Correct

Set Sr Chap Question Answer choice 1 Answer choice 2 Answer choice 3 Answer choice 4
Answer No
Weekly premiums are generally collected
1 01 Ch 01 Banca assurance Health plans Micro Insurance Term Insurance 3
for which type/range of plans
Non Government
1 02 Ch 01 Who is the customer of a Re insurer High Net worth Individual Insurance Companies Licensed Insurance Agents 2
Organization
What facility do insurers use to cover
1 03 Ch 01 Bancassurance Reinsurance Both a & b Neither a nor b 2
risks beyond their exposure limits
Which market areas do Micro Insurance people employed with the people with high
1 04 Ch 01 People with large families people with low income 2
product concentrate government income
What are the benefits in investing in Child education & marriage
1 05 Ch 01 In Family Protection Retirement planning All of the above 4
insurance plans ? planning
Insurance Regulatory and
Development Authority
IRDA is a Government body IRDA is an independent body
(IRDA) was constituted as
formulated for policing the constituted to address the
1 06 Ch 01 What is IRDA & its Responsibilities an autonomous body None of the above 2
activities of Insurance grievances of the insurance
in 1999 to regulate and
companies policy holder
develop the insurance
industry

Insurance Regulatory and

Development Authority Insurance Regulatory and IRDA is an independent body
What is IRDA stands for & year of (IRDA) . The IRDA was Development Authority constituted to address the
1 07 Ch 01 None of the above 1
Incorporation incorporated as an (IRDA) was constituted in grievances of the insurance
autonomous 1956 policy holder
body in April 1999
1 08 Ch 01 Why is Insurance required To Cover Risks of Life To plan for Future goals For Savings All of the above 4
1 09 Ch 01 When was IRDA formed?? 2000 1999 2001 1998 2
Insurance company selling products
2 10 Ch 01 through newspaper advertisements is Indirect Selling Awareness Direct Selling Wrong Selling 3
called

Sanjeev is an insurance expert who has

2 11 Ch 01 rich experience in determining premium an actuary loss adjuster risk manager underwriter 1
levels for product, what is his profile like

Law of large number helps Insurer to in fixing the correct

1 12 Ch 02 Administrative expenses to remove adverse selection Non of the above 2
analyse which key area premium
lung cancer is peril and smoking is peril and lung Both the statement is
1 13 Ch 02 Which statement is correct? Both the statement is correct 1
smoking is a hazard cancer is hazard incorrect
What is the death benefit if the person Sum Assured will be paid
Sum Assured will be paid as
1 14 Ch 02 has multiple sums assured under for only one plan with No SA will be Paid. None of the above 1
total of all insurance plans
different policies? highest SA

1 15 Ch 02 Which of the following risks are insurable?Financial Risk Non-financial Risk Both are correct None of them 1

Sahil & Vijay , both health status same,

Difference in family health
2 16 Ch 02 however Vijay was triggered with Difference in age Difference in hobbies All of the above 4
status
medicals. What  are the reasons?
 The type of risk that can be insured
2 17 Ch 02 Speculative Risk Pure Risk Pure & Speculative risk Non Financial Risk 2
against is
In insurance terms, the risk of suffering a
2 18 Ch 02 disability is best described as what type Financial. Fundamental. Homogenous. Speculative. 1
of risk?
2 19 Ch 02 Insurance is a mechanism of Retention of risk Transfer of Risk Avoidance of Risk Reduction of risk 2

A client has taken an endowment policy

with SA- 800000 and vested bonuses-
1 20 Ch 03
60000. He paid 8 annual premiums in the 89,333 273,333 289,333 219,333 2
30 year plan.    Calculate  paid-up  SA?

When does cooling off period begin in an

1 21 Ch 03 When risk commences When proposal form filled When policy received When premium is paid 3
insurance policy?
When is insurable interest required in an At the time of maturity At time of outset and
1 22 Ch 03 At inception of the policy At time of claims 1
life insurance contract? proceeds claims
A claim intimation leads to the publishing
1 23 Ch 03 of an advertisement in the newspaper. Policy is assigned Policy document is lost Policy is in lien Any one of the above 2
This means
A policy has two nominations. What
Nominee one should not be There is no specified
1 24 Ch 03 amount should be given to the two 10% to each nominee 25% to each nominee 4
paid more than nominee two limit like that
nominees
Mr. X is illiterate and is buying insurance.
Mr. Y fill up the proposal form on behalf
of Mr. X and also endorses and signs an Mr. Y thumb
1 25 Ch 03 Mr. X photograph Mr. Y photograph Mr. X thumb impression 3
attestation in the proposal form. In impression
addition to all document what else
should be taken
On Maturity of an insurance policy only
1 26 Ch 03 25% of the amount can is paid. This is It is assigned It is a money back policy It is paid up Any one of the above 3
due to
A person paying 1 lakh yearly premium
Nothing as surrender is
discontinue the policy after the first year
not
1 27 Ch 03 premium and surrender the same on the Premium Return Premium with Interest Premium less charges 4
allowed before 5 policy
second year what will be the surrender
years
value
Jay buys a policy on the life of Nazia.
1 28 Ch 03 Life Assured Nominee Proposer Appointee 3
Who is Jay?
A Client can reject a policy after how
1 29 Ch 03 30 15 50 20 2
many days of receiving the same.
For Logging a policy which document is
1 30 Ch 03 more preferable Baptism Certificate or Ration Card Baptism Certificate Elder Declaration Voter card 2
Ration Card as age proof?

