1.
The Authority of COPA is limited to what amount at the
district level.
A.
10,00,000.
B.
20,00,000.
C.
50,00,000
D.
1,00,00,000.
2.
In case of a term plan the maximum premium of the accidental
rider can be.
A.
100% of basic premium.
B.
50% of basic premium.
C.
30% of
basic premium.
D.
35% of basic premium.
3.
With reference to the principle of indemnity a life
insurance policy is a.
A.
Insurance contract.
B.
Indemnity contract.
C.
Value
contract.
D.
Major life contract.
4.
In the personal statement, Ramesh declares that he consumes
alcohol twice every week. This is a
A.
Moral hazard.
B.
Moral peril.
C.
Physical
hazard.
D.
Physical peril.
5.
Micro insurance is made specifically for people from.
A.
High income.
B.
Middle class.
C. Low income.
D.
Affluent class.
6.
The reduction in the benefit illustration shows what.
A.
Charges.
B.
Mortality.
C.
Interest.
D.
Inflation.
7.
If Insurable interest does not exists at the time of
inception of the life insurance policy then, life insurance contract is
A.
Voidable
B.
Invalid
C.
Valid
D.
Null & voidable
8.
If a contract is signed by a 15 years old boy, this contract
will be
A.
Null and void
B.
Invalid
C.
Voidable
D.
Valid
9.
If a life insurance policy is issued with a lien, it will be
mention in
A.
Proviso
B.
Schedule
C.
Terms & conditions
D. Endorsement
10.
Available Loan amount under a life Insurance policy is
generally based on
A.
Total paid premium
B.
Sum Assured
C.
Surrender value
D.
Paid up value
11.
De- tarrification is a process by which pricing of Insurance
A.
Rises
B.
Decreases
C.
Reaches at a level as per industry trends
D.
Insurance
can price their product on their self past experiences.
12.
As per Regulation for protection of Policyholder’s interest
2002 (IRDA), Which insurer will have a grievance redressal System
A.
Some Specific Insurer
B.
Those Insurer who did not created Insurance Ombudsman System
C.
All
insurer
D.
It is optional
13.
Which body has created a call center for logging a complaint
A.
Life Insurance Council
B.
IRDA
C.
Insurance Association
D.
Insurance Institute of India
14.
What is the key function of NIA
A.
Provide suggestion for Premium calculation
B.
To be an active link between Global market & Indian Life
Insurance Industry
C.
Design,
implement and operate an insurance training
D.
Regulate the investment of funds by Life Insurance company
15.
After maturity In a Unit Linked Life Insurance Policy,
customer does not get received Maturity in a lump sum. What is the possibility
of receiving it in installments if it is not a annuity plan
A.
He has switched his fund
B.
He has
opted for Settlement option
C.
He has he has redirected his past premium.
D.
Policy was lapsed on the time of maturity
16.
Gautam wants to purchase a Kisan Vikas Patra. What is the
most suitable place to purchase it
A.
Bank
B.
Insurance Company
C.
Post
Office
D.
Share Market
17.
Anand received post taxation 5% return on his fixed deposit
in a bank. If his net return is 3%, what can be the reason
A.
Administrative charge
B.
Inflation
C.
Interest rate
D.
Market Risk
18.
During Fact finding, rating is mentioned ‘3’. This Indicates
A.
Risk
apatite of client
B.
His future aspiration
C.
Commitment to need
D.
Willingness to pay
19.
Raunak wants to purchase a cheapest plan which can provide
financial security to his dependent. Which plan should be offered
A.
Term
Plan
B.
Term Plan with return of premium
C.
Pure Endowment plan
D.
Unit Linked Plan
20.
For tax Saving Someone wants to fixed deposit in bank. What
duration is required for it?
A.
3 years
B.
5
years
C.
7 years
D.
2 years
21.
Incase of presumption of death
A.
Not necessary to pay premium until court decree
B.
Necessary
to pay premium until court decree
C.
Claim not admissible
22.
If insured gets the two advance payment in the 5yrs and in
the maturity he gets rest of sum assured. What type of policy it is
A.
Money
back policy
B.
Convertible plan
C.
Term plan
D.
Endowment policy
23.
Which is correct in relation to Insurance Broker?
A.
Insurance
broker is represents insurance buyer and remunerated by the insurance company
B.
Insurance broker is represents insurance buyer and
remunerated by the Client
24.
Shailesh and ankit want to retire in the age of 65yrs. But
shailesh pays more monthly payment than ankit. Why?
A.
Shailesh
is very older than ankit.
B.
Shailesh’s income is more than Ankit’s income
25.
What will be lien amount in 3rd year as compared
to the 4th year of lien.
A.
It is higher
B.
Decrease
C.
Slightly higher
D.
Slightly lower
26.
Within how many years a complaint can be made through
consumer protection act.
A.
One year
B.
Two
years
C.
Three years
D.
Five years
27.
In which plan weekly premium payments are accepted.
