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English Mock Test Chapter 17

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Question 1
An Agent is called good salesman when Agent is
A
successful and earns high commission
B
Has the ability to feel as the other person does in order to be able to sell him a product
C
Patience and self confidence
D
Zeal to success
Question 2
IRDA has decided to implement guidelines on persistency from ____________
A
1st July 2013
B
1st July 2012
C
1st July 2014
D
1st July 2011
Question 3
An insurance agent is typically a representative of ______________
A
Customer
B
Insurance company
C
Government
D
IRDA
Question 4
Which of the below statements is incorrect?
A
An individual insurance agent is a representative of the insurance company and is governed by the agent-principal relationship.
B
An individual insurance agent"s primary relationship and responsibility is to the insurance buyer and not the insurance company.
C
Insurance broker, who represents the insured, generally does not have any contractual agreement to exclusively serve any one insurance company
D
Insurance broker is expected to represent the customer's interest when choosing the right product and company that would best fit the customer's particular needs
Question 5
When an applicant is seeking license for the first time, he I she is supposed to undergo ____________ of practical training from an approved institution) in life insurance.
A
50 HOURS
B
25 HOURS
C
75 HOURS
D
35 HOURS
Question 6
Mr. Amit wants to but a policy, he approaches a bank for the same this is ____________________________
A
Bancassurance
B
Brokers
C
Agent
D
None of the above
Question 7
Renewal comission is paid to agent because __________________________
A
Agent has worked hard to generate new business
B
To conserve business is also part of agents job
C
Insurer wants to retain agent
D
This policy was sourced by agent
Question 8
Select the correct option: Stages in the development of the agents are ______________________________
A
handholding and then handshaking
B
Handshaking and then handholding
C
Handshaking
D
None of the above
Question 9
Proportion of policies remaining in force at the end of the period out of the total policies in force at the beginning of the period is referred to as __________________
A
Consistency
B
Uniformity
C
Persistency
D
None of the above
Question 10
An insurance broker represents ______________
A
Insurance company
B
Insured
C
Association of insurance companies
D
Community of people who have already taken insurance
Question 11
Banc assurance Means _____________________
A
Bank cross sell insurance product
B
Bank support the insurance company with his database
C
All of the above
D
None of the above
Question 12
Hurt not other with that which pains yourself is golden rule of which religion?
A
Jainism
B
Islam
C
Buddhism
D
Christianity
Question 13
Fire in belly means _____________________
A
Hunger to excel
B
Be feel hungry
C
Work only for commission
D
None of the above
Question 14
In 1964, Harvard Business Review published a study on "What makes a good salesman". The authors came up with an interesting insight. They found that a good salesman should have two basic qualities. Which are those two qualities?
A
Affection and zeal to succeed
B
Patience and pro-activeness
C
Empathy and ego drive
D
Hunger for growth and self-confidence
Question 15
Some very basic ethical principles to be followed by people working in insurance industry  ____________________________
A
Keep your words
B
Be true to your self
C
Avoid harm and be fair
D
All of the above
Question 16
As per insurance act an agent who is licensed under section 42 of the insurance act is paid commission_________________
A
For Procuring Business
B
For Continuance of Business
C
For not doing business
D
both a and b
Question 17
Which of the below reflects Principle 2 of the Insurance Marketplace Standards Association (IMSA) principles?
A
To conduct business according to high standards of honesty and fairness and to render that service to its customers which, in the same circumstances, it would apply to or demand for itself.
B
To provide competent and customer-focused sales and service.
C
To engage in active and fair competition.
D
To provide advertising and sales material that is clear as to purpose and honest and fair as to content.
Question 18
Which of the below reflects Principle 1 of the Insurance Marketplace Standards Association (IMSA) principles?
A
To conduct business according to high standards of honesty and fairness and to render that service to its customers which, in the same circumstances, it would apply to or demand for itself.
B
To provide competent and customer-focused sales and service.
C
To engage in active and fair competition.
D
To provide advertising and sales material that is clear as to purpose and honest and fair as to content.
Question 19
Which of the below reflects Principle 3 of the Insurance Marketplace Standards Association (IMSA) principles?
A
To conduct business according to high standards of honesty and fairness and to render that service to its customers which, in the same circumstances, it would apply to or demand for itself.
B
To provide competent and customer-focused sales and service.
C
To engage in active and fair competition.
D
To provide advertising and sales material that is clear as to purpose and honest and fair as to content.
Question 20
Which of the below reflects Principle 4 of the Insurance Marketplace Standards Association (IMSA) principles?
A
To conduct business according to high standards of honesty and fairness and to render that service to its customers which, in the same circumstances, it would apply to or demand for itself.
B
To provide competent and customer-focused sales and service.
C
To engage in active and fair competition.
D
To provide advertising and sales material that is clear as to purpose and honest and fair as to content.
Question 21
Which of the below reflects Principle 5 of the Insurance Marketplace Standards Association (IMSA) principles?
A
To conduct business according to high standards of honesty and fairness and to render that service to its customers which, in the same circumstances, it would apply to or demand for itself.
B
To provide competent and customer-focused sales and service.
C
To provide for fair and expeditious handling of customer complaints and disputes.
