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1 Sanjeev is an insurance expert who has rich experience in determining premium levels for product, what is his profile like

an actuary
loss adjuster
risk manager
underwriter

2 The Non Government organizations(NGO) helps the insurance industry immensely in

Promotional activities
Drafting new regulations
Linking buyers and sellers
Linking third party administrators

3 Investment by foreign direct investors in to Insurance co's is restricted to

12%
25%
40%
26%

4 Which market does the Micro Insurance Concentrate on ?

People with large families
People with Low Income
Government Employees
people living in Metro cities

5 What facility do the insurer use to cover Risk beyond their Limits ?

Re Insurance
Banca assurance
NGO
RBI

6 What is the max level under which micro insurance can be done

5000
25000
50000
1 lac

7 Who is the customer of a Re insurer

High Networth Individual
Insurance Companies
Licenced Insurance Agents
Non Government Organisation

8 Insurance company transfers the insurance which cannot bear by them to

Bancassurance
Reinsurance
TPAs
Actuaries

9 A policy holder takes two insurance policy and the premium amount is identical and he gets lesser commission in one of contract the reason is likely to be

one policy has more SA
ONE POLICY has more term
one policy is a single premium
One of the policy has higher Premium

10 An agent reveals his commission received from insurance sales to X&Y .Both plans are of same duration . Why is commission of X far higher that that of Y

X has brought other limited premium product
Y has brought a single premium product
X is married
Y is Single

11 Customer asks the agent to disclose the commission . The agent should

disclose on demand
Not disclose
Should call up the Insurer
Should avoid the topic

12 The best way to prove that customer of a ULIP policy is given awareness about the commission paid to the agent is

Ask the insurer to give a policy endorsement letter
From the fact details
From signed copy of benefit illustration
From ticked column of proposal form

13 Churning is bad , based on which aspect

Agents earn Lower Commission on churning
Policyholder gets more benefits
Policyholders suffer due to surrender charges and benefits
Insurance companies get good branding

14 What over riding criteria an insurance agent consider while proposing a solution

risk
suitability
Flexibility
Cost

15 Sales Target is reduced . Churning will

Increase
Decrease
Will not affect
Partially

16 Higher persistency to the insurer ensures what ?

More productivity
Higher attrition
Higher Profits
Higher S.A

17 Persitency =has increased from 82 % in previous year to 86 % this year . That means

more lapsation
more attrition
less lapsation
No profits

18 What is the maximum Time in which The insurer should settle a claim when all documents are submitted

3 days
15 days
30 days
10 days

19 A missing person is considered to be dead after

5years
8years
12 years
7years

20 The delay in settling claim by any insurance co, as per IRDA norms has to pay....% if the present bank interest rate is 5.2%

6%
9%
7%
8%

21 A claim was submitted & in how many days company should ask for additional documents if required

15 days
10days
20 days
30 days

22 Vivek takes insurance policy and dies after 8 months . If the claim needs to be excluded basis the exclusion cause what could be the cause

suicide
murder
Death was due to Accident
Body not found

23 An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission, what is th limits

10%
20%
He cannot offer any commission
He can offer up to 50%

24 Consumer Forum at district level will hear complaints up to

20L
40L
1Cr
10L

25 How much is the rebate allowed by IRDA to client

Nil
5%
10%
35%

26 The controller of insurance in india is

IRDA
RBI
SEBI
Insurance ombusdmen

27 A insurer advertises through daily news paper . What type of marketing is

cross selling
direct selling
Solicitation of Policy
Brand building

28 Investment by NRI(Non Resident Indian) will be

No risk
Low risk
Medium risk
High risk

29 MWP- If the policy is endorsed under MWP - then the beneficiaries are wife and ?

parents
ex wife
children
mother

30 Mr.Sunil is doing premium calculation for his company, as per which authority is his profession related to

Council of Actuaries
Insurance council of India
Insurance institiute of India
IRDA

31 Basic qualifications of agent

sound mind & graduate
sound mind & good income level
Age and income level
His contacts in the market to solicit Insurance

32 Which Institution was Constituted by Insurance Act 1938

Insurance Institute of India
Life Insurance Council
Insurance Broker Association
General Insurance Council

33 What is the role of National Insurance Academy?

To regulate
To advise Government
To undertake training activities
To Advertise globally on Indian Insurance

34 According to IRDA act 1999, central governments involve in insurance industry over

Policy matters
complex technical issues
Promotional activities
Licensing of Insurance companies

35 Complaint council bodies other than IRDA grievance readdress forum & COPA

Ombudsman
Insurance Institute of India
Insurance Association
FERA

36 What are the ways by which a policy holder can make complaints

email
Toll free No.
Newpaper
Email or Toll free Number

37 What are the ways in which IRDA can be contacted . One is thru toll free number and other is

email
Insurance ombudsmen
visiting regional office
Through Agents

38 A policy holder submits cancellation of his term insurance policy , the insurer accepts the form and fails to give the benefit and the policy holder writes to IRDA post which the settlement should be within

10 days
15 days
20 days
30 days

39 What is the maximum level of complaint that can be considered and taken action by ombudsmen

20 lac
25 lac
30 lac
50 lac

40 What is the period of award passed to the customer decided by ombudsman?

2months
3 months
5 months
6 months

41 An Award is passed by Ombudsman .In how many days it should be honored by Insurance Co

15 days
30 days
60 days
90 days

42 Karthik written to his insurer about non settlement of a maturity calim,as per regulations,the insurer has to reply to this within how many working days

3
5
7
10

43 Raju is a certified license holder under what circumstances he needs to hold his certified license with him that is issued by irda

under all circumstances
when he sells term insurance
when he represents himself as another insurer
when he sells pension policies

44 A policy has been rejected by the company under direct intimation to the customer and copy to the Agent, what is the next action of the Agent

He has to inform the customer that the co has broken relationship with the customer
He plans to change the plan
He has to explain the reasons for rejection to the customer
He takes up with the higher authorities

45 Lung Cancer and Smoking .

lung cancer is peril and smoking is moral hazard
smoking is peril and lung cancer is hazard
Death is certain
Is occupational hazard

46 The type of risk that can be insured against is

Speculative Risk
Pure Risk
Pure & Speculative risk
Non Financial Risk

47 Harish takes a life insurance policy for Ramesh. Which of the following statement best describes the principle of Insurable Interest.

Ramesh declares all his liabilities
Ramesh is elder than Harish
Ramesh owes money form Harish
Harish suffers financial loss incase of death of Ramesh

48 What is the min age to enter into the contract of insurance

16
18
20
21

49 In a whole life plan - The policyholider's responsibility to give disclosure

at the beginning of the contract
through out the contract
Revival stage
beginning of renewal

50 Types of assignment

Absolute
Term assignment
Conditional
Absolute & Conditional

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