Back to All Chapter Mock Tests >


English Mock Test Chapter 16

Congratulations - you have completed English Mock Test Chapter 16.You scored %%SCORE%% out of %%TOTAL%%.Your performance has been rated as %%RATING%%
Your answers are highlighted below.
Question 1
Mr A, an agent has taken renewal premium of large amount from the customer. He spends the whole premium amount and fails to deposit the customers premium amount with the Insurance company. What action will be taken?
A
He is licence will be disqualified
B
He has to pay a fine of Rs 1000
C
No action will be taken against him
D
He will be given a verbal warning by the Insurer
Question 2
Which Act was formed to regulate and develop the Insurance industry in India ?
A
Life Insurance Corporation Act 1956
B
Marin Insurance Act 1963
C
IRDA Act 1999
D
Public Liability Insurance Act 1991
Question 3
Mr A, an agent chooses to offer rebate to a prospect in order to close a sale and meet his target. As per Sec. of 41 of Insurance Act 1938 _______________________________
A
An agent can offer rebate inorder to meet his target
B
An agent can offer rebate in form of gold
C
Agents need to take permission from the insurer before offering rebate
D
An agent can not offer any rebate on premium as an inducement to the policy holder
Question 4
Agent's licence is to be renewed ____________
A
After 5 years
B
After 3 years
C
After 15 years
D
Every year
Question 5
Insurance Agent should bring to the notice of the insurer any adverse habit or income inconsistency of the prospect, in the form of report called ______________________________
A
Confidential Reports
B
Private Reports
C
Special Reports
D
Personal Reports
Question 6
Insurance Agent who hold the licence to act as a agent for both are life insurer and general insurer are called  ________________________________.
A
General Insurance Agency
B
Insurance Agent
C
Composite Insurance Agents
D
None of the above
Question 7
If an agent is found guilty of criminal misappropriation the designated person will _____________
A
Issue a duplicate licence
B
Cancel the licence
C
Renew the existing licence
D
Take sonic fees from the agent
Question 8
Mr. A, an agent has lost his Insurance license, IRDA will issue him a new license on payment of __________________________
A
Rs. 100
B
Rs. 50
C
Rs. 500
D
None of the above
Question 9
For renewal of license Agent need to undergo an additional training of______________________
A
50 Hrs
B
75 Hrs
C
25 Hrs
D
No training
Question 10
As per the Sec. 42 sub section (4) of Insurance Act 1938, agent license will be disqualified if she or he ______________________
A
Non Educated
B
Unsound mind
C
Not holding his own house
D
Not good in communication
Question 11
Insurance agent represents the ________________
A
Insurance company
B
Sub-agent
C
co-agent
D
Broker
Question 12
Identify the statement which is not correct. Insurance agent should ___________
A
Indicate the scale of commission if asked by the customer
B
Share the commission by way of rebate
C
Disclose his license on demand
D
Indicate the premium to be charged
Question 13
Which of the below statement is correct?
A
If agent loses the license, then no duplicate license is issued. The agent has to wait till the time of renewal, when another copy is issued
B
If agent loses the license, then the Authority may issue a duplicate license free of cost.
C
If agent loses the license, then the Authority may issue a duplicate license only after a FIR is lodged and a waiting period of 30 days
D
If the agent loses the license, then the Authority may issue a duplicate license on payment of a fee of rupees fifty.
Question 14
Minimum qualification required for insurance agent is _________ pass.
A
Graduate
B
10th
C
Post-graduate
D
7th
Question 15
The license of agency is valid for a period of _____________________
A
5 Years
B
3 Years
C
1 Year
D
2 Years
Question 16
First time applicant of agency license shall have completed from an RDA approved institution, at least ____________
A
55 hrs practical training
B
60 hrs practical training
C
50 hrs practical training
D
No training
Question 17
Mr. A, holds a license as an Insurance Advisor, what are the points he must always adhere to ______________________
A
Disclose his license to the prospect on demand
B
Explain carefully the requisite information in respect of insurance products offered
C
Disclose the commission in respect to the insurance product, if asked by the prospect
D
All of the above
Question 18
________ is the fees payable to the Authority for issue  renewal of license to Act as an insurance agent or composite insurance agent.
A
150
B
520
C
250
D
100
Question 19
Which of the below statements is correct?
