PDF Answers 1 Ic33 PDF

SR QUESTION Option --1 Option--2 Option--3
1 Weekly premiums are generally collected for which Banca assurance Health plans Micro Insurance
type/range of plans
2 If insurer want to cover the risk which is beyond their limits Bancassurance Reinsurance Life insurance Council
they will approach
3 Which market areas do Micro Insurance product concentrate People with large families people with low income people employed with the government
4 Insurance company selling products through newspaper Indirect Selling Awareness Direct Selling
advertisements is called
5 If a client wants to compare between all financial products Individual agent Corporate agent Bank
then the best person he can approach is
6 In life insurance business if a person is working in calculating institutes of actuaries of India insurance institute of India Charted institute of insurance
premium rates of insurance products, then he is mostly likely
a member of
7 In term insurance if Critical illness rider claim happens then CI benefit will cease CI benefit reduced from existing sum assured CI benefit continues
what will happen to existing policy
8 If insured gets the two advance payment in the 5yrs & 10th Money back policy Convertible plan Term plan
yr and in the maturity he gets rest of sum assured. What
type of policy it is
9 The concept of indemnity is based on the key principle that Insuring existing losses. Making false insurance claims. Paying excessively for insurance
policyholders should be prevented from cover.
10 For assessing the risk of a group health insurance policy, Group lifestyle Employees Age of the group
which of the following information is the most critical
11 If 5% bonus is given every year then for a SA of 1 lakh, what 60000 75000 100000
will be the payout after 15 years in a simple revisionary
bonus system?
12 Current regulation allows the bank to act as Insurance agent Giving insurance policies to Banks. Selling insurance policies through Banks. Giving guarantee to policies by Banks.
for
13 Party “A” makes offer to “B” & “B” conditionally accepts the Counter offer Response offer Partial acceptance
offer than the action is considered as
14 An insurance agent is intermediary between…. Client and Insurance Company Insurance Company and IRDA Client and IRDA
15 Which of the following do not include the channel of indirect individual agents bancassurance insurance brokers
marketing?
16 Human beings need life insurance because.................. death is certain death is uncertain the timing of death is uncertain
17 Life insurance the risk is determined on the basis of .......... future data past data statistical data
18 Life insurance company determine the level of risk based on Future expenses. Claim experiences. Present expenses.
19 Insurance business is classified into three main types: Life, Non –life, Micro Insurance. Life, Non Life, Miscellaneous Life, Non life, Re-insurance.
20 Amit is looking for term insurance plan for protection of his Property Insurance Life Insurance Health Insurance
family, he is advised to approach to:
21 Insured can contact to seek the resolution of grievances they Complaint@gov.ird1.in insurancecomplaints@irda.gov.in irdacomplaints@gov.in
have against insurer to IRDA through:
22 Law of Large number helps the insures to Calculate the premium Increase the profitability Ascertain the death ratio
23 Micro insurance is transacted by Life Insurers only Non-Life Insurers only non-life and life insurers
24 E-sales refers to sales of insurance products through Insurance brokers. Bancassurance. Individual agents.
25 The timing of death is uncertain, so when one should take life At the time of uncertainty At an early age Anytime in life
insurance?
26 What is the maximum cover that can be provided in micro 5000 10000 50000
insurance?
27 Non Government organization operate in insurance market to to make regulations to help IRDA to connect the buyer and seller
28 When insurers sell through advertisements it is indirect selling direct selling through intermediaries
29 What main expense is eliminated if insurer moves to selling Commission Income Tax Marketing Cost
online
30 If insurer want to cover the risk which is beyond their limits Bancaassurance reinsurance Life Insurance council
they will approach
31 Sahil was recently appointed as a director of a life insurance Chief Actuary Insurance Agent Nodal Officer
company. In accordance of IRDA code of conduct, this will
prevent him from carrying out the role of
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Option--4 ANS
Term Insurance
3
IRDA
2
people with high income
2
Wrong Selling
3
Broker
4
Insurance institute of risk management
1
No change in policy.
1
Endowment policy
1
Profiting from insurance.
4
Medical history of group
3
5000
2
None of the above.
2
Modified acceptance
1
Insurance and Re-insurance company.
1
through internet
4
Death is the solution. 3
mathematical data 2
Targeted bonus rates. 2
Life, Health, Micro Insurance 3
Liabilty Insurance
2
Complaints@irda.gov.in
4
Declare the bonus 1
Self help group 3
Internet. 4
At the time when Advisor takes the
decision 2
100000
3
to make premiums 3
through brokers 2
Reinsurance
1
IRDA
2
Underwriting manager
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32 What main expense is eliminated if insurer moves to selling Commission Income Tax Marketing Cost
online
33 Who is the customer of a Re insurer High Net worth Individual Insurance Companies Licensed Insurance Agents
34 Law of large number helps Insurer to analyse which key area Administrative expenses in fixing the correct premium to remove adverse selection
35 categorising between Lung cancer and smoking lung cancer is peril and smoking is a hazard smoking is peril and lung cancer is hazard Both the statement is correct
36 What is the death benefit if the person has multiple sums Sum Assured will be paid as total of all insurance Sum Assured will be paid for only one plan with No SA will be Paid.
assured under different policies? plans highest SA
37 Which of the following risks are insurable? Financial Risk Non-financial Risk Both are correct
38 Sahil & Vijay , both health status same, however Vijay was Difference in age Difference in family health status Difference in hobbies
triggered with medicals. What are the reasons?
39 The type of risk that can be insured against is Speculative Risk Pure Risk Pure & Speculative risk
40 In insurance terms, the risk of suffering a disability is best Financial. Fundamental. Homogenous.
described as what type of risk?
41 How are perils and hazards normally distinguished under Perils are medical factors which influence the risk of Perils are risks that policyholders will die before a Perils are factors which affect the risk
term insurance policies? dying and hazards are lifestyle activities which specified date and hazards are factors which could being insured and hazards are the
influence the risk of dying. influence that risk. size of the risk being insured.
42 The Institute of insurance and risk management along with Regulation Redressal Research
insurance education does what more
43 Mr. Kunal used to participate in Car race. While taking up the Physical hazard Fraudulent representation Moral hazard
Insurance policy he disclosed this information. What kind of
hazard does it refers to
44 Law of large numbers is worked out by which of the Pooling of risk Maintaining insurable interest With utmost good faith
45 following?
With pooling of risks an insurance company pools the Under no circumstances Under conditions of the reinsurer As directed by actuary
premium collected from several individuals to insure them
against similar risks. At what circumstances will the insurance
companies pool the risk of a life insurance and health
insurance
46 What together?
is the main objective of taking the life insurance policy? Tax benefit Savings Investment
47 Vijay received his policy bond on 11th June, 201 Due to some No, as 15 days period is over Yes, as it is within 1 year No, as 20 days period is over
personal problems he has decided to cancel the policy on 8th
July, 201 Can he cancel or return the policy?
48 The “Risk” contains…. certainty of event Uncertainty & level certainty and frequency
49 Grouping the similar risks by Insurance Company is called Grouping of Risk Risk Grading Risk Assessment
50 as….function of Insurance works on…..
The Risk Transfer Risk avoid Risk retention.
51 Mr. Mahesh is a software engineer. He has taken a term Risk retention Risk transfer Risk avoidance
insurance for Rs. 30,000,00/- for 30 years. This is an
example for-----------------
52 Which of the following can be an example of moral hazard? a family history of heart disease a person working in a chemical factory a person consuming alcohol
53 On 6th August there was a typhoon. Mr.Augustin who had Under the category of Pure risk Under the category of peril risk Under the category of particular risk
insurance died in typhoon. Now how will the insurance
company will categories this particular risk ?
54 Ram works in a Fire cracker factory. He stocks the cracker in Speculative. Particular. Financial.
his house. He runs which type of risk.
55 An Insurance company pools the premium collected from Pure Risk Pooling of Risk Insuraable Risk
several Individual to insure them against similar risk is called:
56 Which of the following Risk is associated with those events Pure Risk. Particular Risk. Financial Risk.
which are not in control of an individual and also no
possibility of making profit:
57 which of the following refers to specific event which might Peril Hazard Physical hazards
cause a loss ...
58 The consequences of these risks which will affect specific Pure risk Financial risk Particular risk
individuals or local
59 Pure risk is classified under Economic risk Speculative risk Financial risk
60 A person suffering from lung cancer is a smoker. Here Peril Hazard social need
smoking can be termed as
61 Moral hazard reflects the .... intention and attitude of proposer habit and hobbies of proposer occupation and residence of proposer
62 Mr X has Pancreatic cancer due to drinking .What is Alcohol a hazard a hazard & peril a risk
for him
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Reinsurance
1
Non Government Organization 2
Non of the above 2
Both the statement is incorrect 1
None of the above
1
None of them 1
All of the above
4
Non Financial Risk 2
Speculative.
1
Perils are factors which could influence
an insured event occurring and hazards
are the actual events which will trigger a
payout 2
Repository
3
Peril
3
Randomness 4
As per company policy
1
Protection
4
Yes, as it is within 3 months
1
emotional loss 2
Pooling of Risk 4
All of the above. 1
Risk tolerance
2
A teacher working in a primary school.
3
Under the category of Risk Transfer
1
Fundamental.
4
Sharing of Risk
2
Insurable Risk
1
Uncertainty
1
Physical hazard
3
Insurable risk 4
Uncertainty
1
medical and personal history of
proposer 1
a peril
1
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63 A client has taken an endowment policy with SA- 800000 and 89333 273333 289333
vested bonuses- 60000. He paid 8 annual premiums in the 30
year plan. Calculate paid-up SA?
64 The cooling period allows the policyholder to withdraw the risk commence proposal form filling stage after policy received
policy witin 15 days of ?
65 Under what type of insurance policy dose insurable interest Liability Insurance Marine insurance Motor insurance
need only exist only at the time of claim
66 A policy has two nominations. What amount should be given 10% to each nominee 25% to each nominee Nominee one should not be paid more
to the two nominees than nominee two
67 Mr. X is illiterate and is buying insurance. Mr. Y fill up the Mr. X photograph Mr. Y photograph Mr. X thumb impression
proposal form on behalf of Mr. X and also endorses and signs
an attestation in the proposal form. In addition to all
document what else should be taken
68 On Maturity of an insurance policy only 25% of the amount It is assigned It is a money back policy It is paid up
can is paid. This is due to
69 A person paying 1 lakh yearly premium discontinue the policy Premium Return Premium with Interest Premium less charges
after the first year premium and surrender the same on the
second year what will be the surrender value
70 Jay buys a policy on the life of Nazia. Who is Jay? Life Assured Nominee Proposer
71 A Client can withdraw the policy on receiving under free look 30 15 50
period within ____ number of days
72 For Logging a policy , which of these is a standard age proof Ration Card Baptism Certificate Ration card and baptism certificate
Baptism Certificate or Ration Card ? are Standard age proof
73 The risk commencement date of policy is After the U/W process Premium receipted Policy is dispatched
74 Principle of Indemnity applicable to Life Insurance General Insurance Both a & b
75 Party “A” makes offer to “B” & “B” conditionally accepts the Counter offer Response offer Partial acceptance
offer than the action is considered as
76 The condition that the policy holder should pay the premiums Policy document Prospectus Proposal form
regularly is mentioned in
77 Except Surrender, how one policy holder can transfer money By Will By doing Assignment Claim
to a third party , barring Nominee?
78 Insurance Contract without any Insurable Interest will result Wagering Contract Legal Contract Void Contract
as
79 a Policy holder takes a insurance contract for 30 years and No bonus accumulated Age proof was substantially wrong Policy has become paid up
the SA reduces after 25 years what could be the likely reason
80 Amit is illiterate. He wants to take policy & his friend Surya Surya's Photograph Surya also has to put his left thumb impression along Surya has to give his age proof along
helps him in knowing the question and filling the proposal with amits thumb impression with amit's age proof
form. Apart from Amit's left thumb impression , what should
Surya should do ?
81 A life insurance policy can only be made paid up if what Indexing contribution. Nomination facility. Rider benefits.
particular policy feature exists?
82 Harish takes a life insurance policy for Ramesh. Which of the Ramesh declares all his liabilities Ramesh is elder than Harish Ramesh owes money form Harish
following statement best describes the principle of Insurable
Interest.
83 Limit of nominees can be attached to a term insurance policy one two three
84 In a whole life plan - The policyholder's responsibility to give at the beginning of the contract through out the contract Revival stage
disclosure
85 Mr. ABC buying Term insurance policy, insurer should mention operative clause Preamble Information statement
Ombudsman address in which part of policy document?
86 One of the genuine Reason for surrender of the policy could new product from competition advisor entices the policyholder to surrender Wants to buy a car
be
87 To be a valid contract ,the declaration is necessary in which Policy Document proposal form FPR
document
88 Types of assignment Absolute Term assignment Conditional
89 The insurer requires the age proof for calculating the __ SA Risk assessment Identity verification
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219333
3
on premium being paid
3
Travel insurance
2
There is no specified limit like that
4
Mr. Y thumb impression
3
Any one of the above
2
Nothing as surrender is not allowed
before 5 policy years
4
Appointee 3
20
2
Ration card and baptism certificate are
both Non standard age proof
2
policy is received 2
Neither a nor b 2
Modified acceptance
1
First premium Receipt
1
not possible to transfer
2
non voidable contract
1
Its a ULIP Plan
3
Only a deceleration has to be given by
Surya
4
Savings element.
4
Harish suffers financial loss incase of
death of Ramesh
3
not specific
4
Beginning and also at revival stage
1
schedule
3
Has Financial Problems
4
RPR
2
Absolute & Conditional 4
Financial assessment 2
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90 A policy document for a money-back policy includes the Attestation. Operative clause. Preamble.
statement „the proposal and declaration signed by the
proposer form the basis of the contract‟. In which main
section of the policy document will this normally appear?
91 Policy A and Policy B were surrendered on the same day after Policy A has a higher term than Policy B Policy B has a higher term than Policy A Policy A has been assigned
paying the 22nd instalment of the premium. But the
Surrender Value in policy A was higher as compared to policy
B because
92 If someone of age group 15 /16 having a contract with Valid Invalid Void
insurance companies that contract would fall under which
category
93 The obligation of the insurer for the whole life policy is operative clause Preamble Proviso
mentioned in
94 In which kind of policy the insurable interest should exist at Motor insurance Marine insurance Liability insurance
the time of claim only
95 The clause of indisputable is applicable from inception of 4 years 2 years 3 years
policy to
96 Insurable interest on one's own life limited upto 20 times of Gross Annual income limit depends upon the insurance company 10 times the families annual income
97 The concept of indemnity is based on the key principle that Insuring existing losses. Making false insurance claims. Paying excessively for insurance
policyholders should be prevented from cover.
98 Sachin who is 17 years wants to buy an endowment with the residence proof is not from the India sachin is not attained legal age to enter a contract Endowment policy do not have with
profit policy . The insurance company rejects the proposal profit feature
form on what ground ?
99 When will the Principle of Utmost Good faith apply in Term Throughout the policy contract before premium deposit before receiving policy document
insurance plan?
100 Insurance company comes to know that Mr A had been issued Proposal form Medical reports Client confidential reports
a policy earlier with extra premium charged . Which
document was referred by the insurer to come to this
conclusion
101 An agent surrendered the policy of a client on 10 Feb. 2011, After 5 years within one year of surrendering can never buy another policy
when can this client buy new plan?
102 When does insurable interest exist in life insurance contract ? At the inception of the contract At time of death claims during the survival benefit payouts
103 If the sum assured remains the same, what will be impact of It rises It falls It remains constant
net premium if the age of the policyholder increases
104 In case the customer has stopped making payment for the payment of outstanding premium with interest , Only reinstatement fees has to be paid Upto two years the premium with
premium of the policy. The revival procedure would require proof of good health & in some cases reinstatement penalty can be waived off .
the which of the following fees
105 In a life insurance policy it is later found that the person expired reviewed Void
doesn‟t have insurable interest then the contract is
106 Net premium is equal to Premium plus interest earning Risk premium plus interest earning Premium minus interest earning
107 Principle of utmost good faith will operate in existing policy Every time premium is paid If the policy has lapsed and it has to be revived. If the insured person falls sick and is
admitted to hospital.
108 Both the parties to a contract must agree and understand the Consideration. Legality of an object. Consensus ad idem.
same thing and in the same sense which is called
109 Amitabh is married and he has as his dependants , his wife Income protection Inheritance planning Investment efficiency
Nelima and no child, which should be his priority in
investments?
110 Amit has taken a G-Sec and has parted with it mid way as he Discounted Value Principle amount Discounted Value with persistency
required the money with the intention of not getting the bonus
interest. What will he get?
111 When net premium is adjusted in order to calculate the gross Loading Discount mortality charges
premium , this process would be known as what ?
112 A life insurance policy is issued with a Lien , this would be Proviso Schedule Terms & conditions
mentioned in which part of the policy document ?
113 In a pension plan illustration what are the parts which shows Open market option part Annuity part Guaranteed and non guaranteed part
the benefit for an annuitant.
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Terms and conditions.
3
Policy B has been assigned
2
Illegal
3
Endorsement
1
Travel insurance
2
5year 2
No limit to self life 4
Profiting from insurance.

