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Chapter 12

  1. IRDA is the Controller of insurance in India.
  2. In case of the death of the Agent, the commission would be payable to his Legal Heirs.
  3. If a person clears IRDA exam in a certain year say in 2010 and got license then if he does not work he can not apply for another license for three year. In given case he can apply in the year 2013.
  4. Photograph, Proof of Identity and Proof of Address are the part of KYC Norms whereas Lapsed Policy Details are not the part of KYC Norms.
  5. Section 42 of Insurance Act, 1938 Deals with the provision regarding Licensing of Agents.
  6. Insurance Act, 1938 regulates the Licensing of Agents.
  7. If a policy is endorsed under MWP Act then the beneficiaries are wife and Children.
  8. Under the Married Women Property Act, 1874, the Policyholder is the Trustee.
  9. License of a Candidate Passing Insurance Exam is Valid for 3 Years.
  10. 50000 is the Thresh Hold Limit of Premium in cash as per the Monetary Policy.
  11. If a case is already before the Consumer Forum, then the Ombudsman should dismiss the Case.
  12. IRDA gives the Guidelines for Annual Assumed Growth Rate.
  13. If a person is looking after a protection Plan with the Minimum Premium then TERM INSURANCE is the best option.
  14. Remuneration of an agent includes First Year Commission and Renewal Commission.
  15. IRDA is a regulatory Body of Money Laundering in Insurance Sector.
  16. Indisputability Clause Can be enforced by Insurance Company during the First Two Years of The Policy.
  17. Designated Person has the authority in insurance Company to Issue/ Cancel the Agent’s License.
  18. Consumer Forum at District Level will hear Complaints up to 2000000.
  19. Pricing Element is done by the Respective Insurance Company.
  20. Layering is the 2nd Stage in Money Laundering.
  21. MWPA 1874 provides that a Life Insurance Policy can be taken up by a Married Man for the Benefit of his Wife and Children.
  22. Analyzing Needs of the Customer is the reason for Conducting Fact Finding Exercise.
  23. In case License of an Agent is lost or misplaced and his agency also expires then he needs to complete 25 hours Practical Training and required to Pay Rs. 50 for the issuance of Duplicate License.

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