Life Value (HLV) two components need to be kept in mind, the one is take home salary and other is Ans.:- Bank fixed deposit rate Q.:- Annual premium of insurance product is Rs.32, 000, 4% loading on Quarterly mode of payment what is the quarterly premium? Ans.:- 8320 Q.:- Why ACR Ans.:- To help the underwriter to asses the Risk Q.:- In a 20 year with profit policy, persist ency Bonus is paid at the end of Ans.:- 20th year Q.:- Hari Wants a constant life cover till his 31 st birthday. But he cant afford to pay high premiums. The best suited products for him would be Ans.:- Term Plan Q.:- At the time of maturity, quarter of the SA is paid though the policy was in force Ans.:- Money back Q.:- Weekly premiums are generally collected for which type/range of plans Ans.:- Micro Insurance
Q.:- Mr. A is planning to invest and his needs ar : 1 Protection for is Income, during his absence2. Children education Ans.:- Ulip Plan Q.:- What tax rate, if any, will be applicable to a life insurance policy holder for the maturity proceeds of a Rs 5000 life insurance policy Ans.:- Nil Q.:- The best way to overcome the problem of investment decision depends mainly on peer influence is Ans.:- Seeking Professional Advice Q.:- A person who has a temporary job Loss, where should he look for investing other than FD Ans.:- Debt Funds of MF Q.:- RBI increased interest rates 2 times then the stock prices Ans.:- decrease Q.:- A person wants to invest in a FD for Tax benefit, how many years he has to take the term of the FD? Ans.:- 5 year Q.:- Aditya wants to take home loan and his monthly take home is 80,000 what as a best practices should be the maximum EMI Ans.:- 32,000 Q.:- Omkar Started a pension policy with provider a but ended up in taking the annuity payment from provider B. The result directly reflect the which feature available with this policy Ans.:- Open Market Option Q.:- What frequencies can one take annuity? Ans.:- Monthly, Quarterly, Half Yearly Q.:- All Ulip Pension Plans have to give how much percentage as guaranteed returns Ans.:- 4.50% Q.:- Yash wants to take open market option in pension plan. What is the benefit?. Ans.:- For improved annuity rate Q.:- Commutation option allows the annuity policy holder to with draw Ans.:- 33%
Q.:- Why do self employed individual have the need to buy Medical Insurance rather than People working in public Sectors. Ans.:- Public sector employees enjoy Medical Insurance Covers Related to job Q.:- 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 he should be advised? Ans.:- Life Insurance Policy for himself Q.:- Manoj a 26 year old is having 7 years old son, what will happen to his monthly disposable income after 15 years of job Ans.:- significantly increase Q.:- Samir is married and he has only one partner, with dependant parents and no child, which should be his priority Ans:-. Income protection Q.:- The sole focus during a client’s fact-find session was healthcare requirements and estate planning. Which main life stage is he most likely to fall into? Ans.:- Retirement Q.:- Objective of fact finding Ans.:- Client needs analysis Q.:- Fact finding sheet allows the agent to Ans.:- Analyze customer needs Q.:- Mr. A has approached by the Agent and on fact finding the score is 3, this represents Ans. Moderate Risk Taking Q.:- To ensure that the premiums are paid out of a legitimate source of funds cash is accepted Ans.:- Up to Rs 50000 Q.:- With effect from 1st July 2010 all insurers have to disclose in the benefit illustration document the. Ans.:- Commission Pay to their agents.

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Irda test-paper

  • 1.
    IRDA Test Paper2014 Q.:- What is the main objective of taking the life insurance policy? Ans: - Protection Q.:- Any assets, which are no longer suitable or are earning fewer returns than expected, should be? Ans: - Cashed in for investment into other assets. Q.:- The business of insurance is connected with? Ans: - Economic value of assets. Q.:- The consequences of these risks which will affect specific individuals or local communities in nature are called as? Ans: - particular risk Q.:- Pooling of insurance applies to? Ans: - All Type insurance (Only life insurance, only non-life insurance) Q.:- Both the parties to a contract must agree and understand the same thing and in the same sense which is called Ans: - Consensus ad idem. Q.:- A contract exists between insurer and proposes when Ans: - A proposal has been accepted by insurer. Q.:- Appointer’s Role Ans: - When nominee is minor Q.:- Payment of premium and sum assured are laid down in Ans: - Operative clause Q.:- Which clause lays down the mutual obligation the parties regarding, payment of premium by life assured & payment sum assured by? Ans: - Operative clause Q.:- Lien can be considered an alternative of which of the following Ans: - Clause. Q.:- What is the special report that is asked by the underwriter from the officer of the insurer? Ans: - Moral hazard report Q.:- The responsibility for classification and analysis of proposal form lies with whom Ans: - Underwriter
  • 2.
