IC 38 - Life Insurance Agent - IRDA Exam - Sample Questions
1. What
do you mean by underwriting?
a. Selection
of lives
2. What is the
benefit of underwriting to the insurer?
a. To
prevent anti-selection or selection against the insurer
3. Which was
the first insurance company?
a. Oriental Insurance
4. When
does IRDA act Passed?
a. 1999
5. What
do you mean by IGMS?
a. Integrated
Grievance Management System
6. Who
Observe and monitor IGMS?
a. IRDA
Test 1 Questions
and Answers
1.
What
do you mean by underwriting?
·
Selection of lives
2.
What
is the benefit of underwriting to the insurer?
·
To prevent anti-selection or selection against
the insurer
3.
Which
was the first insurance company?
·
Oriental
Insurance
4.
When
does IRDA act Passed?
·
1999
5.
What
do you mean by IGMS?
·
Integrated Grievance Management
System
6.
Who
Observe and monitor IGMS?
·
IRDA
7.
How
Many Ombudsman Offices in India?
·
12
- If a corporate Agent resign from Insure A and want to Join Insure
B then What is the time period to Join?
·
6 Month
- What do you understand by mortgage redemption insurance?
·
Insurance policy against Loan
10.
What
is the first form of insurance company?
·
Marine Insurance
11.
What
do you understand about moral Hazard?
·
Moral hazard is the likelihood that a
client’s behavior might change as a
result of purchasing a life insurance policy and such a change would increase
the chance of a loss.
12.
What is the difference between revival and
Lapse?
·
Reinstatement is the process by which a life
insurance company puts back into force a policy that has either been terminated
because of non-payment of premiums where as lapse means discontinue of services
due to nonpayment of premium.
13.
Risk
Many share by few people?
·
A Sufficiently large number of similar exposure
units to make the losses reasonably predictable. This follows from the law of large
numbers.
14.
What
is the process to revive ordinary laps policy ?
·
The simplest form of revival is one that
involves payment of arrears of premium with interest. The insurer would also
call for a declaration of good health or some other evidence of insurability
like a medical examination when lapse period is more than 6 month.
15.
What
is the universal/variable life insurance policy?
·
Universal life insurance is a form of permanent
life insurance characterized by its flexible premiums, flexible face amount and
death benefit amounts, and the unbundling of its pricing factors.
16.
What
we call the maturity received under money back policy?
·
Maturity claim
17.
What
is the consumer protection Act?
·
Act was passed to provide for better protection
of the interest of consumer
18. _________ relates to inaccurate statements,
which are made without any fraudulent intention?
·
Misrepresentation
19.
Which
of the below is not a part of a valid contract?
·
Coercion
20.
For a
life insurance policy affected under sec 6 of MWP act the death claim is
payable to the _______?
·
Trustee
21.
Nomination
is the affected under _________of
insurance act 1938?
·
Sec 39
22.
Insurance
is an example of _________?
·
Risk Transfer
23. Choose the correct answer. Option 1. Age is
material fact for the underwriter.
Option 2. The premium charged by the insurer is a function of age?
·
Both are correct
24.
Which
of the below is not a following is negative approach to risk management?
·
Risk Retention
25.
Vishal
has a direct impact of 25% of the business of the organization. Hence his
employer should take a ________ in his name?
·
Key man policy
26.
____________
was formed in the year 2000 to regulate and control insurance companies?
·
IRDA
27.
With
respect to health insurance claims, who is NOT a stakeholder in the claims, who
is NOT a stakeholder in the claims process?
·
Regulator
28.
Which
of the following is a standard Age Proof?
·
PAN
29.
Which
of the following accept appeals from the district court?
·
State Commission
30.
Which
of the following have the power of civil court?
·
All the above
31.
Which
of the following will be charged the LOWEST premium by the underwriter?
·
Preferred Risk
32.
Which
document will be used to check the KYC identification of corporate?
·
All the above
33.
All
the information are correct related with primary health care except?
·
Primary health care centre’s which are referral
units for about six sub-centre’s have been established for every 30000
population
34.
In
which case Health Insurance Company can denied the claim payment?
·
Any of the above
35. One customer is interested to take loan
against his insurance policy and wants
to leave it as collateral. Which Document stating his ownership?
·
Policy Document
36.
Which
schemes can be considered under fixed benefit plan?
·
Critical illness cover
37.
Certificate
of deposit, Treasury bill, commercial paper comes under which market?
·
Money Market
38.
In
which year IRDA act was established?
·
1999
39.
Which
of the following is the evidence of risk acceptance by the insurer?