1 31 Ch 03 The risk commencement date of policy is After the U/W process Premium receipted Policy is dispatched policy is received 2

1 32 Ch 03 Principle of Indemnity applicable to Life Insurance General Insurance Both a & b Neither a nor b 2
1 33 Ch 03 ........... is the basis of contract Policy bond Proposal form Premium Health report 2
 A & B in enters into a Contract & B acceptsContract is created only Contract is created only
1 34 Ch 03 the Contract with a condition. Will this be when the acceptance is when the acceptance is Both are Correct Both are Incorrect 1
considered as a Contract Between A & B? unconditional. conditional.

The condition that the policy holder

2 35 Ch 03 should pay the premiums regularly is Policy document Prospectus Proposal form All of the above 4
mentioned in
The insurance cover Starts after the issue
2 36 Ch 03 Policy Document First Renewal Receipt First Premium Receipt None of the above 3
of
Except Surrender, how one policy holder
2 37 Ch 03 can transfer money to a third party , By Will By doing Assignment Claim not possible to transfer 2
barring Nominee?
Insurance Contract without any  Insurable
2 38 Ch 03 Wagering Contract Legal Contract Void Contract All of the above 1
Interest  will result?

a Policy holder takes a insurance contract

Age proof was substantially
2 39 Ch 03 for 30 years and the SA reduces after 25 No bonus accumulated Policy has become paid up Its a ULIP Plan 3
wrong
years what could be the likely reason

Amit is illiterate. He wants to take policy

Left thumb Impression
his friend Surya help him in knowing the
Amit thump impression policy document need to be of Amit along with a
2 40 Ch 03 question and filling the proposal form. Amit photograph 4
Only registered declaration of his
What extra requirement is required in this
friend
case
A life insurance policy can only be made
2 41 Ch 03 paid up if what particular policy feature Indexing contribution. Nomination facility. Rider benefits. Savings element. 4
exists?

2 42 Ch 03 Appointee's role Signature on the proposal Medical exams insurable interest when Nominee is Minor 4

Harish takes a life insurance policy for

Harish suffers financial
Ramesh. Which of the following Ramesh declares all his Ramesh owes money form
2 43 Ch 03 Ramesh is elder than Harish loss incase of death of 4
statement best describes the principle of liabilities Harish
Ramesh
Insurable Interest.
Limit of nominees can be attached to a
2 44 Ch 03 one two three not specific 4
term insurance policy
In a whole life plan - The policyholder's at the beginning of the
2 45 Ch 03 through out the contract Revival stage both a & c 4
responsibility to give disclosure contract

Mr. ABC buying Term insurance policy,

2 46 Ch 03 insurer should mention Ombudsman operative clause Preamble Information statement schedule 3
address in which part of policy document?

Has Financial
2 47 Ch 03 Reasons for surrender of the policy SA advisor induced no commission 4
Problems
To be a valid contract ,the declaration is
2 48 Ch 03 Policy Document proposal form FPR RPR 2
necessary in which document

2 49 Ch 03 Types of assignment Absolute Term assignment Conditional Absolute & Conditional 4

 what is the min age to enter into the
2 50 Ch 03 16 18 20 21 2
contract of insurance
why does an insurer insist on age proof
2 51 Ch 03 SA Risk assessment Identity verification Financial assessment 2
document . To assess

A policy document for a money-back

policy includes the statement ‘the
proposal and declaration signed by the
2 52 Ch 03 Attestation. Operative clause. Preamble. Terms and conditions. 3
proposer form the basis of the contract’.
In which main section of the policy
document will this normally appear?

2 53 Ch 03 Changes in policy can be made by Issuing a new policy Endorsement Corrections on the policy Not allowed 2

If someone of age group 15 /16 having a

2 54 Ch 03 contract with insurance companies that Valid Invalid Void Illegal 2
contract would fall under which category

The obligation of the insurer for the whole

2 55 Ch 03 operative clause Preamble Proviso Endorsement 1
life policy is mentioned in
Husband and wife jointly taking
insurance policy what is the reason that
2 56 Ch 03 Whole life Return of premium Joint Life Policy Endowment policy 3
they need not mention nominee under
this insurance policy
In which kind of policy the insurable
2 57 Ch 03 interest should exist at the time of claim Motor insurance Marine insurance Liability insurance Travel insurance 2
only
2 58 Ch 03 Indisputability clause is applicable for 6months 12months 2years 5years 3
Insurable interest on one's own life limited 20 times of Gross Annual
2 59 Ch 03 Liabilities Assets Unlimited 4
upto income
Two endowment policies A and B are
issued in the same time on the quarterly
mode. In both the policies 22 quarterly
installments are paid. Both are Term of A policy is higher Term of B policy is higher Policy A is assigned and B is Policy B is assigned
2 60 Ch 03 2
surrendered immediately after paying than B policy than A policy not assigned and A is not assigned
22nd installment. But in policy A
surrender value is significantly higher
than policy B because

What is the minimum age of the

2 61 Ch 03 customer for entering the Insurance 16 years 17 years 18 years 21 years 3
contract?
When will the Principle of Utmost Good Throughout the policy before receiving policy After receiving the
2 62 Ch 03 before premium deposit 1
faith apply in Term insurance plan? contract document policy document
A policy was earlier issued with premium
2 63 Ch 03 extra, where are the details of the Proposal form Medical reports Client confidential reports Medical referees report 1
customer available
An agent surrendered the policy of a
2 64 Ch 03 client on 10 Feb. 2011, when can this 2014 2012 2013 Anytime 4
client buy new plan?
2 65 Ch 03 When does insurable interest exist? A inception of the contract At claims at survival benefits Through out the term 1

While underwriting Mr. X proposal form it

is found out that there is a criminal case
1 66 Ch 04 Fundamental risk Physical hazard Moral Hazard No Risk 3
against him for fraudulent activities.
What type of risk would this fall in

How much insurance can be given to a

1 67 Ch 04 As per Human life Value 10L 50L 1 Crore 1
working person ?