    Q.:- In underwritingthe economic value of the person is determined by what Ans: - Human life value Q.:- Mr. Kumar decides that is employees should have SSS scheme what type of plan is SSS Ans: - Not a specific plan Q.:- In cumulative bank deposit the interest that in normally compounded on what basis. Ans: - Quarterly Q.:- Anand received post taxation 5% return on his fixed deposit in bank if his net return is 3%, what can be the reason Ans: - Inflation Q.:- Which is the primary saving need among all saving needs? Ans: - Contingency/Emergency fund. Q.:- Time deposit account is issued by Ans: - Post Office Q.:- All ULIP pension plans have to give how much percentage as guaranteed returns Ans: - 4.50% Q.:- How the Daily Hospitalization cash benefit will provide benefits to policyholder who is hospitalized Ans: - A fixed amount on a daily basis is paid irrespective of the actual cost of treatment. Q.:- What are the benefits to the policyholder under surgical car rider? Ans: - Treatment cost of surgery subject to term & Condition Q.:- In a pension plan illustration what are the parts which shows the benefit for an annuitant Ans: - Guaranteed and non guaranteed part Q.:- Open market option under annuity policy would extend which of the following benefit Ans: - Increase in the range Q.:- Some health plans will give coverage for family member also we will call these plans as Ans: - Family floater health insurance plans Q.:- Rohit is working as sales manager with an FMCG company. His job requires him to travel across states. He is planning of covering his additional risk involved while traveling and a saving plan. What suggestion would you give him as an agent?
  • 3.
    Ans: - Topurchase an accidental rider with a saving insurance plan. Q.:- To sale focus during a client’s fact find session was healthcare requirements and estate planning. Ans: - Retirement Q.:- In which at the recognized life stages an individual does not require any protection cover Ans: - Childhood Q.:- Ajay and Vijay both are unmarried. Ajay has dependant parent. Which need Ajay must take care of on priority, although that will not be a priority for Vijay. Ans: - Health insurance for parents Q.:- Manish and Manisha is a married couple with one child. They want to plan for savings, child education/marriage and their retirement and protection of income. Which should be their lowest priority? Ans: - Marriage Q.:- A provision for superannuation is a normally taken a high need to Ans: - a Self employed person Q.:- During the recommendation stage the advisor needs to Ans: - Recommend the products that best meet the client’s need Q.:- Mr. Harsh an agent wants do a through fact finding for his client to Mr. Kishan who is a business man. Which of the following information will be helpful to know about the earnings and expense at kishan? Ans: - Client’s profit and withdrawal’s from business Q.:- Higher persistency to the insurer ensure what Ans: - Higher profits Q.:- Persistency has increased from 82% in previous year to 86% this year that means Ans: - Less Lapsation Q.:- When should an agent disclose the commission which he will earn from the product which he is going to sell? Ans: - When the customer asks him Q.:- Which one of the following factors does not help in the persistency Ans: - Dispatching discharge voucher to the customer Q.:- While on sales of an insurance plan Mr…. Had to show his license Ans: - The customer demanded
  • 4.
