Q

QUESTION OPTION1 OPTION2 OPTION3 OPTION4 Ans

No
Amount paid by
What does the tem Premium denotes in life insured for Margin of Insurer on Profit earned by Expenses incurred
1 1
insurance policy purchasing Policy Insurer on policy by insurer on policy
insurance policy
Who is the primary underwriter in Insurance
2 Insurance agent Insured Insurer Ombudsman 1
policy

to classify risk and

To prevent anti
3 What is the benefit of underwriting ensure equity among both of the above None of the above 4
selection
risk

When Insurer promises to pay specified

4 amount at the end of the policy term and the Death Claim Surrender Maturity claim Survival claim 3
insured survive the entire term, it is called

Mr. Sagan wants to loan from bank. He had 10

lakh of insurance policy which can be used as
collateral. For obtaining the loan from bank
5 Policy Nomination Policy document Proposal form KYC documents 2
against the policy what is the document that is
required to prove the ownership of Mr. Sajan in
Policy

Person who is Person who has key Person who left the Person who willing
6 Who is Keyman 1
Critical to business to office lock business to join business
7 IRDA was established in which year 2003 1999 2000 2002 3
Protection against
What is the primary purpose of life insurance Wealth the loss of economic
8 Investment security Tax Planning 4
product Accumulation value of an
individual
At the time of making claims which following
9 Death certificate Policy document Proposal form Post Mortem Report 2
document required

Integrated Grievance management System has Life Insurance Policy holder

10 Government of India IRDAI 3
been launched by council association of India
 At the time of taking In case of property
Advice Mrs. Anita on the point/time when
a policy and at the At the time of taking At the time of insurance no
11 insurable interest has to be present in case of 1
time of making a a policy making a claim insurable interest is
property insurance
claim required

Insurance compensate
Insurance protects Insurance prevent Insurance reduces
12 Which of the following statement is correct in event of loss of 4
the asset its loss possibility of loss asset

Which has jurisdiction to entertain matters

where value of goods and services and National
13 District Forum State Commission High Court 2
compensation of claim is more than 20 lakhs Commission
and less than 100 lakhs

Insurance Agent is a
Risk Assessor,
Designer of Underwriter,
Insurance Agent is a
Insurance Agent is a customized financial Designer of
14 What is the role of a Insurance Agent? Risk Assessor, 4
Sales Person solution and a customized financial
Underwriter.
relationship builder solution and a
relationship builder ,
all rolled into one

15 Regulator of Capital Market is____________ ?? IRDA SEBI Censor Board AMFI 2

Human Life Value is _based expected net future Present Income -

16 present earnings past earnings 1
on___________________ earnings Expenses
Risk cover and Protection and Cash Term Cover and End Present Value and
17 Components of Level Premium are 2
Maturity Value Value Future Value
Group Health insurance Policy can not be
18 Employer-Employee Labor union Student union Trust 3
given to

Section 39 of
19 Nomination is done under Section _______ Section 38 Section 10 Section 45 2
Insurance Act 1938

Which body is used to capture the Diseases in

20 WHO IIB CPT ICD 4
a standardized format
 How would you refer to the stages an
Personal Budget
21 individual goes through based on age, Tax Planning Financial Planning Adult Life Cycle 2
Cycle
Financial need and family situation.

22 Who bears the risk of investment in ULIPs? Insured Insurer both of the above None of the above 1

Ramesh wants to buy an insurance plan which

Endowment Universal Life
23 allows him (1) flexible premium payments (2) Term Life Insurance Whole Life insurance 3
Insurance Insurance
flexible sum assured
The sum assured under key man insurance
Business
24 policy is generally linked to which of the Key man income Business history Inflation index 2
profitability
following?

Life insurance companies may offer rebate to Mode of payment

Type of policy Sum assured chosen Term of the plan
25 the buyer on the premium that is payable on (cash, cheque, card) 2
chosen by the buyer by the buyer chosen by the buyer
the basis of ___________. chosen by the buyer

Acknowledgement
26 What is the evidence of Policy Contract? Policy Bond RPR None of the above 1
Slip

The _______ jurisdiction to entertain complaints,

27 where value of the goods or services and the State Commission National Commission National Tribunal District Commission 4
compensation claimed is up to RSP 20 Lacs

