pivot table Practice Test

S.No Question Ans Option 1 Ans Option 2

1

2

3 1. Young unmarried 2. Young married

4 1. Regulation 2. Redressal

5

6 1. Term Insurance Plan 2. Endowment plan

7 1. It was assigned. 2. It was paid up.

8 1. It was lost. 2. It was paid up.

9 1. Marriage. 2. Savings.

10 1. Inflation. 2. Interest.

11 2. Shares will be less attractive.

How are perils and hazards normally distinguished under term insurance policies?

1. Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of dying.

2. Perils are risks that policyholders will die before a specified date and hazards are factors which could influence that risk.

In the context of financial planning, how is the difference between real needs and perceived needs best described?

1. Real needs are financial needs and perceived needs are non-financial needs.

2. Real needs are actual needs and perceived needs are based on a client’s thoughts and desires.

If a person is concentrating more on health plan and retirement plan then at which stage of life is he in.

The Institute of insurance and risk management along with insurance education does what more

If the client does not wish to proceed with the recommendations right at the moment the agent should

1. Insist on taking the product right away

2. Should ask for the reason for not going with the recommendation

Suresh has adequate reserve capital with him and he wishes to protect his income, moreover he feels that if he does not die then he would need the amount. What type of plan should he opt for?

A claim was paid in a policy and it was advertised in the newspaper also. This indicates that the policy was.

An indemnity bond was signed in a policy when the claim was paid. This indicates that the policy was.

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?

While calculating HLV along with future income, no of years of work, increments in salary what is also to be taken in to account?

If RBI increases the interest rates then what will be the effect on share prices.

1. Shares will be more attractive.

12 2. Vishal is older than Sandeep

13 1. Quantify clients need 2. Priorities Clients Need

14 1. Easy access 2. Fixed income

15 1. 213333 2. 229333

16 1. Guarantees 2. Taxation

17 1. Savings 2. Insurance

18 1. Physical hazard 2. Fraudulent representation

19 1. Misrepresentation 2. Lack of insurable interest

20 1. Pooling of risk 2. Maintaining insurable interest

21 1. Individual agent 2. Corporate agent

22 1. Equity market 2. ULIP

23

24 1. Give a recommendation

25 1. It rises 2. It falls

Vishal and sandeep applied for a health plan in XYZ Life Insurance Company. Vishal is asked to undergo a medical checkup but Sandeep is not asked to do so. What will be most possible reason?

1. Sandeep has taken another policy from XYZ Life Insurance Company

During fact finding, What will be the next step after Identifying clients need

What is purpose of investing money in debt mutual fund?

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?

What is the similarity between Recurring Deposits & cumulative deposits in a bank

Mrs. Sheela received some amount out of her husband’s death. In such a situation what will be her prime focus?

Mr. Kunal used to participate in Car race. While taking up the Insurance policy he disclosed this information. What kind of hazard does it refers to

Which of the following falls under voidable contract?

Law of large numbers is worked out by which of the following?

If a client wants to compare between all financial products then the best person he can approach is

If a person want to maintain emergency funds the best place is a bank or

During a fact finding process the need analyzed were income replacement and children’s education. But the customer insists on only a child plan for the time being and asks the agent to give him a child plan. The agent should.

1. Do the fact finding exercise again

2. Insist with the client to take a term plan

If a case is already before the consumer forum, then the ombudsman should

2. Give a joint decision with the consumer forum

If the sum assured remains the same, what will be impact of net premium if the age of the policyholder increases

26 1. Liquidity 2. More gold in value

27 1. Physical Hazard 2. Moral Hazard

28 2. Suggest an alternative plan

29 1. Fraudulent claim 2. Indisputability clause

30 2. Brochure

31 1. Under no circumstances

32

33 1. Life Long Annuity 2. Open Market

34

35 1. Become volatile 2. Decrease

What is the advantage of converting physical gold assets to gold ETFs.

For which of the following reasons, the underwriter should ask beyond agent’s confidential report.

After doing the need analysis of the client, the agent advised the client to opt for TROP product. But the client refused. According to ethical business practices what will the agent do ?

1. Enquire about the refusal from the client

Generally insurance companies do not hold the premium in case of a fraud or misrepresentation. However, due to which of the following circumstances the insurer can retain the premium of the policyholder

According to IRDA agent’s code of conduct, what is the best method of showing the amount of commission earned by the advisor

1. Signed copy of sales illustration

With pooling of risks an insurance company pools the premium collected from several individuals to insure them against similar risks. At what circumstances will the insurance companies pool the risk of a life insurance and health insurance together?

2. Under conditions of the reinsurer

In case the customer has stopped making payment for the premium of the policy. What are the two most important things required in order to reinstate the policy?

1. Reinstatement Fee and Proof of continuing good health

2. Premium cheque and health declaration

If the customer has invested money in a pension plan from company A and buys an annuity from company B, what is the nature of transaction?

If a policy holder buys a policy from the advisor and lodges a complaint, it should be treated as :

1. Same for all policies sold by advisor

2. Same for all policies sold by the advisor except corporate clients

An investor holds a wide range of shares. If the Reserve Bank of India announces a series of significant interest rate increases, the prices of these shares are most likely to

36 2. insurance institute of India

37 1. expired 2. reviewed

38 1. Insurable hazard 2. moral hazard

39 2. Rs. 24000 per month

40 1. Investment Risk 2. Risk of death

41

42

43 1. Ensure Better annuity rate 2. Increase in the range

44 1. Money Back 2. Term Plan

45 1. Fact finding 2. Consulting the client’s parents

46 Net premium is equal to

47 Pooling of risk in insurance means

48 1. Every time premium is paid

49 1. Consideration. 2. Legality of an object.

In life insurance business if a person is working in calculating premium rates of insurance products, then he is mostly likely a member of

1. institutes of actuaries of India

In a life insurance policy it is later found that the person doesn’t have insurable interest then the contract is

If both parents of proposer died in their thirties due to heart attack what is the kind of peril or hazard the proposer has?

Raunak earns 80,000 per month as salary. He has taken a House loan of Rs. 500000. What will be the maximum amount of EMI that can be charged by the Bank to recover the loan amount?

1. Rs. 32000 per month

Frequent switching is not advisable in ULIP plan because it increase

According to insurance terminology which of the following is correct?

1. Lung cancer is a hazard whereas smoking is a peril

2. Smoking is a hazard and lung cancer is a peril

An insurance agent sold two policies to two different persons having the same policy term. He declares the commission to each of them. The commission of one of the policy is more than the other. What should be the reasons for this difference?

1. Risk profile of both the policyholder are different

2. Age of both the candidate are different

Open market option under Annuity policy would extend which of the following benefit?

Akash is an Unmarried person and employed with company ABC and drawing a handsome salary. He has no liabilities. What kind of plan can be suggested to him?

What should an agent do in order to understand the mental state of client in respect to his investments in saving products

1. Premium plus interest earning

2. Risk premium plus interest earning

1. The premium collected & deposited in a pool

2. All similar risks are pooled together

Principle of utmost good faith will operate in existing policy

2. If the policy has lapsed and it has to be revived.

Both the parties to a contract must agree and understand the same thing and in the same sense which is called

50 1. At inception of policy 2. Not needed

51 1. Traditional deposits 2. Recurring deposits

52

53 2. rider is like a clause

54

55

56 1. paid up to 75 Yrs

57 1. CI benefit will cease

58 1. Tax benefit 2. Savings

59 1. Moral 2. Physical

60 1. employee- employer 2. husband-wife

61 1. IRDA 2. Consumer Forum

62 1. Young 2. Pre- retirement

63 1. 2.5% 2. 3.0%

64 1. 1 lacs 2. 3 lacs

65

66 1. All members of a Family 2. Husband and Wife only

In case of life insurance, Insurable interest must exist

With this type of deposit the bank pays the principal and the total interest at the end of the term.

The Premium on all riders put together should not exceed

1. 10% of the premium on the base policy


How riders will help the customer in life insurance?

1. allows policyholders to customize their insurance cover with additional benefits

In Daily hospitalization cash benefit scheme,

1. The daily amount paid is fixed and will never be more or less than the cost of actual treatment.

2. The insurance company may pay an additional amount on a daily basis if the insured is admitted to the Intensive Care Unit (ICU).

A lump sum withdrawal allowed as commutation in pension plans is

1. 1/3rd of the accumulation fund 2. 1/4th of the accumulation fund

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?

2. annuity will be continued for next 5 Years

In term insurance if Critical illness rider claim happens then what will happen to existing policy

2. CI benefit reduced from existing sum assured

What is the main objective of taking the life insurance policy?

If person consumes alcohol- what is the type of hazard?

Group Insurance can be taken in following relationship

Where one can approach in case of dispute?

Life insurance is the most important for which age group

Where annually increasing flexible premiums operate under a life insurance policy, what rate of increase will generally apply?

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?

The regulations issued by the IRDA, require that the decision on the proposal must be conveyed to the proposer within

1. 15 days of receiving the proposal


Family floater health Insurance plan covers

67 1. 30 days 2. 90 days

68

69 1. IRDA 2. SEBI

70 1. First five years of policy 2. First Two years of policy

71 1. Up to 50000 2. Up to 99990

72

73 1. 18 year old 2. 21 year old

74 1. 1 month 2. 2 months

75 1. 50 lakhs 2. 30 lakhs

76 1. Operative clause 2. Attestation

77 1. Monthly 2. Quarterly

78 2. 25% of base policy premium

79 1. 8000 2. 8320

80 1. 20,000 2. 50,000

81 1. 1 month 2. 2 months

82 1. 2013 2. 2015

83 1. 10% of the sum assured

According to IRDA guidelines, how long does an insurance company have to complete its investigation of a claim?

How the Daily hospitalization cash benefit will provide benefits to policyholder who is hospitalized?

1. Entire charges are refunded.

2. Entire charges less bed charges will be paid

Who is a regulator, supervisor and monetary authority of the financial system in India?

Indisputability clause can be enforced by the insurance company during the

To ensure that the premiums are paid out of a legitimate source of funds cash is accepted

If there is no claim in a year than what will be the benefit to the customer as NO CLAIM BONUS

1. Discount in next year premium

2. Increase in Sum Assured next year

An individual is said to be competent to enter into a contract if they are

Maximum time for investigation in disputed claim?

The Ombudsman’s powers are restricted to insurance contracts of value not exceeding?

In which section of Policy document, Information about the location of the insurance Ombudsman had written?

In Cumulative bank deposit the interest that in normally compounded on what basis.

The premium for accidental death benefit rider must not exceed

1. 15% of base policy premium

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.

What amount of insurable interest does an individual have in his own life?

Ombudsman passes an award within which time

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.