    Q.:- Which oneof the following reports in not considered in case of pankaj bought a plan in 2009 & died in road accident in 2011. Ans: - advisor confidential report Q.:- In the case of agent’s death, the commission payable will be paid to Ans: - His legal heirs Q.:- Which one of the section deals with the licensing of an agent Ans: - Section 42 of the insurance act 1938 Q.:- Under married women’s property act, 1874 a policyholder is Ans: - the trustee Q.:- Married women’s property act 19874 provides that a life insurance policy that has been taken out by Ans: - Married man Q.:- What is the role of National insurance Academy? Ans: - To undertake training activities Q.:- De-tarrification is a process by which pricing of insurance Ans: - insurers can price their product on their self past experiences Q.:- As per IRDA regulations IGMS Should be mandatory setup by Ans: - By all insurers Q.:- Generally insurance companies do not hold the premium in case of a fraud or misrepresentation. However, due to which of the following circumstances by insurer can retain the premium the policyholder Ans: - Indisputability clause Q.:- A policy holder is not satisfied with the services at the insurer and complains to ombudsman. In how many days from receipt of the complaint the ombudsman should pass the recommendation Ans: - 1 month Q.:- Ravi was expecting a claim amount of Rs. 12, 00,000 from insurer but it was rejected. He feels that it is repudiated on wrong reasons. Which consumer forum can be approach? Ans: - District level Q.:- If any consumer is dissatisfied with the customer care cell of any insurance company to whom they can escalate their grievances Ans: - Nodal Officer
  • 5.
    Q.:- With thistype of deposit the bank pays the principal and the total interest at the end of the term. Ans.:- Cumulative deposits Q.:- The premium on all riders put together should not exceed. Ans.:- 30% of the premium on the base policy. Q.:- How riders will help the customer in life insurance Ans.:- Allow policyholder to customize their insurance cover with accidental benefits Q.:- In daily hospitalization cash benefit scheme Ans.:- The insurance company may pay an additional amount on a daily basis if the insured is admitted to the intensive care unit (ICU). Q.:- A lump sum withdrawal allowed as commutation in pension plan is. Ans.:- 1/3 of the accumulation fund Q.:- Customer has opted for a 5 year guaranteed annuity option. What will happen to annuity, if the customer survives for 5 years after the end of guarantee period? Ans.:- Till he die Q.:- In term insurance if critical illness rider claim happens then what will happen to existing policy. Ans.:- CI benefits will case Q.:- What is the main objective of taking the life insurance policy? Ans:-. Protection Q.:- Group insurance can be taken in following relationship Ans.:- Employee- Employer Q.:- If a person consuming alcohol- what is the type of Hazard Ans.:- Moral Q.:- Life Insurance is the most important for which age group Ans.:- Pre- retirement Q.:- How are perils and hazards normally distinguished under therm insurance policies? Ans.:- Perils are risk that policyholders will die before a specified date and hazards are factors which could influence that risk. Q.:- Where one can approach in case of dispute Ans.:- Consumer forum
  • 6.
    Q.:- The regulationsissued by the IRDA, require that the decision on the proposer must be conveyed to the proposer within Ans.:- 15 days of receiving the proposal Q.:- According to IRDA guidelines, how long does an insurance company have to complete its investigation of claim? Ans.:- 180 days Q.:- Who is the regulator supervisor and monetary authority of the financial system in India? Ans.:- RBI Q.:- Indisputability clause can be enforced by the insurance company during the Ans.:- First two years of policy Q.:- To ensure that the premiums are paid out of a legitimate source at funds cash is accepted Ans.:- Up to 50,000 Q.:- If there is no claim in a year then what will be the benefit to the customer as no clam BOUNS Ans.:- Discount in next year premium Q.:- Maximum time for investigation in disputed claim Ans.:- 3 months Q.:- The Ombudsman’s powers are restricted to insurance contracts of value not exceeding Ans.:- 20Lakhs Q.:- In which section of policy document, information about the location at insurance Ombudsman had written Ans.:- Information statement Q.:- The premium for accidental death benefit rider must not exceed Ans.:- 30% of base policy premium Q.:- If the annual premium for a plan is 32000 and a frequency loading at 4% is added in a quarterly premium what is the amount that needs to be paid Ans.:- 8320 Q.:- What amount of insurable interest does an individual have in his own life And.:- Unlimited Q.:- Ombudsman passes an award within which time Ans.:- 3 months
  • 7.