While calculating Human life value (HLV)

Estimated amount at
1 68 Ch 04 two components need to be kept in mind , Bank Fixed deposit rate discount rate Estimated life expectancy 3
retirement
the one is take home salary and other is

Two People with same term, one person

1 69 Ch 04 Married Wife Younger Health deterioration Dirrerence in caste 3
had more premium than others because

TWO FRIENDS HAVE TAKEN SAME

1 70 Ch 04 POLICY BUT THEIR PREMIUMS ARE AGE MEDICAL SA ALL THE ABOVE 4
DIFFERENT WHY?
In a 20 year with profit policy, persistency
1 71 Ch 04 1 year 10th year 15th year 20th year 4
Bonus is paid at the end of
Which of the following statements is Smoking invites extra Drinking invites extra
1 72 Ch 04 None is correct Both are correct 4
correct? premium premium
as long as the policy is Till the next declaration of
2 73 Ch 04 Till what period is the interim bonus valid Till the next validation date none of the above 2
inforce bonus
Annual premium of insurance product is
Rs. 32,000, 4% loading on Quarterly mode
2 74 Ch 04 7680 8000 8320 8500 3
of payment What is the quarterly
premium?

As per the norms of risk assessment by

U/W both the parents of a policy holder
2 75 Ch 04 Moral Hazard Medical Hazard Occupational Hazard Physical Hazard 4
died in their early 30s due to Heart
disease, what is the risk assessed

Investment by NRI(Non Resident Indian)

2 76 Ch 04 No risk Low risk Medium risk High risk 4
will be
Mr.Sunil is doing premium calculation for
2 77 Ch 04 his company, as per which authority is his Council of Actuaries Insurance council of India Insurance institute of India IRDA 1
profession related to
what is the special report that is asked by
2 78 Ch 04 the underwriter from the officer of the HLV report Client confidentiality report moral hazard report medical report 2
insurer
To Calculate the
To help the underwriter
2 79 Ch 04 why ACR required? To calculate Premium commission due for the To verify the Plan proposed 4
to asses the Risk
agent
Has a capacity to generate
2 80 Ch 04 A human being is An economic asset Has a finite life span All of the above 4
the income
 Claim was settled however full Sum
2 81 Ch 04 assured not paid though the policy was in Lien Bonus Surrender Accidental death 1
force due to
Mr. A wants insurance cover . But he is
2 82 Ch 04 drinks alcohol frequently . What kind of Physical hazard Moral Hazard financial risk Pure risk 2
hazard you may categorize?
Insurer appoints a candidate of this
professional qualification ,who decides
2 83 Ch 04 Actuary Underwriters Sales Officer Advisor 1
the amount of premium in insurance
products
Proposal decision to be communicated to
2 84 Ch 04 7 days 10 days 15 days 30 days 3
the client with in

When an interim bonus is paid under with

Policy start date to the 1st Policy start date to the end Previous valuation date to claim date to next
2 85 Ch 04 profit policy, This normally represents a 3
Anniversary of the 1st calendar year claim date valuation date
bonus covering what period

What tax rate, if any, will be applicable to

a life insurance policy holder for the
1 86 Ch 05 Nil 0.1 0.2 0.3 1
maturity proceeds of a Rs 50,000 life
insurance policy
What is maximum level of Insurance
1 87 Ch 05 premium for which Income Tax benefit is 25000 50000 100000 150000 3
available
Who is the primary underwriter of the
1 88 Ch 05 Insurer's doctor Underwriter Agent Nominee 3
clients
Mr. X wants a life cover for the term of 20
Yrs. Also he wants a modest amount if he
1 89 Ch 05 Term Plan Endowment plan Convertible plan ULIP 2
survives through the term. Which plan
should he buy
In which policy can policy holder take
1 90 Ch 05 Health Policies Term Policies Endowment Policies All of the above 3
loan ?
Which plan will suits a customer need
1 91 Ch 05 who is just looking for protection of Term Insurance ULIP Endowment Moneyback 1
family.
If 50000 is invested in Single Premium
1 92 Ch 05 ULIP than what will be the minimum SA 50000 75000 62500 100000 3
applicable?
What is the maximum cover that can be
1 93 Ch 05 5000 10000 50000 100000 3
provided in micro insurance?
State which of the following statements In ULIPs riders can be In ULIPs death benefit will Both statement are
1 94 Ch 05 both statements are correct 2
are correct? attached be the basic SA only wrong
Mr. A has a son who is 5 yrs and he wants
to save funds for his education. Both the
1 95 Ch 05 Convertible plan Term Insurance Endowment Plan ULIP Plan 3
parents are risk adverse. Which plan is
suitable for them?
 Child insurance plans
A Couple has 7 year kid & wants to Buy can be taken out in the
1 96 Ch 05 some Policy. Which is the best suitable Only ULIP Plans Only Endowment Policies only Term Plans form of endowment 4
policy for his Son? plans, money-back
plans or ULIPs

Ajay is 35 years old and works for a

multinational corporation (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
1 97 Ch 05 term plan health plan endowment plan traditional plan 1
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

Client has taken Joint Life Policy.. Whose Insurer and both the
1 98 Ch 05 Insurer Proposer Proposer & Wife 4
responsible in the contract? Life Insured

If a person has taken a Pure Endowment

1 99 Ch 05 Policy, then what will be the death benefit No Death Benefit Sum Assured will be paid Both are correct both are incorrect 1
if he dies during term of policy?