Under the hospital care rider what is the payout made

2. Specified amount multiplied by the number of days the policyholder is hospitalized

84 1. Switching 2. Doing a financial planning

85 1. Denny 2. Denny and his wife

86 1. Discounted Value 2. Principle amount

87 1. Loading 2. Investment

88 1. One person 2. Two persons

89 1. Joint life policy 2. Not Possible

90 1. Increase more business 2. Increase in the agents earning

91 1. 10 days 2. 15 days

92

93 1. 10000 2. 25000

94 1. Actuary 2. Underwriter

95 1. 2 lacs 2. 3 lacs

96 1. Term plan 2. Endowment plan

97 1. IRDA 2. Tariff Advisory Committee

98

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

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.

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?

If bonus is given under a plan the additional premium added is known as

Nomination can be in favor of how many people?

Suresh is suffering from Asthma and the policy is been done on joint life basis and the need for nomination under the plan will be as

What key impact will the agent have in low persistency

Within how many days will the underwriter needs to inform the policyholder regarding the status of the policy.

Certificate from the village panchayat

1. Will be considered as standard age proof

2. Will be considered as non standard age proof

What is the maximum sum assured under a micro insurance

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?

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.

Ashish is looking at different plans of insurance for protection at the lowest premium. Which is the best plan for him?

The insurance act of 1938 created which of these.

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.

1. The policy needs to be advertised in the newspaper.

2. Nishu has to sign an indemnity bond.

99 1. Term plan. 2. Endowment plan.

100 1. 10,00,000. 2. 20,00,000.

101 1. 100% of basic premium. 2. 50% of basic premium.

102 1. 100% of basic premium. 2. 50% of basic premium.

103 1. Insurance contract. 2. Indemnity contract.

104 1. Moral hazard. 2. Moral peril.

105 1. High income. 2. Middle class.

106 1. Charges. 2. Mortality.

107 1. Voidable 2. Invalid

108 1. Null and void 2. Invalid

109 1. Proviso 2. Schedule

110 1. Total paid premium 2. Sum Assured

111 1. Rises 2. Decreases

112 1. Some Specific Insurer

113 1. Life Insurance Council 2. IRDA

114 What is the key function of NIA

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

The Authority of COPA is limited to what amount at the district level.

In case of a term plan the maximum premium of the accidental rider can be.

In case of a term plan the maximum premium of the accidental rider can be.

With reference to the principle of indemnity a life insurance policy is a.

In the personal statement, Harish declares that he consumes alcohol twice every week. This is a

Micro insurance is made specifically for people from.

The reduction in the benefit illustration shows what.

If Insurable interest does not exists at the time of inception of the life insurance policy then, life insurance contract is

If a contract is signed by a 15 years old boy, this contract will be

If a life insurance policy is issued with a lien, it will be mention in

Available Loan amount under a life Insurance policy is generally based on

De- tarrification is a process by which pricing of Insurance

As per Regulation for protection of Policyholder’s interest 2002 (IRDA), Which insurer will have a grievance redressal System

2. Those Insurer who did not created Insurance Ombudsman System

Which body has created a call center for logging a complaint

1. Provide suggestion for Premium calculation

2. To be an active link between Global market & Indian Life Insurance Industry

115 1. He has switched his fund

116 1. Bank 2. Insurance Company

117 1. Administrative charge 2. Inflation

118 1. Risk apatite of client 2. His future aspiration

119 1. Term Plan

120 1. 3 years 2. 5 years

121 Incase of presumption of death

122 1. Money back policy 2. Convertible plan

123

124 1. Shailesh is older than ankit.

125 1. It is higher 2. Decrease

126 1. One year 2. Two years

127 1. Health Insurance 2. Group Insurance

128 2. Equal to base cover

129 1. Address of the agent 2. Domicile status

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

2. He has opted for Settlement option

Gautam wants to purchase a Kisan Vikas Patra. What is the most suitable place to purchase it

Anand received post taxation 5% return on his fixed deposit in a bank. If his net return is 3%, what can be the reason

During Fact finding, rating is mentioned ‘3’. This Indicates

Raunak wants to purchase a cheapest plan which can provide financial security to his dependent. Which plan should be offered

2. Term Plan with return of premium

For tax Saving Someone wants to fixed deposit in bank. What duration is required for it?

1. Not necessary to pay premium until court decree

2. Necessary to pay premium until court decree

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

Which is correct in relation to Insurance Broker?

1. Insurance broker is represents insurance buyer and remunerated by the insurance company

2. Insurance broker is represents insurance buyer and remunerated by the Client

Shailesh and ankit want to retire in the age of 65yrs. But shailesh pays more monthly payment than ankit for same amount of policy. Why?

2. Shailesh’s income is more than Ankit’s income

What will be lien amount in 3rd year as compared to the 4th year of lien.

Within how many years a complaint can be made through consumer protection act.

In which plan weekly premium payments are accepted.

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?

1. Needs to take expert’s suggestion

Basing on which criteria the qualification of Agent is determined?

130 1. Nil 2. 10%

131 1. 2011 2. 2012

132 1. 5 or 10 grams 2. 10 or 15 grams

133 2. At the time of claim

134 Pooling of insurance applies to 1. all types insurance

135 1. 10 days 2. 15 days

136

137

138

139

140 1. Childs education 2. Marriage

141 1. Calculating premium 2. Interact with the government

142 2. Both life insurance

143 Pure risk is classified under 1. Economic risk 2. Speculative risk

144 1. 10 days 2. 20days

Which tax rate is applicable, in case of Client pays the premium of 5000/- and suffers illness before maturity?

A customer surrenders his policy on Feb 2010 As per Agents code of conduct, an agent can get a new policy from this customer from Feb which year

If we hold 100 units in gold ETF, It means that how much grams we have in physical

In case of life insurance, the insurable interest should exist

1. At the time of taking the policy

2. All types of insurance except Motor insurance

Insurance companies are required to honor the awards passed by the Insurance Ombudsman within how may days

If IRDA is unable to discharge its functions or duties, Central Government

1. Has the power to supersede the IRDA by issuing notification.

2. Has the power to supersede the IRDA by issuing a bill in parliament

An elderly person wants to use tax efficient investment and invests in senior citizen saving scheme. Its the impact in his taxation

1. He will get tax benefit up to 5000

2. He will get tax benefit up to 25%

What are the benefits to the policyholder Under Surgical care rider?

1. Number of days admitted in hospital & surgery expenses in full

2. Number of days admitted in hospital & surgery expenses in partial

Health insurance policy holder takes treatment in a hospital which doesn’t have cashless facility. How the policy holder will get benefited

1. Need to spend and Get claim from the insurer

2. Need to add that hospital as TPA

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.

National insurance academy has the following main functions

Health insurance rider and critical illness rider in classified under

1. Life and non life respectively

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?

145 2. Only by non life

146 1. Provisio 2. Endorsements

147

148 2. After the fact finding process

149 1. Insurance coverage 2. Annuity part

150 1. 213333 & 273333 2. 213333 & 229333

151 1. Pure risk 2. Financial risk

152 1. Lower profits 2. Higher profits

153 1. Consumer Forum 2. COPA

154 1. Nil 2. 1%

155 1. Good Returns 2. Regular Income

156 1. Surety insurance 2. Keyman Insurance

157 1. Commission 2. Charges

As per IRDA regulations IGMS should be mandatory set up by

1. Only by few selected insurers

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?

When can an insurance company give more than 35% first year commission?

1. When the insurance company is in the first 10 years of operation

2. If the agent has worked with the company for more than 5 years

When should an agent disclose the commission which he will earn from the product which he is going to sell

1. When the customer asks him

In a pension plan illustration what are the parts which shows the benefit for an annuitant.

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?

The consequences of these risks which will affect specific individuals or local communities in nature is called as

What is the disadvantage to the insurer in case the persistency falls

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 ………………………..

If a policy with premium of Rs 5000 has matured, how much will be deducted when the maturity claim arises

When a person is investing in Debt Mutual Fund, what is the primary objective

If the employer has insurable interest in the life of an employee, what kind of policy is this?

In the sales illustration, the reduction of the actual benefit amount is mainly due to deduction of

158 1. Insuring existing losses. 2. Making false insurance claims.

159 The client of reinsurer are 1. Insurance companies 2. Banks

160 1. Endowment 2. Term

161 1. Group lifestyle 2. Employees

162

163

164

165 1. 24 hours 2. 1 day

166 2. High client satisfaction

167

168 2. At the time of a claim

169 1. Endowment Plan 2. Convertible Plan

170 1. Endowment plan 2. ROP plan

171 1. Regularly with no fixed term 2. Lump Sum with no fixed term

The concept of indemnity is based on the key principle that policyholders should be prevented from

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 ?

For assessing the risk of a group health insurance policy, which of the following information is the most critical

According to Insurance Brokers Association of India, what is the most appropriate relationship between Insurer and Broker?

1. Insurance broker represent the client and the insurer remunerate the broker

2. The client represent the broker and the insurer remunerate the broker

A low persistency ratio for the insurance company means that:

1. The customers are satisfied with the products

2. The company is acquiring more business and new customers

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?

1. The entire fund can be withdrawn

2. Only half of the fund can be withdrawn

What is the stipulated time frame within which an insurer is supposed to respond after receiving any communication from its policyholders?

For an insurance agent, a low persistency ratio means :

1. Loss of renewal commission

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

1. 15 days from the date of receipt of the policy document


In the case of life insurance, insurable interest should exist

1. At the inception of the policy

In which of the following plan remaining part of the Sum Assured is paid on maturity?

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

Payment/Investments in Kishan Vikash Patra under post office schemes is done

172 1. Less than 10000 2. More than 10000

173 1. 5 days from the receipt 2. 10 days from the receipt

174 1. Calculate the premium 2. Increase the profitability

175 1. Physical 2. Moral

176 1. Agent 2. Policy holder

177 1. 1 lakh 2. 1.5 lakhs

178 1. 75K 2. 1L

179 1. Health plan 2. Child Plan

180 1. Health Insurance 2. Family floater

181 1. Retain 2. Transfer

182 1. Save Tax 2. Fluctuating income

183 1. Need analysis 2. Understand about company

184 1. 60000 2. 75000

185 1. Life Insurance Council 2. IRDA

186 Pricing element is done by 1. IRDA 2. Insurance Company

187 1. Inspection by IRDA 2. Audit by Finance Ministry

188 1. Rs. 1, 00,000 2. Rs. 50,000

189 1. National Commission 2. District Level

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

Under the IRDA guidelines for Claim settlement, any queries or additional documents can asked from the claimant within

Law of Large number helps the insures to

A person with a criminal background due to Financial fraud would come under which hazard

Whose signature is required on attestation of the policy?

What is the ceiling of tax exemption under 80 c.

What is the limit of tax benefit that can be availed of under Section 80C.?

Mr. Shyam is having 9 year old child. Which product is not to be given priority?

Mr. Raj is married and having 2 children. Which plan can he take that can cover his whole family?

Which is the best option to manage risk?

What is the major reason for self employed to take insurance.

What is the major reason for conducting fact finding exercise?

If 5% bonus is given every year then for a SA of 1 lakh, what will be the payout after 15 years in a simple revisionary bonus system?

The guidelines for annual assumed growth rate are given by

AML Program of every insurer to include _______________, apart from Procedure, Training and audit.

