1.
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
2.
The consequences of
these risks which will affect specific individuals or local communities in
nature is called as
A.
Pure risk
B.
Financial risk
C.
Particular
risk
D.
Physical hazard
3.
What is the disadvantage to the insurer in case the
persistency falls
A. Lower profits
B.
Higher profits
4.
For the customer whose claim has been refused by the
company, the three places where he/she should follow up are – Ombudsman, IRDA
Customer Grievance Cell and ………………………..
A. Consumer Forum
B.
COPA
C.
Sebi
D.
Life Insurance Council
5.
If a policy with premium of Rs 5000 has matured, how much
will be deducted when the maturity claim arises
A. Nil
B.
1%
C.
5%
D.
10%
6.
When a person is investing in Debt Mutual Fund, what is the
primary objective
A.
Good Returns
B.
Regular Income
C.
Safety
D. Liquidity
7.
If the employer has insurable interest in the life of an
employee, what kind of policy is this?
A.
Surety insurance
B. Keyman Insurance
C.
Partnership Insurance
D.
Debtor Insurance
8.
In the sales illustration, the reduction of the actual
benefit amount is mainly due to deduction of
A.
Commission
B. Charges
C.
Non guaranteed benefits
D.
Reversionary Bonus
9.
The concept of indemnity is based on the key principle that
policyholders should be prevented from
A.
Insuring existing losses.
B.
Making false insurance claims.
C.
Paying excessively for insurance cover.
D. Profiting from insurance.
10.
The client of reinsurer are
A. Insurance companies
B.
Banks
C.
Asset Management Companies
11.
A customer gets periodic benefits without any claim and then
when he dies during the term of the policy, his nominees gets the sum insured.
What type of policy is this ?
A.
Endowment
B.
Term
C. Money Back
D.
Whole of Life
12.
For assessing the risk of a group health insurance policy,
which of the following information is the most critical
A.
Group lifestyle
B.
Employees
C. Age of the group
D.
Medical history of group
13.
According to Insurance Brokers Association of India, what is
the most appropriate relationship between Insurer and Broker?
A. Insurance broker represent the client and the insurer
remunerate the broker
B.
The client represent the broker and the insurer remunerate
the broker
C.
Insurer represent both client and broker remuneration
D.
Broker only service the client
14.
A low persistency ratio for the insurance company means
that:
A.
The customers are satisfied with the
products
B.
The company is acquiring more business
and new customers
C.
A large
numbers of policies have lapsed / surrendered resulting in loss of profit
D.
The company will not declare bonus
15.
For annuity plans, before receiving regular/periodic annuity
payments, the individual can make a lump sum withdrawal. This is known as
commutation. Up to what proportion of the accumulated fund can be withdrawn?
A.
The entire fund can be withdrawn
B.
Only half of the fund can be withdrawn
C. Only one third of the fund can be withdrawn
D.
Only one fourth of the fund can be
withdrawn
16.
What is the stipulated time frame within which an insurer is
supposed to respond after receiving any communication from its policyholders?
A.
24 hours
B.
1 day
C. 10 days
D.
30 days
17.
For an insurance agent, a low persistency ratio means :
A. Loss of renewal commission
B.
High client satisfaction
C.
Higher reputation
D.
More earning of First Year Commission
18.
The proposer can withdraw from the contract, if they
disagree with the terms and conditions of the Policy, within a ‘free look-in
period’ of
A.
15 days from the date of receipt of the policy
document
B.
20 days from the date of receipt of the policy document
C.
25 days from the date of receipt of the policy document
D.
30 days from the date of receipt of the policy document
19.
In the case of life insurance, insurable interest should
exist
A. At the
inception of the policy
B.
At the time of a claim
C.
At the time of every renewal premium payment
D.
All the above occasion
20.
In which of the following plan remaining part of the Sum
Assured is paid on maturity?
A.
Endowment
Plan
B.
Convertible
Plan
C. Money Back plan
D.
Term
Plan
21.