4
Submitted KYC documents are not valid

for Sachin
2
After receiving the policy document 1
Medical referees report

1
wherever he wants to buy 4
Through out the Term of the plan 1
Gross premiums increases

3
No revival is possible when the policy iis

lapsed 1
Valid
3
Risk premium minus interest earning 3
If the insured person changes his job. 2
Acceptance.
3
Long term savings

1
Principle with persistency bonus

1
Interest add ups

1
Endorsement
2
commutation part 3
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114 The employer ABC has an insurable interest on his employee Surety insurance Keyman Insurance Partnership Insurance
Mr Janki who is their chief financial executive . Which type of
plan can ABC propose on Mr Janki's Life ?
115 Ravi was expecting a claim amount of Rs. 12, 00,000 from National Commission District Level State Level
insurer. But it was rejected. He feels that it is repudiated on
wrong reasons. Which consumer forum can he approach?
116 Rajesh is 34 years old and having 2 sons, Vineeth and Middle Level Top Level Low Level
Sumith. The level of risk appetite, Rajesh belongs is
_______.
117 Under this situation may leads to breach of the duty of Non disclosure of material facts. Concealment of a material fact Fraudulent misrepresentation of facts.
utmost good faith.
118 Principle of Indemnity denotes….. Insurance can not be used to make a profit Insurance should not taken by high risk people. Insurance can not taken by
politicians.
119 The principle of utmost good faith is not applicable to Facts of common knowledge Facts of law Facts those are not material.
120 The factor involved in calculating Surrender Value of the amount of premium being paid If it is a proposer case. mode of premium payment
Policy would be
121 Mr. Rajesh has taken policy from ABC insurance company for Rs. 2500/- Rs. 25000/- Rs. 250000/-
Rs. 500000 Sum Assured by paying Rs. 50,000 premium per
year. Company declared 5% Simple Reversionary bonus,
what is bonus amount?
122 In an insurance contract 'consideration' means........ proposal form Advisors confidential report premium
123 a classic example of Non Existing Insurable interest would surety-co surety employee-employer husband-wife
be ...
124 The principle of utmost good faith applies to........... only insurers only proposer both insurers and proposer
125 Mr.Shanth has taken an endowment policy of 15 years with The policy will be renewed on the existing terms Mr. Shanth cannot renew the policy the policy may be renewed on
ABC insurance company. He has paid premium for 4 years and conditions. different terms and conditions
and he could not pay premium for 5th and 6th year. In the
7th year he approaches the company to renew the policy.
Now which of the following options will apply to him?
126 Which of the following statement is not true in connection The life insured can nominate one or more than one Nomination can be done either at the time the policy A person having a policy on the life of
with nomination? person as nominees. is bought or later. another should make a nomination.
127 Which of the following statements in correct in connection Assignee cannot make fresh nomination in the The assignor need not be major at the time of Section 45 of the insurance act
with assignment? policy assignment. speaks about assignment.
128 Mr. Shanth has taken an endowment policy of 20 years. He Mr. Shanth will not be granted any loan Mr. Shanth can take loan which should be certain There is no concept of loan in
has paid premium for 10 years and now the policy is in force. percentage of the surrender value of the policy. insurance policy
At this point of time can Shanth take loan?
129 Mr.Akash filled the proposal form but before submitting to the Consideration in the contract Capacity to contract Consensus ad idem
company he discussed with the agent that he is not sure
whether he can pay for 15 years . This attitude affects which
part of the contract?
130 Mr.Karan who has to go to abroad for 6 months on an official The insurable interest between the car and jim is The insurable interest between the car and karan is The insurable interest between the
work decides to leave his car with his friend Mr. Jim. What will valid for 6 months valid for 6 months car and karan is valid until he owns it
be the validity of the insurable interest in this case ?
131 Mr. Josh was filling the proposal form but as his mother was He has breached the contract with non-disclosure of He has breached the contract with concealing the He has breached the contact by
sitting beside him, even though he drinks and smokes he the fact facts fraudulent information
ticked “NO” in smoking & drinking column of proposal form.
This indicates ?
132 Mrs.Shwetha has taken a loan from her policy. Later stage Policy will be foreclosed by the insurer after sending Policy has to be surrendered only my Mrs Swetha. Policy will continue to the end of term
she neither paid back neither the loan nor she paid the a foreclosure notice and Mrs Swetha would get back her
premium for a very long time. What will happen to her policy? maturity claim after deduction of loan
amount
133 Mr. Manish has a money back policy and a whole life policy. He regularly pays premium so he can take loan He can surrender whole life policy and can take loan He can‟t take loan from money back
He is planning to take some loan from both the policies as he from both the policies from Money back policy but can avail loan from Whole life
was regularly paying the premium. What is your suggestion? policy
QB-ENG-Page 9 of 54
Debtor Insurance
2
Mandal Level
2
High Level
1
All of the above. 4
Indemnity bond to be signed with every 1

life insurance proposal form
All of the above. 4
Policy should have a saving element 4
Rs. 5000/-
2
claim 3
brother-sister 4
neither insures nor proposer 3
Mr. Shanth can renew the policy only on

the approval of the insurer
3
The section 39 of the Insurance Act

1938 speaks about the nomination. 3
Conditional assignment and absolute

assignment are one and the same. 1
loans are allowed only in term plans

2
Offer and Acceptance in the contract
The insurable interest between the car

and Jim is valid until Karan‟s return
3
He had done an innocent

misrepresentation
2
Policy can be converted into non profit

plan and closed by Mrs Swetha
1
He can‟t take loan from whole life policy

but can avail loan from Money back
3
policy
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134 Mr. Raj has taken a policy of 15 year term. He has paid the Converting the policy to Term policy Converting the policy to Paid up Converting the policy to money back
premium for 9 years. But now unfortunately he has lost his
job. He is unable to pay the premium. What can be the best
solution from the following ?
135 A contract exists between insurer and proposer when A proposal has been accepted by insurer. A policy document has been stamped by insurer. A policy document has been received
by the policyholder.
136 Shamsher has a health insurance policy of Rs 1, 00,000 Indemnity contract. Value contract. Deemed contract.
individually and from his company for Rs 2, 00,000. He falls
sick and got hospitalized. His hospital bill ran to Rs 50,000.
He claimed this amount from his individual policy. Also, he
placed the request with his company for group policy claim,
which was rejected. The reason for rejection is.
137 Payment of premium and sum assured are laid down in Heading of policy document. Proviso of policy. Operative clause.
138 An insurance contract commences when Quotation is signed by proposer. First Premium Receipt is issued. Proposal Form is signed.
139 When is premium considered / deemed to be paid? When insured writes a cheque in favour of insurer. When cheque amount is deposited in insurer account. When the cheque is deposited with
insurer office.
140 Lalu Yadav is having a saving plan with 20 years tenure. He Acquires surrender value. Contract comes to an end. Moneys will be forfeited.
has paid 5 annual premiums but due to financial crisis is
unable to make future premium. His policy
141 How assignment distinguishes itself from nomination? Nomination does not transfer the title while Nomination transfers the title while assignment does Nomination is made after policy is
assignment does. not. issued while assignment is done
before it is issued.
142 Under what circumstances the surrender of a policy should be When a client have been sold the right solution. When a client is holding a product having good value When the policy has been miss sold
recommended by for and do
143 What key event is most likely to make an insurance contract The circumstances are legitimate. Representation of facts by the policyholders is true. The life assured is major.
not a valid contract?
144 Manish took a loan from Pankaj for Rs.10 lac. Pankaj Loan assignment Conditional Assignment Loan Agreement
assigned his Insurance policy to Manish of Rs.10 lac as a
security with the agreement Of when Loan is fully paid, policy
title will be revert back to name of Manish . This would be
classified into which type of assignment :
145 Rakesh has bought an Endowment, Money back, Term & Endowment Plan Term Plan Money Back Plan
Annuity Plan . Now he needs to take a loan for personal
requirement. He calls his agent to suggest under which of his
policy he could take a loan from . The agent would suggest
from which of the plans of Rakesh ?
146 On foreclosure, if Death claim arises before the payment of Nominee Legal heir of life Assured Debtors
the surrender value, the payment would be payable to:
147 Which clause lays down the mutual obligation of the parties Lien Clause Opertaive Clause Proviso Clause
regarding, Payment of Premium by Life assured & payment of
Sum Assured by
148 Gaurav is working in MNC at the age of 32 bought an Nominee only Legal heir of the life assured Appointee Only
Endowment Plan. He had nominated his 1 year old daughter
Saanvi, but not able to get the Signature of her appointee
due to unavailability of his spouse .after 5 year. He died in
road accident, now claim money would be payable to:
149 Parvesh bought a policy an endowment plan but after one Indisputability Clause (Section 45) apply Principal of Indemnity clause Lien Clause
year, the insurance company found that Parvesh had
undergone Aorta Surgery ..In this case the insurance
company will make the contract null and void based under
which of the clauses/ principles of Insurance act ?
150 Jyoti is submitting is copy of PAN card as age proof for buying Non Standard Age Proof Standard Age proof Government authentication proof
A money back plan .This would be categorised into which
type of age proof ?
151 In a 20 year with profit policy, persistency Bonus is paid at 1 year 10th year 15th year
the end of
Converting the policy to whole Life
An insurer has made another proposal. 1
Rolling contract.
Schedule of policy document. 3
Policy Document is received by 2

policyholder.
When cheque is posted/couriered by the 3
insure.
Acquires paid up value.
4
Nomination need not be informed but

assignment needs to be informed to 1
insurer.
When the client is enjoying good 3
There is no insurable interest attached 4

to the policy.
Absolute Assignment
Annuity Plan
forfeited the Premium

2
Schedule of Policy
2
will be Payable to Saanvi (Nominee) at

the age of 18th
2
Principle of Utmost good faith
Proof of Income tax payer

2
20th year 4
152 Vikas submitted an Age proof from Village Panchayat while Standard and accept the proposal Not standard & will accept the proposal Will reject the proposal
taking a Term plan for Rs 5 Lakh SA . The insurance company
would consider this as which of the following ?
153 If a customer has mentioned he is a drinker in the proposal Provisio Endorsements Operative clause
form, the insurance company can exclude this hazard and
mention it in which part of the policy document?
154 What to be considered while taking first policy Personal Details Family Details Employment details
155 Which of the following is a Non Standard Age Proof PAN Card Certificate of Baptism Certificate from Village Panchayat
156 In the insurance contract the risk cover is given in return of Consideration Consensus ad idem Capability to perform
the
157 If a life insurance contract is established without any Invalid unconditional valid
insurable interest in existence , the contract will be
158 Mr xyz accepted the contract formed by Mr Y .Is this a consideration an offer & acceptance voidable contract
159 Mr. A & B started an endowment [policy on the same date A's term is more than B B's term is more than A A is healthy & b is not
paying same premium on quarterly mode. After payment of
22nd premium both surrender the policy Mr. A's surrender
value is higher than B, what could be the reason
160 Payment of SA on happening of an event of dates premium schedule Preamble Terms & conditions
payment ,nominees ,lien ;all form part of
161 When is An appointee is required in the Life Insurance plan , Nominee is spouse Nominee is Minor LA is minor
the reason could be ?
162 While underwriting Mr. X proposal form it is found out that Fundamental risk Physical hazard Moral Hazard
there is a criminal case against him for fraudulent activities.
What type of risk would this fall in
163 How much insurance can be given to a working person ? As per Human life Value 10L 50L
164 While calculating Human life value (HLV) in simple method Bank Fixed deposit rate discount rate Estimated life expectancy
two components need to be kept in mind , the first one is net
monitory contribution to the family per annum and the
second would be ?
165 TWO FRIENDS HAVE TAKEN SAME POLICY BUT THEIR AGE MEDICAL SA
PREMIUMS ARE DIFFERENT WHY?
166 Till what period is the interim bonus valid as long as the policy is inforce Till the next declaration of bonus Till the next validation date
167 Annual premium of insurance product is Rs. 32,000, 4% 7680 8000 8320
loading on Quarterly mode of payment What is the quarterly
premium?
168 As per the norms of risk assessment by underwriting, both Moral Hazard Medical Hazard Occupational Hazard
the parents of a policy holder died in their early 30s due to
Heart disease, what is the risk assessed
169 In accordance to money laundry regulation, the NRI should No Risk Low Risk medium Risk
be categorized to what type of customer?
170 Mr.Sunil is doing premium calculation for his company, as per Council of Actuaries Insurance council of India Insurance institute of India
which authority is his profession related to
171 what is the special report that is asked by the underwriter HLV report Agents confidential report moral hazard report
from the officer of the insurer?
172 The insurer requires agent confidentiality report in order to ? To calculate Premium To Calculate the commission due for the agent To verify the Plan proposed
173 A human being is An economic asset Has a capacity to generate the income Has a finite life span
174 Suraj had taken an endowment plan for Rs 10 Lakh SA . He The Policy was issued with a Lien The bonus for the policy had not yet declared The policy had only maturity claim
died in eight months from the inception date . The Insurance provision
company did not pay the Full SA , Instead paid out Rs 5Lakh .
What could be the reason .
175 Mr. A wants insurance cover . But he is drinks alcohol Physical hazard Moral Hazard financial risk
frequently . What kind of hazard you may categorize?
Will accept with a lower SA
2
Terms and Conditions

