IRDA REGULATIONS

01.Which of the following does not come under Insurance Intermediary

(a) Brokers
(b) Surveyors & Loss Assessors,
(c) TPA
(d) Agents

02.Which of the following is not the role of an Insurance Intermediary

(a) Soliciting, negotiating, procuring or effectuating an Insurance contract or renewal of
an Insurance contract,
(b) Inspecting a Risk,
(c) Settling a Claim,
(d) Negotiating a Rate.

03.Minimum Qualification to be an Insurance Agent is

(a) 12th pass if the candidate resides in a place with a population of 5000 or more,
(b) 10th pass if the candidate is from a rural area having population less then 5000,
(c)Graduate from any recognized University if the candidate is from an Urban area,
(d) Either (a) or (b).

04.Practical Training required for appointment of either General or Life Insurance Agent
(a) 100 Hrs.
(b) 150 Hrs.
(c) 50Hrs,
(d) 25 Hrs.

05.The unit of Insurance passed to a Re – insurer by the insurer which issued policy to
the original insured is called
(a)Treaty,
(b) Retrocession,
(c) Retention
(d) Cession

06. Which of the following is not a pre-requisite for appointment of an Actuary for an
Insurer
(a) a fellow member of the Actuarial Society of India,
(b) ordinarily resident in India,
(c) an appointed actuary of another insurer,
(d) a person who has not committed any breach of professional conduct.

07.Which of the following parameter is not adopted while computing the value of
Computer Equipment including the software;
(a)75% of its cost in the 1st year,
(b)50% of its cost in the 2nd year,
(c)25% of its cost in the 3rd year, (d)none of the above
08.The excess of value of Assets over the value of Liabilities is termed as
(a) Solvency Ratio,
(b)Available Solvency Margin,
(c) Required Solvency Margin,
(d)Trial Balance

09.Which of the following is not the Objective of Re-Insurance in India;

(a) Minimize retention within the country,
(b) Develop adequate capacity,
(c) Secure the best possible protection for the reinsurance costs incurred,
(d) Simplify the administration of business.

10.Specify the manner in which every Insurer carrying on the General Insurance Business
in India shall invest & at all times keep invested his Total Asset
(a) In Central Govt. Securities, being not less then 20%,
(b) In State Govt. Securities including (a) above, not less then 30%
(c) In Housing & Loans to State Govt. for Housing & Fire Fighting equipments, not less
than 5%,
(d) All the above.

11.Fees payable to the authority by fresh applicants for grant of License to act as
Surveyor & Loss Assessors depending upon their category i.e. A/B/C is
(a) 20,000/10,000/5,000 respectively,
(b) 10,000/7,500/5,000 respectively,
(c) 15,000/10,000/5,000 respectively
(d) 5,000/2,500/1,000 respectively

12.Fees payable to the authority for grant of Corporate Surveyor & Loss assessors
depending upon their category i.e. A/B/C
(a) 50,000/25,000/15,000 respectively
(b) 25,000/20,000/15,000 respectively
(c) 20,000/15,000/10,000 respectively
(d) 10,000/7,500/5,000 respectively

13.Which of the following does not form a part of duty & responsibility of a Surveyor &
Loss Assessor;
(a) Surveying & assessing the loss on behalf of insurer or insured,
(b) commenting on the admissibility of the loss ,
(c) conducting inspection & re-inspection of the property in question suffering a loss,
(d) assisting the insured in preparing the estimate of loss.

14.A Surveyor & Loss Assessor has to submit his report to the insurer as expeditiously as
possible, but not later then
(a) 7 days,
(b) 15 days,
(c) 30 days , (d) 45 days.
15.Categorisation of Surveyor & Loss assessor is not based on which of the following
criteria;
(a) professional qualification,
(b) training undergone,
(c) experience as a surveyor & Loss Assessor & any other relevant professional
experience,
(d) Amount of license fees paid.

16.An Insurer, shall all times, must respond within how many days to any communication
received from its policyholder in all matters as per IRDA regulations ;
(a) within 30 dyas,
(b) within 15 days,
(c) within 10 days,
(d) within 7 days.

17.A surveyor has to be appointed for assessing a loss / claim within how many days of
receipt of intimation from the Insured as per IRDA regulations;
(a) within 7 days,
(b) within 3 days,
(c) within 1 day,
(d) as conveniently felt by the dealing office.

18.On receipt of Survey report within how many days the insurer must offer a settlement
or repudiation of the claim to the insured;
(a) within 6 months,
(b) within 3 months,
(c) within 1 month,
(d) within 15 days.

19.On receipt of an offer of settlement from the insured, the insurer must pay the amount
within how many days;
(a) 30days
(b) 7 days,
(c) 15days,
(d) 3 days.