Two People of the same policy Term, one

1 100 Ch 05 Married Wife Younger Health deterioration Higher Age 4
person pays more premium because

1 101 Ch 05 Micro insurance is transacted by Life Insurers only Non-Life Insurers only non-life and life insurers None of them 1
Adverse selection occurs when a group of cover only particular
2 102 Ch 05 to cover all members have uniform coverage None of the above 1
individuals try to members of the group
If raju wants to accumulate a lump sum
2 103 Ch 05 for 20 yrs but does not require life cover, Term insurance plan Money back pure endowment policy Whole life 3
which policy will be suitable?
In a joint life plan for a husband & wife,
Insurance company,
2 104 Ch 05 where should the agent' principal loyalty Insurance company Husband only Husband & wife 4
husband & wife
lay?
Hari wants a constant life cover till his
31st birthday. But he cant afford to pay
2 105 Ch 05 Pure Endowment Anticipated endowment Term plan ULIP 3
high premiums. The best suited products
for him would be
what is the special feature of ULIP that
2 106 Ch 05 ensures customer risk profile for long fund switching partial with drawl premium holiday riders 1
time insurance policies

At the time of maturity , quarter of the SA

2 107 Ch 05 Endowment Lien Money back Surrender 3
is paid though the policy was in force

Rahul has taken a joint life policy with his

2 108 Ch 05 wife  .Who is responsible for premium Rahul His wife children Both a & b 1
payment ?
 Krishna and Laxmi are married having 7
2 109 Ch 05 years old child. Which policy will satisfy Endowment Money back Term Insurance Child Investment policy 3
the long term protection needs for both

Term insurance if best suited for the

2 110 Ch 05 home loan education needs marriage of kids Retirement needs 1
following need
A group of people insured in a policy .
2 111 Ch 05 Same Age Employees Family Acc to height 2
They belong to which category

2 112 Ch 05 In endowment policy we give SA + Bonus- Outstanding premium Commission outstanding Both of the above None of the above 1
Which factor needs to be kept in mind
2 113 Ch 05 Mode of the premium Inflation Maturity Value Vesting Age 2
before deciding a child policy ?
Suresh wants to transfer his physical gold
Reduce his encashabilty for Create a future exit
1 114 Ch 06 to gold exchange traded fund, in relation Increase his liquidity Decrease his liquidity 1
next six months liability
to access, this change will
ULIP & NSC which is giving more tax None of them having
1 115 Ch 06 ULIP NSC Both with same benefit 1
benefit any tax benefit
The advantage/disadvantages within
1 116 Ch 06 cumulative and fixed traditional deposits Returns Taxation Look-in Period Investment Frequency 1
pertain to-
Ajay is 35 years old and works for a
multinational corporation (MNC) **Ajay
1 117 Ch 06
salary is 80,000 he want home lone. what 8,000 16000 24000 32000 4
is maximum installment?
ULIP & NSC which is giving tax benefit u/
1 118 Ch 06 ULIP NSC ULIP & NSC None of them 3
s 80C
Under which section of the Income Tax
1 119 Ch 06 Act can an individual get a deduction S. 80D S. 80C S 80E S. 80F 1
from taxable income for the
What period of time a client has to be
1 120 Ch 06 invested to get tax benefit under postal 10 Years 8 years 6 years 5 years 4
scheme?
If a person is going to face jobless for a
temporary period, then what is the ideal
2 121 Ch 06 Debt Funds of MF NSC Corporate bonds Govt Bonds 1
instrument to invest money apart from
Bank FD?

Mr.  X  Invested  in a Bank FD with  6%

2 122 Ch 06 Return, However  his actual returns Inflation Charges Current Market Scenario All of the above 1
deemed to be 4% What are the reasons ?

A person planning to invest in Kisan

2 123 Ch 06 Insurance Branch Post Office Internet Mutual Fund Office 2
Vikas Patra will go to
A person Wants to invest in a FD for Tax
2 124 Ch 06 benefit , How many years he has to take 5 year 4 year 3 Year 2 Year 1
the term of the FD ?
 aditya wants to take home loan and his
monthly take home is 80,000 what as a
2 125 Ch 06 20000 24000 28000 32000 4
best practice should be the maximum
EMI

A customer while investing in to Recurring

2 126 Ch 06 deposit or Cumulative deposit what are Taxation frequency of payment interest rates tenure 3
the key factors which will matter

A person is holding 100 units of GOLD

2 127 Ch 06 ETF certificates . How many grams of 10- 20 gms 20- 50 gms 50-100 gms 10 gms 3
GOLD does he Have ?

