Que. 1 : During the _________ period, if the policyholder has bought a policy and does not want it, he / she can return it and get a refund.
   1.  Free look
   2.  Free evaluation
   3.  Cancellation
   4.  Free trial
Que. 2 : A prospectus is a formal_________________ document used by insurance companies that provides details about the product.
   1.  Legal
   2.  Verbal
   3.  Illegal
   4.  None of the above
Que. 3 : The prospectus used by a life insurance company should state the following, under each of its plans of insurance:
   1.  The terms and conditions
   2.  Scope of benefits – guaranteed and non-guaranteed
   3.  The entitlements
   4.  All of the above
Que. 4 : The prospectus used by a life insurance company should state the following, under each of its plans of insurance:
   1.  The terms and conditions
   2.  Scope of benefits – guaranteed and non-guaranteed
   3.  The exceptions
   4.  All of the above
Que. 5 : The prospectus used by a life insurance company should state the following, under each of its plans of insurance:
   1.  The terms and conditions
   2.  Whether the plan is participative or non-participative
   3.  The exceptions
   4.  All of the above
Que. 6 : The _____________________________ has been defined under IRDA (Protection of Policyholders’ Interests) Regulations, 2002 as: “It means a form to be filled in by the proposer for insurance for furnishing all material information required by the insurer in respect of a risk, in order to enable the insurer to decide whether to accept or decline, to undertake the risk, and in the event of acceptance of the risk, to determine the rates, terms and conditions of a cover to be granted.”
   1.  Proposal form
   2.  Prospectus
   3.  Agents report
   4.  All of the above
Que. 7 : __________________________ : The agent is the primary underwriter. All material facts and particulars about the policyholder, relevant to risk assessment, need to be revealed by the agent in his / her report. Matters of health, habits, occupation, income and family details need to be mentioned in the report.
   1.  Proposal form
   2.  Prospectus
   3.  Agents report
   4.  All of the above
Que. 8 : _____________________________ is the likelihood that a client’s behaviour might change as a result of purchasing a life insurance policy and such a change would increase the chance of a loss.
   1.  Moral hazard
   2.  Prospectus
   3.  Agents report
   4.  All of the above
Que. 9 : Each insurer is required to have an AML policy and accordingly file a copy with IRDA. The AML program should include:
   1.  Internal policies, procedures and controls
   2.  Appointment of a principal compliance officer
   3.  Recruitment and training of agents on AML measures
   4.  All of the above
Que. 10 : Each insurer is required to have an AML policy and accordingly file a copy with IRDA. The AML program should include:
   1.  Internal policies, procedures and controls
   2.  Appointment of a principal compliance officer
   3.  Internal audit/control
   4.  All of the above

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