4
All of the above 4

Certificate from School or College 3
Unconditional acceptance 1
voidable
1
consensus ad idem 2
A' financial condition is better than B
Endorsements 1
All cases 2
No Risk
3
1 Crore 1
Estimated amount at retirement

2
ALL THE ABOVE 4
none of the above 2

8500
3
Physical Hazard
4
High Risk 4
IRDA
1
medical report 3
To help the underwriter to asses the 4

Risk
All of the above 4
The death was due to accident
Pure risk
2
176 Insurer appoints a candidate of this professional Actuary Underwriters Sales Officer
qualification ,who decides the amount of premium in
insurance products
177 as per IRDA regulation , the decision on the proposal has to 7 days 10 days 15 days
be communicated to the Proposer within how many days of
receiving the proposal by the insurance company
178 When an interim bonus is paid under with profit policy, This Policy start date to the 1st Anniversary Policy start date to the end of the 1st calendar year Previous valuation date to claim date
normally represents a bonus covering what period
179 While calculating HLV in the incremental method , along with Inflation. Interest. Discount rate
future income, number of years of work & future value of
earning potential which is the other most important factor
taken into consideration ?
180 Vishal and sandeep applied for a health plan in XYZ Life Sandeep has taken another policy from XYZ Life Vishal is older than Sandeep Sandeep is earning more then Vishal
Insurance Company. Vishal is asked to undergo a medical Insurance Company
check up but Sandeep is not asked to do so. What will be
most possible reason?
181 For which of the following reasons, the underwriter should Physical Hazard Moral Hazard SA is too high
ask beyond agent‟s confidential report.
182 With reference to the principle of indemnity a life insurance Insurance contract. Indemnity contract. Value contract.
policy is a.
183 Micro insurance is made specifically for people from. High income. Middle class. Low income.
184 If Insurable interest does not exists at the time of inception Non Voidable Invalid Valid
of the life insurance policy then, life insurance contract is
185 If a contract is signed by a 15 years old boy, this contract will Null and void Invalid Voidable
be
186 Shailesh and ankit want to retire in the age of 65yrs. But Shailesh is older than Ankit. Shailesh‟s income is more than Ankit‟s income Shailesh family is larger than ankit's
shailesh pays more monthly payment than ankit for same family
amount of policy. Why?
187 In a case, the underwriter felt that the risk associated with A clause A Lien A Loading
the person would decrease with time, then he would accept
the case with
188 Mr. Kumar‟s wife is suffering from blood cancer. Doctors lost Anti Money Laundry Moral Hazard Capacity of paying future premiums.
their hope on her live. Mr. Kumar would like to take Life
Insurance policy on wife‟s name in order to get monitory
benefit. Insurance company rejects this proposal on the
grounds of…….
189 What is the main source for insurance company to get Advertisements. Proposal form. Conducting interviews.
information of proposer?
190 Moral Hazard reflects the ……. Intentions and attitude of Proposer. Habits and Hobbies of Proposer. Occupation and Residence of
Proposer.
191 Income replacement methods equates Human Life Value Future value of Present earnings. Present value of future earnings. Present value of previous earnings.
(HLV) to
192 The underwriter can get the required information about the Proposal form. renewal receipt brochure
proposer in.....
193 Mr. Ramesh works in a mining company. So he is exposed moral hazard physical hazard mental hazard
to..............
194 Lien is imposed on a policy when underwriter feels that...... the risk associated might increase the risk associated might decrease the risk associated might not be
harmful
195 What does the mortality tables contains ? Tables of death occurring in various circumstances Tables of details of various probabilities of death Tables of details of underwriter‟s
calculation on death
196 Mr. Guptha is recently detected with lung cancer. He would Time of death is uncertain, so insurance can be Only lung is affected so health insurance can be He can take insurance after
like to take an insurance. What is your suggestion? given given. submitting health certificate
197 Which of the following information does not appear in the method and frequency of premium payment Date of commencement of last premium Date the policy matures
First Premium Receipt?
198 Mr.Santhosh working as a head master who is around 52 A . Physical hazard, as he is old B. Moral hazard, as he is 52 years old and wife is not C. Moral hazard, as coverage is high
years had requested for an Insurance cover for Rs.1 crore. the nominee and brother‟s son is the nominee
He insisted that his brother‟s son should be the nominee not
his wife. Underwriter will verify this case for which one of the
following:
Advisor
1
30 days
3
claim date to next valuation date

3
Compounding.
Vishal is working in a MNC

2
Pure Risk 3
Major life contract. 3
Affluent class. 3
Null
2
Valid 1
Shailesh is a Businessman and ankit is a

government employee 1
Level Premium
2
Physical Hazard
Telephonic conversations. 2
Medical and Personal History of 1

Proposer.
Future value of previous earnings. 2
annual report 1
Ethical hazard. 2
the risk associated might be general 2
Tables of details of actuarial calculation

on death 4
Cannot give insurance for health reason

4
Date the last premium will be paid 2
D. Moral hazard, as he is a head master

and 52 years old
3
199 Mr.Feroz has applied for an insurance cover of Rs.4 Cr. The Financial Inspection agencies Specialized inspection agencies Credit worth inspection agencies
Company will accept or reject the proposal only after
confirming from one of the following agencies
200 The responsibility for classification and analysis of the Risk Analysis Department Classification of Risk Department Underwriter
proposal form lies with whom?
201 In underwriting the economic value of the person is The occupation of the person The financial history of his family The income that he earns
determined by what?
202 Rakesh purchased a life insurance policy. While writing a Innocent misrepresentation. Fraudulent misrepresentation. Concealment.
proposal form he hide that he practices mountaineering.
Sadly he died in an accident while climbing Mount Everest.
The insurers rejected the claim. What is the reason for
rejection?
203 Ram Lal is an insurance policyholder. He has recently shifted Terms & Condition. Preamble. Endorsement.
his home from New Delhi to Noida. He wants the address to
be changed. This change in policy document will be effective
through?
204 When an underwriter may consider Moral Hazard? An individual is proposing SA 15 times his annual Insurance is taken out by an individual with A nominee is not a dependent.
income. dependent
205 Level Premium is calculated based on Risk Premium. Net Premium. Loading of Premium.
206 MPL abbreviates Minimum Possible Loss. Major Possible Loss. Minor Possible Loss.
207 Which one of the following bonuses is given by insurer as an Simple Revisionary bonus Compound Revisionary bonus Persistency Bonus
incentive to the insured to for long term:
208 Ramesh bought an endowment plan for ten year. He pays the Gross Premium Level Premium Risk Premium
same Amount in every year through out the policy term . This
amount is called:
209 Which one of the following is not source of information about Proposal Form Insurance agent confidentiality report Names and address of the proposers
the proposer required by the Underwriter . friends and colleagues
210 Manish being a sole earning member of his family , has not Physical Hazard Moral Hazard Occupational hazard
insured himself . But he is looking for insurance for his son
who is student . This could fall under which category os
Hazard in insurance ?
211 Who is the primary underwriter of the clients Insurer's doctor Underwriter Agent
212 Certificate from the village panchayat Will be considered as standard age proof Will be considered as non standard age proof Will not be accepted
213 What will be lien amount in 3rd year as compared to the 4th It is higher Decrease Slightly higher
year of lien.
214 A person submits as age proof, a certificate from the Village Standard Age Proof Non Standard Age Proof Standard, if accompanied by agents
Panchayat. Is it a signature
215 ACR is prepared by Insurance agent. If Mr X wants a higher Prepare a more detailed report Prepare a Moral Hazzard report Prepare a detailed investigation
SA then the underwriter would ask for additional report apart Report
from ACR , the branch head will have to do what ?
216 After receiving the proposal form, under how much time the 7 days 10 days 15 days
insurance company has to revert to the proposer with its
decision?
217 Anil is going to take life insurance policy in which total annual 7820 8000 8320
Premium is Rs 32000/- and there is 4% frequency loading for
quarterly mode. What will be the quarterly premium ?
218 The process of adjusting the amount of Life Insurance Indemnifying Indexing Loading
premium, so as to reflect bonuses is called
219 Underwriter is assessing the risk for the individual who premium Quotation . claim form Proposal Form .
already is already a policyholder and previous policy was
accepted at non standard rates, which of the following
documents will be helpful to assess the risk
220 What tax rate, if any, will be applicable to a life insurance Nil 0.1 0.2
policy holder for the maturity proceeds of a Rs 50,000 life
insurance policy
221 What is maximum level of Insurance premium for which 25000 50000 100000
Income Tax benefit is available
222 Mr. X wants a life cover for the term of 20 Yrs. Also he wants Term Plan Endowment plan Convertible plan
a modest amount if he survives through the term. Which plan
would you suggest to Mr X?
Insurance Investigation agencies
2
Actuary who analysis the risk 3
Human Life Value 4
Non-Disclosure.
Schedule.
3
A medical check up is carried out nearby 3

place of residence.
Gross Premium. 1
Maximum Possible Loss. 4
Interim bonus
3
Net Premium
2
Medical of examination report

3
Medical hazard
2
Nominee 2
Will be verified first 2
Slightly lower 2
Village panchayant does not issue Age 3

proofs
Prepare a Client Confidential Report
3
30 days
3
8200
3
Reviving
3
Policy Document.
0.3
3
150000 2
ULIP
3
223 In which category of Insurance plans , a Loan can be availed Health Policies Term Policies Endowment Policies
by a policyholder ?
224 Which plan will suits a customer need who is just looking for Term Insurance ULIP Endowment
protection of family.
225 If 50000 is invested in Single Premium ULIP than what will be 50000 75000 62500
the minimum SA applicable?
226 What is the maximum cover that can be provided in micro 5000 10000 50000
insurance?
227 Mr. A has a son who is 5 yrs and he wants to save funds for Convertible plan Term Insurance Endowment Plan
his education. Both the parents are risk averse . Which plan
is suitable for them?
228 A Couple has 7 year kid & wants to Buy some Policy. Which is Only ULIP Plans Only Endowment Policies only Term Plans
the best suitable policy for his Son?
229 Ajay is 35 years old and works for a multinational corporation term plan health plan endowment plan
(MNC). He has a ten-year-old son, Vijay, whom he dreams
will one day become a doctor. Ajay‟s spouse is a housewife,
and his parents are retired and dependent on him. Ajay has a
home loan of 40Lakhs. He has an endowment plan with a
cover of 2Lakhs only. What is most immediate need for
Insurance
230 Client has taken Joint Life Policy.. Whose responsible in the Insurer Proposer Proposer & Wife
contract?
231 If a person has taken a Pure Endowment Policy, then what No Death Benefit Sum Assured will be paid Both are correct
will be the death benefit if he dies during term of policy?
232 Two People of the same policy Term, one person pays more Married Wife Younger Health deterioration
premium because
233 Adverse selection occurs when a group of individuals try to cover only particular members of the group to cover all members have uniform coverage
234 If raju wants to accumulate a lump sum for 20 yrs but does Term insurance plan Money back pure endowment policy
not require life cover, which policy will be suitable?
235 In a joint life plan for a husband & wife, where should the Insurance company Husband only Husband & wife
agent' principal loyalty lay?
236 Hari wants a constant life cover till his 31st birthday. But he Pure Endowment Anticipated endowment Term plan
cant afford to pay high premiums. The best suited products
for him would be
237 what is the special feature of ULIP that ensures customer risk fund switching partial with drawl premium holiday
profile for long time insurance policies
238 At the time of maturity , quarter of the SA is paid though the Endowment Lien Money back
policy was in force. What type of insurance plan would this be
?
239 Rahul has taken a joint life policy with his wife .Who is Rahul His wife children
responsible for premium payment ?
240 Krishna and Laxmi are married having 7 years old child. Endowment Money back Term Insurance
Which policy will satisfy the long term protection needs for
both
241 Term insurance if best suited for the following need home loan education needs marriage of kids
242 A group of people insured in a policy . They belong to which Same Age Employees Family
category
243 In endowment policy , for the death claim of the Outstanding premium Commission outstanding Persistency bonus
policyholder , , the insurance company would be paying the
nominee:SA plus Bonus & Minus ?
244 Which factor needs to be kept in mind before deciding a child Mode of the premium Inflation Maturity Value
policy ?
245 Frequent switching is not advisable in ULIP plan because it Investment Risk Risk of death Uncertainty of return
increase
246 An insurance agent sold two policies to two different persons Risk profile of both the policyholder are different Age of both the candidate are different One has chosen Single premium
having the same policy term. He declares the commission to policy and other has chosen regular
each of them. The commission of one of the policy is more premium policy
than the other. What should be the reasons for this
difference?
247 Where annually increasing flexible premiums operate under a 2.50% 3.00% 5.00%
life insurance policy, what rate of increase will generally
apply?
248 During Fact finding, rating is mentioned „3‟. This Indicates Risk apatite of client His future aspiration Commitment to need
All of the above 1
Moneyback 3
100000 3
100000 3
ULIP Plan
3
Child insurance plans can be taken out

4
in the form of endowment plans,
money-back plans or ULIPs
traditional plan
Insurer and both the Life Insured 2
both are incorrect

1
Higher Age 4
None of the above 1
Whole life
3
Insurance company, husband & wife 4
ULIP
3
riders 1
Surrender
3
Both a & b 1
Child Investment policy