Manoj a 26 year old is having 7 years old

2 128 Ch 06 son. What will happen to his monthly Marginally decrease Significantly increase less than after 15 years will remain same 2
disposable income after 15 years of job

Ramesh has invested in Post office

Monthly Income Scheme. The interest rate Change as per market
2 129 Ch 06 Increase gradually Decrease gradually Remain Constant 3
was set at 6%. What will be the effect of fluctuation
rate till the maturity.
If a person chooses Cumulative deposit
frequency of interest
2 130 Ch 06 than Recurring deposit ,difference will be Tax Interest tax Tenure 1
calculation
in

2 131 Ch 06 Kishan Vikas 's payment gets cleared at Bank Post office Insurance company Any one of the above 2
RBI increased interest rates 2 times, then
2 132 Ch 06 increase decrease volatile same 2
the stock prices will
Rahul switch from direct holding of
2 133 Ch 06 shares to equity based mutual funds. The Less transparent More diversified Less return Steep rise 2
impact on risk would be
Raj and akshat of same age are paying
the same annual premium for the health
Raj is earning more
policy taken on the same date for the Raj is married and akshat is Raj is above 65 years and Raj is in the good health and
2 134 Ch 06 and akshat is earning 2
same term. But raj is getting higher single Akshat is below 65 years akshat is in poor health
less
deduction for income tax as compared to
akshat
Raj is married with two children. Age 9
and 11 years. What should be the last
2 135 Ch 06 Life Insurance Health Insurance cover Retirement plan Child Investment policy 3
priority for him among the life, health ,
retirement and child investment policy
What is the frequency of interest in
2 136 Ch 06 Monthly Quarterly Half Yearly Yearly 2
Cumulative deposit account
What is the amount of money a client can
1 137 Ch 07 take out as a lump-sum from a pension One-tenth one-third one-fifth half 2
policy?
 Omkar Started a pension policy with
provider A but ended up in taking the
1 138 Ch 07 annuity payment from provider B.The Commutation Option Differed Annuity Option Guaranteed period option Open Market option 4
result directly reflect the which feature
available with this policy

Denny is married and has 2 children age

6 and 10. His parents are alive and are 70 Denny, His wife and
1 139 Ch 07 Denny only Denny and his wife Denny, His wife and children 3
and 68. Who all can be included under children and parents
the family floater health plan

Critical illness rider was taken and the

will discontinue for 1
1 140 Ch 07 rider benefit has been claimed , the rider Reduced the base SA terminated continues as it is 2
months
benefit now gets

In a Guaranteed annuity option of 5 years , till 5 years and continue till

1 141 Ch 07 entire life term annuity only for 5 years None of the above 2
the policy holder will get annuity till annuitant lives

monthly,quarterly,half yearly, fortnightly,quarterly,monthly, fortnightly, monthly ,half

1 142 Ch 07 What frequencies can one take in annuity None of the above 1
yearly yearly yearly, yearly
Why is there a waiting period in health Cooling off period for
1 143 Ch 07 Pre-existing illnesses Change in premium terms Nature of risk 1
insurance policies? insurers
How is No Claim Bonus is given in a Discount in Renewal Free increase in Sum
1 144 Ch 07 By way of Cash Discount Free Renewbality 4
Health Insurance Policy Premium Assured
meet expenses post
meet any medical Major hospitalisation and
1 145 Ch 07 What is importance of Health insurance? hospitalisation due to loss of All of the above 4
emergencies treatment expenses
income
A person retiring within 3 months need
2 146 Ch 07 return as pension. What kind of Immediate Annuity Deferred Annuity Anticipated Endowment ULIP 1
investment plan he need to choose.
An individual need a lump sum at the age
of retirement, the amount he need to investment tools used for
2 147 Ch 07 the deferment period amount which required All of the above 4
invest annually for the goal will depend investment
on
What are the Special features of Health
2 148 Ch 07 Covers disease expenses Helps in Tax Benefits covers hospitalization cost All of the above 4
plan?
What will be maturity benefit under health
2 149 Ch 07 Fund value Paid premium Paid premium with interest No maturity benefit 4
insurance plan
Which is the suitable savings plan for a
2 150 Ch 07 Term insurance plan Money back ULIP Plan Pension plan 4
senior citizen

Claim Amount received under CIBR Rider , to pay the further

2 151 Ch 07 Health Expenses Only Household expenses Only Unspecified reason 3
can be spend for premium of base plan

What could be the percentage of

2 152 Ch 07 guaranteed return in all ULIP pension 0.06 0.085 0.045 0.1 3
plan.
A person has taken a term insurance of 4
2 153 Ch 07 Lac. What is the maximum Critical Illness 1 Lac 2 Lac 3 Lac 4 Lac 4
Rider he can take
 commutation is a feature of which type of policy of another
2 154 Ch 07 annuity joint life policy pure endowment policy 1
policy person
Mr. Sharma buy term insurance policy
along with Accident and Disability
2 155 Ch 07 20% 30% 40% 50% 2
benefits rider cost restricted upto the base
premium of the policy?

Mr.Ramesh invested Rs:50000 in pension

Pension plan is not eligible will depend on his
2 156 Ch 07 policy, what is the percentage he can avail 33.33% 1 4
for tax exemption income slab
as exemption in Income tax.