Which of the below is not forms the part of a Specific policy

28 Policy schedule Standard provisions Claim procedure 4
standard insurance policy document? provisions

Start of Modern concept of insurance can be Amicable society of

29 Warren Buffet Lloyds' Coffee House None of the above 2
attributed to perpetual assurance

Premium paid for Jan Arogya Bhīma Policy is

30 Section 80C Section 80D Section E Section 80U 2
eligible for tax benefits under
Which of the below is not an element in Customer
31 Historical Value Present Value Potential Value Residual Value 4
Life Time Value
Which acts as a Central Repository of Insurance
32 IRDA LIC IGMS Insurance Council 3
Grievance data
The -------------- has jurisdiction to entertain
33 complaints of goods and services, where District Commission State Commission National Commission All the above 3
compensation claimed exceeds Rs.100 lakhs

Individual's present Individual's Past Individuals' expected

34 The concept of HLV is based on None of the above 3
earnings Earnings net future earnings
 an asset which earns an asset with or
35 HLV considers human life as an asset without value None of the above 1
income without value

a product which can a product which can a product which can

36 Illustrate an intangible product Which can be seen 4
be perceived by touch be perceived directly be perceived indirectly

Riders provide extra

Illustrate addition of a rider in a life insurance Rider comes without Rider is an internal rider comes with free
37 benefits above the 3
policy any extra benefits part of the policy of cost
base policy
Mortgage redemption insurance (MRI) can be Increasing term life Decreasing term life Universal life
38 Variable life assurance 2
categorized under assurance assurance assurance
Unit holder can Insurer provides
All the following are true regarding ULIPs, Flexibility of it is a transparent
39 choose among guarantee for unit 2
except premium payments policy
different funds values
to whom the benefits
Termination of are payable after the Withdrawal of the
40 Illustrate nomination Transfer of rights 3
contract death of the life policy
insured

The standard length of The standard length of The standard length of The standard length of
Which of the below statement is true with regard to
41 the grace period is one the grace period is the grace period is one the grace period is one 4
Grace Period
month 30days month or 30days month or 31 days

Life insurers have Surrender value is a actual amount of

Which of the below statement is not true about is as good as maturity
42 charts of surrender percentage of paid up surrender value is less 4
surrender value
values value than the GSV

to assess the financial

43 Valuation of assets by insurance companies means To declare the bonus to find surrender value None of the above 3
position of the insurer

Asset which generates Assets which erodes

44 In Life Insurance, human Life is considered as Good Will Depreciation 3
income income
Specialized consultative health care is available at--
45 Primary Health Care Secondary Health care Tertiary Health care All the above 3
------

Available to Cumulative bonus and Cheap medical

Which of the below is not correct about Jan Arogya Tax benefits under
46 individuals & family medical check up insurance to Poor 2
Bhīma Policy Section 80D
members benefits are included people
 Present value of all
payments that have to
Sum Assured of all
be made less the Sum Assured of all
policies less All
47 Liabilities on a block of life insurance policies present value of policies less legal None of the above 1
premiums received
premiums expected to reserves
plus profits declared
be received on these
policies

this bonus attaches terminal bonuses do

The bonus is declared They are with
The following are correct in case of Terminal Bonus to the contract only on not depend on the
48 only for claims of the commitment about 3
except its contractual time duration of the
ensuing year subsequent years
termination contract

In Variable Life Insurance I) Premium Amount is

Both I and II are
49 fixed throughout the term II)Policy reserves can be Only I is correct Only II is correct Both are incorrect 3
correct
invested in a fund of their choice

Universal Life Variable Life Unit Linked Insurance

50 Example of Traditional life insurance is Term Insurance 2
Insurance Insurance Plans

The insurance cover

a decreasing term life policy taken by a Policy provides profits
51 All are features of MRI except under this policy 3
insurance home loan borrower to the insured
decreases each year

a. the ones whose

impairments and
anticipated extra Morbidity is less than
a. Morbidity and Morbidity is high and
morbidity are so great Average and insurance
52 Declined Risk means Insurance costs are insurance provided at 1
that they could not be can be provided at
average higher cost
provided insurance lower cost
coverage at an
affordable cost.