20.In case of delay payment of claim , the insurer shall be liable to pay interest to the
insured at which of the following rate ;
(a) 9% above the bank rate,
(b) 2% above the bank rate,
(c) 5% above the bank rate,
(d) Flat 10%
21.No. of wholetime/parttime members of IRDA is :
(a) 5/4 (b) 4/5 (c) 5/5 (d) 6/5

22. I.R.D.A. stands for :

(A) INDIAN REGULATORY & DEVELOPMENT AUTHORITY
(B) INSURANCE REGULATORY & DEVELOPMENT AUTHORITY
(c) INTERNATIONAL REGULATORY & DEVELOPMENT AUTHORITY
(D) INSURANCE REGULATORY & DEVELOPING AUTHORITY

23. No claim in respect of a loss equal to or exceeding Rs.20,000/- can be settled unless a
report of licensed surveyor is obtained as per following section of Insurance Act,1938
(as amended)
(a) Sec.64 VB (b) Sec,64 UN (c) Sec.64 UM (d) None of above

24. The tenure of IRDA chairperson ends :

(a) After 3 years or 65 years age
(b) After 5 years or 62 years age
(c) After 5 years or 65 years age
(d) None of above

25. As per IRDA(Agents) Regulations, on request of the prospect in respect of insurance

products offered for sale, an agent :
(a) Need not disclose the scale of commission
(b) At his option may disclose the scale of commission
(c) Has to disclose the scale of commission
(d) There are no such guidelines.

26. Chairperson, members, officers & other employees of IRDA come under the
following :
(a) Government servants
(b) P.S.U. employees
(c) Public servants
(d) Employees of the patent company

27. Which of the following does not come under the duties & functions of IRDA ;
(a) Specifying the code of conduct for surveyors & loss assessors
(b) Regulating maintenance of margin of solvency
(c) To nominate directors for insurance companies
(d) Promoting efficiency in the conduct of Insurance business

28. For a Micro-Insurance agent, the limit of commission that can be paid by a General
Insurer is :
(a) 20% (b) 12.5% (c) 15% (d) 10%
29.Under Consumer Protection Act 1986 (as amended 2002) , a State Commission has
original, appellate & Supervisory jurisdiction upto the following limits :
(a) Exceeding 10 lacs & upto 1 crore
(b) Exceeding 20 lacs & upto 1 crore
(c) Exceeding 40 lacs & upto 1 crore
(d) Exceeding 50 lacs & upto 1.5 crores

30. Limitation for filing appeal in State Commission against the decision of Distt.
Forum under Consumer Protection Act,1986(amended 2002) :
(a) 30 days (b) 60 days (c) 90 days (d) No limit

31. Paid-up capital requirement for a General Insurance Company/ Reinsurance

Company/ Stand alone Health Insurance Company in India is respectively :
(a) 100 cr./ 200 cr./300 cr.
(b) 50 cr./ 100 cr./200 cr.
(c) 100 cr./200 cr./ 50 cr..
(d) 100 cr./ 100 cr./ 50 cr.

32. Right to Information Act was enacted in the year :

(a) 2003 (b) 2004 (c) 2005 (d) 2006

33. To obtain a licence to act as an Insurance Agent for General or Life Insurance /
General and Life Insurance, the applicant should have completed training from approved
Institute atleast for following hours :
(a) 100 Hrs./ 150 Hrs.
(b) 100 Hrs./ 100 Hrs.
(c)) 50 Hrs./ 100 Hrs.
(d) 50 Hrs./ 75 Hrs.

34. Ombudsman can decide the application & award upto the following limit(inclusive of
ex-gratia payment & other expenses) :
(a) 5 lacs (b) 10 lacs (c) 15 lacs (d) 20 lacs

35. Under RTI Act, 2005 the Public Information Officer ( PIO ) is required to respond to
the application within :
(a) 60 days (b) 40 days (c) 20 days (d) 30 days

36. The decision of Ombudsman can be challenged by :

(a) Insurance Company
(b) Insured
(c) Both above
(d) none of above

37. Under RTI Act, the applicant from a BPL family has to pay fee of :
(a) Rs.10/- (b) Rs.5/- (c) Re.1/- (d) NIL
38. Rural Sector means :
(a) Population of not more than 5000
(b) Density of population of not more than 400 sq.km.
(c) At least 75% of male working population is engaged in agriculture
(d) all of the above

39. As per IRDA Regulations, every Insurer shall underwrite Rural insurance to the
extent of atleast in 1st , 2nd & 3rd and subsequent years :
(a) 1% , 2%, 3% respectively
(b) 2%, 3%, 5% respectively
(c) 1%, 2%, 5% respectively
(d) 11%, 12%, 13% respectively

40. Advertising by a properly licenced insurance intermediaries as per IRDA regulations

(a) can be done
(b) cannot be done
(c) can be done with the approval of Insurer
(d) none of the above

41. Prevention of Money Loundering Act, 2002 (PMLA) has come into force with effect
from :
(a) 1.7.2002 (b) 1.7.2003 (c) 1.7.2004 (d) 1.7.2005

42. FIU in terms of Anti Money Laundering programme refers to following Unit of
Ministry of Finance :
(a) Financial Investigation Unit
(b) Foreign Intelligence Unit
(c) Financial Intelligence Unit
(d) Fund Investigation Unit

