1.

Which is relevant out of the following in connection with the

Objective of IRDA
a) to protect the interests of holders of insurance policies
b) ensure orderly growth of the insurance industry to
regulate, promote and for matters connected therewith
or incidental thereto
c) both a and b
d) only a
2. As per IRDA Act 1999 Internmediary or Insurance
Intermediary means
a) insurance and reinsurance brokers, insurance
consultants, surveyors and loss assessors
b) Agents
c) Development Officers
d) Third Party Administrators.
3. The composition of IRDA shall include
a) Finance Secretary
b) Chairman of GIPSA
c) minimum of five whole-time members and a
minimum of four part-time members
d) Chairman of GIC
4. As per IRDA ACT out of five whole time members at least
____ members from Life and General Insurance or Actuarial
Science
a) 2
b) 3
c) 4
d) 5
5.Maximum percentage of paid up equity capital by a foreign
company in Indian Insurance Company is
a) 51
b) 49
c) 26
 d) 74

6.Minimum paid up equity capital for a Reinsurance Company in

India is
a Rs.100 crores
e) Rs.200 Crores
f) 20 Crores
g) None of the above

7. Every insurer shall, in respect of the General Insurance business

carried on by him in India should deposit
a) Rs. ten crores with GIPSA
b) Rs.20 Crores with GIC
c) Rs.10 Crores with Reserve Bank
d) Rs.20 crores with IRDA

8. Which one of the following bodies are covered / governed by

IRDA ( Insurance Advertisement and disclosures) Regulattions
2000.

a) Insurer’s
b) Intermediaries
c) a&b
d) None of a & b

9 Which of the following statements is/are correct.

Statement A :-
All communications made to policy holders are covered
under IRDA (Insurance Advertisement and disclosures)
Regulations 2000.

Statement B:-
 Communications urging public to purchase Insurance
policies only are covered under IRDA (Insurance Advertisement
and disclosures) Regulations 2000.

a) A Only
b) B Only
c) Both A & B
d) None of A & B

10 Composite Insurance Agent can sell

a) Health Insurance Products and Micro Insurance

Products only.
b) Micro Insurance Products only
c) Heath Insurance Products only
d) Any Life and General Insurance Product.

11 Which one of the following intermediaries can render

necessary assistance to policy holders/ Claimants in complying
claim settlement requirements

a) Brokers only
b) Corporate Agents only
c) Agents
d) All above.

12. Recently IRDA ( Licensing of Insurance Agents) Regulations

2000 has been amended, the amendments is with respect to

a) Qualifications for Agents.

b) Practical Training for Agents.
c) Code of conduct of Agents
d) All of the above.

13 Which one of the following statements is/are correct

 Statement A
Available solvency margin means the excess of value of
assets over the value of liabilities

Statement B
Solvency Ratio means the ratio of the amount of available
solvency margin to the amount of required solvency margin

a) Statement A only
b) Statement B only
c) Statement A & B both
d) None of the A & B

14. Which one of the following statement is/are correct

Statement A
A cooperative Society registered under relevant Law can
promote an insurance company in India

Statement B
A Company formed under the Company’s Act 1956 can
promote an insurance company in India

a) Statement A only
b) Statement B only
c) Statement A & B both
d) None of the A & B

15. Which one of the following are member of “ Investment

Committee of insurer constituted under IRDA regulation

I)The principal officer of the Company

II) The appointed Actuaries
III) The IRDA Chief
 IV) The CVO

a) I,II III & IV

b) I, II & III
c) I & III
d) I & II

16 After formation of IRDA, Statutory Auditors of PSU

Insurance Companies are appointed by

a) IRDA
b) CVC
c) CAG
d) Board of Directors of respective Company.

17 Which one of the following is not a criteria for categorization

of Surveyors

a) Professional Qualification
b) Practical training undergone
c) Professional experience as surveyor
d) Recommendations of Surveyors and Loss assessor’s
committee formed under the regulations

18. Under IRDA regulation act 2000 Rural Sector shall not be
any place

a) Population of not more than 5000

b) Density of Population is not more than 400 per sq km
c) At least 75% of the male working population is
engaged to agriculture
d) Place which is Hilly areas.

19 Social Sector does not include

 a) Economically vulnerable or backward classes
b) Un organized and informal sector
c) Persons with disabilities
d) Senior citizens

20 As per IRDA regulations, the objective of Re--insurance is

not to

a) Maximize retention within the Country

b) Develop adequate capacity
c) Secure protection of catastrophic Losses
d) Earn more profit.

21 Under IRDA ( Assets, Liabilities and Solvency Margin of

insurers) regulations ,2000, the value of Computer equipment
including its Software, is computed as under :-

a) 75% of its cost in the year of purchase.

b) 50 % of its cost in the 2nd year.
c) 25% of its cost in the3rd year
d) All the above.

22. Which is not an objective under Re- insurance programmme

as per IRDA ( General Insurance – Re-insurance) regulations 2000

a) Simplify the administration of business

b) Maximize retention within the Country
c) Enhance re-insurance on facultative basis
d) Secure the best possible protection for the Re-insurance
costs incurred.