·
First premium receipt
40. Which of the below is not an element of the
life insurance business?
·
Subsidy
41.
What
is the main purpose to buy key man insurance policy?
·
Business Profita bility
42.
Expand
the Term IGMS?
·
Integrated Grievance Management System
43.
Which
of the below alteration will be permitted by an insurance company?
·
Splitting up of the policy into two or more
policies
44.
Interest
rates are one of the important components used while determining the premium.
Which of the below statement is correct with regards to interest rates?
·
Higher the interest rate assumed, lower the
premium
45.
When
is it essential for insurable interest to be present in case of life insurance?
·
At the
time of taking out insurance
46.
Ordinary
rate implements on which category of life?
·
Standard Life
47.
Suresh
and his friend are of same age group. Suresh is paying higher premium compare
to his friend. What Extra benefit his nominee will receive in case of any
causality?
·
Suresh’s nominee will get higher compensation as
compare to his friend’s nominee.
48.
An
individual with an aggressive risk
profile is likely to follow wealth
_______ investment style?
·
Accumulation
49.
How
will you describe the agreement between insurer and insured?
·
Consensus ad idem
50.
Which
among the following can be categorized under transactional products?
·
Bank Deposit
51.
For
an insurance policy nomination is allowed under _______ of the insurance act,
1938?
·
Section 39
52.
Ashok
manage 25% of company’s sale. Which insurance policy can protect the financial
loss to company in case of death of ashok?
·
Key man Insurance
53.
What
does inter-temporal allocation of resource refer to?
·
Allocation of resources over time
·
54.
Santosh
has applied for a term insurance policy. His anticipated mortality is
significantly higher than standard lives. Under risk classification, Santosh
will be classified under ______?
·
Substandard
Risk
55.
Within
the _______ period ombudsman passes the
award?
·
3 Months
56.
Setup
of health care facility will depend on?
·
All the above
57.
Which
of the following statement is correct related with reversionary bonus except?
·
One declared its never be taken back
58.
Which
one of the following statement is correct related with terminal bonus except?
·
Company provides guarantee in advance
59.
Which
of the below statement is correct with regards to a policy returned by a policy
holder during the free look period?
·
The insurance company will refund the premium after adjusting for proportionate risk premium for the period
on cover, medical examination expenses
and stamp duty charges
60.
Which
of the below is not an advantage of cash value insurance contracts?
·
Lower yield
61.
Which
one of the document is required to settle health claim?
·
All the above
62.
Mortality
is directly related with?
·
Age
63.
Which
information is incorrect while filling a complaint in consumer court?
·
Lawyer is
mandatory to file the complaint
64.
Which
of the below statement best describes the concept of claim? Choose the most
appropriate option
·
A Claim is a demand that the insurer should make
good the promise specified in the contract
65.
When
risk is shared by more than one insurance?
·
Coinsurance
66.
Which
category of customer would be considered in high risk individuals?
·
Influence of sedatives and other stimulants
67.
In
Mir (Mortgage Redemption Insurance) policy which of the statement is true?
·
SA reduces with every year premium remains constant
68.
Mr.
Dinesh responsible for 25% of sales in the company suddenly dies due to an
accident, the firm suffers from huge losses due to declined sales &
expenses on new recruitment , training. This can be avoided by?
·
Key person Insurance
69.
Substandard
life is explained as?
·
Life with lesser standards than normal life and
accepted by charged extra premium
70.
Trend
of increase in price of commodities is refereed as?
·
Inflation
71.
The
concept of human life value was derived by?
·
Solomon S
Huebner
72.
Transfer
of risk can be done by?
·
Buying a
life Insurance
73.
Public
sector insurance companies have launched a health scheme for poor named as?
·
Jan Arogaya
74.
Cover
notes are issued in following insurance a) Marine b) Health c) Motor d) Fire?
·
Only a & C
75. In which of the policy theoretically the
cash value of the policy may become zero in given time of the policy?
·
Unit linked / Variable Insurance Policy
76.
During
which stage of life will an individual appreciate past savings the most?
·
Post Retirement
77.
In a
town of 400 houses each costing 20000, 4 houses get burnt every year. How much
should each contribute to share the losses?
·
200
78.
In
decreasing term insurance, the premium paid ______ over time?
·
Remain constant
79.
The
sum assured under key man insurance policy is generally linked to which of the
following?
·
Business profitability
80.
In
case the policyholder is not satisfied with the policy, he / she can return the
policy within the free –look period i.e.
Within _________ of receiving the policy document?
·
15 days
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