Payment of premiums by cash cannot exceed ____________ .

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 he approach?

190 1. Rs. 75,000 2. Rs. 1, 10,000

191 2. Yes, as it is within 1 year

192 1. Term & Children Plan 2. Annuity Plan

193 1. Transfer 2. Control

194

195 1. Normal 2. Fraudulent

196 1. Middle Level 2. Top Level

197 1. 5000 2. 10000

198 1. 15 days 2. 30 Days

199 1. 1Lakh 2. 10 Lakhs

200 1. 48% 2. 50%

201 What does MDRT Stand for? 1. Million Dollar Round Table 2. Major Double Rupees Tag

202 1. Any Nationalized Bank 2. Insurance Company

Under section 80C the maximum tax deduction that can be gained for premium paid is _______ in a financial year.

Vijay received his policy bond on 11th June, 201 Due to some personal problems he has decided to cancel the policy on 8th July, 201 Can he cancel or return the policy?

1. No, as 15 days period is over

Naresh is married and his daughter Sneha is 3 years old. Which plan can he take?

Vinay doesn’t want to take insurance on himself. He feels that his family will survive with the funds available in the bank and monthly rentals received from village. This comes under Risk ______

Naveen, aged 32 years, has taken money back plan. He is a teacher by profession. Naveen referred Prasad to Ram. Prasad is also teacher. Ram who is an agent advised Prasad to take money back plan as he is of same age (33 years). Is it the right advice? Why?

1. Yes, as Naveen and Ram are of same age.

2. No, customers needs are different

Ajay has bought an endowment insurance plan with a cover of Rs. 10, 00,000 for a term of 15 years. Ajay died after 4 years. Insurance company will not treat this claim as ________ claim.

Rajesh is 34 years old and having 2 sons, Vineeth and Sumith. The level of risk appetite, Rajesh belongs is _______.

What is the minimum Sum Assured allowed for Micro Insurance?

How many days does the Free Look Period last?

The Ombudsman’s powers are restricted to insurance contracts of what value?

Under current regulations what is the maximum stake that the Foreign Partner in Insurance Company hold?

Where would you have to go if you wanted to buy a Kisan Vikas Patra?

203 1. 50,000/- 2. 15,000/-

204 1. 15 Days 2. 30 Days

205 1. A clause 2. A Lien

206 1. Peril 2. Hazard

207 1. PAN Card 2. Certificate of Baptism

208 1. Churning 2. Proposing

209 2. Find out the reasons for refusal

210

211 1. 25% each 2. 15% each

212 1. Agent 2. Insured

213 1. Annually 2. Semi Annually

214 1. Critical Illness Rider 2. Hospitalization Care Rider

215 1. Standard and accepted 2. Not standard but accept

216 1. X only 2. X with wife

217 Maximum Life cover 1. 20 times annual salary 2. 500000

218 1. Rs.20000 2. Rs.25000

219 Bank interest is accumulated 1. Monthly 2. Yearly

220 1. RBI 2. IRDA

What is the limit of tax benefit that can be availed of under Section 80C?

Ombudsman has to give his decision within how many days?

In a case, the underwriter felt that the risk associated with the person would decrease with time, then he would accept the case with

A person suffering from lung cancer is a smoker. Here smoking can be termed as

Which of the following is a Non Standard Age Proof

Venu, aged, 32, had a Insurance cover of 10, 00,000/- . He was approached by an advisor who made some analysis and told him that his Insurance need is higher than 10, 00,000 and suggested that he surrenders the existing policy and buys a new one. This is an example of

If the recommendation of the agent has been rejected by the client, the agent should:

1. Ask the client to fill the proposal form

Which of the following is true regarding Family Floater Health Insurance Plan?

1. A Family Floater Plan is the same as a Individual Plan

2. Only self and spouse can be covered in this plan

In what proportion is the cover in a Family Floater Plan shared?

To identify suitable products their main features and their tax treatments is the role of:

In Cumulative Deposits the interest is normally compounded in a

The rider which is given by the Insurance company pays for the treatment costs in the event of hospitalization of the insured person is called

Age proof submitted from Village Panchayat is:

Mr. X is married with wife, 2 children and aged parents Health premium is allowed for

As per AML regulation, it allows cash premium not over than

_____ controls monetary system in India

221

222 1. 7680 2. 9320

223 1. 2015 2. 2014

224 1. Need – Based Selling 2. Product – Based Selling

225 Insurance Market divided into

226 What is Bancassurance?

227 The “Risk” contains…. 1. Peril and Hazard 2. Level

228 1. Grouping of Risk 2. Risk Grading

229 1. Risk Transfer 2. Risk avoid

230

231 1. Anti Money Laundry 2. Legality of object or purpose

232 2. Concealment of a material fact

233 Principle of Indemnity denotes…..

234 2. Facts of law

235 1. Advertisements. 2. Proposal form.

236 2. Number of premiums payable.

237

238

239 Moral Hazard reflects the …….

Hospitalization rider has the following benefit:

1. Person receives fixed amt daily for no of days in hospital

2. Person receives an amount equal to the expense.

Total annual premium Rs 32000 quarterly loading done 4 %. Hence actual quarterly premium will be

License of an agent was withdrawn in June 2010 due to malpractice. He can reapply for his license in

A Professional insurance market carries…..

1. Endowment and Money Back Insurance

2. Life and General (non-life) Insurance

1. Giving insurance policies to Banks.

2. Selling insurance policies through Banks.

Grouping the similar risks by Insurance Company is called as….

The function of Insurance works on…..

A contract comes into existence when………

1. One party makes an offer which the other party accepts unconditionally.

2. One party makes an offer which the other party put extra conditions.

Mr. Kumar’s wife is suffering from blood cancer. Doctors lost their hope on her live. Mr. Kumar would like to take Life Insurance policy on wife’s name in order to get monitory benefit. Insurance company rejects this proposal on the grounds of…….

Under this situation may leads to breach of the duty of utmost good faith.

1. Non disclosure of material facts.

1. Insurance can not be used to make a profit

2. Insurance should not taken by high risk people.

The principle of utmost good faith is not applicable to

1. Facts of common knowledge

What is the main source for insurance company to get information of proposer?

What are the factors involved in calculating Surrender Value of the Policy?

1. Number of year’s premium paid.

What are the different types of Assignments?

1. Full Assignment and Partial Assignment

2. Conditional and Absolute Assignment.

Mr. Kumar is taken one life insurance policy with ABC Company. But he is not satisfied with the policy benefits. What Mr. Kumar can do under this situation?

1. He can not do any thing, because be received the policy bond.

2. He can file a complaint against insurance company in court.

1. Intentions and attitude of Proposer.

2. Habits and Hobbies of Proposer.

240

241 Agent will be called as….. 1. Primary Underwriter 2. Main Underwriter

242 1. Rs. 2500/- 2. Rs. 25000/-

243

244 Term Insurance Plan will give…. 1. Only Death Benefit. 2. Only Maturity Benefit.245 Low risk products give….. 1. High Returns 2. Low Returns

246

247 1. Insurance 2. Purchasing House

248 1. Insurance 2. Shares

249

250 1. Rs. 3, 00,000/- 2. Rs. 4, 50,000/-

251 1. Collection Phase. 2. Accumulation Phase

252 2. Total Protection Policies.

253

Income replacement methods equates Human Life Value (HLV) to

1. Future value of Present earnings.

2. Present value of future earnings.

Mr. Rajesh has taken policy from ABC insurance company for Rs. 500000 Sum Assured by paying Rs. 50,000 premium per year. Company declared 5% Simple Reversionary bonus, what is bonus amount?

The two basic elements of most life insurance plans are

1. Guaranteed Benefit and Non-guaranteed Benefit.

2. Interest Benefit and Bonus Benefit.

Who will maintain Mutual Fund Schemes?

1. Mutual Fund Management Societies

2. Mutual Fund Management Systems.

Which is the primary saving need among all saving needs?

Mr. Rao has Rs. 10, 00,000 cash with him. He would like to use this amount for his daughter’s marriage which is going to happen with in Nine months. He would like to get some returns from this money in these 9 months period. What is the best option to park his money?

Which of the following product not comes under Section 80 ( C ), income tax act 196

1. National Saving Certificates.

2. Equity Linked Saving Schemes.

Mr. Suresh purchase one pension plan and accumulated Rs. 9,00,000 amount in his pension fund. He would like to utilize commutation benefit before taking pension. What is amount Mr. Suresh can withdraw as commutation?

Customer has to pay the amount in regular intervals to create purchase price or Pension Fund. We call this phase as…..

Some Health Plans will give coverage for family members also. We will call these plans as…..

1. Family Health Insurance Plans

Mr. Hitesh would like to get health coverage along with Life Insurance. What are the options available to Mr. Hitesh to fulfill his need with a little cost?

1. Taking Life Insurance plan with Critical Illness Rider.

2. Taking Health Plan, Insurance Plan separately.

254 1. Young Unmarried. 2. Young married with children.

255 1. Closed Ended Questions 2. Open Ended Questions.

256 Perceived needs are those…. 1. Short term needs.

257

258 Which is the not part of KYC norms? 1. Photographs 2. Proof of identity

259 Remuneration to Agents includes 1. First Year Commission 2. Renewal Commission.

260 1. Switching 2. Churning

261 2. Insurance Company and IRDA

262 1. Role of Agent 2. Product Design.

263

264 1. Client 2. IRDA

265

266 1. Three years 2. Five years.

267 1. Layering 2. Placement

268 1. 74% 2. 26%

269 2. Reserve Bank of India.

270 1. 10 2. 12

271

Mr. Govind, Advisor with ABC life insurance company find out one client is seeking solutions for health care and inheritance planning. Which main life stage he most likely to fall into?

Which type of questioning is very useful to gather information from clients?

2. Imagined to be important by Advisor.

Need analysis involves identifying………

1. Financial provision to meet predictable and unpredictable needs.

2. Capacity to pay the premiums in future.

Mr. Gayaram, Advisor who advised the customer to close the old policy and take new one. But new policy does not have any extra benefits but it will give more commission to Mr. Gayaram. This is called as……

An insurance agent is intermediary between….

1. Client and Insurance Company

What is the factor which has influence on persistency?

What is meant by a claim under insurance policy?

1. A demand to fulfill the policyholder’s obligations.

2. A demand to fulfill the insurer’s obligations.

Who will take the initiation to settle the maturity claim process?

Which is the right statement regarding claim enquiry?

1. The insurance company makes enquire only on death claims.

2. The insurance company makes enquire on maturity claims only.

A missing person will be presumed to be dead only after….

Which is the 2nd stage in Money Laundering?

What is the maximum stake can foreign company has in one insurance company in India?

Who controls and regulate the rates, advantages, terms and conditions that may be offered by insurers in the respect of general insurance business.

1. Insurance Regulatory and Development Authority.

How many ombudsmen offices located in India?

What the name of department that is established by IRDA to deal with customer complaints?