3
Retirement needs 1
same grade 2
Interest
1
Vesting Age 2
Chances of lapse 1
Both have chosen different kind of

policies.
3
7.50%
3
Willingness to pay 1
249 Incase of presumption of death Not necessary to pay premium until court decree Necessary to pay premium until court decree Claim not admissible
250 Within how many years a complaint can be made through One year Two years Three years
consumer protection act.
251 Basing on which criteria the qualification of Agent is Address of the agent Domicile status Qualification of Agent
determined?
252 Payment/Investments in Kishan Vikash Patra under post Regularly with no fixed term Lump Sum with no fixed term Lump Sum for fixed period of time
office schemes is done by the way of ?
253 Whose signature is required on attestation of the policy Agent Policy holder Authorized officials of insurer
documents ?
254 What does MDRT Stand for? Million Dollar Round Table Major Double Rupees Tag Major Dollar Round Tag
255 Mr. Kumar is taken one life insurance policy with ABC He can not do any thing, because be received the He can file a complaint against insurance company in He can send back the policy document
Company. But he is not satisfied with the policy benefits. policy bond. court. to insurance company with in 15 days
What Mr. Kumar can do under this situation? from policy receiving date.
256 The two basic elements of most life insurance plans are Guaranteed Benefit and Non-guaranteed Benefit. Interest Benefit and Bonus Benefit. Death Benefit and Maturity Benefit.
257 Term Insurance Plan will give…. Only Death Benefit. Only Maturity Benefit. Only Bonus Benefit.
258 Low risk products give….. High Returns Low Returns Moderate Returns
259 Which of the following product not comes under Section 80 National Saving Certificates. Equity Linked Saving Schemes. Principle component of home loan.
( C ), income tax act 196
260 The income of an individual can be protected with the help a unit linked policy a term life policy an endowment policy
of.........
261 Mr. Shanth has got a pure endowment policy for 30 years for when he dies when he survives the term when he is hospitalized
the sum assured of Rs. 75,000,00/-. It can be paid to
him......
262 Flexibility like partial withdrawal and taking premium holidays Fixed deposits Unit linked Insurance plans Term Insurance
is possible with....
263 Mr. Vinu got a job recently, he can‟t afford to pay the higher Convertible Endowment plan Convertible Term plan Convertible pure Endowment
premium as of now but in future once he settles down with
his job he can pay higher premium. Which one will be the
best plan?
264 Mr. Kumar decides that his employees should have SSS Salary saving Life plan Not a specific plan Salary insurance plan
scheme. What type of plan is SSS?
265 What is generally considered as a substitute to charging a Clause. Assignment. Lien.
high premium for a high risk?
266 Manmohan has recently purchased a house worth rs 50, Endowment Plan. Money Back Plan. Whole Life Plan.
00,000 on loan. Which insurance product you as an adviser
will suggest?
267 In Group insurance plans contract of insurance between Master Policy holder & insurer Employer & Employee Employee & Insurer
…………?
268 Which option is not correct with regard to joint life insurance Plan offer insurance coverage for two person in one This plan is ideal for brother & sister. Each life will be underwritten
plan? policy separately.
269 Shaan, Age 22, suffering from Asthama, buys a 25 year Term Age Policy Type Joint Life Option
Insurance cover on Joint Life basis. What will reduce the need
for him to use nomination facility?
270 Vijay wants life cover for 20 years and a modest saving for Term Plan Whole Life Endowment
his child at the end What kind of plan is suitable for him?
271 Weekly premiums are generally collected for which Banca assurance Health plans Micro Insurance
type/range of plans
272 Suresh wants to transfer his physical gold to gold exchange Increase his liquidity Decrease his liquidity Reduce his encashabilty for next six
traded fund, in relation to access, this change will months
273 ULIP & NSC which is giving more tax benefit ULIP NSC Both with same benefit
274 The advantage/disadvantages within cumulative and fixed Returns Taxation Look-in Period
traditional deposits pertain to-
275 Ajay is 35 years old and works for a multinational corporation 8000 16000 24000
(MNC) **Ajay salary is 80,000 he want home loan . what is
maximum EMI he can pay per month as per financial
experts ?
276 between ULIP & NSC which of them give tax benefit u/s ULIP NSC ULIP & NSC
80C ?
Depends on case to case 2
Five years 2
DOB of Agent 2
Regularly for fixed period of time 3
Proposer 3
Mean Disposition Residence Time 1

Serve notice to insurance company on
policy benefits.
3
Bonus Benefit and Tax Benefit. 3
Only Tax Benefit. 1

Good Returns 2
Premium paid for Health Insurance Plan. 4
a money back policy 2
when he loses his job

2
Endowment plans 2
Convertible money back plan

1
Salary Specific plan 2
Level Premium. 3
Term Plan.
4
Creditors & Debtors 1
A joint life policy may cover a partner in

business under one policy. 2
Health
3
Money Back
3
Term Insurance 3
Create a future exit liability

1
None of them having any tax benefit 1
Investment Frequency 1
32000
4
None of them 3
277 Under which section of the Income Tax Act can an individual S. 80D S. 80C S 80E
get a deduction from taxable income for the health plans
278 What period of time a client has to be invested to get tax 10 Years 8 years 6 years
benefit under postal scheme?
279 If a person is going to face job loss for a temporary period, Debt Funds of MF NSC Corporate bonds
then what is the ideal instrument to invest money apart from
Bank FD?
280 Mr. X Invested in a Bank FD with 6% Return, However his Inflation Charges Current Market Scenario
actual returns deemed to be 4% What are the reasons ?
281 A person planning to invest in Kisan Vikas Patra will go to Insurance Branch Post Office Internet
282 A person Wants to invest in a FD for Tax benefit , what is the 5 year 4 year 3 Year
minimum term he should take while investing in FIXED
DEPOSIT
283 A customer while investing in to Recurring deposit or Taxation frequency of payment interest rates
Cumulative deposit what are the key factors which will matter
284 A person is holding 100 units of GOLD ETF certificates . How 10- 20 gms 20- 50 gms 50-100 gms
many grams of GOLD does he Have ?
285 Manoj a 26 year old is having 7 years old son. What will Marginally decrease Significantly increase less than after 15 years
happen to his monthly disposable income after 15 years of
job
286 Ramesh has invested in Post office Monthly Income Scheme. Increase gradually Decrease gradually Remain Constant
The interest rate was set at 6%. What will be the effect of
rate till the maturity.
287 If a person chooses Cumulative deposit than Recurring frequency of interest calculation Tax Interest tax
deposit ,difference will be in
288 Kishan Vikas 's payment gets cleared at Bank Post office Insurance company
289 RBI increased interest rates 2 times, then the stock prices increase decrease volatile
will
290 Rahul switches from direct holding of shares to equity based Less transparent More diversified Less return
mutual funds. The impact on risk would be
291 Raj and akshat of are paying the same annual premium for Raj is married and akshat is single Raj is above 65 years and Akshat is below 65 years Raj is in the good health and akshat is
the health policy taken on the same date for the same term. in poor health
But raj is getting higher deduction for income tax as
compared to akshat
292 Raj is married with two children. Age 9 and 11 years. What Life Insurance Health Insurance cover Retirement plan
should be the last priority for him among the life, health ,
retirement and child investment policy
293 What is the frequency of interest in Cumulative deposit Monthly Quarterly Half Yearly
account
294 If RBI increases the interest rates then what will be the effect Shares will be more attractive. Shares will be less attractive. Fixed deposits will be more attractive.
on share prices.
295 What is purpose of investing money in debt mutual fund? Easy access Fixed income Tax Benefits
296 What is the similarity between Recurring Deposits & Guarantees Taxation Tenure
cumulative deposits in a bank
297 If a person want to maintain emergency funds , the best Equity market ULIP Debt mutual fund
place is a bank or
298 What is the advantage of converting physical gold assets to Liquidity More gold in value Purity
gold ETFs.
299 An investor holds a wide range of shares. If the Reserve Bank Become volatile Decrease Increase
of India announces a series of significant interest rate
increases, the prices of these shares are most likely to
300 After maturity In a Unit Linked Life Insurance Policy, He has switched his fund He has opted for Settlement option He has he has redirected his past
customer does not get received Maturity in a lump sum. What premium.
is the possibility of receiving it in instalments if it is not a
annuity plan
S. 80F
2
5 years 4
Govt Bonds
1
All of the above

1
Mutual Fund Office 2
2 Year
1
tenure
2
10 gms
3
will remain same

2
Change as per market fluctuation

3
Tenure 3
Any one of the above 2

same 2
Steep rise
2
Raj is earning more and akshat is

earning less
2
Child Investment policy

3
Yearly 2
Fixed deposits will be less attractive. 2
Liquidity 4
Lock in periods 1
FD 3
More conversion value 1
Remain unchanged
2
Policy was lapsed on the time of

maturity 2
301 Rakesh wants to buy a policy primarily for Risk Cover but at Endowment plan Term insurance with Return of purchase price Whole life plan
the end of the term he wants to get at least some return.
Under which policy he will get these benefits
302 In what proportion is the cover in a Family Floater Plan 25% each 15% each 50% each
shared?
303 Who will maintain Mutual Fund Schemes? Mutual Fund Management Societies Mutual Fund Management Systems. Asset Management Companies.
304 Which is the primary saving need among all saving needs? Insurance Purchasing House Investment.
305 Mr. Rao has Rs. 10, 00,000 cash with him. He would like to Insurance Shares Fixed Deposit in Bank
use this amount for his daughter‟s marriage which is going to
happen with in Nine months. He would like to get some
returns from this money in these 9 months period. What is
the best option to park his money?
306 Which of the following avenues makes it easier for a person through individual agents through internet corporate agents
to take a saving product?
307 Mr. Rajgopal has invested some money. He has been Life Insurance Mutual fund Shares
informed clearly about the tenure, interest rate and method
of payment of interest at the inception of the investment
itself. His investment may be in.....
308 Which of the following can‟t be deducted under section 80 c Pension Funds Public Provident Fund Employee Gratuity Fund
from taxable income?
309 Who act as an intermediary by offering a trading platform for Bombay Share exchange Bombay Stock exchange Stock brokers
buying and selling of shares?
310 The Central Bank has recently announced the decrease in Likely to increase. Likely to decrease. Will fluctuate.
interest rates. The prices of bonds are
311 Time deposit account is issued by: Post office Bank Mutual Fund
312 Pankaj wants to save tax over and above the deduction Corporate Bond Infrastructure Bond Health Insurance
allowed under section 80C of the income tax act 1961, which
allows deduction from taxable income
313 In which of the following Bank pays the Interest on the Saving Deposit Cumulative deposit Traditional Deposit
deposit‟s fund on monthly /quarterly /half yearly/ yearly
basis as chosen by depositor fund:
314 Vinod being an insurance agent can offer assistance to his Providing him emergency fund. Matching the product with Ramesh„s financial need. Recommendation of product with
client Ramesh by: highest return.
315 The concept of Risk diversification is applicable in which of Mutual Fund Risk Diversified Insurance Shares
the following instrument ?
316 Ajay bought a share for Rs.110 and he sold when it was Capital Appreciation Capital Profit Capital Benefit
Rs.630.What had happened to his share?
317 A client wants to save up to buy an expensive car, but his Current & Future Needs Financial & Non-Financial Needs Identify and Quantify needs
disposable income and future expected income estimates
make this desire unreasonable. An agent should clarify the
difference between
318 After paying premium of 5k the customer received a maturity nil 0.1 0.2
amt. at what rate will it be taxed ?.
319 As per new guidelines for a Sum Assured of Rs 1 Lakh what is 20000 10000 50000
the minimum Annual Premium which one must take?
320 As per the income tax act how much total premium is 25000 50000 1lac
deducted from the taxable income under sec 80 c would be
321 If the bank paid a cumulative interest in fixed deposit scheme Monthly Quarterly Half Yearly
then what is a mode of interest paid
322 In a fact find, it was found that a customer had provided for 6 High adequate Low
months of expenses as emergency funds. Is it
323 In a Unit Linked Insurance Plan, where the annual premium is 2 Lakhs 3 Lakhs 4 Lakhs
Rs.60,000, under the new guidelines, what is the minimum
life cover that a customer will have to take?
324 KVP is an ideal investment for what kind of customer Single Investment Monthly Investment Annual Investment
Ulip
2
No Proportion 4
Asset Maintenance Company Limite4. 3
Contingency/ Emergency Fund. 4
Mutual Funds.
call centers 2
Bank deposits
Infrastructure Bonds 3
Share brokers 3
No change is likely. 2
Life Insurance co. 1

Interest paid on education loan
2
Fixed Deposit
3
Discourse saving in a purposeful and 2

need based manner.
Risk Sharing insurance 1
Capital Variation 1
Real & Perceived Needs

4
0.3 1
100000
2
2lac
3
Yearly
2
Inadequate
2
5 Lakhs
2
Monthly investment at regular interval 1
325 Suresh has transferred his physical gold to gold ETF. This will increase the liquidity decrease the liquidity attract tax at maturity
326 The investment performance of a customer's singe lump-sum Corporate Bonds Kisan Vikas Patra Mutual Fund
payment will reflect the performance of a wide range of
different securities under what type of product?
327 What period of time a client has to be invested to get tax 10 Years 8 years 6 years
benefit under postal scheme?
328 What is the amount of money a client can take out as a lump- One-tenth one-third one-fifth
sum from a pension policy?
329 Omkar Started a pension policy with provider A but ended up Commutation Option Differed Annuity Option Guaranteed period option
in taking the annuity payment from provider B.The result
directly reflects which of the feature available in this policy ?
330 Denny is married and has 2 children age 6 and 10. His Denny only Denny and his wife Denny, His wife and children
parents are alive and are 70 and 68. Who all can be included
under the family floater health plan
331 Critical illness rider was taken and the rider benefit has been Reduced the base SA terminated continues as it is
claimed , the rider benefit now gets
332 In a Guaranteed annuity option of 5 years , the policy holder entire life term till 5 years and continue till annuitant lives annuity only for 5 years
will get annuity till
333 What frequencies can one take in annuity monthly,quarterly,half yearly, yearly fortnightly,quarterly,monthly,yearly fortnightly, monthly ,half yearly,
yearly
334 Why is there a waiting period in health insurance policies? Pre-existing illnesses Change in premium terms Nature of risk
335 How is No Claim Bonus is given in a Health Insurance Policy By way of Cash Discount Discount in Renewal Premium Free Renewable
336 What is importance of Health insurance? meet any medical emergencies Major hospitalisation and treatment expenses meet expenses post hospitalisation
due to loss of income
337 A person retiring within 3 months needs return as pension. Immediate Annuity Deferred Annuity Anticipated Endowment
What kind of investment plan he needs to choose .
338 An individual need a lump sum at the age of retirement, the the deferment period amount which required investment tools used for investment
amount he need to invest annually for the goal will depend on
339 What are the Special features of Health plan? Covers disease expenses Helps in Tax Benefits covers hospitalization cost
340 What will be maturity benefit under health insurance plan Fund value Paid premium Paid premium with interest
341 Which is the suitable savings plan for a senior citizen Term insurance plan Money back ULIP Plan
342 Claim Amount received under CIBR Rider ,can be spend for Health Expenses Only Household expenses Only Unspecified reason
343 What could be the percentage of guaranteed return in all 0.06 0.085 0.045
ULIP pension plan.
344 A person has taken a term insurance of 4 Lac. What is the 1 Lac 2 Lac 3 Lac
maximum Critical Illness Rider he can take
345 commutation is a feature of which type of policy annuity joint life policy pure endowment policy
346 Mr. Sharma buys a term insurance policy along with Accident 0.2 0.3 0.4
and Disability benefits rider. The rider cost would be
restricted up to what percentage of the base premium of the
policy?
347 Mr.Ramesh invested Rs:50000 in pension policy, what is the 0.3333 Pension plan is not eligible for tax exemption 1
percentage he can avail as exemption in Income tax.
348 Mr.Sumesh takes a policy and pays premium of 20000 with a Fully taxable 0.1 0.2
sum assured of 300000, what will be the tax implication on
his maturity amount
349 Yash wants to take open market option in Pension plan. What save more tax switch the underlying fund improved annuity rate
is the benefit?
350 In rising life expectancy the need for pension policy is Less expensive Less Transparent More necessary
increasing as retirement planning is
351 Ramesh wants to buy 15 years pension plan for retirement self employed Widower Savings are significantly higher
while calculating gaps required at the end the gratuity
amount was completely ignored because he is
reduces inflation 1
Recurring Deposit
3
5 years 4
half 2
Open Market option