Mr.Sumesh takes a policy and pays

premium of 20000 with a sum assured of
2 157 Ch 07 Fully taxable 10% 20% Tax fully exempted 4
300000, what will be the tax implication
on his maturity amount
Yash wants to take open market option in
2 158 Ch 07 save more tax switch the underlying fund improved annuity rate To continue life cover 3
Pension plan. What is the benefit?
In rising life expectancy the need for
2 159 Ch 07 pension policy is increasing as retirement Less expensive Less Transparent More necessary Tax efficient 3
planning is

Ramesh wants to buy 15 years pension

plan for retirement while calculating gaps Savings are significantly
2 160 Ch 07 self employed Widower Govt employee 1
required at the end the gratuity amount higher
was completely ignored because he is

While calculating pension figures,

required at the time of retirement, two
2 161 Ch 07 Health Charges Inflation Interest rates 3
factors should be considered while
planning, One is taxation and other is

A invested money in Sr Citizen scheme. Amt will be deducted from 10% of the amt will be 20% of the amt will be
2 162 Ch 07 Rs 1000 will be deducted 1
What is the tax benefit he receives? taxable income upto 1 lakh deducted deducted

If Rs.30000/- has been invested in

2 163 Ch 07 insurance for tax benefit than how many 5 YRS 10 YRS 7 YRS 3 YRS 1
years does one have to wait for maturity ?

Mr.Arvind has 2 children aged 13 & 15, he

wants to buy 2 health plans, one for
2 164 Ch 07 Family floater Health plan Endowment plan Term Plan 1
himself & one for his wife, what will you
recommend.

Which fund needs to be selected to

2 165 Ch 07 ULIP ENDOWMENT POST OFFICE BANK 1
receive a 4.5% guarantee on Pension ?

In which of the recognized life stages an

1 166 Ch 08 individual does not required any Childhood Young Married Pre Retirement Retirement 4
protection cover
 Mr. X fact find shows he need a term
insurance for his future income protection,
A family health plan to cover medical
1 167 Ch 08 needs, a children's plan to cover his son's Term Insurance Medical Insurance Children's Policy Endowment Policy 1
education and a endowment policy for
his daughter's marriage. Which of these is
the first priority

Why need do self employed people have

public sector employees Self employed person
to buy medical insurance than that of a Public sector employees do Self employed person fall sick
1 168 Ch 08 enjoy medical cover related give more priorities to 2
person employed with a public sector not get sick very often quite often
to the Job health
company
A family consisting of husban,wife and
1 169 Ch 08 two children aged 6 and 10 what kind of Protection plan child plan Saving plan All of the above 4
insurance plan can be suggested ?

Rajiv is married & has 4 year old son.

1 170 Ch 08 Child plan convertible plan pension plan ULIP Plan 1
Which insurance plan is suitable for him?

What to be considered while taking first

1 171 Ch 08 Personal Details Family Details Employment details All of the above 4
policy
Samir is married and he has only one
2 172 Ch 08 partner, with dependant parents and no income protection inheritance planning investment efficiency long term savings 1
child, which should be his priority

The sole focus during a client’s fact-find

session was healthcare requirements and
2 173 Ch 08 Young married couple Young married with children. Pre-retirement. Retirement 4
estate planning. Which main life stage is
he most likely to fall into?

The main protection need of a 19-year-old protection of children’s

2 174 Ch 08 self-protection. home loan protection. protection of Dependants. 1
is most likely to be future.
2 175 Ch 08 With profit policies can be given to surety keyman partner Individual 4
Benefit Illustration given to a customer
quantifies an amount by which
1 176 Ch 09 Charges Interest Inflation Taxation 1
investment return is reduced. This
reduction reflect the impact of
Provide regulatory
Create an audit trail for future
1 177 Ch 09 Fact Find Process helps to Ensure a sale is achieved Identify Client need body about agents 2
complaints
data base
A Person Need to do Estate Planning
1 178 Ch 09 Young Person 30-40 years age group Married About to get retired 4
when
A Plan based on needs to A plan based on paying A Plan based on the clients
1 179 Ch 09 Which plan should an agent suggest None of the Above 1
the Client capacity of the client dreams
In a fact find, a couple discovered their
2 180 Ch 09 need to be estate planning? In what life Married Married with children Married with older children Retirement 4
stage will they be in?
 Mr. Prasanth 25 Age Govt: job, Bachelor -
2 181 Ch 09 Short term long term As per his goal both b & c 4
how many years policy can be given

Sanju & vikram are both 22 yrs old. Sanju

has dependent parents and vikram has
2 182 Ch 09 Investment Health Insurance cover Life insurance cover No preference 3
no dependants. What will be sanju’s
preference over vikram’s preference?

A Couple has 7 years old son, What

2 183 Ch 09 Retirement health care child education life cover 3
solution would they be looking for
The commission payable in a ULIP plan
2 184 Ch 09 Illustration benefit Premium receipt Product Brochure Proposal Form 1
to the Advisors is mention in...

An agent has recommended an

investment product with non-guaranteed
2 185 Ch 09 benefits. The benefit illustration passed to 5% and 8% 5% and 10% 6% and 8% 6% and 10% 4
his client will therefore use assumed
annual growth rates of

The rates of assumed annual growth to

2 186 Ch 09 be shared in the benefit illustration has IRDA Life insurance council The Royal Bank SEBI 2
been decided by which of the authority

While recommending a solution to the

2 187 Ch 09 client, the advisor should, establish the Advisor need Product features Client income Client expenditure 2
link between, client needs and
A 38 year old married with 2 children, her
2 188 Ch 09 husband dies and left huge legacy behind. estate plan loan protection pension wealth creation 1
What should be top priority?
A young couple wants to invest for their
daughter, and their income will increase
2 189 Ch 09 term plan endowment annuity flexible plan 4
with time horizon and suggest
investment plan?

