A fresh set of 20 random questions is generated every time you open this page and every time you refresh it.For each of the following multiple choice questions, choose the most appropriate answer :
1. Rohit died and was paid the claim, which was less though he had paid all the premiums on time, what is the reason for the same?
A. Lien was applied to the Policy
B. Term plan was taken
C. ADrider was attached
D. Policy was affected due to moral hazards
2. For an insurance agent, a low persistency ratio means
A. Loss of renewal commission
B. High client satisfaction
C. Higher reputation
D. More earning of First Year Commission
3. The reduction in the benefit illustration shows what :
A. Charges
B. Mortality
C. Interest
D. Inflation
4. Job of a nodal officer of insurance company involves :
A. Addressing customer grievances
B. Deciding, the premium to be charged
C. Imparting training
D. Looking after sales
5. In a G-Security, if no interest is to be paid, what is guaraanted on maturity?
A. Principal amount plus bonus
B. Principal amount
C. Principal amount plus appreciation
D. Discounted principal amount
6. Insurance Act 1938 does not deal with :
A. Amalgamation and transfer of Insurance business
B. Appointment of staff
C. Mutual funds
D. Power of investigation and inspection by the regulatory authority
7. An indemnity bond was signed in policy when the claim was paiThis indicates that the policy was
A. lost
B. paid u
C. lapse
D. surrendered
8. In normal claim settlement process, if death claim arises within few days of issuing the policy, on priority, the company would check the following :
A. Age proof
B. Material facts
C. FIR
D. FPR
9. If IRDA is unable to discharge its functions or duties, Central Government :
A. has the power to supersede the IRDA by issuing notification
B. has the power to supersede the IRDA by passing a bill in parliament
C. has the power to supersede the IRDA through ordinance
D. Can amend IRDA Act
10. What normally happens to the sum insured under a life insurance policy once the period of the lien expires?
A. It reduces
B. It increases
C. It is temporarily suspended
D. It is replaced by a newly-underwritten sum insured
11. The amount paid out by the insurer under a 30-year life insurance policy exceeded the sum insured plus revisionary bonuses. The excess is likely to result from?
A. charges refunded
B. a frequency loading
C. a tax rebate
D. a terminal bonus
12. Anju is married with Akhilesh, they want to secure their unearned income, which plan should be suggested to protect income :
A. Endowment Plan
B. Term Plan
C. Children Plan
D. Limited Pay Plan
13. If customer has mentioned he is drinker in the proposal form, the insurance company can exclude this hazard and mention it in which part of the policy document?
A. Provisio
B. Endorsements
C. Operative clause
D. Terms and Conditions
14. In a fact find process, the product recommended by an agent should depend on:
A. The need
B. The earning potential
C. Premium paying capacity
D. None of the above
15. Ration Card and Baptism certificate are considered as:
A. Standard Age Proof
B. Non Standard Age proof
C. Standard and non standard age proof respectively
D. Nonstandard and standard age proof respectively
16. If ombudsman makes a recommendation which is accepted by complainant then it would be :
A. binding on the Insurer
B. Sent to the insurer for review and acceptance
C. Sent to IRDA for approval
D. Not binding on any party
17. While calculating HLV using income replacement method - future income, number of years of work, increments in salary are taken into account. What else is important to be taken into account?
A. Inflation
B. Interest
C. Discount rate
D. Compounding
18. If life insurance policy is issued with alien, it will be mentioned in
A. Proviso
B. Schedule
C. Terms & conditions
D. Endorsement
19. Why do insurance companies follow the principle of law of Large numbers?
A. To calculate death ratio
B. Dctermine cost of annual claims
C. Calculate pure risks
D. None of these
20. A Govt. employee after retirement has chosen to take 10% of his pension benefit in cash. Which of the following options shall be applicable to the person so far as income tax payment is concerned?
A. It is absolutely tax free
B. He has to pay 10% TDS on the amount taken in cash
C. He has to pay 30% TDS on the amount taken in cash
D. Pension benefit not allowed in cash
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