4
Denny, His wife and children and

parents 4
will discontinue for 1 months 2
None of the above 2
None of the above 1
Cooling off period for insurers 1
Free increase in Sum Assured 2
All of the above

4
ULIP
1
All of the above

4
All of the above 4

No maturity benefit 4
Pension plan 4
to pay the further premium of base 3
0.1 3
4 Lac
4
policy of another person 1

0.5
2
will depend on his income slab

1
Tax fully exempted

4
To continue life cover 3
Tax efficient 3
Govt employee
1
352 While calculating pension figures, required at the time of Health Charges Inflation
retirement, two factors should be considered while planning,
One is taxation and other is
353 A invested money in Sr Citizen scheme. What is the tax Amt will be deducted from taxable income upto 1 Rs 1000 will be deducted 10% of the amt will be deducted
benefit he receives? lakh
354 Mr.Arvind has 2 children aged 13 & 15, he wants to buy 2 Family floater Health plan Endowment plan
health plans, one for himself & one for his wife, what will you
recommend.
355 Which fund needs to be selected to receive a 4.5% guarantee unit linked pension plan traditional pension plan POST OFFICE pension plans
on Pension ?
356 With this type of deposit the bank pays the principal and the Traditional deposits Recurring deposits Cumulative deposits
total interest at the end of the term.
357 How riders will help the customer in life insurance? allows policyholders to customize their insurance rider is like a clause Operative clause.
cover with additional benefits
358 In Daily hospitalization cash benefit scheme, The daily amount paid is fixed and will never be The insurance company may pay an additional The insurance company will pay for
more or less than the cost of actual treatment. amount on a daily basis if the insured is admitted to doctor consultation fees incurred prior
the Intensive Care Unit (ICU). to hospitalization
359 Customer has opted for a 5 yrs guaranteed annuity option. paid up to 75 Yrs annuity will be continued for next 5 Years paid till he is alive
What will happen to annuity, if the customer survives for 5
years after the end of guarantee period?
360 Which is correct in relation to Insurance Broker? Insurance broker is represents insurance buyer and Insurance broker is represents insurance buyer and Insurance Broker gets money from
remunerated by the insurance company remunerated by the Client both Insurance company as well as
from Client fo selling Insurance
361 In which plan weekly premium payments are accepted. Health Insurance Group Insurance Micro Insurance
362 An elderly person wants to use tax efficient investment and He will get tax benefit up to 5000 He will get tax benefit up to 25% He will get a reduction in tax slab
invests in senior citizen saving scheme. This will impact in
which way for him ?
363 What are the benefits to the policyholder Under Surgical care Number of days admitted in hospital & surgery Number of days admitted in hospital & surgery Treatment cost of surgery subject to
rider? expenses in full expenses in partial terms & conditions
364 A customer gets periodic benefits without any claim and then Endowment Term Money Back
when he dies during the term of the policy, his nominees gets
the sum insured. What type of policy is this ?
365 To identify suitable products with main features and their tax Agent Insured Policy Holder
treatments is the role of:
366 The rider which is given by the Insurance company pays for Critical Illness Rider Hospitalization Care Rider Accidental Benefit Rider
the treatment costs in the event of hospitalization of the
insured person is called
367 Customer has to pay the amount in regular intervals to create Collection Phase. Accumulation Phase Pension Phase.
purchase price or Pension Fund. We call this phase as…..
368 Some Health Plans will give coverage for family members Family Health Insurance Plans Total Protection Policies. Family Floater Health Insurance Plans.
also. We will call these plans as…..
369 Mr. Hitesh would like to get health coverage along with Life Taking Life Insurance plan with Critical Illness Rider. Taking Health Plan, Insurance Plan separately. Taking Medi-claim plan with Life
Insurance. What are the options available to Mr. Hitesh to Insurance.
fulfill his need with a little cost?
370 Which of the following is not a feature of WOP rider? The rider waives future premiums in the event of This rider is ideal for helping to prevent a policy The main strength of WOP is the
the disability or death of the policy holder. lapsing due to non-payment of premiums due to payment of full sum assured.
death or disability
371 Mr. Ramakant is 35 years old. He has bought retirement plan immediate annuity life annuity deferred annuity
for 20 years. This type of pension plan is known
as..................
372 Mr. Ranga has taken Critical Illness Rider. In which of the When Mr. Ranga dies due to critical illness When Mr. Ranga is diagnosed a critical illness When Mr. Ranga's family member will
following scenarios the insurance company will pay him...... be in critical illness
373 Which one of the following cannot be covered under Critical Blindness Paraplegia Coma
illness rider?
374 Mr. Yash has taken an annuity on 25th August 2011 The Guaranteed period annuity Life annuity Deferred Annuity
benefit of the plan will start from 25th August 2011 What
type of annuity plan is this?
Interest rates
3
20% of the amt will be deducted 1
Term Plan
1
BANK 1
Term Deposits
3
Rider is like Preamble. 1
Only surgery expenses are included in

daily hospitalization benefit
2
Will stop after 5 years guaranteed

period is over
2
None are correct

1
Macro Insurance 3
His investment would be deducted from

taxable income 4
Lump sum amount what he has incurred 3
Whole of Life
3
Insured person 1
Surgical Care Rider

2
Primary Phase.
2
Family Rakshak Health Plans. 3
Taking Hospital Benefit Plan with

Endowment Plan. 1
WOP rider can be offered with all plans

4
joint life annuity

3
When Mr. Ranga dies due to severe road

accident. 2
Brain Surgery 4
Immediate annuity
4
375 To avail the income tax benefit at investment stage, premium 10% of S1. 20% of SA. 30% of SA.
should be maximum
376 The savings needs of a particular individual is largely Amount of disposable income. Current assets. Current liabilities.
determined by?
377 While calculating the expected returns from investments and Taxation only. Inflation only. Taxation & inflation both.
savings, an individual should make provisions for
378 The general need for purchasing a health insurance plan at an The premium decreases with increasing age. The premium remains constant with increasing age. The premium may increase or
early age results from which of the following factors? decrease with the increasing age.
379 The life expectancy in India is constantly improving and is Equity. Bank fixed deposits. Health insurance plan.
well above 60 years. This also brings along health challenges.
These health challenges can be covered through
380 Due to some medical problem Neeraj got hospitalized and Group health insurance Family floater Insurance Plan Individual health insurance plan
insurance Company paid him a fixed amount on daily basis,
what kind of health Policy he bought it…………?
381 Which of the following is not a feature & benefit of rider? Providing additional cover Maturity benefit Nominal cost & flexibility
382 Health insurance policy holder takes treatment in a hospital Need to spend and Get claim from the insurer Need to add that hospital as TPA Need not to claim
which doesn‟t have cashless facility. How the policy holder
will get benefited
383 Which of the following is true regarding Family Floater Health A Family Floater Plan is the same as a Individual Only self and spouse can be covered in this plan Any number of people may be
Insurance Plan? Plan covered in this plan.
384 Family floater health Insurance plan covers All members of a Family Husband and Wife only Parents only
385 One person wants to take term plan for 20 lakh and wants to Needs to take expert‟s suggestion Equal to base cover Any Amount he can take if he is ready
take ADB rider, he is not sure of how much sum assured he to pay premium
needs to take for ADB rider. What is your suggestion?
386 A customer has taken a Term Plan of Rs 4 Lakh what is the Rs 1 lakh Rs 2 lakh Rs 3 Lakh
max SA of Rider which can be taken
387 In Group health insurance plan the insured are close relative fellow employees friends
388 In Harish's Policy commutation option is being used, what Annuity Plan Joint life On the others life
kind of policy is this
389 Mr. Krishan & Mr Mohan bought health insurance product and krishan is married & mohan is not Mohan is married and krishan is not krishan is NRI and Mohan is resident
are paying the same premium. Krishan is getting tax benefit Indian
for higher premium than Mohan. What could be the reason
for it
390 Omkar Started a pension policy with provider A but ended up Commutation Option Differed Annuity Option Guaranteed period option
in taking the annuity payment from provider B.The result
directly reflect the which feature available with this policy
391 To comply with the Insurance Regulatory Development 0.25 0.5 0.75
Authority Regulations , the premium for a health -related
rider is limited to what maximum proportion of the base
premium of a term Insurance policy.
392 What is the Cash Value which can be taken from Pension Plan One -fourth One -third Half
at vesting that is tax free would be ?
393 Rohit is working as sales manager with an FMCG company. To purchase an accidental rider with a savings To purchase a health plan along with a savings To save through fixed deposits in
His job requires him to travel across states. He is planning of insurance plan. insurance plan. bank.
covering his additional risk involved while travelling and a
savings plan. What suggestion would you give him as an
agent?
394 In which of the recognized life stages an individual does not Childhood Young Married Pre Retirement
required any protection cover
395 Why need do self employed people have to buy medical Public sector employees do not get sick very often public sector employees enjoy medical cover related Self employed person fall sick quite
insurance than that of a person employed with a public sector to the Job often
company
396 A family consisting of husband,wife and two children aged 6 Protection plan child plan Saving plan
and 10 . what kind of insurance plan can be suggested ?
397 Rajiv is married & has 4 year old son. Which insurance plan is Child plan convertible plan pension plan
suitable for him?
40% of SA. 2
Duration of investment. 1
No provision is require4.
3
The premium increases with increasing

age. 4
Savings insurance plan.

3
Daily hospitalization cash benefit plan

4
Customization and tax benefit. 2
Need to switch to the another insurer

1
The insurance cover is shared amongst

the family members in no fixed 4
Proportion.
Children Only 1
50% of SA max.
4
Rs 4 lakh 4
not known 2
Term policy 1
Krishan is above 65yrs of age and

Mohan is below 65yrs
4
Open Market option

4
Nil 2
To purchase a medical plan.
Retirement 1
Self employed person give more

priorities to health 2
All of the above

4
ULIP Plan 1
398 Samir is married and he has only one partner, with dependant income protection inheritance planning investment efficiency
parents and no child, which should be his priority
399 The sole focus during a client‟s fact-find session was Young married couple Young married with children. Pre-retirement.
healthcare requirements and estate planning. Which main life
stage is he most likely to fall into?
400 The main protection need of a 19-year-old is most likely to be self-protection. home loan protection. protection of Dependants.
401 With profit policies can be given to surety keyman partner

402 In the context of financial planning, how is the difference Real needs are financial needs and perceived needs Real needs are actual needs and perceived needs are Real needs are identified by the
between real needs and perceived needs best described? are non-financial needs. based on a client‟s thoughts and desires. insurance agent and perceived needs
are identified by the client.
403 If a person is concentrating more on health plan and Young unmarried Young married Young married with Kids
retirement plan then at which stage of life is he in.
404 Suresh has adequate reserve capital with him and he wishes Term Insurance Plan Endowment plan Return of premium plan
to protect his income, moreover he feels that if he does not
die then he would need the amount. What type of plan should
he opt for?
405 Manish and Manisha is a married couple with one child. They RETIREMENT. Savings. Education.
want to plan for savings, child education/marriage and their
retirement and protection of income. Which should be their
lowest priority?
406 Mrs. Sheela received some amount out of her husband‟s buy High return Investment plans Buy protection manage the asset and preserve it
death. In such a situation what will be her prime focus?
407 A Professional insurance market carries….. Need – Based Selling Product – Based Selling Commission – Based Selling
408 Perceived needs are those which are …. Short term needs. Imagined to be important by Advisor. Imagined to be important by client.
409 Need analysis involves identifying……… Financial provision to meet predictable and Capacity to pay the premiums in future. Existing insurance plans.
unpredictable needs.
410 The disposable income means...... the surplus amount that can be invested the amount that can be paid towards one's EMIs the annual bonus amount
411 Mr. Shanth is in his early 20s and has just started earning. high low normal
His risk appetite is expected to be.....
412 The younger the age of an individual..............their liabilities the lower the higher the smarter
will be.
413 Mr. Ramachandra's son Mr. Bharat has just employed as a Pre-retirement stage Post retirement stage Married with older children stage
software engineer, daughter Anusha has got married. Now Mr.
Ramachandra is free from his burden. So Mr. Ramachandra is
now in the ...................stage.
414 Mr. Vinod has lot of inconvenience to reach office every day. Real need Perceived need Imaginary need
So he wants to buy an expensive car when he will have
sufficient fund. Here Mr. Vinodh's need is.............
415 Fact finding enables the insurance advisor to identify clients financial need clients personal problems clients hereditary diseases
the.............
416 Which are the two primary needs of any customer in any Investment and retirement Investment and Protection Investment and savings
point of life?
417 The concept of need based selling involves Selling what company wish to sell. Selling what adviser wish to sell. Selling what customer requirement is.
418 For his investment need, Ravi has parked funds in equity. The High Risk. Low Risk. Moderate Risk.
returns from this form of investment can be categorized as
419 Vijay, aged 30 years and married, is the sole bread winner for Retirement need. Tax planning need. Financial security need.
his family. He is saving enough with banks. As an agent,
which need you prioritize first?
420 As an adviser why is it essential for you to carry out the Individuals understand their real needs and can Individuals have same financial needs at different Individuals do not understands their
financial planning exercise with the prospective clients? prioritize them. stages of the life cycle. real needs and cannot prioritize them.
421 What do you mean by Double Income Family? When a person of the family is involved in double When both the life partners are earning members of When the income of a family is just
businesses or jobs. the family. the double of income of another
family.
long term savings
1
Retirement
4
protection of children‟s future. 1
Individual 4
Real needs are needs which satisfy an
objective and perceived needs are
2
needs which do not satisfy an objective.
Pre retirement
4
Pension plan
2
Protection.
Plan for pension

3
Company – Based Selling. 1

Long term needs. 3
Family and Employment details. 1
the sum of one's all investment 1
Neutral. 1
the superior 1
Employment stage
Important need
2
Clients‟ social background. 1
Investment and life needs 2
Selling what IDRA wants company to 3

sell.
No Risk.
1
Asset building need.