43. As per Anti Money Laundering Policy KYC norms is applicable at the payment stage
only if the claim/premium/refund exceeds :
(a) Rs.50,000/- (b) Rs.75,000/- (c) Rs.1,00,000/- (d) Rs.1,50,000/-

44. No premium exceeding the following amount should be accepted in cash under Anti
Money Laundering guidelines :
(1) Rs.20,000/- (b) Rs.40,000/- (c) Rs.50,000/- (d) None of the above

45. KYC under Anti Money Laundering provision refers to :

(a) Keep your cash
(b) Know your cash
(c) Know your customer
(d) Keep your customer
46. Under IRDA (Agents Regulations) if an agent requests for renewal of licence after its
expiry , the same can be renewed by :
(a) The Regional Incharge only subject to renewal fees of Rs.1000/-
(b) The Designated person (DP) at R.O. by charging renewal fees of Rs.1000/- as against
the normal fees of rs.250/-
(c) The designated person at Head Office only by charging renewal fee of Rs.
1000/-
(d) The Desginated Person at IRDA

47. In case of renewal of composite licence (both General & Life), the following are the
training requirements ( wherever necessary ) :
(a) 25 Hrs. training either from General insurer or Life Insurer from where licence is
being renewed
(b) 25 Hrs. training either from General insurer or Life Insurer and NOC from the other
insurer
(c i) 25 Hrs.training both from General insurer and Life insurer and NOC from
the other insurer
(d) 25 Hrs.training both from Life Insurer and General Insurer

48. Under RTI Act 2005 monetary penalties of Rs.250/- per day for refusal/delay in
providing information can be imposed by:
(a) The Public Information Officer (PIO)
(b) The Appellate Authority
(c) The Information Commissions alone
(d) There is no such provision.

49. Indian reinsurer mean:

(a) Any general insurer in India
(b) Any public sector general insurer in India
(c) A nominated Indian re-insurer
(d) An insurer who carries on exclusively reinsurance business and is approved in
this behalf by the central government.

(50) The time limit for insurer to file with the IRDA a photocopy of every reinsurance
treaty slip and excess of loss cover covernote in respect of that year is:
(a) By 31st March of that financial year
(b) By 31st March of following financial year
(c) Within 30 days of the commencement of the financial year
(d) Within 60 days of the commencement of the financial year

(51) Insurers shall place their reinsurance business outside India with only those
reinsurers who have
(a) Past 2 years, counting from the previous year, rating of AAA
(b) Past 3 years ,counting from the previous year, rating of BBB
(c) Past 5 years, counting from the previous year, rating of AAA
(d) Past 5 years, counting from the previous year,rating of atleast BBB
(52) A Micro Insurance Agent can be :
a. A NGO ( Non Govt. Organisation )
b. A SHG (Self Help Group )
c. A MFI ( Micro Finance Institution )
d. All the above

(53) Which of the following is true regarding general insurance business in India:
(a) Pricing in General insurance market completely detariffed w.e.f. 01.01.2007
(b) Pricing in General insurance market detariffed w.e.f. 01.01.2008 except Motor and
Fire insurance
(c) Pricing in General insurance market completely detariffed except Motor TP
w.e.f. 01.01.2008
(d) General insurance market completely detariffed w.e.f. 01.04.2008

54. What is the criteria for reserve for unexpired risks of the premium, net of reinsurance
receipt/receivable during the proceeding 12 months as per IRDA regulations:
(a) Fire business 50% (b) Misc. business 50% (c) Marine Cargo 50% and Marine Hull
100%, (d) All the above
55. which of the following is not a correct mode of payment of premium by a policy
holder to an insurer as per IRDA regulations :
(a) Through Credit or debit card held in his name
(b) Through Internet (c) Through e-Transfer (d) None of the above

56. Which of the following does not come under informal sector as per IRDA regulation
(a) Small scale/self employed workers
(b) Persons having heterogeneous activities like retail, transportation, repair and
maintenance, construction etc.,
(c) Carpenters
(d) Persons having often unwritten and informal employer- employee relationship

57. Persons with disability as defined in Persons with Disabilities Act 1995 fall under
which of the following sector?
(a) Informal sector
(b) Unorganized sector
(c) Economically vulnerable or backward classes
(d) Other categories of persons
58. Which of the following statement is incorrect in respect to a corporate agent
(a) A firm or a company formed under the companies Act 1956 can apply for corporate
agency
(b) Insurance qualification i.e. minimum AIII is not a pre-requisite for applying
corporate agency
(c) A panchayat or a local authority can apply for corporate agency
(d) An NGO or a micro finance organization or a non banking fiancé company register
with RBI can apply for corporate agency
59. The time limit for filing a complaint before the District Consumer Forum is :
a. within 1 year
b. within 2 years
c. within 3 years
d. no time limit
60. Ombudsman has jurisdiction to entertain complaints related to only the following :
a. Personal lines of insurance from individuals only
b. All kinds of insurances
c. Personal lines as well as industrial risks
d. From individuals and Companies only