Which of the following cases is likely to be declined Salaried Healthy 28 An 27 year old having A 32 year old person . Housewife with no
53 3
or postponed by a life insurer? year old hypertension suffering from cancer income of her own

The sum insured per insured person in Jan Arogya

54 1000 5000 30000 10000 2
Bima is restricted to
Sum of economic benefits that can be achieved by
Historical Lifetime Customer Lifetime Potential Lifetime
55 building a long term relationship with the customer Human Life Value 2
Value Value Value
is referred to as
 Unit Linked Insurance Non Participating
56 Life Insurance which offers no dividends Participating Plans Par Plans 4
Plans Plans
insurer shall comply with the award of the
57 Ombudsman and send a written intimation the 30 days 15 days 90 days 21 days 2
within-
Hanging Gardens of
58 Origins of Modern Insurance can be traced to Big Apple of New York Lloyds of London Eiffel Tower of Paris 3
Babylon
first referral units for they provide specialist for every 1 lakh should have at least 3
59 All details regarding CHC's are correct except 4
four PHCs care population beds
Which of the following are not regulated by Third party
60 CASA agents Insurance Brokers Corporate Agents 1
IRDA Administrators

She has mortality

She has average She has higher Anticipated mortality
significantly lower
Shikha Gupta aged 35 is a software personnel mortality and mortality compared rates are standard
61 than standard and 2
and is considered a "preferred risk" premium charged for to standard lives but and insurable at
could be charged a
standard rates is insurable normal rates
lower premium

Postponement of Consumption and parting

62 Diversity Mutuality Savings Investment 3
with liquidity are the components of

Harish takes a Health Insurance knowing that

63 he will be going for a surgery shortly is an Morale Hazard Moral Hazard Loyalty Hazard Health Hazard 2
example of

Field level underwriting by an Agent includes

64 I)Information gathered and given by the agent I and II I and III I, II, and III II and III 3
II)Moral Hazard report III) Fraud Monitoring

You are charged for You have to rent a You have to pay a
A store is destroyed
drunken driving and house because your hospital bill for a
65 Examples of Direct loss are all except by fire and the goods 1
pay a fine of exiting one is person knocked
are damaged
INR1000 damaged due to fire down by you

John purchased a life insurance policy, then

decided to go on a skiing expedition at a site
which was one of the most dangerous skiing Occupational
66 Physical Hazard Moral Hazard Medical Hazard 3
places on earth. In the past he had refused to Hazard
undertake such expeditions. This is an
example of
 In Health Insurance Claim, RMO charges come Room & Boarding Miscellaneous
67 Consultant Charges Package Charges 1
under Charges Charges

Ramesh Needs to Submit a Examiners report

Non-Medical Medical Healthy Cautious
68 before his insurance proposal is accepted, This 2
Underwriting Underwriting Underwriting Underwriting
form of underwriting is referred to as

Dr. Martin Luther

69 Who devised the concept of HLV? Warren Buffet Prof. Hubener George Soros 3
King
Ramesh has assigned Policy to Suresh. Suresh
70 dies shortly after that. Choose the beneficiaries Appointee Suresh's Heirs Ramesh's Heirs Ramesh's Nominee 2
of the policy
What is Involved in future value calculation, Internal Rate of Compounding
71 Simple Interest Discounting Rate 4
Choose the appropriate Return Interest

Which among the following documents will be

Reinstatement Revival Premium Restoration Renewal Premium
72 issued by the Insurance Company on receipt of 4
Premium receipt receipt Premium receipt receipt
subsequent premium after the first premium?

As per Consumer Protection act, appeals made

73 Sec. 31 Sec. 15 Sec.23 Sec.19 3
before the supreme court, Fall Under _________

In ______the insurer pays the fund value as Unit Linked

74 Return of premium Money Back Plan Participating Plan 4
maturity claim Insurance Plan
The Employee State Scheme was introduced in
75 1947 1949 1948 1950 3
______

Ramesh Needs to Attach standard age proof

76 Passport Ration Card Affidavit Horoscope 1
along with his proposal select appropriate

Entry Age in Bhavishya Arogaya Policy is

77 18 55 25 60 3
_______
Who regulates Third Party Administrators Insurance Institute Life Insurance
78 IRDA Brokers Association 2
(TPAs) of India Council
Who gets benefit of insurance policy under
79 Nominee Trustee beneficiary Legal Heirs 3
MWPA Act?
Who gets benefit under Key-man Insurance
80 Insurer Customer Employer Family members 3
policies?
81 What do you mean by Underwriting? Judgment Selection of lives Logical All of the above 2
 To prevent anti- To increase the
What is the benefit of underwriting to the
82 selection or selection To increase the sale chance of wrong None of the above 1
insurer?
against the insurer selection