1. Customer Complaint Department (CCD)

2. Customer Grievance Department (CGD)

272 Ethics can be defined as…

273 25

274 1. Risk retention 2. Risk transfer

275 1. individual agents 2. bancassurance

276 1. claim 2. revival

277

278 1. physical values of assets 2. economic values of assets

279 1. death is certain 2. death is uncertain

280 1. proposal form 2. Advisors confidential report

281 1. future data 2. past data

282 1. surety-co surety 2. employee-employer

283 1. only insurers 2. only proposer

284

285

286

287

288

1. Those values we commonly hold to be “good” and “right”.

2. Behavior that is based upon the moral judgments of an individual

1. Over selling of Insurance policies.

2. Under selling of Insurance policies.

Mr. Mahesh is a software engineer. He has taken a term insurance for Rs. 30,000,00/- for 30 years. This is an example for-----------------

Which of the following do not include the channel of indirect marketing?

In an insurance contract the insurable interest needs to be at the time of ....

Which of the following can be an example of moral hazard?

1. a family history of heart disease

2. a person working in a chemical factory

The business of Insurance is connected with................

Human beings need life insurance because..................

In an insurance contract 'consideraton' means........

Life insurance the risk is determined on the basis of ..........

Where do you not find insurable interest in the following options.........

The principle of utmost good faith applies to...........

When an illiterate person wants to have a policy.....

1. an impression of the left thumb is taken and third party has to attest it

2. an impression of the left thumb is taken and the advisor has to attest it

Mr.Shanth has taken an endowment policy of 15 years with ABC insurance company. He has paid premium for 4 years and he could not pay premium for 5th and 6th year. In the 7th year he approaches the company to renew the policy. Now which of the following options will apply to him?

1. The policy will be renewed on the existing terms and conditions.

2. Mr. Shanth cannot renew the policy

Which of the following statement is not true in connection with nomination?

1. The life insured can nominate one or more than one person as nominees.

2. Nomination can be done either at the time the policy is bought or later.

Which of the following statements in correct in connection with assignment?

1. Assignee cannot make fresh nomination in the policy

2. The assignor need not be major at the time of assignment.

Mr. Shanth has taken an endowment policy of 20 years. He has paid premium for 10 years and now the policy is in force. At this point of time can Shanth take loan?

1. Mr. Shanth will not be granted any loan

2. Mr. Shanth can take loan which should be certain percentage of the surrender value of the policy.

289 1. 10 days 2. 15 days

290 1. Proposal form. 2. renewal receipt

291 1. moral hazard 2. physical hazard

292

293 1. a unit linked policy 2. a term life policy

294 1. when he dies 2. when he survives the term

295 The disposable income means......

296 1. high 2. low

297 1. through individual agents 2. through internet

298 1. Fixed deposits 2. Unit linked Insurance plans

299 1. Life Insurance 2. Mutual fund

300

301

302 1. immediate annuity 2. life annuity

303

304 1. the lower 2. the higher

As per the IRDA regulations the decisions on the proposal must to convey to the proposer within......

The underwriter can get the required information about the proposer in.....

Mr. Ramesh works in a mining company. So he is exposed to..............

Lien is imposed on a policy when underwriter feels that......

1. the risk associated might increase

2. the risk associated might decrease

The income of an individual can be protected with the help of.........

Mr. Shanth has got a pure endowment policy for 30 years for the sum assured of Rs. 75,000,00/-. It can be paid to him......

1. the surplus amount that can be invested

2. the amount that can be paid towards one's EMIs

Mr. Shanth is in his early 20s and has just started earning. His risk appetite is expected to be.....

Which of the following ways is easier for a person to take a saving product?

Flexibility like partial withdrawal and taking premium holidays is possible with....

Mr. Rajgopal has invested some money. He has been informed clearly about the tenure, interest rate and method of payment of interest at the inception of the investment itself. His investment may be in.....

In 'Daily hospitalization cash benefit plan'......

1. all the expense incurred will be reimbursed by the insurance company

2. Some percentage of the expense will be reimbursed by the insurance company

Which of the following is not a feature of WOP rider?

1. The rider waives future premiums in the event of the disability or death of the policy holder.

2. This rider is ideal for helping to prevent a policy lapsing due to non-payment of premiums due to death or disability

Mr. Ramakant is 35 years old. He has bought retirement plan for 20 years. This type of pension plan is known as..................

Mr. Ranga has taken Critical Illness Rider. In which of the following scenarios the insurance company will pay him......

1. When Mr. Ranga dies due to critical illness

2. When Mr. Ranga is diagnosed a critical illness

The younger the age of an individual..............their liabilities will be.

305 1. Pre-retirement stage 2. Post retirement stage

306 1. Real need 2. Perceived need

307 1. clients financial need 2. clients personal problems

308

309

310 1. good 2. bad

311 1. 30 % 2. 35%

312 1. his legal heirs 2. to his nominee

313 1. Normal death claim 2. Early death claim

314 1. Maturity claims 2. All death claims

315 1. 5 years 2. 6 years

316

317

318 1. 50% 2. 25%

319 1. 1956 2. 1999

320 1. policyholders 2. shareholders

Mr. Ramachandra's son Mr. Bharat has just employed as a software engineer, daughter Anusha has got married. Now Mr. Ramachandra is free from his burden. So Mr. Ramachandra is now in the ...................stage.

Mr. Vinodh has lot of inconvenience to reach office every day. So he wants to buy an expensive car when he will have sufficient fund. Here Mr. Vinodh's need is.............

Fact finding enables the insurance advisor to identify the.............

During the recommendation stage the advisor needs to......

1. recommend the products that best meet the client's needs

2. recommend to wait some days to invest

As per the IRDA circular an insurance agent.......

1. need not disclose the amount of commission

2. need to disclose the amount of commission

For an insurance advisor churning is.............practice

According to IRDA regulations the maximum percentage of first year commission to be paid to an insurance advisor is.............

In the case of agent's death, the commission payable will be paid to.........

Mr. Chintamani has taken a policy from ABC Company on 2nd March 2010, but unfortunately he died on 18th August 201 His death claim is considered as..........

Detailed Investigation will be triggered in case of......

In insurance, if a person is not heard for .......years his is presumed to be dead.

In the process of settling maturity claims....

1. the company will wait until the claimant comes to office to demand the claim

2. the process is initiated by the company well in advance of the maturity date

Issuance of a license to a person has been stipulated in................Act

1. Section 43 of the Insurance Act 1939


The foreign direct Investment (FDI) in Indian Insurance Industry is allowed up to.....

The Insurance Institute of India (III) was formed in.....

The insurance ombudsman has been appointed to protect the interest of.......

321 1. IRDA 2. Agents

322 1. ethical 2. unethical

323 1. IRDA 2. Insurance Council

324

325 1. At the time of uncertainty 2. At an early age

326

327

328

329 2. Under the category of peril risk

330 2. Capacity to contract

331

332

333

The charges were not fully disclosed to the customers" is a common complaint against.....

Mr. Sharma is a newly recruited insurance advisor. To meet his month target he explains only the good points of newly launched plan to his customer. Here Mr. Sharma's behavior is............

The code of conduct has been prescribed in India by...........

Which one of the following is possible in retaining the risk?

1. Retaining the ownership in the policy

2. Not possible as life has many risks.

The timing of death is uncertain, so when one should take life insurance?

Insurance Protects which of the following?

1. The life of the person paying compensation

2. The risk retained person 's family

What does the mortality tables contains ?

1. Tables of death occurring in various circumstances

2. Tables of details of various probabilities of death

Mr. Guptha is recently detected with lung cancer. He would like to take an insurance. What is your suggestion?

1. Time of death is uncertain, so insurance can be given

2. Only lung is affected so health insurance can be given.

On 6th August there was a typhoon. Mr.Augustin who had insurance died in typhoon. Now how will the insurance company will categories this particular risk ?

1. Under the category of Pure risk

Mr.Akash filled the proposal form but before submitting to the company he discussed with the agent that he is not sure whether he can pay for 15 years . This attitude affects which part of the contract?

1. Consideration in the contract

Agent who is a licensed intermediary is actually is ?

1. A legal person to act on behalf of the re-insurer

2. B.A legal person to act on behalf of the insurer

Mr.Karan who has to go to abroad for 6 months on an official work decides to leave his car with his friend Mr. Jim. What will be the validity of the insurable interest in this case ?

1. The insurable interest between the car and jim is valid for 6 months

2. The insurable interest between the car and karan is valid for 6 months

Mr. Varun who won a multi chain company would like to take an insurance. What will be the best option for him from the following ?

1. He can take Surety insurance

2. He can take Business Partner insurance

334

335

336

337

338

339

340

341 1. Risk Analysis Department

342

Mr. Josh was filling the proposal form but as his mother was sitting beside him, even though he drinks and smokes he ticked “NO” in smoking & drinking column of proposal form. This indicates ?

1. He has breached the non-disclosure of the fact

2. He has breached the company by concealing the facts

Mr.Feroz has taken policy for critical illness worth Rs.1 lakh in health policy. He also has a term plan worth Rs.10 lakhs. Mr.Feroz was hospitalized after he was detected with cancer .Unfortunately he died after 3 days of treatment. How the claim will be settled?

1. claim of critical illness and 10 lakh from term policy will be settled

2. claim of hospital charge Rs 20,000 and 1 lakh for death will be settled

Mrs.Shwetha has taken a loan from her policy. Later stage she neither paid back neither the loan nor she paid the premium for a very long time. What will happen to her policy?

1. Policy will be surrendered by the insurer

2. Policy will be surrendered by the nominee

Mr. Manish has a money back policy and a whole life policy. He is planning to take some loan from both the policies as he was regularly paying the premium. What is your suggestion?

1. He regularly pays premium so he can take loan from both the policies

2. He can surrender whole life policy and can take loan from Money back policy

Which of the following information does not appear in the First Premium Receipt?

1. method and frequency of premium payment

2. Date of commencement of last premium

Mr.Santhosh working as a head master who is around 52 years had requested for an Insurance cover for Rs.1 crore. He insisted that his brother’s son should be the nominee not his wife. Underwriter will verify this case for which one of the following:

1. A . Physical hazard, as he is old

2. B. Moral hazard, as he is 52 years old and wife is not the nominee

Mr.Feroz has applied for an insurance cover of Rs.4 crores. The Company will accept or reject the proposal only after confirming from one of the following agencies.

1. Financial Inspection agencies

2. Specialized inspection agencies

The responsibility for classification and analysis of the proposal form lies with whom?

2. Classification of Risk Department

In underwriting the economic value of the person is determined by what?