D
To provide advertising and sales material that is clear as to purpose and honest and fair as to content.
Question 22
Which of the below reflects Principle 6 of the Insurance Marketplace Standards Association (IMSA) principles?
A
To conduct business according to high standards of honesty and fairness and to render that service to its customers which, in the same circumstances, it would apply to or demand for itself.
B
To provide competent and customer-focused sales and service.
C
To provide for fair and expeditious handling of customer complaints and disputes.
D
To maintain a system of supervision and review that is reasonably designed to achieve compliance with these principles of ethical market conduct.
Question 23
Taking a loan to buy a new policy is  _________________________
A
beneficial for the policy holder has he get extra protection for his family
B
Not beneficial for the customer
C
The agent get opportunity to sell more policies
D
beneficial for policy holder as he will not have to put aside more money
Question 24
Before the composite license could be renewed, the applicant needs to undergo renewal training of _____________ from an approved institution.
A
35 hours
B
25 hours
C
75 hours
D
50 hours
Question 25
There are no free lunches in sales means
A
Success has a price
B
Agent can not have lunch at customer place
C
Agent can not offer rebate to customer
D
An Agent is not an employee so insurer does not provide free lunch to agent
Question 26
The license issued to the agent is valid for ______________
A
3 years
B
5 years
C
1 years
D
2 years
Question 27
Major unethical areas are:
A
Misrepresentation
B
Replacement
C
Wrong Illustration
D
All of the above
Question 28
An insurance agent is typically a representative of ______________.
A
Insurance company
B
Customer
C
Government
D
IRDA
Question 29
Direct marketing involves which of the below?
A
Insurance agents
B
Banc assurance
C
Telemarketing
D
All of the above
Question 30
Direct marketing involves which of the below?
A
Insurance agents
B
Bank assurance
C
Mail marketing
D
All of the above
Question 31
Direct marketing involves which of the below?
A
Insurance agents
B
Banc assurance
C
Internet and web based marketing and
D
All of the above
Question 32
Direct marketing involves which of the below?
A
Insurance agents
B
Banc assurance
C
Work site marketing
D
All of the above
Question 33
Which of the below is not a direct marketing?
A
Work site marketing
B
Internet and web based marketing and
C
Insurance agent
D
Telemarketing
Question 34
Which of the below is not a direct marketing?
A
Work site marketing
B
Internet and web based marketing and
C
Corporate agency
D
Telemarketing
Question 35
Which of the below is not a direct marketing?
A
Work site marketing
B
Internet and web based marketing and
C
Brokers
D
Telemarketing
Question 36
Which of the below is not a direct marketing?
A
Work site marketing
B
Internet and web based marketing and
C
Banc assurance
D
Telemarketing
Question 37
Good people proceed while considering that what is best for others is best for them, too is golden rule of which religion?
A
Jainism
B
Islam
C
Hinduism
D
Christianity
Question 38
Thou shalt regard thy neighbor as thyself is golden rule of which religion?
A
Jainism
B
Islam
C
Judaism
D
Christianity
Question 39
All things whatsoever ye would that men should do to you, do ye even so to them is golden rule of which religion?
A
Jainism
B
Islam
C
Christianity
D
Judaism
Question 40
What you do not want done to yourself, do not to others is golden rule of which religion?
A
Jainism
B
Islam
C
Confucianism
D
Judaism
Question 41
No one of you is a believer until he loves for his brother what he loves for himself  is golden rule of which religion?
A
Jainism
B
Islam
C
Confucianism
D
Judaism
Question 42
As per Section 182 of the Indian Contract Act, _____ is a person employed to do any act for another or to represent another in dealing with a third person.
A
Principal Officer
B
Proxy
C
Mediator
D
Agent
Question 43
Before the composite license could be renewed, the applicant needs to undergo renewal training of ________ from an approved institution.
A
35 hours
B
25 hours
C
50 hours
D
75 hours
Question 44
As per section 182 of ________________________ , an agent is a person employed to do any act for another or to represent another in dealing with a third person
A
Insurance Act
B
Stamp Act
C
Indian Contract Act
D
Income Tax
Question 45
As per section ______ of Indian Contract Act, an agent is a person employed to do any act for another or to represent another in dealing with a third person
A
182
B
38
C
41
D
42
Question 46
As per the _______________, an agent is one who is licensed under Section 42 of the Act, authorized to be a salesman for insurance.
A
Indian Contract Act
B
Insurance Act
C
Stamp Act
D
Income Tax
Question 47
Four major areas of unethical behaviour that have been identified in the insurance sector are as follows
A
Miscalculation, Illustrations, Replacement, Advice
B
Misrepresentation, Illustrations, Recharge, Advice
C
Misrepresentation, Illustrations, Replacement, Action
D
Misrepresentation, Illustrations, Replacement, Advice
Question 48
Who conducts Insurance Agents exam?
A
NIA
B
III
C
IIRM
D
IRDA
Question 49
Who may cancel the license of an Insurance Agents?
A
Designated Person
B
IRDA
C
Insurer
D
Grievance redressal Cell
Question 50
Which is not the feature of Persistency?
A
Increased revenue
B
Timely reminder by Insurer
C
An enhancement in product choice
D
A reduction in benefits
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