3
Individuals‟ real and perceived needs

are same. 3
When the members of a family do not

work at all. 2
422 In which of the following case there is no defined retirement Public sector employees Private sector employees Professionals & Businessmen
age?
423 Which one of the following is true? Every individual‟s income and expenditure pattern Every individual‟s income and expenditure pattern is An individual‟s income and
is same. different. expenditure has no relation.
424 Ajay 28 years old has spouse and two children , before opting Health Insurance for Spouse Health Insurance for child Protection plan for spouse
for Health Insurance Plan Which other need he need to take
care of?
425 Mr. X fact find shows he need a term insurance for his future Term Insurance Medical Insurance Children's Policy
income protection, A family health plan to cover medical
needs, a children's plan to cover his son's education and a
endowment policy for his daughter's marriage. Which of
these is the first priority
426 Benefit Illustration given to a customer quantifies an amount Charges Interest Inflation
by which investment return is reduced. This reduction reflect
the impact of
427 Fact Find Process helps to Ensure a sale is achieved Identify Client need Create an audit trail for future
complaints
428 A Person Need to do Estate Planning would be in which period Young Person 30-40 years age group Married
of his life stage
429 A plan suggested by an agent should be based upon which of A Plan based on needs to the Client A plan based on paying capacity of the client A Plan based on the clients dreams
the following ?
430 In a fact find, a couple discovered their need to be estate Married Married with children Married with older children
planning? In what life stage will they be in?
431 Mr. Prasanth 25 Age has a Government job & he is Unmarried Short term long term Medium term
how many years policy can be given
432 Sanju & vikram are both 22 yrs old. Sanju has dependent Investment Health Insurance cover Life insurance cover
parents and vikram has no dependants. What will be sanju‟s
preference over vikram‟s preference?
433 A Couple has 7 years old son, What solution would they be Retirement health care child education
looking for
434 The commission payable in a ULIP plan to the Advisors is Benefit Illustration Premium receipt Product Brochure
mention in...
435 An agent has recommended an investment product with non- 5% and 8% 5% and 10% 6% and 8%
guaranteed benefits. The benefit illustration passed to his
client will therefore use assumed annual growth rates of
436 The rates of assumed annual growth to be shared in the IRDA Life insurance council The Royal Bank
benefit illustration has been decided by which of the authority
437 While recommending a solution to the client, the advisor Advisor need Product features Client income
should, establish the link between, client needs and
438 A 38 year old married with 2 children, her husband dies and estate plan loan protection pension
left huge legacy behind. What should be top priority?
439 A young couple wants to invest for their daughter, and their term plan endowment annuity
income will increase with time horizon and suggest
investment plan?
440 During fact finding, What will be the next step after Quantify clients need Priorities Clients Need Recommending Product
Identifying clients need
441 During a fact finding process the need analyzed were income Do the fact finding exercise again Insist with the client to take a term plan Give a child plan and revisit the client
replacement and children‟s education. But the customer on a later date
insists on only a child plan for the time being and asks the
agent to give him a child plan. The agent should.
442 Akash is an Unmarried person and employed with company Money Back Term Plan Endowment Plan
ABC and drawing a handsome salary. He has no liabilities.
What kind of plan can be suggested to him?
443 What should an agent do in order to understand the mental Fact finding Consulting the client‟s parents Consulting the family of the client
state of client in respect to his investments in saving products
444 Which is the best option to manage risk? Retain Transfer Avoid
All of the above 3
An individual should not keep in mind

his income while planning his 2
expenditure.
protection plan for self
4
Endowment Policy
Taxation
1
Provide regulatory body about agents 2

data base
About to get retired 4
None of the Above 1
Retirement 4
Plan cannot be given 2
No preference
3
life cover 3
Proposal Form 1
6% and 10%
4
SEBI
2
Client expenditure
2
wealth creation
2
flexible Ulip plan

4
Fill up the proposal form 4
Give the lead to another agent
ULIP
3
Reviewing his existing investments

4
None 1
445 Naveen, aged 32 years, has taken money back plan. He is a Yes, as Naveen and Ram are of same age. No, customers needs are different Yes, as both are teachers
teacher by profession. Naveen referred Prasad to Ram.
Prasad is also teacher. Ram who is an agent advised Prasad
to take money back plan as he is of same age (33 years). Is
it the right advice? Why?
446 Mr. Govind, Advisor with ABC life insurance company find out Young Unmarried. Young married with children. Retirement.
one client is seeking solutions for health care and inheritance
planning. Which main life stage he most likely to fall into?
447 Which type of questioning is very useful to gather information Closed Ended Questions Open Ended Questions. Interrogative Questions.
from clients?
448 During the recommendation stage the advisor needs to...... recommend the products that best meet the client's recommend to wait some days to invest recommend the new product the
needs company has recently launched
449 Insurance Protects which of the following? The life of the person paying compensation The risk retained person 's family The financial goal of the insured
450 Mr.Mohith, an agent was explaining to his customer the Fact Finding document B.KYC document C. Benefit illustration document
guaranteed benefits of the product. Which one of the
following documents he would have used to explain the
same?
451 Mr.Harsha an agent wants do a thorough Fact Finding for his Client‟s Profits and Withdrawals from business Client‟s Expense statement Client‟s business details
client to Mr.Kishan who is a business man. Which of the
following information will be helpful to know about the
earnings and Expense of Kishan?
452 During the fact finding session as an agent you should follow Prioritize, Identify & Quantify Needs. Identify, Quantify & Prioritize Needs. Quantify, Identify & Prioritize Needs.
which one of the following process?
453 Objectives of fact-finding do not include- Identify needs Gathering client data Provide for anticipated changes
454 Which one of the following documents distinguishes between KYC documents Benefit illustration documents Fact-finding sheet
Guaranteed and non-guaranteed benefits?
455 What key impact will the agent have in low persistency Increase more business Increase in the agents earning Will improve reputation
456 In which one of the following statement an agent‟s Customer Statement of the product Benefit illustration of unit linked product Benefit illustration of endowment
commission will be disclosed to the customer ? product
457 A low persistency ratio for the insurance company means The customers are satisfied with the products The company is acquiring more business and new A large numbers of policies have
that: customers lapsed / surrendered resulting in loss
of profit
458 Venu, aged, 32, had a Insurance cover of 10, 00,000/- . He Churning Proposing Underwriting
was approached by an advisor who made some analysis and
told him that his Insurance need is higher than 10, 00,000
and suggested that he surrenders the existing policy and
buys a new one. This is an example of
459 The best way to prove that customer of a ULIP policy is given Ask the insurer to give a policy endorsement letter From the fact details From signed copy of benefit
awareness about the commission paid to the agent would illustration
be ?
460 An agent reveals the commission received from Insurance Only X has bought other product from the agent Only Y has a Single premium Product X is married and Y is Single
sales to X and Y. Both are for the same duration. Why is
commission of X far higher than commission received for Y
461 An agent should disclose the commission if the commission is low the commission is high Customer asks for it
462 Nikhil explaining ULIP plan to a customer doesn't know Ask the customer to check it himself tell him what ever he thinks Refer to the product brochure
answer of a doubt regarding the product that the customer
has. What should he do?
463 Churning is considered bad for a customer. Why is it? Impact of charges on customer fund Higher commission to advisor Customers get new plans
464 Churning is bad , based on which aspect Agents earn Lower Commission on churning Policyholder gets more benefits Policyholders suffer due to surrender
charges and benefits
465 What would Higher persistency to the insurer ensure? More productivity Higher attrition Higher Profits
466 Persistency has increased from 82 % in previous year to 86 more lapsation more attrition less lapsation
% this year .This indicates which key reason ?
467 A satisfied client will lead to Word of mouth publicity for the agent Chances of up selling More reference generation for the
agent
468 An Agent can receive maximum of ________ %of the Thirty Percent Twenty percent Thirty Five Percent
premium as commission in the first year
No, as there is an age difference.
Children.
3
Clarification Questions. 2
Recommend to take his own time to

take a decision. 1
The life of the nominee 3

D. Client benefit document
3
Client‟s business records
Prioritize, Quantify & Identify Needs. 2
Surrendering the existing policies for 4

selling new one
Financial details 2
Will have impact in his commission. 4
Customer data sheet with the product 2
The company will not declare bonus

3
Switching
From ticked columns of proposal form

3
Y is young
2
customer not asks for it 3

must not shown any interest in the
doubt 3
Agent will get angry and would not give 1

service
Insurance companies get good branding 3
Higher S.A 3
No profits
3
All the above 4
fifteen percent 3
469 Customer asks the agent to disclose the commission . The disclose on demand Not disclose Should call up the Insurer
agent should
470 If Sales Target get reduced then Churning will Increase Decrease Will not affect
471 Advisor motivates the client to surrender the existing switching Building long term relations Revisit the financial planning
Endowment plan and buy new Whole life policy for gaining
higher commission. This is an example for ?
472 Sometimes an agent resorts to churning his /her customers Avoid a customer complaint Minimize paper work Service the customer
existing plans , without keeping the customers needs in
mind . This would be done for what reason ?
473 What are the key aspects of advisors do for better Selling product as per need & policy servicing Surrender Selling products having higher
persistency? Commission
474 If the client does not wish to proceed with the Insist on taking the product right away Should ask for the reason for not going with the Should ask for a future date from the
recommendations right at the moment the agent should recommendation client
475 According to Insurance Brokers Association of India, what is Insurance broker represent the client and the The client represent the broker and the insurer Insurer represent both client and
the most appropriate relationship between Insurer and insurer remunerate the broker remunerate the broker broker remuneration
Broker?
476 Naresh is married and his daughter Sneha is 3 years old. Term & Children Plan Annuity Plan Whole Life Plan
Which plan can he take?
477 What is the factor which has influence on persistency? Role of Agent Product Design. Policy Servicing
478 Agent who is a licensed intermediary is actually is ? A legal person to act on behalf of the re-insurer A legal person to act on behalf of the insurer A legal person to act on behalf of the
contract
479 Which one of the following factor does not help in the Regular reminders about the premium to the Flexibility of Premium payment to the customer Dispatching Discharge voucher to the
Persistency ? customer customer
480 After undertaking financial planning exercise, the prospective Objection handling skills. Listening skills. Communication skills.
client said that he does not have funds for investments. To
resolve this query, which skill of an agent would be tested?
481 When client declines the recommendation by the insurance Persuade the client to purchase the policy. Should ask for reference who might be interested in Should never approach the client ever
adviser even after resolving the concerns, the adviser should financial planning. again.
482 Amit & Rashmi are newly married. Both are working couple. Ruining the long term reputation of company. Opportunity of new business for adviser. Bad reputation of the individual
They want to invest their savings of 100,000 annually to build adviser.
corpus to make down payment for their house 5 years from
now. An adviser sold than a unit link product to meet their
requirement. This may result in
483 Under which one of the following acts the maximum Income Tax Act Indian Contract Act Insurance Act 1938
remuneration that can be given to insurance agents
described?
484 Which one of the following is not a benefit of persistency? Helps the client in achieving goals Reduction in costs Increased client satisfaction
485 Why building long term relationship with clients is necessary? A satisfied client may be the source of other Reviewing financial needs and plans are necessary Agent has the option to
potential clients with changes recommending highest commission at
any time.
486 An insurer showing continuously low persistency then its Higher Lower No change
impact on front cost of policies will be
487 From which document , the client can check the agent EBI policy document prospectus
commission
488 if an insurance agent churns the policy the main reason for Avoid customer complaints Minimise administrative paper work Obtain value for money
this action is likely to be the desire to
489 NRI is classified in which category as per the KYC guideline? High Risk Low Risk Average Risk
490 Persistency of an Insurance Product has increased from 82 % More policies lapsed/surrendered More Commission has been paid Less no of Policies
in previous year to 86 % this year . It means that Lapsed/Surrendered
491 Under KYC Regulation, What is Max amount of cash client can 10000 15000 25000
deposit
492 What is direct impact on advisor if there is low persistency Renewal commission will decrease commission will increase Low cost to company
ratio in policies ?
493 A claim intimation leads to the publishing of an advertisement Policy is assigned Policy document is lost Policy is in lien
in the newspaper. This means
Should avoid the topic 1
Partially 2
Churning
4
To earn extra commission

4
Not keeping in touch with client 1
Should review once again

3
Broker only service the client

1
Health Plan 1
All of the above. 4
An authorized agent to act on behalf of 2

the legal company
Continuous servicing of the policy 3
Client information gathering skills.

1
Should do nothing.
2
Financial burden on the couple.
IRDA Act 1999

3
Decreased revenues 4
Introduction of a new insurance product

or a change in a client‟s Circumstance 1
no impact 1
proposal form 1
Receive extra commission 4
No Risk 1
No Bonus Declared
3
50000 4
Agent can do more policy 1
Any one of the above 2
494 Ajay has bought an endowment insurance plan with a cover Normal Fraudulent Early
of Rs. 10, 00,000 for a term of 15 years. Ajay died after 3
years. Insurance company will not treat this claim as
________ claim.
495 If a person is missing then after how many years will he be 5 7 10
considered as dead & SA paid to the nominee.
496 What is the death benefit if the person has multiple sums Death Benefit will be the amount with highest SA No amount will be paid Sum of all SA in different policies
assured under different policies? policy would be paid
497 Client died in 89th day from DOC. In which category he is not Murder Deep Illness Accident
eligible for claim . What could be the reason ?
498 Mr. Customer has taken a policy and died before receiving the Entitled for full claim Entitled for partial claim Not entitled
document which was dispatched by the insurer.
499 In a claim, the customer got much more than the Sum it was a with profit plan Investment Frequency Nature of Death
Assured. Why?
500 Without submitting any form of claim, a life insurance policy ULIP Term Money Back
holder received payments of maturity then what type of
policy he is holding
501 If a person is absconding then after how many years will he 10 years 20 years 7 years
be considered as dead & SA paid to the nominee.
502 No of days in which the death claim has to be paid after the 15 days 30 days 45 days
necessary documents have been received
503 Mr.Suresh dies one day before the grace period without No claims payable All premiums paid Sum assured
paying the premium, what is the claim payable
504 The delay in settling claim by any insurance co, as per IRDA 0.07 0.085 0.072
norms has to pay....% if the present bank interest rate is
5.2%
505 What is the maximum Time in which The insurer should settle 3 days 15 days 30 days
a claim when all documents are submitted
506 During claim insurer deduct Rs. 10,000 in spite of having no Premium Rate increase Loan facility Mode of Payment
Lien and all due premiums are paid. What are the other
reason for deducting the same?
507 In case of confirmed accidental death, the benefit is paid in Life time annuity Lump sum sum assured plus accidental sum assured Sum Assured
the form of
508 Under Indian Evidence Act 1872, after which year 6 years 7 years 10 years
presumption clause will apply if the person is not heard of
509 A claim was paid in a policy and it was advertised in the It was assigned. It was paid up. It was lost.
newspaper also. This indicates that the policy was.
510 An indemnity bond was signed in a policy when the claim was It was lost. It was paid up. It was lapsed.
paid. This indicates that the policy was.
511 Which of the following falls under voidable contract? Misrepresentation Lack of insurable interest Fraud
512 Generally insurance companies do not hold the premium in Fraudulent claim Indisputability clause Redressal procedure
case of a fraud or misrepresentation. However, due to which
of the following circumstances the insurer can retain the
premium of the policyholder
513 For the customer whose claim has been refused by the Consumer Forum COPA Sebi
company, the three places where he/she should follow up are
– Ombudsman, IRDA Customer Grievance Cell and
………………………..
514 Prashant buys an Endowment Plan with a sum assured of Re. Less than 10000 More than 10000 Less than 20000
100000 and wants to make use of tax benefit under the
policy for whole SA. How much premium would help him avail
this benefit
515 Vinay doesn‟t want to take insurance on himself. He feels Transfer Control Retaining
that his family will survive with the funds available in the
bank and monthly rentals received from village. This comes
under Risk ______
516 What is meant by a claim under insurance policy? A demand to fulfill the policyholder‟s obligations. A demand to fulfill the insurer‟s obligations. Any demand made by the policyholder
on the insurer.
General.
3
12
2
Not more than 20lacs 3
Suicide
4
Return of Premium
1
Survival Benefits 1
Health
3
12 years
3
60 days 2
Sum Assured less the undue premium