The best way to prove that customer of a

Ask the insurer to give a From signed copy of benefit From ticked columns
1 190 Ch 10 ULIP policy is given awareness about the From the fact details 3
policy endorsement letter illustration of proposal form
commission paid to the agent is

An agent reveals the commission

received from Insurance sales to X and Y.
Only X has bought other Only Y has a Single
1 191 Ch 10 Both are for the same duration. Why is X is married and Y is Single Y is young 2
product from the agent premium Product
commission of X far higher than
commission received for Y
An agent should disclose the commission customer not asks for
1 192 Ch 10 the commission is low the commission is high Customer asks for it 3
if it
Nikhil explaining ULIP plan to a customer
doesn't know answer of a doubt Ask the customer to check it must not shown any
1 193 Ch 10 tell him what ever he thinks Refer to the product brochure 3
regarding the product that the customer himself interest in the doubt
has. What should he do?
 Churning is considered bad for a Impact of charges on Higher commission to
1 194 Ch 10 Both a & b Neither a nor b 1
customer. Why is it? customer fund advisor
What is the reason , that an advisor is
2 195 Ch 10 getting more than 35% Commission in Not possible Alternate channel Mis-selling Higher charge products 2
the 1st Year?
Policyholders suffer due to
Agents earn Lower Policyholder gets more Insurance companies
2 196 Ch 10 Churning is bad , based on which aspect surrender charges and 3
Commission on churning benefits get good branding
benefits
Higher persistency to the insurer ensures
2 197 Ch 10 More productivity Higher attrition Higher Profits Higher S.A 3
what ?
Persistency =has increased from 82 % in
2 198 Ch 10 previous year to 86 % this year . That more lapsation more attrition less lapsation No profits 3
means
Word of mouth publicity for More reference generation for
2 199 Ch 10 A satisfied client will lead to Chances of up selling All the above 4
the agent the agent
An Agent can receive maximum of
2 200 Ch 10 ________ %of the premium as commission Thirty Percent Twenty percent Thirty Five Percent None of this 3
in the first year
Customer asks the agent to disclose the
2 201 Ch 10 disclose on demand Not disclose Should call up the Insurer Should avoid the topic 1
commission . The agent should
If Sales Target get reduced then Churning
2 202 Ch 10 Increase Decrease Will not affect Partially 2
will
Advisor motivate the client to surrender
the existing Endowment plan and buy
2 203 Ch 10 switching Building long term relations Revisit the financial planning Churning 4
new Whole life policy for gaining higher
commission, is the example of?
To earn extra
2 204 Ch 10 An advisor will do a churn to Avoid a customer complaint Minimize paper work Service the customer 4
commission
What are the key aspects of advisors do Selling product as per need Selling products having Not keeping in touch
2 205 Ch 10 Surrender 1
for better persistency? & policy servicing higher Commission with client
If a person is missing then after how
1 206 Ch 11 many years will he be considered as dead 5 7 10 12 2
& SA paid to the nominee.
What is the death benefit if the person Death Benefit will be the
Sum of all SA in different
1 207 Ch 11 has multiple sums assured under amount with highest SA No amount will be paid Not more than 20lacs 3
policies
different policies? policy

Client died in 89th day from DOC. In

1 208 Ch 11 Murder Deep Illness Accident Suicide 4
which category he is not eligible for claim

Mr. Customer has taken a policy and died

1 209 Ch 11 before receiving the document which was Entitled for full claim Entitled for partial claim Not entitled Return of Premium 1
dispatched by the insurer.
In a claim, the customer got much more
1 210 Ch 11 Nature of payment Investment Frequency Nature of Death Survival Benefits 1
than the Sum Assured. Why?
 Without submitting any form of claim, a
life insurance policy holder received
1 211 Ch 11 ULIP Term Money Back Health 3
payments of maturity then what type of
policy he is holding
If a person is absconding then after how
1 212 Ch 11 many years will he be considered as dead 10 years 20 years 7 years 12 years 3
& SA paid to the nominee.
No of days in which the death claim has
2 213 Ch 11 to be paid after the necessary documents 15 days 30 days 45 days 60 days 2
have been received
Mr.Suresh dies one day before the grace
Sum Assured less the
2 214 Ch 11 period without paying the premium, what No claims payable All premiums paid Sum assured 4
undue premium
is the claim payable
The delay in settling claim by any
insurance co, as per IRDA norms has to
2 215 Ch 11 7.00% 8.50% 7.20% 8.20% 3
pay....% if the present bank interest rate is
5.2%
What is the maximum Time in which The
2 216 Ch 11 insurer should settle a claim when all 3 days 15 days 30 days 10 days 3
documents are submitted

During claim insurer deduct Rs. 10,000 in

spite of having no Lien and all due
2 217 Ch 11 Premium Rate increase Loan facility Mode of Payment Loading 2
premiums are paid. What are the other
reason for deducting the same?

In case of confirmed accidental death, the Lumsum sum assured plus Lump Sum plus life
2 218 Ch 11 Life time annuity Sum Assured 2
benefit is paid in the form of accidental sum assured time annuity

Under Indian Evidence Act 1872, after

2 219 Ch 11 which year presumption clause will apply 6 years 7 years 10 years 12 years 2
if the person is not heard of
Which institution was incorporated by the Insurance brokers
1 220 Ch 12 Insurance Institute of India Life Insurance Council None of the above 4
Insurance Act 1938 association of India
License of candidate passing insurance
1 221 Ch 12 1 3 5 7 2
exam is valid for ___ years?