Rakesh wants to buy a policy primarily for Risk Cover but at
the end of the term he wants to get at least some return. Under which policy he
will get these benefits
A.
Endowment
plan
B. ROP plan
C.
Whole
life plan
D.
Ulip
1.
Payment/Investments in Kishan Vikash Patra under post office
schemes is done
A.
Regularly
with no fixed term
B.
Lump
Sum with no fixed term
C. Lump Sum for fixed period of time
D.
Regularly
for fixed period of time
2.
Prashant buys an Endowment Plan with a sum assured of Re.
100000 and wants to make use of tax benefit under the policy for whole SA. How
much premium would help him avail this benefit
A.
Less
than 10000
B.
More
than 10000
C. Less than 20000
D.
More
than 20000
3.
Under the IRDA guidelines for Claim settlement, any queries
or additional documents can asked from the claimant within
A.
5
days from the receipt
B.
10
days from the receipt
C. 15 days from the receipt
D.
20
days from the receipt
4.
Law of Large number helps the insures to
A.
Calculate
the premium
B.
Increase
the profitability
C. Ascertain the death ratio
D.
Declare
the bonus
5.
A person with a criminal background due to Financial fraud
would come under which hazard
A.
Physical
B. Moral
C.
Occupation
6.
Whose signature is required on attestation of the policy?
A.
Agent
B.
Policy
holder
C. Authorized officials of insurer
D.
Proposer
7.
What is the ceiling of tax exemption under 80 c.
A.
1 lakh
B.
1.5 lakhs
C.
2 lakhs
D.
3 lakhs
8.
If customer has applied for a
policy with 1 Lac SA then what is maximum Premium on which he can save Taxes
A.
Maximum 20000
B.
Maximum 100000
C.
Maximum 120000
D.
Maximum 150000
9.
If Ombudsman makes a
recommendation and is accepted by Complainant then it would be
A.
Binding on the insurer
B.
Binding on Court Of Law
C.
Binding on IRDA
D.
Binding of Insured
180. In
India almost each and every sector is having regulatory agencies for following
up the companies and institution operating in the sector. Likely, regulatory
agency for insurance sector is known as -
A. SEBI
B. ICAR
C.
IRDA
D. RBI
181. Govt.
of India has full control on IRDA. Ultimately Govt. of India which of the
following matters/issues of IRDA on an ongoing basis –
A. Formation
of IRDA
B. Staffing
pattern of IRDA
C.
Policy matters
D. It
is an autonomous body. Govt of India has no control over IRDA
182. Mr. Rahul is having a life insurance policy.
After 8 months he was died. But when the claim is returned by the Insurance
Company as the claim cannot be settled because of a specific clause mentioned
in the policy document. Which is the most likely clause?
A.
Special clause
B. Suicide
Clause
C. Lien
clause
D. Paid
up clause
183. Mr.
Ramesh has taken a life police as recommended by an insurance agent. Now the
role of Agent’s Principal lies
with –
A. The
insured
B.
Insurance Company only
C. Ramesh
only, none else
D. IRDA,
since entire insurance is under control of IRDA
184. From
Insurance Company’s point of view, most important aspect in a Term Insurance
Policy lies with –
A. Good
ethics
B. Fact
findings
C. The
proposal
D.
Underwriting process
185. Mr.
Purusottam has joined as Director of Insurance Company. Now as per the IRDA act
he is not allowed to play the role of which of the following:
A.
Agent
B. Chief
Actuary
C. Under
writer
D. None
of these
186. Mr.
Amar has taken a Term Insurance Policy from Insurance Company. A term insurance is basically what kind of
contract?
A. Indemnity
Contract
B.
Insurance Contract
187. There
are two most widely used mode of lodging complaints against insurance company
by the insured. One is toll free phone call. Name which of following will be 2nd
most widely used method among the following alternatives.
A. Insurance
ombudsman
B. Direct
visit to IRDA office
C. Comparison
website
D.
E mail
188. XYZ
Insurance Company has started promoting their insurance products mostly through
television and news paper advertisements. Hence, the said company is operating
through –
A. Direct
channel
B. Indirect
channel
C.
