1.
In case of life insurance, Insurable interest must exist
A.
At
inception of policy
B.
Not needed
C.
At the time of claim
D.
Any time during the contract
2.
With this type of deposit the bank pays the principal
and the total interest at the end of the term.
A.
Traditional deposits
B.
Recurring deposits
C. Cumulative deposits
D.
Term Deposits
3.
The Premium on all riders put together should not exceed
A.
10% of the premium on the base policy
B.
20% of the premium on the base policy
C.
30% of
the premium on the base policy
D.
40% of the premium on the base policy
4.
How riders will help the customer in life insurance?
A.
allows
policyholders to customize their insurance cover with additional benefits
B. rider
is like a clause
C. Operative
clause.
D. Rider
is like Preamble.
5.
In Daily hospitalization cash benefit scheme,
A.
The daily amount paid is fixed and will never be more or
less than the cost of actual treatment.
B.
The
insurance company may pay an additional amount on a daily basis if the insured
is admitted to the Intensive Care Unit (ICU).
C.
The insurance company will pay for doctor consultation fees
incurred prior to hospitalization
D.
Only surgery expenses are included in daily hospitalization
benefit
6.
A lump sum withdrawal allowed as commutation in pension
plans is
A.
1/3rd
of the accumulation fund
B.
1/4th of the accumulation fund
C.
1/2nd of the accumulation fund
D.
Full withdrawal is allowed
7.
Customer has opted for a 5 yrs guaranteed annuity option.
What will happen to annuity, if the customer survives for 5 years after the end
of guarantee period?
A.
paid up to 75 Yrs
B.
annuity will be continued for next 5 Years
C.
till
he die
D.
not remembered
8.
In term insurance if Critical illness rider claim happens
then what will happen to existing policy
A.
CI
benefit will cease
B.
CI benefit reduced from existing sum assured
C.
CI benefit continues
D.
No change in policy.
9.
What is the main objective of taking the life insurance
policy?
A.
Tax benefit
B.
Savings
C.
Investment
D.
Protection
10.
If person consumes alcohol- what is the type of hazard?
A.
Moral
B.
Physical
C.
Occupational
D.
Professional
11.
Group Insurance can be taken in following relationship
A.
employee-
employer
B.
husband-wife
C.
family members
D.
society members
12.
Where one can approach in case of dispute?
A.
IRDA
B.
Consumer
Forum
13.
Life insurance is the most important for which age group
A.
Young
B.
Pre- retirement
C.
Retirement
D.
children
14.
Where annually increasing flexible
premiums operate under a life insurance policy, what rate of increase will
generally apply?
A.
2.5%
B. 3.0%
C.
5.0%
D.
7.5%
15.
Kamal is willing to pay 60000/-
per annum for his ULIP policy. What should be the SA in case he wants to avail
the tax benefits?
A. 1 lacs
B.
3 lacs
C.
2 lacs
D.
1.50 lacs
16.
The regulations issued by the IRDA, require that the
decision on the proposal must be conveyed to the proposer within
A.
15 days of receiving the proposal
B. 20
days of receiving the proposal
C. 25
days of receiving the proposal
D. 30
days of receiving the proposal
17.
Family floater health Insurance plan covers
A. All members of a Family
B.
Husband and Wife only
C.
Parents only
D.
Children Only
18.
According to IRDA guidelines, how long does an insurance
company have to complete its investigation of a claim?
A.
30 days
B.
90 days
C.
120 days
D.
180
days
19.
How the Daily hospitalization cash benefit will provide
benefits to policyholder who is hospitalized?
A.
Entire charges are refunded.
B.
Entire charges less bed charges will be paid
C.
A fixed
amount on a daily basis is paid irrespective of the actual cost of treatment
D.
Only Hospital bill will be paid
20.
Who is a regulator, supervisor and monetary authority of the
financial system in India?
A.
IRDA
B.
SEBI
C.
RBI
D.
SBI
21.
Indisputability clause can be enforced by the insurance
company during the
A.
First five years of policy
B.
First
Two years of policy
C.
Claim
D.
Inception of the policy
22.
To ensure that the premiums are paid out of a legitimate
source of funds cash is accepted
A.
Up to
50000
B.
Up to 99990
C.
Up to 100000
D.
Without any limit
23.
If there is no claim in a year than what will be the benefit
to the customer as NO CLAIM BONUS
A.
Discount
in next year premium
B.
Increase in Sum Assured next year
C.
Loans facility
D.
No benefit
24.