4
0.082
3
10 days
3
Loading
2
Lump Sum plus life time annuity 2
12 years
2
It was surrendered.
3
It was surrendered. 1
None of the above 1
Pending decision from Ombudsman
Life Insurance Council

2
More than 20000

3
Avoidance
3
All of the above. 2
517 Who will take the initiation to settle the maturity claim Client IRDA Advisor
process?
518 Which is the right statement regarding claim enquiry? The insurance company makes enquire only on The insurance company makes enquire on maturity Enquiry will be done on both Maturity
death claims. claims only. and Death Claims.
519 Mr. Chintamani has taken a policy from ABC Company on 2nd Normal death claim Early death claim Abnormal death claim
March 2010, but unfortunately he died on 18th August 2011
His death claim is considered as..........
520 Detailed Investigation will be triggered in case of...... Maturity claims All death claims Early death claims
521 In the process of settling maturity claims.... the company will wait until the claimant comes to the process is initiated by the company well in it is the responsibility of the claimant
office to demand the claim advance of the maturity date to approach the company
522 Mr.Feroz has taken policy for critical illness worth Rs.1 lakh in claim of critical illness and 10 lakh from term policy claim of hospital charge Rs 20,000 and 1 lakh for Claim will not be settled as he died
health policy. He also has a term plan worth Rs.10 lakhs. will be settled death will be settled due to cancer
Mr.Feroz was hospitalized after he was detected with
cancer .Unfortunately he died after 3 days of treatment. How
the claim will be settled?
523 Mr. sham had taken a term plan in 2008 . He died of cancer Claim will be rejected Claim will be settled as Cancer was not deducted in Claim will be settled as he died in
in 2010 Investigation about his death revealed that he was 2008 2010
deducted cancer in 2000 What will happen to his death claim?
524 Mr.Baskar had taken a Term plan for a sum assured of Rs. 7 Total 7 lakhs will be paid as death had taken place Total 4 lakhs will be paid as death had happened due Total 11 lakhs will be paid
lakhs. He also has an ADB rider worth Rs. 4 lakhs. to car accident
Unfortunately Baskar died in a car accident. How much will be
the death claim settlement?
525 Mr.Sampath has taken a policy on January 10th 2006 for a Eligible for claim as the premium was paid from Not eligible for Claim settlement Claim will be settled after deducting
term of 12 years. Due to financial instability he discontinued 2006 to Dec 2010. the unpaid premium
to pay the premium from 201 He died on August 13th 201
What will happen to his death claim ?
526 The agents duties and responsibilities ends When the clients policy is issued. When the client‟s needs have been established. When the nominee has changed.
527 Insurer will not pay the claim unless The policyholder makes a demand. The nominee makes a demand. The event insured against happens.
528 Aman has taken a term plan for 20 years. In the 3rd year he The policy was not in force. This condition is excluded in the policy. The claim is fraudulent.
suffered financial crisis due to which he was unable to pay
premium within grace period and died after 1 month. The
nominee files a claim and is rejected because
529 When a policy is lost, insurance company take utmost care The claim may not be genuine. The policy may be pledged. The facts were misrepresented.
while settling maturity claims because
530 Pranab is not able to pay premium for continue his policy due In to paid up and reduced Sum Assured would be Return of Premium on maturity Deduct the underpaid premium from
to some Financial problem, so he rather than surrendering payable on maturity. Sum assured and payable on Maturity
the policy, what Option he has to convert ……….?
531 Ajay has bought an endowment with profit plan for 20 year .if only Sum assured Sum Assured + Bonus Sum assured plus vested bonus minus
he took a Loan after 5th of commencement of policy and died any outstanding loan/premium &
before 2 year of Maturity .what would be payable on Interest.
maturity?
532 Under what kind of Rider the insurance company pays the Accidental death benefit (ADB) Critical illness (CI) Hospital Care (HC)
treatment cost in the event of hospitalization of the insured,
subject to term & Condition of the rider.
533 Which one of the following report is not considered in case of Police first information report. Advisor confidential report Post Mortem Report.
Pankaj Bought a plan in 2009 & died in road accident in
2011 :
534 At the time of death claim within how much time insurance 30 days 15 days 45 days
company can ask for any documents which they require to
verify ?
535 Following the death of a policyholder, Rs.10000 was deducted Commutation Lack of insurable interest Loan
from the claim. The policy did not have a lien and all due
premiums had been paid. Why was the deduction made?
Insurance company 4
Enquiry will be done if death happens
before one year from policy inception 4
date.
Unnatural death claim
2
Rider benefit claims. 3
If the claimant does not come within a

month the entire maturity amount will 2
be forfeited.
Claim will be settled as per the
instructions of underwriter
1
Claim will be delayed

1
Total 7 lakhs will be paid without any

deduction.
3
Claim will be settled after the deduction

of unpaid loan amount
2
When the maturity/claim is settle4. 4
The insurer completes the enquiry. 3
The claim is an early claim.
There is no nomination. 2
Policy was subject to lien.

1
Paid up value only.

3
Term Rider.
3
Coroners Report
2
60 days
2
Premium Rate Increase

3
536 Death claim is delayed due to investigations which were to be 0.067 0.077 0.072
made. If at that point of time the bank rate is 5.2 % then
what would be interest rate paid by the insurer to claimant on
the claim amount
537 if the person is missing and the insurance comp is waiting for continued to be paid discontinued the company can waive off the
the court to issue a decree of death. Then the premium premium
payment needs to be ?
538 There is claim recieved by insurance company which is very 15 days 30 days 3 months
complex in nature and need investigation. What is max time
given by regulator to insurance company for investigation ?
539 When a policy is lost, Insurance company take utmost care The Claim may not be genuine The policy may be assigned The fact was misrepresented
while settling maturity claim because
540 To prove one‟s identity in accordance with KYC process, the An Age Proof An Identity Proof An Address Proof
customer needs to submit following document excluding
……….?
541 License of candidate passing insurance exam is valid for ___ 1 3 5
years?
542 The controller of insurance in India is IRDA RBI SEBI
543 Who is regulating Advisor's Licensing IRDA Insurance Act 1938 LIC Act 1956
544 If the policy is endorsed under MWP Act - then the parents ex wife children
beneficiaries are wife and ?
545 Consumer Forum at district level will hear complaints up to 20L 40L 1Cr
546 Mr. ABC cleared the IRDA exam on 2010 got license but he 2013 2014 2015
did not work , In which of the year again he will apply for
insurance license?
547 Who is regulatory body of money laundering in insurance SEBI RBI IRDA
sector?
548 If a case is already before the consumer forum, then the Give a recommendation Give a joint decision with the consumer forum Dismiss the case
ombudsman should
549 Indisputability clause can be enforced by the insurance First five years of policy First Two years of policy Claim
company during the
550 Ashish is looking at different plans of insurance for protection Term plan Endowment plan Whole life plan
at the lowest premium. Which is the best plan for him?
551 What is the major reason for conducting fact finding exercise? Need analysis Understand about company Introduction of agent
552 The guidelines for annual assumed growth rate are given by Life Insurance Council IRDA Actuaries
553 Pricing element is done by IRDA Insurance Company Life Insurance Council
554 Which is the not part of KYC norms? Photographs Proof of identity Proof of address.
555 Remuneration to Agents includes First Year Commission Renewal Commission. first year as well as renewal
commission
556 Which is the 2nd stage in Money Laundering? Layering Placement Integration
557 In the case of agent's death, the commission payable will be his legal heirs to his nominee will stop automatically
paid to.........
558 Which one of the section deals with the licensing of an agent? Section 42 of the insurance act 1938 Section 42 of the insurance act 1936 License section of Insurance act 1938
559 Mr.Varun taken up his agency in July 5th 2000 His lost his Need to complete 25 hours of practical training and Need to complete 50 hours of practical training and Need to complete 25 hours of
IRDA license while travelling. His agency has also expired. paying Rs.50 for the issuance of duplicate license paying Rs.100 for the issuance of duplicate license practical training and paying Rs.100
What is the solution for Mr.Varun ? for the issuance of duplicate license
560 Under Married Women‟s Property Act, 1874 a policyholder is The Life Assured. The beneficiaries. The trustee.
561 Who has the authority in insurance company to issue/cancel Insurance Company. Designated Person. Branch Operations Team.
the agents license
562 Married Woman‟s Property Act 1874 provides that a life Married Woman Married Man Married Son
insurance Policy that has been taken out by:
563 As per Anti Money Laundering guidelines, premium deposit in 10000 20000 25000
cash is maximum allowed upto
564 Which institution was incorporated by the Insurance Act 1938 Insurance Institute of India Insurance brokers association of India Life Insurance Council
565 Who controls and regulates the rates,advantages ,terms and Insurance regulatory and development authority Reserve bank of India Tariff advisory committee
conditions of general insurance business
566 If IRDA is unable to discharge its functions or duties, Central Has the power to supersede the IRDA by issuing Has the power to supersede the IRDA by issuing a bill Has the power to supersede the IRDA
Government notification. in parliament by issuing draft
0.082
3
optional to the nominee to pay or not to

pay 1
6 months
4
There is no Nominations 2
Education Proof
4
7 2
Insurance ombudsmen 1
None of the Above 2
mother 3
10L 1
2016
1
TRAI 3
Give an award. 3
Inception of the policy 2
Money back plan.

1
Understanding the Customer 1
Underwriter 1
CII 2
Lapsed policy details. 4
Salary and Reimbursement. 3
Amalgamation. 1
Paid in lump sum to the survivors. 1
License section of insurance agent act 1

1938
Need to complete 50 hours of IRDA
training and paying Rs.50 for the
1
issuance of duplicate license
The administrator. 1
Actuary. 2
Married Daughter 2
50000 4
National Insurance Academy 3
Insurance Institute of India 3
Can make changes in IRDA law 1
567 Which is the training institute for providing training to Insurance Institute of India IRDA RBI
insurance agents?
568 What is the eligible age for applying for agents license in 16 15 18
insurance company ?
569 Board of Insurance is related to SEBI IRDA Insurance Association
570 basic criteria of agent would be ? sound mind & graduate sound mind & good income level Age and income level
571 Investment by foreign direct investors in to Insurance co's is 0.12 0.25 0.4
restricted to
572 What is the role of National Insurance Academy? To regulate To advise Government To undertake training activities
573 Ombudsman has to pass the award within how much time of 1 month 2 months 3 months
the complaint being registered before him ?
574 Which body has created a call center for logging a complaint Life Insurance Council IRDA Insurance Association
575 During financial planning session if the agent finds out the Childs education Marriage Emergency funds
following needs, which one should be given the top priority.
Needs: Income protection, Childs education, marriage and
emergency funds.
576 If a valid claim is delayed by the insurer then the interest for 10 days 20days 30 days
the same will have to be paid by the insurance after how
many days from the date of admission of the claim?
577 Who controls and regulate the rates, advantages, terms and Insurance Regulatory and Development Authority. Reserve Bank of India. Tariff Advisory Committee.
conditions that may be offered by insurers in the respect of
general insurance business.
578 Issuance of a license to a person has been stipulated Section 43 of the Insurance Act 1939 Section 42 of the Insurance Act 1938 Section 12 of the Insurance Act 1922
in................Act
579 The Insurance Institute of India (III) was formed in..... 1956 1999 1955
580 Which of the following team represents the members of GBIC Representatives from all insurance companies Representatives from all government bodies Representatives from IRDA
?
581 Which council among the following focus on creating a Life insurance council Consumer insurance council National Insurance council
positive image of the insurance industry and would also like
to enhance the Consumer‟s confidence on the same ?
582 Mrs. Hansa an agent, has planned to sell maximum products It will benefit both the company and the customer Reputation of the company will be high due to offers Agent will be terminated
within a short span of time by giving maximum rebates to the to the customer
customer to complete the contest target of the company.
What or how would insurance company react to this ?
583 Mr.Raghav is an expert in fact finding .Mr.Raghav helps his Raghav will be promoted to the next level Raghav will be terminated Raghav License will be cancelled
brother in his job by sharing the information of his clients
after the fact finding he does to procure insurance. What will
be the outcome ?
584 The face of the life Insurance industry in India is ………..? Life Insurance Council Life Insurance Corporation Insurance Regulatory Development
Authority
585 In life insurance business if a person is working in calculating institutes of actuaries of India insurance institute of India Charted institute of insurance
premium rates of insurance products, then he is mostly likely
a member of
586 WHAT IS THE ROLE OF NIA TRAINING FOR INSURANCE SECTOR REGLATORY BODY INSURANCE UNDER WRITING
587 Which body formulates the Monetary Policy in India Institute of Actuaries RBI SEBI
588 Ombudsman has to give his decision within how many days? 15 Days 30 Days 2 Months
589 As per IRDA regulations setting up IGMS would help in Claims by insurance companies Licensing of agents by IRDA Controlling Premium rates by IRDA
effectively handling what ? centrally
590 What is the stipulated time frame within which an insurer is 24 hours 1 day 10 days
supposed to respond after receiving any communication from
its policyholders?
591 Karthik written to his insurer about non settlement of a 3 5 7
maturity claim, as per regulations, the insurer has to reply to
this within how many working days
592 When was Ombudsmen Created? 1998 1986 1989
SEBI 1
17 3
Insurance actuary of india 2

His contacts in the market to solicit 1
Insurance
0.26 4
To Advertise globally on Indian 3

Insurance
6 months
3
Income protection
4
60 days
3
Insurance Institute of India.

