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