A
The prime purpose of insurance regulation is to protect the insurance companies
B
The prime purpose of insurance regulation is to protect the insurance intermediaries
C
The prime purpose of insurance regulation is to protect the Government
D
The prime purpose of insurance regulation is to protect the policyholder
Question 20
Which Act govern the insurance business in India?
A
Insurance Act 1938
B
IRDA Act 1999
C
Consumer Protection Act 1956
D
None of the above
Question 21
______________ may deal with more than one life insurance company or general insurance company or both.
A
Composite agent
B
Agent
C
Surveyor
D
None of the above
Question 22
For seeking license to act as a composite agent one has to complete from an IRDA approved institution at least ____________________
A
75 hrs practical training
B
100 hrs practical training
C
60 hrs practical training
D
65 hrs practical training
Question 23
“Soliciting or procuring only new insurance business is my duty” says Ram, an agent of XYZ ins co, which is a wrong statement. According to sec 42 of insurance act 1938, find which one is correct?
A
Agent need not do renewal service or revival of policies
B
Soliciting or procuring insurance business including new and renewals and not revival
C
Soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance
D
All the above are wrong
Question 24
Applicant shall complete ______ hours training to become an insurance agent.
A
50
B
25
C
75
D
100
Question 25
License to work as an insurance agent is issued by __________.
A
Insurance Regulatory & Development Authority (IRDA)
B
General Insurance Corporation (GIC)
C
State Bank of India (SBI)
D
Post office
Question 26
__________ is the fees payable to the Authority for issue / renewal of license to Act as an insurance agent or composite insurance agent.
A
250
B
370
C
120
D
100
Question 27
The Authority may issue duplicate license in case it is ____________.
A
Lost
B
Destroyed
C
Mutilated
D
All of the above
Question 28
As per the Insurance Act 1938 (section 42) the issuance of licenses is  dealt by ______________________
A
Insurance institute of India
B
Central Govt.
C
Insurance Company
D
IRDA
Question 29
An insurance Agent receivers commission in consideration of soliciting  insurance business under section ________________________
A
Section 42
B
Section 41
C
Life Insurance Corporation Act 1956
D
Section 45
Question 30
A composite insurance agent acts for ___________________
A
One Life insurance Co. and one General Insurance.
B
Two Life insurance companies
C
Two General insurance companies
D
Only one Life Insurance Co.
Question 31
An Insurance agent, after applying for license can be disqualified under section__________________
A
Section 42, sub section (4)
B
Section 41
C
Section 44
D
None of the above
Question 32
If client asks the insurance agent to disclose his license and scable of  commission, the agent should _________________
A
disclose both
B
not disclose to client
C
run away
D
ask the client to call at company.
Question 33
An insurance agent can________________ that the insurance company will pay a certain amount of money if ___________________occur.
A
Pay the premium; lapsation
B
Pay sum assured ; death
C
Promise ; misfortune
D
Not promise ; misfortune
Question 34
An insurance agent cannot after any rebates on premium under section ________________
A
41
B
24
C
42
D
14
Question 35
Which are regulatory bodies in economic sector to regulate various economic organizations?
A
RBI
B
SEBI
C
IRDA
D
All of the above
Question 36
Identify the statement which is not correct.
A
All insurance policy wordings, rates and the documents issued by insurance companies are scrutinized and approved by IRDA.
B
The advertisements issued by insurers are also regulated by IRDA.
C
Insurance Regulatory and Development Authority (IRDA) Act, 1999, created the IRDA as an independent authority for the purpose of regulating the insurance industry.
D
The advertisements issued by insurers are also regulated by IRDA & RBI.
Question 37
IRDA has issued directions to ensure that the insurance company targets____________________
A
rural areas of the country
B
weaker sections of the population
C
Both of above
D
None of the above
Question 38
Entities regulated by IRDA are :
A
agents, corporate agents, brokers,
B
surveyors, third party administrators (TPAs)
C
insurance companies
D
All of the above
Question 39
IRDA has prescribed regulations for protecting the interests of policyholders stipulating obligations on
A
Insurers
B
Intermediaries
C
All of the above
D
None of the above
Question 40
Composite insurance agents
A
who hold licenses to act as agent for more than one non life insurance companies