3
Section 34 of the Insurance Act 1932 2
1947 3
Representatives from Insurance institute 1

of India
General insurance council
1
Agent will be qualified for the contest
Customer will complain to Ombudsman
Insurance institute of risk management

1
ACTURIAL VALUATION 1
Tariff Advisory Committee 2
3 Months 2
Grievance of the customers 4
30 days
3
10
4
1990 1
593 Insurance companies are required to honor the awards 15 days 10 days 20 days
passed by the Insurance Ombudsman
594 What all grievances can be taken up to the Ombudsmen partial or total repudiation of claims by the insurer dispute with regard to premium paid or payable delay in settlement of claims
595 When the insured disagrees with any of the terms or 30 15 20

conditions of the policy after the policy is issued, they have
the option to return the policy stating the reasons for their
objection. Within how many days they can return the poly?
596 Consumer can call Toll free No. for any Grievance or he can Consumer Affairs Department of the IRDA Insurance Ombudsman Insurance Company
also contact
597 What is the free look time available after receiving policy 30 15 20
Documents?
598 What is the limit of Ombudsman claim settlement? insurance contracts of value not exceeding Rs. 20 insurance contracts of value not exceeding Rs. 25 insurance contracts of value not
lakhs lakhs exceeding Rs. 30 lakhs
599 Regulation issued by IRDA required that the decision on the 15 days 20 days 1 month
proposal must be conveyed to the proposer within
600 Whom should customer contact in case of any dispute for a Forum at district level Forum at state level National commission
claim more than 20 lakhs
601 Which other Complaint council body ,other than IRDA Ombudsman Insurance Institute of India Insurance Association
grievance readdress forum & COPA, can a complainant go to
get his grievances against insurance company ?
602 What are the ways by which a policy holder can make email Toll free No. Newspaper
complaints
603 If the complainant is disagreeing with the decision of the 1 Year 6 weeks 12 weeks
company on the claim then he can approach to ombudsman
in
604 If a policy holder buys a policy from the advisor and lodges a Same for all policies sold by advisor Same for all policies sold by the advisor except Only for policy for which complaint
complaint, it should be treated as : corporate clients has been given
605 Group Insurance can be taken in following relationship employee- employer husband-wife family members
606 De- tarrification is a process by which pricing of Insurance Rises Decreases Reaches at a level as per industry
trends
607 As per Regulation for protection of Policyholder ‟s interest Some Specific Insurer Those Insurer who did not created Insurance All insurer
2002 (IRDA), Which insurer will have a grievance redressal Ombudsman System
System
608 Pooling of insurance applies to all types insurance All types of insurance except Motor insurance Only life insurance
609 AML Program of every insurer to include _______________, Inspection by IRDA Audit by Finance Ministry Appointment of Principal Compliance
apart from Procedure, Training and audit. Officer
610 What is the minimum Sum Assured allowed for Micro 5000 10000 15000
Insurance?
611 How many ombudsmen offices located in India? 10 12 14
612 What the name of department that is established by IRDA to Customer Complaint Department (CCD) Customer Grievance Department (CGD) Consumer Affairs Department (CAD)
deal with customer complaints?
613 The insurance ombudsman has been appointed to protect the policyholders shareholders insurers
interest of.......
614 The charges were not fully disclosed to the customers" is a IRDA Agents Shareholders
common complaint against.....
615 Which regulations take care of the settlement of claims ? Protection of Policy holder Interests regulation 2002 IRDA claim protection regulation 2002 C.IRDA policy settlement regulation
2004
616 If any consumer is dissatisfied with the customer care cell of Nodal officer Grievance call center Compliance cell
any insurance company to whom they can escalate their
grievances.
617 Which is the Regulation that insists that all the insurance Policyholder grievance Regulation Policyholder‟s Protection regulation Ombudsman Regulation
companies should provide the information about the
insurance ombudsman of that region while sending the policy
documents.
618 To ensure that the customers complaints are handled Integrated Grievance Management System. Internal Grievance Redressal Cell of the Insurer. Grievance Redressal Officer.
effectively, IRDA has established
619 Life Insurance policyholder is entitled to refer complaint to Original complaint event on which complaint is based response by insurer
insurance ombudsman referral is made in maximum period of
one year from
620 Mr A Is working as Nodal Officer in Insurance company,. What handling complaints assessing risk Licensing of agents
is he dealing into ?
3 days 1
ALL THE ABOVE 4
25
All of the above 4
45 2
insurance contracts of value not 1

exceeding Rs. 50 lakhs
no time bar
1
Ombudsman 2
FERA
1
Email or Toll free Number 4
2 months
1
None applicable 1
society members 1
Insurance can price their product on 4

their self past experiences.
It is optional
3
Only Non-life insurance 1

Inspection by Auditor General
3
20000 1
15 2
Consumer Protection Department (CPD) 3
General insurers. 1
Underwriters 2
D. Protection of claim settlement 1

regulation 2002
Compliance officer
1
Compliance Regulatory
2
Consumer Affairs Department. 4
expiry of policy
3
Managing administration for the branch 1
621 Mr. A is not satisfied with solutions provide by Insurer so he 15 Days one month 2 Months
approaches Ombudsman. Within how much time the
Ombudsman has to give his recommendation from the date
of receipt of complaint?
622 On submission of complaint against an insurer to the 10 days 15 days 20 days

ombudsman, decision is made in favour of the policyholder.
Maximum no. of days the insurer must honour the
ombudsman's verdict:
623 A policy has been rejected by the company under direct he has to inform the customer that the co has he plans to change the plan He has to explain the reasons for
intimation to the customer and copy to the Agent, what is the broken relationship with the customer rejection to the customer
next action of the Agent
624 An advisor while explaining the policy and to sell he accepts 0.1 0.2 He cannot offer any commission
to give a part of his Agents commission, what is the limits
625 Raju is a certified license holder under what circumstances he when he sells term insurance when he represents himself as another insurer when he sells pension policies
needs to hold his certified license with him that is issued by
IrDA
626 ___________ has laid down the Code of Conduct for all Insurance Institute of India Insurance Regulatory & Development Authority Indian penal code
agents
627 After doing the need analysis of the client, the agent advised Enquire about the refusal from the client Suggest an alternative plan Pass on to the superior
the client to opt for TROP product. But the client refused.
According to ethical business practices what will the agent
do ?
628 Under the hospital care rider what is the payout made 10% of the sum assured Specified amount multiplied by the number of days expenses incurred per day multiplied
the policyholder is hospitalized by no. of days stay in the hospital
629 Ethics can be defined as… Those values we commonly hold to be “good” and Behavior that is based upon the moral judgments of A study of what makes one‟s own
“right”. an individual actions right or wrong.
630 Which is not unethical behaviour in below statements? Over selling of Insurance policies. Under selling of Insurance policies. Explaining all details of the policy to
customer.
631 For an insurance advisor churning is.............practice good bad compulsory
632 Mr. Sharma is a newly recruited insurance advisor. To meet ethical unethical professional
his month target he explains only the good points of newly
launched plan to his customer. Here Mr. Sharma's behavior
633 is............
Rahul is a licensed insurance agent. As agent he must carry Company‟s code of conduct. IRDA Acts code of conduct. IRDA Regulations code of conduct.
out his role in accordance with
634 Shankar, an adviser, sold a term insurance policy and unit- Underselling of insurance policies. Churning. Overselling of insurance policies.
linked insurance policy (ULIP) to Amar, the client, who is
unmarried and has no dependent. Consequently, Shankar ‟s
action can be termed as
635 Pankaj being a license insurance advisor has to follow code of Insurance Regulatory Development Authority Life Insurance Company Reserve Bank of India
Conduct provided by:
636 If the sales target for an insurance agent is significantly Less likely More likely Less Transparent
reduced , this should normally have what impact on the
activity of churning?
637 if there is a significant reduction in the proportion of an have worsened have improved focus mostly on internal activities
Insurer's Policies which are returned during free look period,
this tends to indicate that ethical practices by the company
638 When insufficient emphasis is placed on the long term nature Average policy term Average premium size Expense ratio
of Life Insurance policies during selling process, this will often
be apparent by noting the impact of which key static
639 Why does an Insurer insists on age proof documents? To calculate SA For risk Assessment For Identification Proof
640 Mr A submitted the proposal form , when will the risk begins On submission of proposal form When FPR is issued Policy issued
for the company
641 To be valid Contract , the declaration is necessary in which Policy document proposal form FPR
document
642 Mr ABC buying is TERM insurance policy , the insurer should Operative clause preamble Information statement
mentioned ombudsman address in which part of policy
643 document
Zainab takes Insurance in the life of jasmeet , Zainab will be Proposer Nominee appointee
called as ?
3 Months
25 days
2
He takes up with the higher authorities

3
He can offer up to 50%

3
under all circumstances

4
Reserve bank of India 2
Pass on to the other agent

1
100% of Sum Assured

2
All of the above. 4
Churning. 3
appreciable 2
Perfect.
2
Insurance Acts code of conduct. 3
Ethical practice by an adviser.

3
SEBI. 1
More Transparent
1
focus mostly on external activities

1
Persistency ratio
4
for financial assessment 2
when agent accepts the money 2
RPR 2
Schedule
3
Trust 1
644 Loan is available for a policy in which there is a feature of ? Fund switch saving element partial withdrawal
645 The appointee's role would be when Medical check up for policyholder is there when nominee is minor when loan has to be taken by
646 If policy has to be made Paid Up , what particular feature Indexation contribution Nomination facility policyholder
Rider Benefits
should exist
647 Why is ACR important ? To calculate commission for the agent to verify the plan proposed to help the underwriter to asses the
risk
648 While Underwriting MR X proposal , its found that there has Occupational Physical Moral
been criminal charges against him in fraudulent act . What
type of Hazard this will be categorised into ?
649 Who is the primary underwriter ? Branch underwriter Sales Manager Actuary
650 Lien can be considered as an alternative to which of the Clause Rejection acceptance
following ?
651 At the time of maturity of the policy , the Policyholder Partial withdrawal done earlier Lien had been imposed its a money back policy
received just quarter of SA and bonus , what could be the
reason
652 A policyholder can pay the premium of Rs 5,00,000 . What 500000 300000 200000
could be the maximum Tax benefit he can avail under sec 80
653 C ? has invested Rs 5000 in PPF and Rs 1 Lk in life
Ram Life Insurance premium PPF 50% IN BOTH
Insurance premium . In which he gets maximum tax benefit ?
654 The best way to overcome the problem of investment By canvassing wide peer group seeking professional advise go for low investment tranche
decision depends mainly on peer influence is ?
655 As an investment diversification Mr B , Invested in ETF . 5/10 gms 50/100 gms 15/20 gms
What's the weight of Gold for 100 units ?
656 Insurer transfers the risk which it cannot bear to whom ? Reinsurance company Bancassurance Third party admiration
657 What overriding criteria an insurance agent consider while Risk Suitability Flexibility
proposing a solution
658 Vivek takes insurance policy & dies after 8 months . If the Murder Body not found Accident death
claim needs to be excluded , then the basis of the exclusion
would be which ?
659 According to IRDA 1999 , central government involvement in In advertisement In legal handling of IRDA problems Licensing of Insurance companies
insurance sector would be ?
660 Complaint council bodies other than IRDA grievance redressal Ombudsman Insurance institute of india Life insurance council
forum & COPA would be which one ?
661 Which other way IRDA can be contacted apart from toll free Branch office of insurer Email Insurance Ombudsman
number ?
662 Raju is certified license holder under what circumstances he Under all circumstances When he sells term Insurance When he is selling in different city
needs to hold his license with him that is issued by IRDA ?
663 Harish takes a life insurance policy on life of RAMESH who is Harish is elder than ramesh RAMESH is working in oil company and is rich Ramesh owes money to Harish
his friend . Which of the following statements best describes
the insurable interest ?
664 Investing In ULIP can get exemption up to what limit in Sec 50000 100000 200000
80 c ?
665 Suresh wants to transfer his physical gold into Gold ETF . In Decrease his liquidity Reduce his encashments will give insurance against certainty
relation to exchange this would help him in which way ?
666 Implication of Daily hospitalization benefit plan will be which Fixed & daily only on selected hospitalization for surgeries Only in case of critical illness
of theses ?
667 Ram has taken an Endowment plan for Rs 4LK SA , what Rs 2 LK Rs 50000 Rs 4 Lk
could be the maximum SA he can take for a critical Illness
rider ?
668 Why would self employed individuals have the need to buy Public sector individuals don‟t fall sick Self employed individuals do not have sick leaves Public sector individuals enjoy medical
medical insurance rather than individuals working in Public insurance covers related to job
sector ?
669 In which stage of life an individual does not require any Childhood Retirement Pre Retirement
protection cover
670 Mr y has been approached by an agent and on fact finding High Risk Low risk Moderate risk
the score of 3 would indicate what risk appetite for Mr y ?
671 Both parties to a contract agree and understand the same Consideration Consensus ad idem Capability
thing and in the same sense . This would be ?
surrender 2
for signing declaration while taking the 2

policy on
Saving children name
Element 4
to calculate the premium 3
Financial
3
Agent 4
Time barred 2
It is a Term plan with return of purchase

3
price
100000
4
95% IN Life insurance premium and 5%

in PPF 4
Postpone of investment decision

2
10/20 gms 2
actuaries 1
Cost 2
Suicide
4
issuing grants 4
FERA 1
Head office of Insurer 2
when he is selling ULIP plans

1
Harish Owes Money to Ramesh

3
Nil 2
Hedge against Inflation

3
SA 1
Rs 1 Lk
3
Self employed individual wants to take

best of the hospital benefits 3
Young married 1
No risk
3
Capacity
2

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SR QUESTION Option --1 Option--2 Option--3

No limit to self life 4

Profiting from insurance.

Submitted KYC documents are not valid

After receiving the policy document 1

Medical referees report

wherever he wants to buy 4

Through out the Term of the plan 1

Gross premiums increases

No revival is possible when the policy iis

Risk premium minus interest earning 3

If the insured person changes his job. 2

Long term savings

Principle with persistency bonus

Interest add ups

All of the above. 4

Indemnity bond to be signed with every 1

Policy should have a saving element 4

neither insures nor proposer 3

Mr. Shanth can renew the policy only on

The section 39 of the Insurance Act

Conditional assignment and absolute

loans are allowed only in term plans

Offer and Acceptance in the contract

The insurable interest between the car

He had done an innocent

Policy can be converted into non profit

He can‟t take loan from whole life policy

An insurer has made another proposal. 1

Schedule of policy document. 3

Policy Document is received by 2

Nomination need not be informed but

There is no insurable interest attached 4

forfeited the Premium

will be Payable to Saanvi (Nominee) at

Principle of Utmost good faith

Proof of Income tax payer

Terms and Conditions

All of the above 4

A' financial condition is better than B

Estimated amount at retirement

ALL THE ABOVE 4

none of the above 2

To help the underwriter to asses the 4

claim date to next valuation date

Vishal is working in a MNC

Major life contract. 3

Shailesh is a Businessman and ankit is a

Medical and Personal History of 1

the risk associated might be general 2

Tables of details of actuarial calculation

Cannot give insurance for health reason

Date the last premium will be paid 2

D. Moral hazard, as he is a head master

Actuary who analysis the risk 3

Human Life Value 4

A medical check up is carried out nearby 3

Medical of examination report

Village panchayant does not issue Age 3

Child insurance plans can be taken out

Insurer and both the Life Insured 2

both are incorrect

None of the above 1