1 222 Ch 12 The controller of insurance in India is IRDA RBI SEBI Insurance ombudsmen 1

1 223 Ch 12 Who is regulating Advisor's Licencing IRDA Insurance Act 1938 LIC Act 1956 None of the Above 2
If the policy is endorsed under MWP Act -
2 224 Ch 12 parents ex wife children mother 3
then the beneficiaries are wife and ?
Consumer Forum at district level will hear
2 225 Ch 12 20L 40L 1Cr 10L 1
complaints up to
Mr. ABC cleared the IRDA exam on 2010
got license but he did not work , In which
2 226 Ch 12 2013 2014 2015 2016 1
of the year again he will apply for
insurance license?
 What is the Thresh hold limit of premium
2 227 Ch 12 10000 20000 50000 100000 3
in cash insurance as per monetary policy?

Who is regulatory body of money

2 228 Ch 12 SEBI RBI IRDA TRAI 3
laundering in insurance sector?
Which is the training institute for
1 229 Ch 13 Insurance Institute of India IRDA RBI SEBI 1
providing training to insurance agents?
What is the eligible age for Life Insurance
1 230 Ch 13 16 15 18 17 3
Agent?
2 231 Ch 13 Board of Insurance is related to SEBI IRDA Insurance Association None of the above 2
His contacts in the
sound mind & good income
2 232 Ch 13 basic qualifications of agent sound mind & graduate Age and income level market to solicit 1
level
Insurance
Investment by foreign direct investors in
2 233 Ch 13 12% 25% 40% 26% 4
to Insurance co's is restricted to
What is the role of National Insurance To undertake training To Advertise globally
2 234 Ch 13 To regulate To advise Government 3
Academy? activities on Indian Insurance
Karthik written to his insurer about non
settlement of a maturity claim, as per
1 235 Ch 14
regulations, the insurer has to reply to this3 5 7 10 4
within how many working days
1 236 Ch 14 When was Ombudsmen Created? 1998 1986 1989 1990 1
Insurance companies are required to
1 237 Ch 14 honor the awards passed by the 15 days 10 days 20 days 3 days 1
Insurance Ombudsman
partial or total repudiation dispute with regard to
1 238 Ch 14 Matters referring to ombudsman? delay in settlement of claims ALL THE ABOVE 4
of claims by the insurer premium paid or payable
Client rejecting after taking a policy in
how many days.When the insured
disagrees with any of the terms or
conditions of the policy after the policy is
1 239 Ch 14
issued, they have the option to return the 30 15 20 25 2
policy stating the reasons for their
objection. Within how many days they
can return the poly?
Consumer can call Toll free No. for any Consumer Affairs
1 240 Ch 14 Insurance Ombudsman Insurance Company All of the above 4
Grievance or he can also contact Department of the IRDA
What is the free look time available after
1 241 Ch 14 30 15 20 45 2
receiving policy Documents?

insurance contracts of
What is the limit of Ombudsman claim insurance contracts of valueinsurance contracts of valueinsurance contracts of value
1 242 Ch 14 value not exceeding Rs. 1
settlement? not exceeding Rs. 20 lakhs not exceeding Rs. 25 lakhs not exceeding Rs. 30 lakhs
50 lakhs

Regulation issued by IRDA required that

2 243 Ch 14 the decision on the proposal must be 15 days 20 days 1 month no time bar 1
conveyed to the proposer within
 Whom should customer contact in case
2 244 Ch 14 of any dispute for a claim more than 20 Forum at district level Forum at state level National commission Ombudsman 2
lakhs

Complaint council bodies other than IRDA

2 245 Ch 14 Ombudsman Insurance Institute of India Insurance Association FERA 1
grievance readdress forum & COPA

What are the ways by which a policy Email or Toll free

2 246 Ch 14 email Toll free No. Newspaper 4
holder can make complaints Number
what is the maximum level of complaint
2 247 Ch 14 that can be considered and taken action 20 lac 25 lac 30 lac 50 lac 1
by ombudsmen

What is the period of award passed to the

2 248 Ch 14 2months 3 months 5 months 6 months 2
customer decided by ombudsman?

An Award is passed by Ombudsman .In

2 249 Ch 14 how many days it should be honored by 15 days 30 days 60 days 90 days 1
Insurance Co

If the complainant is disagreeing with the

2 250 Ch 14 decision of the company on the claim 1 month 6 weeks 12 weeks 2 months 1
then he can approach to ombudsman in

A policy has been rejected by the he has to inform the

company under direct intimation to the customer that the co has He has to explain the reasons He takes up with the
2 251 Ch 15 he plans to change the plan 3
customer and copy to the Agent, what is broken relationship with the for rejection to the customer higher authorities
the next action of the Agent customer

An advisor while explaining the policy

He cannot offer any
2 252 Ch 15 and to sell he accepts to give a part of his 10% 20% He can offer up to 50% 3
commission
Agents commission, what is the limits

Raju is a certified license holder under

what circumstances he needs to hold his when he sells term when he represents himself under all
2 253 Ch 15 when he sells pension policies 4
certified license with him that is issued by insurance as another insurer circumstances
IrDA
___________ has laid down the Code of Insurance Regulatory &
2 254 Ch 15 Insurance Institute of India Indian penal code Reserve bank of India 2
Conduct for all agents Development Authority