B
who hold license to act as agent for both a life insurer and a general insurer
C
who hold licenses to act as agent for more than one life insurance companies
D
Who hold license to act as agent for reinsurance business
Question 41
Identify the statement which is correct.
A
The standalone health insurers can convert life insurance agents into composite agents based. On IC-33 certification, can do so after making such agents undergo an internal training programme on health insurance for a minimum period of 50 hours.
B
Such composite agents shall not be allowed to transfer general part of their license to other non-life insurer without completing IC-34 certification.
C
Such composite agents shall be allowed to transfer general part of their license to other non-life insurer without completing IC-34 certification.
D
Such composite agents shall not be allowed to transfer life part of their license to other life insurer without completing IC-34 certification.
Question 42
Standalone health insurance companies can avail the services of __________________
A
Agents, corporate agents of only life insurance companies
B
Agents, corporate agents of only non life insurance companies
C
d) Agents, corporate agents of reinsurance companies
D
Agents, corporate agents of other life and / or non-life insurance companies
Question 43
Agriculture Insurance Corporation of India (AIC) is engaged in providing
A
Crop insurance
B
Cattle insurance
C
All of the above
D
None of the above
Question 44
Agents and corporate agents desiring to offer their services to AIC_______________________________________
A
shall complete fifty hrs mandatory training for crop insurance
B
shall submit "No Objection Certificate" obtained from their parent life insurer
C
shall submit "No Objection Certificate" obtained from their parent general insurer
D
must transfer their license form life insurer to non-life insurer
Question 45
A situation could arise wherein an agent or corporate agent works for maximum
A
Three non-life insurers.
B
Two non-life insurers.
C
Four non-life insurers.
D
None of the above
Question 46
Which is the condition for transfer of license of agent from one insurer to other?
A
Agent must be active in last month before transfer
B
Agents shall achieve the minimum business requirements laid down by their respective parent insurance companies.
C
Agent must be inactive for last six months
D
none of the above
Question 47
The applicant for agent license is disqualified if she______________________
A
Is a minor
B
Is of unsound mind
C
Has been found guilty of criminal misappropriation
D
All of the above
Question 48
At least, twenty five hours’ practical training from an approved institution is required if ______________________
A
An Associate / Fellow of the Insurance Institute of India
B
An Associate / Fellow of the Institute of Chartered Accountants of India
C
An Associate / Fellow of the Actuarial Society of India
D
All of the above
Question 49
Identify the statement which is not correct.
A
If the applicant is a firm/company, application for license should be in Form IRDA-Agents-VF.
B
If the applicant is an individual, application for license should be in Form IRDA-Agents-VA.
C
If the applicant is a firm/company, application for license should be in Form IRDA-Agents-VC.
D
To become a composite insurance agent, two separate applications for license have to be submitted.
Question 50
Insurance companies need to invest the premium amount
A
As per the regulation (sec 27 & 85) OF Insurance act 1938
B
As per the choice of the insurance company
C
As per the guidelines of Insurance council
D
As per the norms in IRDA act 1999
Once you are finished, click the button below. Any items you have not completed will be marked incorrect. Get Results
There are 50 questions to complete.

CHAPTERWISE IC33 PAID PAPERS

 CHAPTERWISE IC33 FREE PAPER

English Chapter Paper 1Free Paper English Chapter Paper 2Member only English Chapter Paper 3Member only English Chapter Paper 4Member only English Chapter Paper 5Member only English Chapter Paper 6Member only English Chapter Paper 7Member only English Chapter Paper 8Member only English Chapter Paper 9Member only English Chapter Paper 10Member only English Chapter Paper 11Free Paper English Chapter Paper 12Member only English Chapter Paper 13Member only English Chapter Paper 14Member only English Chapter Paper 15Member only English Chapter Paper 16Member only English Chapter Paper 17Member only English Chapter Paper 18Member only English Chapter Paper 19Member only English Chapter Paper 20Member only

English Chapter Paper 1Free Paper

Click Here to Become Member

Free!!!_________________