    Q.:- If thelicense of an agent has been disqualified by a designated authority in 2010 then the person can apply for a license in which year Ans.:- 2015 Q.:- Under the hospital care rider what is the payout mode. Ans.:- Specified amount multiplied by the number at days the policyholder is hospitalized. Q.:- If the agent recommends the client to terminate an endowment plan and take a whole life in order to earn higher commission it’s termed as Ans.:- Churning Q.:- M.r Samad has taken a G-Sec and has parted with it mid way as he required the money with the intention at not getting the interest what will he get Ans.:- Discounted value Q.:- If bonus is given under a plan the additional premium added is known as Ans.:- Loading Q.:- Nomination can be in favor of how may people Ans.:- It can be any number Q.:- Mr. Balaji is suffering from Asthma and the policy in been done on joint life basis and the need for nomination under the plan is less as Ans.:- Joint life policy Q.:- What key impact will the agent have in low persistency? Ans.:- Will have impact in his commission Q.:- Within how many days will the underwriter needs to inform the policyholder regarding the status at the policy. Ans.:- 15 days Q.:- Certificate from the village panchayat Ans.:- Will be considered as non standard age proof Q.:- Varun wishes to pursue a career in insurance and wishes to be in a department which calculates the level of premium. In which department should he join. Ans.:- Actuary Q.:- Aswin is looking at different plans of insurance for protection at the lowest premium. Which is the best plan for him? Ans.:- Term plan Q.:- The insurance act of 1938 created which of these Ans.:- Traiff Advisory Committee
  • 8.
    Q.:- Kalyan isan illiterate person and his proposal form was filled by simaran, then what is the additional requirement to be taken along with the documents Ans.:- Thumb impression of kalian has to be taken Q.:- Harsh’s policy matured, however he was paid only 25% of the sum insured in spite at all his premiums been paid on time . This indicates that his policy is a Ans.:- Money back plan Q.:- The Authority at COPA is limited to what amount at the district level Ans.:- 20, 00,000 Q.:- If a person is concentrating more on health plan and retirement plan then at which stage at life is he in Ans.:- Pre Retirement Q.:- The Institute of Insurance and Risk Management along with insurance education does what more Ans.:- Research Q.:- If the client does not wish to proceed with the recommendations right at the moment the agent should Ans.:- should ask for the reason for not going with the recommendation Q.:- A claim was paid in a policy and it was advertised in the newspaper also. This indicates that the policy was Ans.:- It was lost Q.:- An indemnity bond was signed in a policy when the claim was paid. This indicates that the policy was Ans.:- It was lost Q.:- Payment of premium and sum assured are laid down in Ans.:- Operative clause Q.:- What is the role of National Insurance Academy? Ans.:- To undertake training activities Q.:- Which is the primary saving need among all saving needs? Ans.:- Contingency/Emergency fund Q.:- Sanjeev is an insurance expert who has rich experience in determining premium levels for product, what is his profile like Ans.:- Any actuary Q: - The Non Government Organizations (NGO) helps the insurance industry immensely in
  • 9.
    Ans.:- Linking Buyers& Sellers Q.:- Investment by foreign direct investors in to insurance co’s is restricted to Ans.:- 26% Q.:- Which market does the Micro Insurance Concentrate on? Ans.:- People with low income Q.:- What is the similarity between Recurring Deposits & Cumulative deposits in a bank? Ans.:- Guarantees Q.:- What facility do the insurers use to cover Risk beyond their Limits? Ans.:- Re Insurance Q.:- Lung cancer and smoking. Ans.:- Lung cancer is peril and smoking is moral hazard Q.:- The type of risk that can be insured against is Ans.:- Pure Risk Q.:- Pooling of risk in insurance means Ans.:- All similar risk are pooled together Q.:- Pure risk is classified under Ans.:- Insurable risk Q.:- The consequences of these risks which will affect specific individuals or local communities in nature is called as Ans.:- Particular risk Q.:- Harish takes a life insurance policy for Rames. Which of the following statement best describes the principle of insurable interest. Ans.:- Harish suffers financial loss incese of death of Ramensh Q.:- What is the min age to enter into the contract of insurance? Ans.:- 18 Q.:- In a whole life plan- The policyholder’s responsibility to give disclosure Ans.:- At the beginning of the contract Q.:- Principle of utmost good faith will operate in existing policy Ans.:- If the policy has lapsed and it has to be revived Q.:- Both the parties to a contract must agree and understand the same thing and in the same sense which is called
  • 10.
