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English New IC-33 Test – 1

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IC-33 in English || IC-33 in Marathi || IC-33 in Hindi || IC-33 Bengali

IRDA IC-33 Sample Paper 1

“”Choose one by one answer and click on submit at the last”"

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





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





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





4 Which market does the Micro Insurance Concentrate on ?





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





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





7 Who is the customer of a Re insurer





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





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





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





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





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





13 Churning is bad , based on which aspect





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





15 Sales Target is reduced . Churning will





16 Higher persistency to the insurer ensures what ?





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





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





19 A missing person is considered to be dead after





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%





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





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





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





24 Consumer Forum at district level will hear complaints up to





25 How much is the rebate allowed by IRDA to client





26 The controller of insurance in india is





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





28 Investment by NRI(Non Resident Indian) will be





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





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





31 Basic qualifications of agent





32 Which Institution was Constituted by Insurance Act 1938





33 What is the role of National Insurance Academy?





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





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





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





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





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





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





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





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





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





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





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





45 Lung Cancer and Smoking .





46 The type of risk that can be insured against is





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





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





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





50 Types of assignment







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Latest LIC Bonus and Loyalty addition

By admin

LIC declared it’s bonus rate on 1st September 2012 for the year 2012. Let us see how much are they and compare with last 5 years bonus rates.

BONUS-12

Above Bonus rates for 2012 will be applicable for policies entered during the inter valuation period (01-04-2011 to 31-0302012) and in force for full SA as on 31-03-2012. It also apply for the policies whose death, maturity or surrender occurs on or after 01-01-2013. Also above 2012 bonus rate applicable who entered after 31-03-2012 and result into claims, maturity or surrender during the period commencing from 01-01-2013 and ending 9 months from the date of next valuation.

I considered only the plans which are currently offering by LIC. You notice from above table that Bonus rates are not changed to what it was previous year. Positive point is, it maintained the same increased rate of bonus rate for Jeevan Anand (which was raised previous year for all tenures). I mentioned here Jeevan Anand because it is one of the highest selling insurance plan.

Below are Loyalty Addition rates for few selected policies. I considered Bima Nivesh, Komal Jeevan and Jeevan Saral.

BONUS_L-12

For Jeevan Saral if the policy is in force for atleast 10 years and full premium paid for all 10 years then loyalty addition is payable or due to earlier death for complete duration for which the premiums have been paid.

Also if death claim occurs in the 10th year of the policy and the policy is in full force then loyalty addition is payable.

If policy surrendered after completion of 10 years, provided 10 full years premiums have been paid under the policy, loyalty addition will be payable for the complete duration for which premiums paid.

Hope this information will helpful for policy holders.

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