1. The occupation of the person

2. The financial history of his family

343 2. Convertible Term plan

344 1. Salary saving Life plan 2. Not a specific plan

345 1. Mutual Fund 2. Risk Diversified Insurance

346 1. Capital Appreciation 2. Capital Profit

347 1. Pension Funds 2. Public Provident Fund

348 1. Central bank of India 2. Reserve bank of India

349 1. Bombay Share exchange 2. Bombay Stock exchange

350 1. Blindness 2. Paraplegia

351 1. Guaranteed period annuity 2. Life annuity

352 2. Family health insurance plan

353 1. Immediate care 2. Medical examinations

354 1. Investment and retirement 2. Investment and Protection

355

356 1. Fact Finding Sheet 2. Advisor Confidential Sheet

Mr. Vinu got a job recently, he can’t afford to pay to pay the higher premium as of now but in future once he settles down with his job he can pay higher premium. Which one will be the best plan?

1. Convertible Endowment plan

Mr. Kumar decides that his employees should have SSS scheme. What type of plan is SSS?

The concept of Risk diversification is applicable in which of the following instrument ?

Ajay bought a share for Rs.110 and he sold when it was Rs.630.What had happened to his share?

Which of the following can’t be ducted under section 80 c from taxable income?

Which official body decides to increase the interest rates?

Who act as an intermediary by offering a trading platform for buying and selling of shares? Chap-6

Which one of the following cannot be covered under Critical illness rider?

Mr. Yash has taken an annuity on 25th August 201The benefit of the plan will start from 25th August 201 What type of annuity plan is this?

Mr.Rohith wants to have a health insurance plan for his family and for his aged parents. which will be the best plan for him ?

1. Group Family health insurance plan

In what situation “Waiting Period” is applicable in a health insurance?

Which are the two primary needs of any customer in any point of life?

Mr. Raj has taken a policy of 15 year term. He has paid the premium for 9 years. But now unfortunately he has lost his job. He is unable to pay the premium. What can be the best solution from the following ?

1. Converting the policy to Term policy

2. Converting the policy to Paid up

In which of the following an agent will collect the customer’s Personal data, professional data and financial data

357 1. Fact Finding document 2. B.KYC document

358 2. Client’s Expense statement

359

360

361

362 1. Churning of the policy 2. Surrendering the policy

363 1. Claim will be rejected

364

365

366

Mr.Mohith, an agent was explaining to his customer the guaranteed benefits of the product. Which one of the following documents he would have used to explain the same?

Mr.Harsha an agent wants do a thorough 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 of Kishan?

1. Client’s Profits and Withdrawals from business

Which one of the section deals with the licensing of an agent?

1. Section 42 of the insurance act 1938

2. Section 42 of the insurance act 1936

Which one of the following factor does not help in the Persistency ?

1. Regular reminders about the premium to the customer

2. Flexibility of Premium payment to the customer

In which one of the following statement an agent’s commission will be disclosed to the customer ?

1. Customer Statement of the product

2. Benefit illustration of unit linked product

Mr. David an agent had helped Mr. Srinivasan to take an endowment policy on Feb 200As srinivasan was finding it difficult to pay the premium, Mr. David had advised him to surrender this policy and to apply for a lower premium policy. This is called as ?

Mr. sham had taken a term plan in 2008 . He died of cancer in 20 Investigation about his death revealed that he was deducted cancer in 200What will happen to his death claim?

2. Claim will be settled as Cancer was not deducted in 2008

Which regulations take care of the settlement of claims ?

1. Protection of Policy holder Interests regulation 2002

2. IRDA claim protection regulation 2002

Mr.Baskar had taken a Term plan for a sum assured of Rs. 7 lakhs. He also has an ADB rider worth Rs. 4 lakhs. Unfortunately Baskar died in a car accident. How much will be the death claim settlement?

1. Total 7 lakhs will be paid as death had taken place

2. Total 4 lakhs will be paid as death had happened due to car accident

Mr.Sampath has taken a policy on January 10th 2006 for a term of 12 years. Due to financial instability he discontinued to pay the premium from 201 He died on August 13th 201 What will happen to his death claim ?

1. Eligible for claim as the premium was paid from 2006 to Dec 2010.

2. Not eligible for Claim settlement

367

368 1. Life insurance council 2. Consumer insurance council

369

370 1. Nodal officer 2. Grievance call center

371

372

373 2. Raghav will be terminated

374

375 1. Insurance brokers. 2. Bancassurance.

376 2. IRDA Acts code of conduct.

377 1. Future expenses. 2. Claim experiences.

378 1. Speculative. 2. Particular.

379 In Insurance terms, pooling of risk is

Which of the following team represents the members of GBIC ?

1. Representatives from all insurance companies

2. Representatives from all government bodies

Which council among the following focus on creating a positive image of the insurance industry and would also like to enhance the Consumer’s confidence on the same ?

Mr.Varun taken up his agency in July 5th 200 His lost his IRDA license while travelling. His agency has also expired. What is the solution for Mr.Varun ?

1. Need to complete 25 hours of practical training and paying Rs.50 for the issuance of duplicate license


If any consumer is dissatisfied with the customer care cell of any insurance company to whom they can escalate their grievances.

Which is the Regulation that insists that all the insurance companies should provide the information about the insurance ombudsman of that region while sending the policy documents.

1. Policyholder grievance Regulation

2. Policyholder’s Protection regulation

Mrs. Hansa an agent, has planned to sell maximum products within a short span of time by giving maximum rebates to the customer to complete the contest target of the company.

1. It will benefit both the company and the customer

2. Reputation of the company will be high due to offers to the customer

Mr.Raghav is an expert in fact finding .Mr.Raghav helps his brother in his job by sharing the information of his clients after the fact finding he does to procure insurance. What will be the outcome ?

1. Raghav will be promoted to the next level

The concept of need based selling involves

1. Selling what company wish to sell.

2. Selling what adviser wish to sell.

E-sales refers to sales of insurance products through

Rahul is a licensed insurance agent. As agent he must carry out his role in accordance with

1. Company’s code of conduct.

Life insurance company determine the level of risk based on

Ram works in a Fire cracker factory. He stocks the cracker in his house. He runs which type of risk.

1. Using the same pool for paying claims of car & life insurance.

2. Using different pool for paying claims of life insurance.

380

381 1. Innocent misrepresentation. 2. Fraudulent misrepresentation.

382 1. Indemnity contract. 2. Value contract.

383 2. Proviso of policy.

384

385

386 1. Terms & Condition. 2. Preamble.

387 1. Acquires surrender value. 2. Contract comes to an end.

388

389

390 1. Risk Premium. 2. Net Premium.

391 MPL abbreviates 1. Minimum Possible Loss. 2. Major Possible Loss.

392 1. Clause. 2. Assignment.

A contract exists between insurer and proposer when

1. A proposal has been accepted by insurer.

2. A policy document has been stamped by insurer.

Rakesh purchased a life insurance policy. While writing a proposal form he hide that he practices mountaineering. Sadly he died in an accident while climbing Mount Everest. The insurers rejected the claim.What is the reason for rejection?

Shamsher has a health insurance policy of ` 1, 00,000 individually and from his company for ` 2, 00,000. He falls sick and got hospitalized. His hospital bill ran to ` 50,000. He claimed this amount from his individual policy. Also, he placed the request with his company for group policy claim, which was rejected. The reason for rejection is.

Payment of premium and sum assured are laid down in

1. Heading of policy document.

An insurance contract commences when

1. Quotation is signed by proposer.

2. First Premium Receipt is issued.

When is premium considered / deemed to be paid?

1. When insured writes a cheque in favor of insurer.

2. When cheque amount is deposited in insurer account.

Ram Lal is an insurance policyholder. He has recently shifted his home from New Delhi to Noida. He wants the address to be changed. This change in policy document will be effective through?

Lalu Yadav is having a saving plan with 20 years tenure. He has paid 5 annual premiums but due to financial crisis is unable to make future premium. His policy

How assignment distinguishes itself from nomination?

1. Nomination does not transfer the title while assignment does.

2. Nomination transfers the title while assignment does not.

When an underwriter may consider Moral Hazard?

1. An individual is proposing SA 15 times his annual income.

2. Insurance is taken out by an individual with dependents.

Level Premium is calculated based on

What is generally considered as a substitute to charging a high premium for a high risk?

393 1. Endowment Plan. 2. Money Back Plan.

394 1. 10% of S1. 2. 20% of SA.

395 2. Current assets.

396 1. High Risk. 2. Low Risk.

397 1. Taxation only. 2. Inflation only.

398 1. Retirement need. 2. Tax planning need.

399 1. Likely to increase. 2. Likely to decrease.

400

401

402 1. Equity. 2. Bank fixed deposits.

403 2. 1/3rd of accumulated amount.

Manmohan has recently purchased a house worth ` 50, 00,000 on loan. Which insurance product you as an adviser will suggest?

To avail the income tax benefit at investment stage, premium should be maximum

The savings needs of a particular individual is majorly determined by

1. Amount of disposable income.

For his investment need, Ravi has parked funds in equity. The returns from this form of investment can be categorized as

While calculating the expected returns from investments and savings, an individual should make provisions for

Vijay, aged 30 years and married, is the sole bread winner for his family. He is saving enough with banks.As an agent, which need you prioritize first?

The Central Bank has recently announced the decrease in interest rates. The prices of bonds are

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 travelling and a savings plan. What suggestion would you give him as an agent?

1. To purchase an accidental rider with a savings insurance plan.

2. To purchase a health plan along with a savings insurance plan.

The general need for purchasing a health insurance plan at an early age results from which of the following factors?

1. The premium decreases with increasing age.

2. The premium remains constant with increasing age.

The life expectancy in India is constantly improving and is well above 60 years. This also brings along challenges. These challenges can be covered through

Anand has purchased a pension plan which is nearing completion of accumulation phase. He is in need of finances to make down payment of car he wants to purchase. At the end of accumulation phase how much he can make tax free withdrawal?

1. 1/5th of accumulated amount.

404

405

406 1. Objection handling skills. 2. Listening skills.

407 The objective of Fact Finding is to 2. Identify only the client’s needs.

408

409

410

411

412 1. High renewal income. 2. Less renewal income.

413 Insurer will not pay the claim unless

414 1. The policy was not in force.

415 2. The policy may be pledged.

416

417 1. The Life Assured. 2. The beneficiaries.

418 1. Insurance Company. 2. Designated Person.

During the fact finding session as an agent you should follow which one of the following process?

1. Prioritize, Identify & Quantify Needs.

2. Identify, Quantify & Prioritize Needs.

As an adviser why is it essential for you to carry out the financial planning exercise with the prospective clients?

1. Individuals understand their real needs and can prioritize them.

2. Individuals have same financial needs at different stages of the life cycle.

After undertaking financial planning exercise, the prospective client said that he does not have funds for investments. To resolve this query, which skill of an agent would be tested?

1. Gather Clients Information only.

To explain the benefits of a product, the insurance adviser should

1. Provide the product brochure to the client.

2. Provide Benefit illustration documents to client.

The agents duties and responsibilities ends

1. When the clients policy is issued.

2. When the client’s needs have been established.

When client declines the recommendation by the insurance adviser even after resolving the concerns, the adviser should

1. Persuade the client to purchase the policy.

2. Should ask for reference who might be interested in financial planning.

Under what circumstances the surrender of a policy should be recommended by the agent?