    Ans.:- Consensus adidem Q.:- Types of assignment Ans.:- Absolute & Conditional Q.:- Why does an insurer insist on age proof document? To assess Ans.:- Risk Assessment Q.:- Mr. A Submitted the proposal form. When will the risk begins for the company?. Ans.:- FPR issued Q.:- The obligation of the insurer for the whole life policy is mentioned in Ans.:- Operative Clause Q.:- Asvath is illiterate. He wants to take policy ans surya is a friend of his help him is answering questions and answers and also fills proposal. In addition to this requirement is Ans.:- Left thumb impression of asvath along with a declaration of his friend Q.:- While calculating Human Life Value (HLV) two components need to be kept in mind, the one is take home salary and other is Ans.:- Bank fixed deposit rate Q.:- Annual premium of insurance product is Rs.32, 000, 4% loading on Quarterly mode of payment what is the quarterly premium? Ans.:- 8320 Q.:- Why ACR Ans.:- To help the underwriter to asses the Risk Q.:- In a 20 year with profit policy, persist ency Bonus is paid at the end of Ans.:- 20th year Q.:- Hari Wants a constant life cover till his 31 st birthday. But he cant afford to pay high premiums. The best suited products for him would be Ans.:- Term Plan Q.:- At the time of maturity, quarter of the SA is paid though the policy was in force Ans.:- Money back Q.:- Weekly premiums are generally collected for which type/range of plans Ans.:- Micro Insurance
  • 11.
    Q.:- Mr. Ais planning to invest and his needs ar : 1 Protection for is Income, during his absence2. Children education Ans.:- Ulip Plan Q.:- What tax rate, if any, will be applicable to a life insurance policy holder for the maturity proceeds of a Rs 5000 life insurance policy Ans.:- Nil Q.:- The best way to overcome the problem of investment decision depends mainly on peer influence is Ans.:- Seeking Professional Advice Q.:- A person who has a temporary job Loss, where should he look for investing other than FD Ans.:- Debt Funds of MF Q.:- RBI increased interest rates 2 times then the stock prices Ans.:- decrease Q.:- A person wants to invest in a FD for Tax benefit, how many years he has to take the term of the FD? Ans.:- 5 year Q.:- Aditya wants to take home loan and his monthly take home is 80,000 what as a best practices should be the maximum EMI Ans.:- 32,000 Q.:- Omkar Started a pension policy with provider a but ended up in taking the annuity payment from provider B. The result directly reflect the which feature available with this policy Ans.:- Open Market Option Q.:- What frequencies can one take annuity? Ans.:- Monthly, Quarterly, Half Yearly Q.:- All Ulip Pension Plans have to give how much percentage as guaranteed returns Ans.:- 4.50% Q.:- Yash wants to take open market option in pension plan. What is the benefit?. Ans.:- For improved annuity rate Q.:- Commutation option allows the annuity policy holder to with draw Ans.:- 33%
  • 12.
    Q.:- Why doself employed individual have the need to buy Medical Insurance rather than People working in public Sectors. Ans.:- Public sector employees enjoy Medical Insurance Covers Related to job Q.:- 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 he should be advised? Ans.:- Life Insurance Policy for himself Q.:- Manoj a 26 year old is having 7 years old son, what will happen to his monthly disposable income after 15 years of job Ans.:- significantly increase Q.:- Samir is married and he has only one partner, with dependant parents and no child, which should be his priority Ans:-. Income protection Q.:- The sole focus during a client’s fact-find session was healthcare requirements and estate planning. Which main life stage is he most likely to fall into? Ans.:- Retirement Q.:- Objective of fact finding Ans.:- Client needs analysis Q.:- Fact finding sheet allows the agent to Ans.:- Analyze customer needs Q.:- Mr. A has approached by the Agent and on fact finding the score is 3, this represents Ans. Moderate Risk Taking Q.:- To ensure that the premiums are paid out of a legitimate source of funds cash is accepted Ans.:- Up to Rs 50000 Q.:- With effect from 1st July 2010 all insurers have to disclose in the benefit illustration document the. Ans.:- Commission Pay to their agents.