A.
Health Insurance
B.
Group Insurance
C.
Micro
Insurance
28.
One person wants to take term plan for 20 lakh and wants to
take ADB rider, he is not sure of how much sum assured he needs to take for ADB
rider. What is your suggestion?
A.
Needs to take expert’s suggestion
B.
Equal
to base cover
29.
Basing on which criteria the qualification of Agent is
determined?
A.
Address of the agent
B.
Domicile
status
30.
Which tax rate is applicable, in case of Client pays the
premium of 5000/- and suffers illness before maturity?
A.
Nil
B.
10%
C.
20%
D.
30%
31. A customer surrenders his policy on
Feb 2011. As per Agents code of conduct, an agent can get a new policy from
this customer from Feb which year
A. 2011
B. 2012
C. 2013
D. 2014
32. If we hold 100 units in gold ETF,
It means that how much grams we have in physical
A. 5 or 10 grams
B. 10 or 15 grams
C. 15 or 25 grams
D. 50 or
100 grams
33. In case of life insurance, the
insurable interest should exist
A. At the
time of taking the policy
B. At the time of claim
C. At the time policy matures
D. At the time of taking the policy & claim
34. Pooling of insurance applies to
A. all
types insurance
B. All types of insurance except Motor insurance
C. Only life insurance
D. Only Non-life insurance
35. Insurance companies are required
to honor the awards passed by the Insurance Ombudsman within how many days
A. 10 days
B. 15
days
C. 20 days
D. 25 days
36. If IRDA is unable to discharge its
functions or duties, Central Government
A. Has the power to supersede the IRDA by issuing
notification.
B. Has the power to supersede the
IRDA by issuing a bill in parliament
C. Has the power to supersede the
IRDA by issuing draft
D. Can make changes in IRDA law
37. An elderly person wants to use tax efficient investment and invests in
senior citizen saving scheme. Its the impact in his taxation
A. He will get tax benefit up to 5000
B. He will get tax benefit up to 25%
C. He will get a reduction in tax slab
D. His
investment would be deducted from taxable income
38. What are the benefits to the policyholder Under Surgical care rider?
A. Number of days admitted in
hospital & surgery expenses in full
B. Number of days admitted in
hospital & surgery expenses in partial
C. Treatment cost of surgery subject to terms &
conditions
D. Lump sum amount what he has
incurred
39. Health insurance policy holder takes treatment in a hospital which
doesn’t have cashless facility. How the policy holder will get benefited
A. Need to spend and Get claim from the insurer
B. Need to add that hospital as TPA
C. Need not to claim
D. Need to switch to the another
insurer
40.
During financial planning session if the agent finds out the
following needs, which one should be given the top priority. Needs: Income protection,
Childs education, marriage and emergency funds.
A.
Childs education
B.
Marriage
C.
Emergency funds
D.
Income
protection
41.
National insurance academy has the following main functions
A.
Calculating premium
B.
Interact with the government
C.
Training
D.
Mortality assumptions
42.
Health insurance rider and critical illness rider in
classified under
A.
Life and non life respectively
B.
Both
life insurance
C.
Both non life insurance
D.
Nonlife and life respectively.
43.
Pure risk is classified under
A.
Economic risk
B.
Speculative risk
C.
Financial risk
D.
Insurable
risk
44.
If a valid claim is delayed by the insurer then the interest
for the same will have to be paid by the insurance after how many days from the
date of admission of the claim?
A.
10 days
B.
20days
C.
30
days
D.
60 days
45.
As per IRDA regulations IGMS should be mandatory set up by
A.
Only by few selected insurers
B.
Only by non life
C.
Some life and non life
D.
By all
insurers.
46.
If a customer has mentioned he is a drinker in the proposal
form, the insurance company can exclude this hazard and mention it in which part
of the policy document?
A.
Provisio
B.
Endorsements
C.
Operative clause
D.
Terms
and Conditions
47.
When can an insurance company give more than 35% first year
commission?
A.
When
the insurance company is in the first 10 years of operation
B.
If the agent has worked with the company for more than 5
years
C.
If the agent has worked with the company for more than 10
years
D.
If the agent is doing more than 3 policies in a month.
48.
When should an agent disclose the commission which he will
earn from the product which he is going to sell
A.
When
the customer asks him
B.
After the fact finding process
C.
After quantifying the need
D.
After the product is recommended to the client
49.
In a pension plan illustration what are the parts which
shows the benefit for an annuitant.
A.
Insurance coverage
B.
Annuity part
C.
Guaranteed
and non guaranteed part
D.
Vesting age
50.
Mr. shailsh has an
endowment policy with 30 years policy term, he has paid for eight years.
The sum assured Rs.8,00,000/- and accumulated bonus Rs.60,000/-. What is the
paid up value if bonus accumulated and if not bonus accumulated?
A.
213333
& 273333
B.
213333 & 229333
C.
229333 & 273333
D.
229333 & 293333