1. When a client have been sold the right solution.

2. When a client is holding a product having good value for money.

What key benefit high persistency ratios have on insurance adviser?

1. The policyholder makes a demand.

2. The nominee makes a demand.

Aman has taken a term plan for 20 years. In the 3rd year he suffered financial crisis due to which he was unable to pay premium within grace period and died after 1 month. The nominee files a claim and is rejected because

2. This condition is excluded in the policy.

When a policy is lost, insurance company take utmost care while settling maturity claims because

1. The claim may not be genuine.

What key event is most likely to make an insurance contract not a valid contract?

1. The circumstances are legitimate.

2. Representation of facts by the policyholders is true.

Under Married Women’s Property Act, 1874 a policyholder is

Who has the authority in insurance company to issue/cancel the agents license

419 2. National Insurance Academy.

420 1. 10 Days. 2. 15 days.

421

422

423 2. Churning.

424 2. Life, Non Life, Miscellaneous

425 1. Property Insurance 2. Life Insurance

426 [email protected]

427 1. Pure Risk 2. Pooling of Risk

428 1. Pure Risk. 2. Particular Risk.

429 1. Peril 2. Hazard

Which organization was formed with purpose to promote insurance education and training in India?

1. Institute of Actuaries of Indi1.

A client demands the information on the current status of a policy indicating accrued bonus. The insurer should provide communication within

To ensure that the customers complaints are handled effectively, IRDA has established

1. Integrated Grievance Management System.

2. Internal Grievance Redressal Cell of the Insurer.

Amit & Rashmi are newly married. Both are working couple. They want to invest their savings of 100,000 annually to build corpus to make down payment for their house 5 years from now. An adviser sold than a unit link product to meet their requirement. This may result in

1. Ruining the long term reputation of company.

2. Opportunity of new business for adviser.

Shankar, an adviser, sold a term insurance policy and unit-linked insurance policy (ULIP) to Amar, the client, who is unmarried and has no dependent. Consequently, Shankar’s action can be termed as

1. Underselling of insurance policies.

Insurance business is classified into three main types:

1. Life, Non –life, Micro Insurance.

Amit is looking for term insurance plan for protection of his family, he is advised to approach to:

Insured can contact to seek the resolution of grievances they have against insurer to IRDA through:

[email protected]

An Insurance company pools the premium collected from several Individual to insure them against similar risk is called:

Which of the following Risk is associated with those events which are not in control of an individual and also no possibility of making profit:

which of the following refres to specific event which might cause a loss ...

430 1. Loan assignment 2. Conditional Assignment

431 1. Endowment Plan 2. Term Plan

432 1. Nominee 2. Legal heir of life Assured

433 1. An Age Proof 2. An Identity Proof

434 Life Insurance also known as: 1. Value Contract. 2. Indemnity

435 1. Lien Clause 2. Opertaive Clause

436 1. Nominee only 2. Legal heir of the life assured

437 2.Principal of Indemnity apply

438 1. Non Standard Age Proof 2. Standard Age proof

439 1. Simple Revisionary bonus 2. Compound Revisionary bonus

440 1. Gross Premium 2. Level Premium

441 1. Proposal Form 2. Insurance agent

Manish took a loan from Pankaj of Rs.10 lac, Pankaj transferred his Insurance policy to Manish of Rs.10 lac as a security with the agreement Of when Loan is fully paid, policy title will be revert back to name of Manish is called:

Rakesh has bought an Endowment, Money back, Term & Annuity Plan he would like to avail Loan from:

On foreclosure, if Death claim arises before the payment of the surrender value, the payment would be payable to:

To prove one’s identity in accordance with KYC process, the customer needs to submit following document excluding ……….?

Which clause lays down the mutual obligation of the parties regarding, Payment of Premium by Life assured & payment of Sum Assured by

Gaurav is working in MNC at the age of 32 bought an Endowment Plan. He had nominated his 1 year old daughter Saanvi, but not able to get the Signature of her appointee due to unavailability of his spouse .after 5 year. He died in road accident, now claim money would be payable to:

Parvesh bought a policy an endowment plan but after one year insurer. Found he had Aorta Surgery .now which will apply by insurer:

1. Indisputability Clause (Section 45) apply

Jyoti is submitting is copy of permanents account number card as age proof for buying an money back plan .her age consider as a

Which one of the following bonuses is given by insurer as an incentive to the insured to for long term:

Ramesh bought an endowment plan for tern year he pays the same Amount in every year is called:

Which one of the following is not source of information about the

442 1. Physical Hazard 2. Moral Hazard

443 2. Employer & Employee

444

445 Time deposit account is issued by: 1. Post office 2.Bank

446 1. Corporate Bond 2. Infrastructure Bond

447 1. Saving Deposit 2.Cumlative deposit

448 1. Dividend Income 2. Captial Appreciation

Manish being a sole earning member of his family not insured himself But looking for insurance for his son who is student .there is possibility of

In Group insurance plans contract of insurance between …………?

1. Master Policy holder & insurer

Which option is not correct with regard to joint life insurance plan?

1. Plan offer insurance coverage for two person in one policy

2. This plan is ideal for brother & sister.

Pankaj want to save tax over and above the deduction allowed under section 80C of the income tax act 1961, which allow deduction from taxable income

In which of the following Bank pays the Interest on the deposit’s fund on monthly /quarterly /half yearly/ yearly basis as chosen by depositor fund:

Mukesh buys shares at lower price and sold at higher price, the Difference between the two prices is known as:

Ans Option 3 Ans Option 4

2

2

3. Young married with Kids 4. Pre retirement 4

3. Research 4. Repository 3

4. Should review once again 2

3. Return of premium plan 4. Pension plan 3

3. It was lost. 4. It was surrendered. 3

3. It was lapsed. 4. It was surrendered. 1

3. Education. 4. Protection. 1

3. Discount rate 4. Compounding. 3

2

Correct Answer

3. Perils are factors which affect the risk being insured and hazards are the size of the risk being insured.

4. Perils are factors which could influence an insured event occurring and hazards are the actual events which will trigger a payout

3. Real needs are identified by the insurance agent and perceived needs are identified by the client.

4. Real needs are needs which satisfy an objective and perceived needs are needs which do not satisfy an objective.

3. Should ask for a future date from the client

3. Fixed deposits will be more attractive.

4. Fixed deposits will be less attractive.

4. Vishal is working in a MNC 2

3. Recommending Product 4. Fill up the proposal form 1

3. Tax Benefits 4. Liquidity 4

3. 273333 4. 293333 3

3. Tenure 4. Lock in periods 1

3. Investment management 4. Planning for pension 3

3. Moral hazard 4. Peril 1

3. Fraud 4. None of the above 1

3. With utmost good faith 4. Randomness 1

3. Bank 4. Broker 4

3. Debt mutual fund 4. FD 3

4. Give the lead to another agent 3

3. Dismiss the case 4. Give an award. 3

3. It remains constant 4. Gross premiums increases 3

3. Sandeep is earning more then Vishal

3. Give a child plan and revisit the client on a later date

3. Purity 4. More conversion value 1

3. SA is too high 4. Pure Risk 3

3. Pass on to the superior 4. Pass on to the other agent 1

3. Redressal procedure 2

1

3. As directed by actuary 4. As per company policy 1

3. Only health certificate 4. Premium cheque with arrears 1

3. Reinsuring Annuity 4. deferred Annuity 2

4.None applicable 1

3. Increase 4. Remain unchanged 2

4. Pending decision from Ombudsman

3.Hand written declaration by agent

4.Verbal communication to customer

3.Only for policy for which complaint has been given

1

3. Void 4. Valid 4

3. non insurable hazard 4. Physical hazard 4

3. Rs. 40000 per month 4. Rs. 48000 per month 1

3. Uncertainty of return 4. Chances of lapse 1

2

4

3. Increase in return 4. Switch of Funds 2

3. Endowment Plan 4. ULIP 4

1

3

2

2

3. Consensus ad idem. 4. Acceptance. 3

3. Charted institute of insurance

4. Insurance institute of risk management

3. Lung cancer is a peril and smoking is a moral hazard

4. Smoking is a moral hazard whereas lung cancer is a peril.

3. One has chosen Single premium policy and other has chosen regular premium policy

4. Both have chosen different kind of policies.

3. Consulting the family of the client

4. Reviewing his existing investments

3. Premium minus interest earning

4. Risk premium minus interest earning

3. Premium is pool to make claims

4. Contribution of insurance company

3. If the insured person falls sick and is admitted to hospital.

4. If the insured person changes his job.

3. At the time of claim 4. Any time during the contract 1

3. Cumulative deposits 4. Term Deposits 3

3

3. Operative clause. 4. Rider is like Preamble. 1

1

4. Full withdrawal is allowed 1

3. till he die 4. not remembered 2

3. CI benefit continues 4. No change in policy. 1

3. Investment 4. Protection 4

3.Ethical 4.Ethical & Moral both 2

3. family members 4. society members 1

3. Distric Forum 4. National Forum 2

3. Retirement 4. children 2

3. 5.0% 4. 7.5% 3

3. 2 lacs 4. 1.50 lacs 2

1

3. Parents only 4. Children Only 1



3. The insurance company will pay for doctor consultation fees incurred prior to hospitalization

4. Only surgery expenses are included in daily hospitalization benefit

3. 1/2nd of the accumulation fund



3. 120 days 4. 180 days 4

4. Only Hospital bill will be paid 3

3. RBI 4. SBI 3

3. Claim 4. Inception of the policy 2

3. Up to 100000 4. Without any limit 1

3. Loans facility 4. No benefit 1

3. 23 year old 4. 25 year old 1

3. 3 months 4. 6 months 4

3. 25 lakhs 4. 20 lakhs 4

3. Information statement 4. Endorsements 3

3. Half Yearly 4. Annually 2

3. 30% of base policy premium 4. 40% of base policy premium 3

3. 9456 4. 9240 2

4. Unlimited 4

3. 3 months 4. 6 months 1

3. 2017 4. 2020 2

4. 100% of Sum Assured 2

3. A fixed amount on a daily basis is paid irrespective of the actual cost of treatment

3. Up to the sum assured taken in the plan

3. expenses incurred per day multiplied by no. of days stay in the hospital

3. Churning 4. Fact Finding 3

3. Denny, his wife and children 4

1

3. Frequency 4. Interest 1

3. Three persons 4. It can be any number 4

3.50:50 4.Not Applicable 1

3. Will improve reputation 4

3. 30 days 4. 45 days 2

3. Will not be accepted 4. Will be verified first 2

3. 50000 4. 100000 3

3. Claim Department 4. Accounts 1

3. 5 lacs 4. 6 lacs 2

3. Whole life plan 4. Money back plan. 1

4. LIC 2

3

4. Denny, his wife, his children and his parents

3. Discounted Value with persistency bonus

4. Principle with persistency bonus

4. Will have impact in his commission.

3. National Insurance Academy

3. Thumb impression of Ashu has to be taken.

4. Ashu needs to be medically examined.

3. Money back plan. 4. Wholelife plan. 3

3. 50,00,000 4. 1,00,00,000. 3

3. 30% of basic premium. 4. 35% of basic premium. 3

3. 30% of basic premium. 4. 35% of basic premium. 3

3. Value contract. 4. Major life contract. 3

3. Physical hazard. 4. Physical peril. 3

3. Low income. 4. Affluent class. 3

3. Interest. 4. Inflation. 1

3. Valid 4. Null & voidable 2

3. Voidable 4. Valid 2

3. Terms & conditions 4. Endorsement 2

3. Surrender value 4. Paid up value 3

4

3. All insurer 4. It is optional 3

3. Insurance Association 4. Insurance Institute of India 2

3

3. Reaches at a level as per industry trends

4. Insurance can price their product on their self past experiences.

3. Design, implement and operate an insurance training

4. Regulate the investment of funds by Life Insurance company

2

3. Post Office 4. Share Market 3

3. Interest rate 4. Market Risk 2

3. Commitment to need 4. Willingness to pay 1

3. Pure Endowment plan 4. Unit Linked Plan 1

3. 7 years 4. 2 years 2

3. Claim not admissible 4. Depends on case to case 2

3. Term plan 4. Endowment policy 1

4. None are correct 1

4. Option 1 & 3 are correct 1

3. Slightly higher 4. Slightly lower 2

3. Three years 4. Five years 2

3. Micro Insurance 4. Macro Insurance 3

4. 50% of SA max. 2

3. Qualification of Agent 4. DOB of Agent 2

3. He has he has redirected his past premium.

4. Policy was lapsed on the time of maturity

3.Insurance Broker gets money from both Insurance company as well as from Client fo selling Insurance