Using both the channels
D. Agent
channel
189. ABC
Insurance Company has appointed many agents. They are helping in underwriting
process to the underwriters. However, Mr. Vimal, an agent has done adverse
selections. From insurance company’s point of view, which among the following
is most likely considered to be the adverse selection?
A. Obtaining
a policy from a very poor person
B. Obtaining
policy from a rich man
C. Vimal
has obtained most of his policies from railway porters
D.
In certain cases material facts are changed to obtain higher claims
190. Vikash
a 30 years unmarried young man has invested a pretty good amount in shares.
Recently he is shifting his investments Gold ETF. Now state which of the
following is the most likely motive of Mr. Vikash by doing so?
A. He
is interested in savings only
B.
He prefers both regular savings as well as capital appreciation
C. He
prefers capital growth only
D. Recently
he is going to marry that is why he is more interest in Gold to keep the gold
of his would be wife in Gold ETF
191. It
has been observed that, most of the policies issued by M/S XYZ Insurance
Company have been forfeited by the insured during the free look period. What
may be the most likely reason so far ethics is concerned?
A.
The company has no ethics
B. The
company has only internal ethics but not external
C. The
company has external ethics but not internal
D. The
company has both the ethics
192. An
insurance company has issued a policy document to one of its policy holder. In
the policy document they have mentioned the payment of premium by the insured,
payment of SA by the insurance company on the happening of insured event etc.
which part of the policy document is most likely to contain such matter?
A. Preamble
B. Schedule
C. Terms
and conditions
D.
Operative clause
193. The
lung cancer is aggravated by smoking. In terms of insurance, these are
respectively known as –
A.
Hazard & peril
B. Peril
& hazard
C. Effect
& cause
D. Either
peril or hazard
194. Sohan
and Amit are 30 years old unmarried persons. Sohan is having dependent mother
where as Amit has no dependent. Which type of policy most likely to be chosen
by Sohan?
A. Health
insurance for mother
B.
Life insurance policy
C. Liability
insurance policy
D. Retirement
policy
195. Ashok
is a young married man with beautiful young wife and two kids. He should select
which types of insurance projects?
A. Contingency
funding
B.
Health insurance
C. Housing
Loan insurance
D. Retirement
benefit insurance
196. Underwriting
is an important aspect of insurance business. In which of the following
situations underwriter must be most cautious?
A. Low
age, low sum assured
B. Low
age, high sum assured
C.
High age, high sum assured
D. High
age, low sum assured
197. A
Govt. employee after retirement has chosen to take 10% of his pension benefit
in cash. Which of the following options shall be applicable to the person so
far income tax payment is concern?
A.
It is absolutely tax free
B. He
has to pay 10% TDS on the amount taken in cash
C. He
has to pay 30% TDS on the amount taken in cash
D. He
is not allowed to take in cash.
198. Amit
has decided to invest Rs. 1,00,000/- every year in ULIP where as Ramesh has
decided to invest the same amount in PF in order to get IT exemption in 80C. In
this view which of the following is correct?
A.
Both the investments have same impact.
B. In
ULIP IT exemption u/s 80C is not available.
C. PF
is also not eligible for IT exemption u/s Sec. 80C.
D. Both
are taxable as per Income tax Act 1961
199. Ram
and Shyam, both have taken life policy from same company through same agent for
same period. During the process of disclosure, the agent has revealed that he
obtains more commission from Ram. What may be the probable reason for the same?
A. Shyam
has taken more number of policy that is why he has been given concession.
B. Ram’s
policy is having rider
C.
Ram is older than Shyam
D. Ram
is having wife and children, where as Shyam is unmarried.
200. Ramesh is a brother of Rakesh, in which circumstances Rakesh can
propose a policy on Ramesh’s name
A.
If Ramesh owes him money
B.
IF Ramesh gives a declaration
C.
If Ramesh proves that he need the
money
D.
If ramesh want to invest by his
brothers’ name.