An individual is said to be competent to enter into a
contract if they are
A.
18
year old
B.
21 year old
C.
23 year old
D.
25 year old
25.
Maximum time for investigation in disputed claim?
A.
1 month
B.
2 months
C.
3 months
D.
6
months
26.
The Ombudsman’s powers are restricted to insurance contracts
of value not exceeding?
A.
50 lakhs
B.
30 lakhs
C.
25 lakhs
D.
20
lakhs
27.
In which section of Policy document, Information about the
location of the insurance Ombudsman had written?
A.
Operative clause
B.
Attestation
C.
Information
statement
D.
Endorsements
28.
In Cumulative bank deposit the interest that in normally
compounded on what basis.
A. Monthly
B.
Quarterly
C. Half
Yearly
D. Annually
29.
The premium for accidental death benefit rider must not
exceed
A. 15%
of base policy premium
B. 25%
of base policy premium
C.
30% of base policy premium
D. 40%
of base policy premium
30.
If the annual premium for a plan is 32000 and a frequency
loading of 4% is added in a quarterly premium what is the amount that needs to
be paid.
A. 8000
B.
8320
C. 9456
D. 9240
31.
What amount of insurable interest does an individual have in
his own life?
A. 20,000
B. 50,000
C. Up
to the sum assured taken in the plan
D.
Unlimited
32.
Ombudsman passes an award within which time
A. 1
month
B. 2
months
C.
3 months
D. 6
months
33.
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.
A. 2013
B.
2015
C. 2017
D. 2020
34.
Under the hospital
care rider what is the payout made
A. 10%
of the sum assured
B.
Specified amount multiplied by the number of days the policyholder
is hospitalized
35.
If the agent recommends the client to terminate an endowment
plan and take a whole life in order to earn higher commission its termed as
A. Switching
B. Doing
a financial planning
C.
Churning
36.
Mr. Denny is married and has 2 children and his parents are
alive. He has taken a family floater plan. Under the plan who all will be
covered.
A. Denny
B. Denny
and his wife
C. Denny,
his wife and children
D.
Denny, his wife, his children and his parents
37.
Amit has taken a G-Sec and has parted with it mid way as he
required the money with the intention of not getting the interest. What will he
get?
A.
Discounted Value
B. Principle
amount
C. Discounted
Value with persistency bonus
D. Principle
with persistency bonus
38.
If bonus is given under a plan the additional premium added
is known as
A.
Loading
B. Investment
C. Frequency
39.
Nomination can be in favor of how many people?
A. One
person
B. Two
persons
C. Three
persons
D.
It can be any number
40.
Suresh 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
A.
Joint life policy
B. Has
physical ailment
41.
What key impact will the agent have in low persistency
A. Increase
more business
B. Increase
in the agents earning
C. Will
improve reputation
D.
Will have impact in his commission.
42.
Within how many days will the underwriter needs to inform
the policyholder regarding the status of the policy.
A. 10
days
B.
15 days
C. 30
days
D. 45
days
43.
Certificate from the village panchayat
A. Will
be considered as standard age proof
B.
Will be considered as non standard age proof
C. Will
not be accepted
44.
What is the maximum sum assured under a micro insurance
A. 10000
B. 25000
C.
50000
D. 100000
45.
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?
A.
Actuary
B. Underwriter
C. Claim
Department
D. Accounts
46.
If Naresh wishes to take the tax benefit of the full premium
paid which is 60000, what amount of sum assured should he avail in a ULIP plan.
A. 2
lacs
B.
3 lacs
C. 5
lacs
D. 6
lacs
47.
Ashish is looking at different plans of insurance for
protection at the lowest premium. Which is the best plan for him?
A.
Term
plan
B.
Endowment plan
C.
Whole life plan
D.
Money back plan.
48.
The insurance act of 1938 created which of these.
A.
IRDA
B.
Tariff
Advisory Committee
C.
National Insurance Academy
D.
LIC
49.
Ashu is an illiterate person and his proposal form was
filled by Nishu, then what is the additional requirement to be taken along with
the documents.
A.
The policy needs to be advertised in the newspaper.
B.
Nishu has to sign an indemnity bond.
C.
Thumb
impression of Ashu has to be taken.
D.
Ashu needs to be medically examined.
50.
Harsh’s policy matured, however he was paid only 25% of the
sum insured in spite of all his premiums been paid on time. This indicates that
his policy is a
A.
Term plan.
B.
Endowment plan.
C.
Money
back plan.
D.
Wholelife plan.