3. Shailesh & Ankit want it that way

3. Any Amount he can take if he is ready to pay premium

3. 20% 4. 30% 1

3. 2013 4. 2014 1

3. 15 or 25 grams 4. 50 or 100 grams 4

3. At the time policy matures 1

3. Only life insurance 4. Only Non-life insurance 1

3. 20 days 4. 25 days 2

1

4

3

3. Need not to claim 1

3. Emergency funds 4. Income protection 4

3. Training 4. Mortality assumptions 3

3. Both non life insurance 4. Nonlife and life respectively. 2

3. Financial risk 4. Insurable risk 4

3. 30 days 4. 60 days 3

4. At the time of taking the policy & claim

3. Has the power to supersede the IRDA by issuing draft

4. Can make changes in IRDA law

3. He will get a reduction in tax slab

4. His investment would be deducted from taxable income

3. Treatment cost of surgery subject to terms & conditions

4. Lump sum amount what he has incurred

4. Need to switch to the another insurer

3. Some life and non life 4. By all insurers. 4

3. Operative clause 4. Terms and Conditions 2

1

3. After quantifying the need 1

4. Vesting age 3

3. 229333 & 273333 4. 229333 & 293333 1

3. Particular risk 4. Physical hazard 3

3. Increased Liability 4. Decreased Life fund 1

3. Sebi 4. Life Insurance Council 1

3. 5% 4. 10% 1

3. Safety 4. Liquidity 4

3. Partnership Insurance 4. Debtor Insurance 2

3. Non guaranteed benefits 4. Reversionary Bonus 2

3. If the agent has worked with the company for more than 10 years

4. If the agent is doing more than 3 policies in a month.

4. After the product is recommended to the client

3. Guaranteed and non guaranteed part

4. Profiting from insurance. 4

4. Brokers 1

3. Money Back 4. Whole of Life 3

3. Age of the group 4. Medical history of group 3

4. Broker only service the client 1

3

3

3. 10 days 4. 30 days 3

3. Higher reputation 2

1

4. All the above occasion 1

3. Money Back plan 4. Term Plan 3

3. Whole life plan 4. Ulip 2

3

3. Paying excessively for insurance cover.

3. Asset Management Companies

3. Insurer represent both client and broker remuneration

3. A large numbers of policies have lapsed / surrendered resulting in loss of profit

4. The company will not declare bonus

3. Only one third of the fund can be withdrawn

4. Only one fourth of the fund can be withdrawn

4. More earning of First Year Commission



3. At the time of every renewal premium payment

3. Lump Sum for fixed period of time

4. Regularly for fixed period of time

3. Less than 20000 4. More than 20000 3

3. 15 days from the receipt 4. 20 days from the receipt 3

3. Ascertain the death ratio 4. Declare the bonus 3

3. Occupation 4. Not applicable 2

4. Proposer 3

3. 2 lakhs 4. 3 lakhs 1

3. 1.5 L 4. 50K 2

3. Life Insurance 4. Retirement Plan 4

3. Life Insurance 4. Retirement 2

3. Avoid 4. None 2

3. High Returns 4. Protection 4

3. Introduction of agent 4. Understanding the Customer 1

3. 100000 4. 5000 2

3. Actuaries 4. Underwriter 2

3. Life Insurance Council 4. CII 2

4. Inspection by Auditor General 4

3. Rs. 25,000 4. Rs. 60,000 2

3. State Level 4. Mandal Level 2

3. Authorized officials of insurer

3. Appointment of Principal Compliance Officer

3. Rs. 1, 20,000 4. Rs. 1, 00,000 4

4. Yes, as it is within 3 months 1

3. Whole Life Plan 4. Health Plan 1

3. Retaining 4. Avoidance 3

3. Yes, as both are teachers 2

3. Early 4. General. 3

3. Low Level 4. High Level 4

3. 15000 4. 20000 1

3. 45 days 4. 60 Days 1

3. 15Lakhs 4. 20 Lakhs 4

3. 60% 4. 26% 4

3. Major Dollar Round Tag 1

3. Post Office 4. Mutual Fund Company 3

3. No, as 20 days period is over

4. No, as there is an age difference.

4. Mean Disposition Residence Time

3. 10,000/- 4. 100,000/- 4

3. 2 Months 4. 3 Months 2

3. A Loading 4. Level Premium 2

3. Risk 4. Uncertainty 3

3

3. Underwriting 4. Switching 1

2

4

3. 50% each 4. No Proportion 4

3. Policy Holder 4. Insured person 1

3. Quarterly 4. Monthly 1

3. Accidental Benefit Rider 4. Surgical Care Rider 2

3. Not at all accepted 2

3. X with wife and kids 4. X with all 4

3. 1500000 4. 4000000. 1

3. Rs.5000 4. Rs.50000 4

3. Quarterly 4. Once in 6 months 2

3. SEBI 4. Constitution 1

3. Certificate from Village Panchayat

4. Certificate from School or College

3. Must try to convince the client to follow his recommendation

4. Must try to force the client to follow his recommendation

3. Any number of people may be covered in this plan.

4. The insurance cover is shared amongst the family members in no fixed Proportion.

4. Accepted with SSLC book/mark list

1

3. 8320 4. 6600 3

3. 2013 4. 2017 1

4. Company – Based Selling. 1

2

4. None of the above. 2

3. Uncertainty 4. All of the above. 4

3. Risk Assessment 4. Pooling of Risk 4

3. Risk retention. 4. All of the above. 1

1

4. All of the above 2

4. All of the above. 4


3. Facts those are not material. 4. All of the above. 4

3. Conducting interviews. 4. Telephonic conversations. 2

3. Sum Assured 4. All of the above. 4

2

3

1

3. Person receives a fixed amount of 1000 daily.

4. Person receives benefit only if he is hospitalized for 3 days minimum.

3. Commission – Based Selling

3. Government and Private Insurance Markets

4. Health and Saving Insurance Markets

3. Giving guarantee to policies by Banks.

3. One party makes an offer where other party gives counter offer.

4. One party makes an offer which the other party receives the offer.

3. Capacity of paying future premiums.

3. Fraudulent misrepresentation of facts.

3. Insurance can not taken by politicians.

3. Life Assignment and General Assignment.

4. Standard Assignment and Non-Standard Assignment.

3. He can send back the policy document to insurance company with in 15 days from policy receiving date.

4. Serve notice to insurance company on policy benefits.

3. Occupation and Residence of Proposer.

4. Medical and Personal History of Proposer.

2

3. Chief Underwriter. 4. Information Underwriter. 1

3. Rs. 250000/- 4. Rs. 5000/- 2

4. Bonus Benefit and Tax Benefit. 3

3. Only Bonus Benefit. 4. Only Tax Benefit. 13. Moderate Returns 4. Good Returns 2

3

3. Investment. 4

3. Fixed Deposit in Bank 4. Mutual Funds. 3

4

3. Rs. 90,000/- 4. Rs, 4, 85, 468/- 1

3. Pension Phase. 4. Primary Phase. 2

4. Family Rakshak Health Plans. 3

1

3. Present value of previous earnings.

4. Future value of previous earnings.

3. Death Benefit and Maturity Benefit.

3. Asset Management Companies.

4. Asset Maintenance Company Limite4.

4. Contingency/ Emergency Fun4.

3. Principle component of home loan.

4. Premium paid for Health Insurance Plan.

3. Family Floater Health Insurance Plans.

3. Taking Medi-claim plan with Life Insurance.

4. Taking Hospital Benefit Plan with Endowment Plan.

3. Retirement. 4. Children. 3

3. Interrogative Questions. 4. Clarification Questions. 2

4. Long term needs. 3

3. Existing insurance plans. 1

3. Proof of address. 4. Lapsed policy details. 4

3. Both of the above. 4. Salary and Reimbursement. 3

3. Redirecting. 4. Shifting. 2

3. Client and IRDA 1

3. Policy Servicing 4. All of the above. 4


3. Advisor 4. Insurance company 4

1

3. Seven years. 4. Nine years. 3

3. Integration 4. Amalgamation. 1

3. 24% 4. 76% 2

3. Tariff Advisory Committee. 4. Insurance Institute of India. 3

3. 14 4. 15 2

3

3. Imagined to be important by client.

4. Family and Employment details.

4. Insurance and Re-insurance company.

3. Any demand made by the policyholder on the insurer.

3. Enquiry will be done on both Maturity and Death Claims.

4. Enquiry will be done if death happens before one year from policy inception date.

3. Consumer Affairs Department (CAD)

4. Consumer Protection Department (CPD)


4. Churning. 3

3. Risk avoidance 4. Risk tolerance 2

3. insurance brokers 4. through internet 3

3. inception 4. surrender 3

3. a person consuming alcohol 3

4. market values of assets 2

4. Death is the solution. 3

3. premium 4. claim 3

3. statistical data 4. mathematical data 2

3. husband-wife 4. brother-sister 4

3. both insurers and proposer 4. neither insures nor proposer 3

1

3

3

1

2

3. A study of what makes one’s own actions right or wrong.

3. Explaining all details of the policy to customer.

4. A teacher working in a primary school.

3. metaphysical values of assets

3. the timing of death is uncertain

3. an impression of the left thumb is sufficient and need not be attested

4. A relative of the illiterate person has to sign on behalf of that illiterate person.

3. the policy may be renewed on different terms and conditions

4. Mr. Shanth can renew the policy only on the approval of the insurer

3. A person having a policy on the life of another should make a nomination.

4. The section 39 of the Insurance Act 1938 speaks about the nomination.

3. Section 45 of the insurance act speaks about assignment.

4. Conditional assignment and absolute assignment are one and the same.

3. There is no concept of loan in insurance policy

4. loans are allowed only in term plans

3. 20 days 4. 25 days 2

3. brochure 4. annual report 1

3. mental hazard 4. Ethical hazard. 2

2

3. an endowment policy 4. a money back policy 2

3. when he is hospitalized 4. when he loses his job 2

3. the annual bonus amount 4. the sum of one's all investment 1

3. normal 4. Neutral. 2

3. corporate agents 4. call centers 2

3. Term Insurance 4. Endowment plans 2

3. Shares 4. Bank deposits 4

3

4

3. deferred annuity 4. joint life annuity 3

2

3. the smarter 4. the superior 1

3. the risk associated might not be harmful

4. the risk associated might be general

3. a fixed amount on daily basis is paid by the insurance company

4. The insurance company will pay all the expense only after consulting hospital authority.

3. The main strength of WOP is the payment of full sum assured.

4. WOP rider can be offered with all plans

3. When Mr. Ranga's family member will be in critical illness