23 On receipt of any notice of loss arising under contract of

insurance, the General Insurer shall appoint a Surveyor

a) Within 7 days from the receipt of intimation

 b) Within 7 hours from the receipt of intimation
c) Within 24 hours from the receipt of intimation
d) Within 72 hours from the receipt of intimation

24 A general insurance policy need not state

a) Policy terms, conditions and warranties

b) Full description of the property or interest insured
c) Any franchise or deductible applicable
d) None of the above.

25.Which is the most unlikely answer

(a) Under special circumstances the Surveyor can seek an
extension of time from the Insurer for submission of his Report.
(b) The Insurer may request the Surveyor to submit an
additional Report.
(c) There is a fixed time limit for an Insurer to offer settlement
of claim to the Insured.
(d)IRDA has recently relaxed the norms for payment of
Interest by an Insurer in the event of delay beyond the
stipulated period.

26. Statement I: At least two Directors of TPA shall be qualified

Medical Doctors registered with the Medical Council of India.

Statement II: The minimum paid up capital of a Company in

equity shares should be Rs. 1 crore , for the purpose of TPA
license.

(a)Both the statements are correct.

(b) Only Statement I is correct.
(c)Only Statement II is correct.
(d) Both the statements are incorrect.
 27 . As per IRDA (Appointed Actuary) Regulations 2000
of IRDA Act 1999, a person shall not be eligible to be
appointed as an appointed actuary for an insurer if
he/she is

a) Not a fellow member of the Actuarial Society of

India
b) An appointed actuary of another insurer
c) Over the age of 70 years
d) Not an employee of the insurer or a consulting
actuary in case of general insurance business.

28. I An appointed actuary shall have access to all the

information or documents in possession, or under control, of
the insurer if such access is necessary for the proper and
effective performance of the functions and duties of the
appointed actuary.

II An appointed actuary is entitled to attend all the meetings

of the management except the Board meetings of the
insurers.

As per IRDA (Appointed Actuary) Regulations 2000 which of the

above statement/s is/are correct

a) Statement I is correct
b) Statement II is correct
c) Both Statements are correct
d) Both statements are incorrect

29. What is/are not the duties and obligations of an appointed

actuary in accordance to the IRDA (Appointed Actuary)
Regulations 2000 of IRDA Act 1999.
 a) Rendering actuarial advice to the management of the
insurer, in particular in the areas of product design and
pricing, insurance contract wording, investment and
reinsurance.
b) Complying with the provisions of the section 64VA of
the act in regard to maintenance of required solvency
margin in the manner required under the said sections
c) Informing the authority in writing of his or her opinion,
within a reasonable time whether the insurer has
contravened the act or any other act.
d) None of the above.

30. What is not in code of conduct of an insurance

agent appointed as per IRDA (Licensing of Insurance
Agents)Regulations 2000 of IRDA Act 1999

a) Indicate the premium to be charged by the insurer for

the insurance product offered for sale
b) Render necessary assistance to the policyholders or
claimants or beneficiaries in complying with the
requirements for settlement of claims by the insurer.
c) Disclose the scales of commission in respect of the
insurance product offered for sale, if asked by the
prospect.
d) None of the above.

30. The provision that any Insurance Co-operative Society

registered under Co-operative Societies Act can carry on General
Insurance Business was incorporated in the Insurance Act in the
year
a. 1938
b. 2002
c. 1950
d. None of the above
31. Any Insurance Co-operative Society can transact Insurance
Business if its paid-up capital is minimum of
a. Rs.50 crs
b. Rs.100 crs
c. Rs.150 crs
d. Rs.200 crs

32. The Paid-up Share Capital required for an Indian Insurer

carrying on RI Business is
a. Rs.100 crs.
b. Rs.10 crs
c. Rs.200 crs
d. Rs.50 crs

33. Incurred Claim Ratio for direct insurance business means

a. Paid claim/Prem. during any Policy period
b. 3 Years avg. claim/ 3years avg. prem.
c. Incurred claim/ 3 years avg.prem.
d. Incurred claim/ prem. during any pol.period

34. Mark the most unlikely for calculation of solvency margin.

Asset of Insurance Company includes
a. Agent’s balance amount
b. Realizable sundry debtors
c. Realizable advance
d. Furniture, Fixture, Dead Stock and Stationery

35.” No Risk to be assumed unless the Prem. is received in

advance” the same has been provided in
a. Section 41 of Insurance Act
b. Section 40 C of Insurance Act
c. Section 64 VB of Insurance Act
d. Section 64 UM of Insurance Act
36. No General Insurer can open a new place of business or change
the existing place of business in India without the permission of
a. GIPSA
b. GIC
c. Govt. of India
d. IRDA

37 State which of the following could be an unlikely answer.

Liability of the Insurance Company includes
a. Provision for dividend declared or recommended
b. Reserve for un-expired Risk
c. Estimated Liability in respect of outstanding claim
d. Reserve for bad and doubtful debts

38. What percentage of Sum Insured of any Policy underwritten

in India will be Re- insured with the Indian Re-Insurer ( GIC)
compulsorily in the name of “Obligatory Cession”
a. 20%
b. 15%
c. 25%
d. 10%

39. Solvency Ratio means

a. Available Solvency Margin (ASM) Less Required Solvency
Margin (RSM)
b. RSM Less ASM
c. RSM/ASM
d. ASM/RSM