4. When Mr. Ranga dies due to severe road accident.

4. Employment stage 1

3. Imaginary need 4. Important need 2

3. clients hereditary diseases 4. Clients’ social background. 1

1

4. Should not disclose. 3

3. compulsory 4. appreciable 2

3. 40% 4. 45% 2

3. will stop automatically 1

3. Abnormal death claim 4. Unnatural death claim 2

3. Early death claims 4. Rider benefit claims. 3

3. 7 years 4. 8 years 3

2

2

3. 26% 4. 27% 3

3. 1955 4. 1947 3

3. insurers 4. General insurers. 1

3. Married with older children stage

3. recommend the new product the company has recently launched

4. Recommend to take his own time to take a decision.

3. need to disclose the amount of commission on demand

4. Paid in lump sum to the survivors.

3. it is the responsibility of the claimant to approach the company

4. If the claimant does not come within a month the entire maturity amount will be forfeited.



3. Shareholders 4. Underwriters 2

3. professional 4. Perfect. 2

3. Insurance Institute of India 4. Government of India. 1

2

3. Anytime in life 2

4. The life of the nominee 3

4

4

1

3. Consensus ad idem 4

2

3

3

3.Is possible by transferring risk to the policy holder

4.Is possible by Re-insuring oneself

4. At the time when Advisor takes the decision

3. The financial goal of the insured

3. Tables of details of underwriter’s calculation on death

4. Tables of details of actuarial calculation on death

3. He can take insurance after submitting health certificate

4. Cannot give insurance for health reason

3. Under the category of particular risk

4. Under the category of Risk Transfer

4. Offer and Acceptance in the contract

3. C.A legal person to act on behalf of the contract

4. D. An authorized agent to act on behalf of the legal company

3. The insurable interest between the car and karan is valid until he owns it

4. The insurable interest between the car and Jim is valid until Karan’s return

3. He can take Key man Insurance

4. He Can take company insurance

2

1

1

3

3. Date the policy matures 2

3

4

3. Underwriter 4. Actuary who analysis the risk 3

3. The income that he earns 4. Human Life Value 4

3. He has breached the company by fraudulent information

4. He had done an innocent misrepresentation

3. Claim will not be settled as he died due to cancer

4. Claim will be settled as per the instructions of underwriter

3. Policy will be surrendered by the company

4. Policy will be surrendered by the heir

3. He can’t take loan from money back but can avail loan from Whole life policy

4. He can’t take loan from whole life policy but can avail loan from Money back policy

4. Date the last premium will be paid

3. C. Moral hazard, as coverage is high and brother’s son is the nominee

4. D. Moral hazard, as he is a head master and 52 years old

3. Credit worth inspection agencies

4. Insurance Investigation Agencies

4. Convertible money back plan 2

3. Salary insurance plan 4. Salary Specific plan 2

3. Shares 4. Risk Sharing insurance 1

3. Capital Benefit 4. Capital Variation 1

3. Employee Gratuity Fund 4. Infrastructure Bonds 3

3. Reserve bank of country 4. Central bank of country 2

3. Stock brokers 4. Share brokers 2

3. Coma 4. Brain Surgery 4

3. Deferred Annuity 4. Immediate annuity 4

4. Family Health benefit plan 3

3. Pre-existing illness 4. Permanent exclusions 3

3. Investment and savings 4. Investment and life needs 2

2

3. Customer Data sheet 1

3. Convertible pure Endowment

3. Family floater health insurance plan

3. Converting the policy to money back

4. Converting the policy to whole Life

4. Personal and financial data sheet

4. D. Client benefit document 3

3. Client’s business details 4. Client’s business records 1

1

3

2

3. Switching the policy 4. Claiming the policy 1

4. Claim will be delayed 1

1

3. Total 11 lakhs will be paid 3

2

3. C. Benefit illustration document

3. License section of Insurance act 1938

4. License section of insurance agent act 1938

3. Dispatching Discharge voucher to the customer

4. Continuous servicing of the policy

3. Benefit illustration of endowment product

4. Customer data sheet with the product

3. Claim will be settled as he died in 2010

3. C.IRDA policy settlement regulation 2004

4. D. Protection of claim settlement regulation 2002

4. Total 7 lakhs will be paid without any deduction.

3. Claim will be settled after deducting the unpaid premium

4. Claim will be settled after the deduction of unpaid loan amount

3. Representatives from IRDA 1

3. National Insurance council 4. General insurance council 1

1

3. Compliance cell 4. Compliance officer 1

3. Ombudsman Regulation 4. Compliance Regulatory 2

3. Agent will be terminated 3

3

3

3. Individual agents. 4. Internet. 4

3

3. Present expenses. 4. Targeted bonus rates. 2

3. Financial. 4. Fundamental. 3

4

4. Representatives from Insurance institute of India


4. Need to complete 50 hours of IRDA training and paying Rs.50 for the issuance of duplicate license

4. Agent will be qualified for the contest

3. Raghav License will be cancelled

4. Customer will complain to Ombudsman

3. Selling what customer requirement is.

4. Selling what IDRA wants company to sell.

3. IRDA Regulations code of conduct.

4. Insurance Acts code of conduct.

3. Using the same pool for paying claims of life & house insurance.

4. Using the same pool for paying claims of life insurance.

1

3. Concealment. 4. Non-Disclosure. 4

3. Deemed contract. 4. Rolling contract. 1

3. Operative clause. 4. Schedule of policy document. 3

3. Proposal Form is signed. 2

2

3. Endorsement. 4. Schedule. 3

3. Moneys will be forfeited. 4. Acquires paid up value. 4

1

3

3. Loading of Premium. 4. Gross Premium. 1

3. Minor Possible Loss. 4. Maximum Possible Loss. 4

3. Lien. 4. Level Premium. 3

3. A policy document has been received by the policyholder.

4. An insurer has made another proposal.

4. Policy Document is received by policyholder.

3. When the cheque is deposited with insurer office.

4. When cheque is posted/couriered by the insure4.

3. Nomination is made after policy is issued while assignment is done before it is issued.

4. Nomination need not be informed but assignment needs to be informe4.

3. A nominee is not a dependent.

4. A medical checkup is carried out nearby place of residence.

3. Whole Life Plan. 4. Term Plan. 4

3. 30% of SA. 4. 40% of SA. 2

3. Current liabilities. 4. Duration of investment. 4

3. Moderate Risk. 4. No Risk. 1

3. Taxation & inflation both. 4. No provision is require4. 3

3. Financial security need. 4. Asset building nee4. 3

3. Will fluctuate. 4. No change is likely. 2

4. To purchase a medical plan. 1

4

3. Health insurance plan. 4. Savings insurance plan. 3

4. 2/3rd of accumulated amount. 2

3. To save through fixed deposits in bank.

3. The premium may increase or decrease with the increasing age.

4. The premium increases with increasing age.

3. 2/5th of accumulated amount.

2

3

3. Communication skills. 1

4

2

4

4. Should do nothing. 2

3

3. Fewer client bases. 4. Unsatisfied clients. 1

3

3. The claim is fraudulent. 4. The claim is an early claim. 1

4. There is no nomination. 2

3. The life assured is major. 4

3. The trustee. 4. The administrator. 3

3. Branch Operations Team. 4. Actuary. 2

3. Quantify, Identify & Prioritize Needs.

4. Prioritize, Quantify & Identify Needs.

3. Individuals do not understands their real needs and cannot prioritize them.

4. Individuals’ real and perceived needs are same.

4. Client information gathering skills.

3. To provide solution of company’s choice.

4. Both identify clients’ needs & gather information.

3. Provide the terms and conditions document to the client.

4. Provide the website address to the client.

3. When the nominee has changed.

4. When the maturity/claim is settle4.

3. Should never approach the client ever again.

3. When the policy has been mis-sold and do not match his needs.

4. When the client is enjoying good financial status.

3. The event insured against happens.

4. The insurer completes the enquiry.

3. The facts were misrepresented.

4. There is no insurable interest attached to the policy.

4. Insurance Institute of India. 4

3. 20 Days. 4. 30 Days. 1

4. Consumer Affairs Department. 4

4. Financial burden on the couple. 2

4. Ethical practice by an adviser. 3

3. Life, Non life, Re-insurance. 4.Life, Health, Micro Insurance 3

3. Health Insurance 4. Liabilty Insurance 2

[email protected] [email protected] 4

3. Insuraable Risk 4. Sharing of Risk 2

3. Financial Risk. 4. Insurable Risk 1

3. Physical hazards 4. Uncertinity 2

3. Chartered Insurance Institute.

3. Grievance Redressal Officer.

3. Bad reputation of the individual adviser.

3. Overselling of insurance policies.

3. Loan Agreement 4. Absoulte Assignment 2

3. Money Back Plan 4. Annuity Plan 1

3. Debotrs 4. forfeited the Premium 2

3. An Address Proof 4. Education Proof 4

3. Commercial Contract 4. Speculative 1

3. Proviso Clause 4. Schedule of Policy 2

3. Appointee Only 2

3.Lien Clause 4.Utmost good faith apply 1

3. an Address proof 4. Proof of Income tax payer 2

3. Persistency Bonus 4. Interim bonus 3

3. Risk Premium 4. Net Premium 2

3. neighbor of proposer 4. Medical of examination report 3

4. will be Payable to Saanvi (Nominee) at the age of 18th

3. Medical 4. No underwriting 2

3. Employee & Insurer 4. Creditors & Debtors 1

2

3.Mutual Fund 4. Life Insurance co. 1

3. Health Insurance 4. Interest paid on education loan 2

3. Traditional Deposit 4. Fixed Deposit 3

3. Bonus Share 4. Interest on share 2

3. Each life will be underwritten separately.

4. A joint life policy may cover a partner in business under one policy.

pivot table Practice Test

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