83 Which was the first insurance company? Oriental Insurance LIC United India New India 1
84 When does IRDA act passed? 1999 2000 1998 2001 1

Insurance General Indian General Integrated Grievance Intelligent Grievance

85 What do you mean by IGMS? 3
Management System Management System Management System Management System

86 Who observe and monitor IGMS? IRDA SEBI RBI Ombudsman 1

87 How many Ombudsman offices in India? 10 12 20 18 2
If a corporate Agent resign from Insurer A and
88 want to join Insurer B then what is the time 30 days 2 month 180 days 6 month 4
period to join?
What do you understand by mortgage Insurance policy Endowment
89 Market Linked plan None of the above 1
redemption insurance? against Loan Insurance policy
90 What is the first form of insurance company? Health Insurance Marine Insurance Life Insurance General Insurance 2

Moral hazard is the

likelihood that a
client's behavior
might change as a It refers that
result of purchasing company behavior
statement I and II
91 What do you understood about moral Hazard? a life insurance might change after None of the above 1
both are correct
policy and such a accepting the
change would insurance contract.
increase the chance
of a loss.
 Reinstatement is the
process by which a
life insurance
company puts back
into force a policy Revival means to Revival means to
that has either been buy a new policy buy an additional
What is the difference between revival and terminated because where as lapse policy and lapse
92 None of the above 1
Lapse? of non-payment of means permanently means policy
premiums where as termination of withdrawn from the
Lapse means contract. market.
discontinue of
services due to non
payment of
premium.

A sufficiently large
number of similar
exposure units to
It is the method of
Risk of many share make the losses
93 What is the concept of Law of large numbers? insurer to control None of the above 2
by few people reasonably
claim ratio.
predictable. This
follows from the law
of large numbers.
 when the policy has The simplest form of
run for less than revival is one that
three years and has involves payment of
not acquired arrears of premium
minimum surrender with interest. The
value but the period insurer would also
What is the process to revive ordinary lapse
94 of lapse is large?, call for a declaration both of the above None of the above 2
policy?
say the policy is of good health or
coming up for revival some other evidence
after a period of one of insurability like a
year or more since medical examination
the date of first when lapse period is
unpaid premium. more than 6 month

Universal life
insurance is a form
of permanent life
Universal life Universal life
insurance
insurance is having insurance is a policy
characterized by its
What is universal/variable life insurance fixed structure of having only term
95 flexible premiums, None of the above 3
policy? policy term, value component
flexible face amount
premiums and and having no
and death benefit
having no flexibility. bonus feature.
amounts, and the
unbundling of its
pricing factors.

What we call the maturity received under

96 Survival benefit surrender value Death claim Maturity claim 4
money back policy?
 Act was passed “to
provide for better This act provide the This act provide the
97 What is the Consumer protection Act? protection of the protection of interest protection of interest All of the above 1
interest of of consumer. of Agent
consumer.
_________________relates to inaccurate
statements, which are made without any
98 Misrepresentation contribution Offer Representation 1
fraudulent intention.

Which of the below is not a part of a valid

99 Offer Acceptance Consideration Coercion 4
contract?
For a life insurance policy affected under Sec 6
100 of MWP Act, the death claim is payable to the -- Nominee Policyholder Trustee Wife 3
---------------
Nomination is affected under ______________ of
101 Sec 45 Sec 64VB Sec 41 Sec 39 4
Insurance Act, 1938
102 Insurance is an example of__________ Risk Transfer Risk Control Risk Retention Risk Avoidance 1

Choose the correct answer: Option 1: Age is a

material fact for the underwriter. Option 2:
103 Both are correct Both are wrong Option 1 is correct Option 2 is correct 1
The premium charged by the insurer is a
function of age

Which of the below is not a following is a

104 Risk Retention Risk Transfer Risk Control Risk Avoidance 1
negative approach to risk management

Vishal has a direct impact of 25% of the

105 business of the organization. Hence his Business Insurance Term Policy Endowment Policy Keyman Policy 4
employer should take a ________ in his name.

___________ was formed in the year 2000 to Tariff Advisory

106 IRDA RBI None of the above 1
regulate and control insurance companies Committee

With respect to health insurance claims, who Health Insurance

107 TPA Insured Regulator 4
is NOT a stakeholder in the claims process Company

Zilla Parishad
108 Which of the following is a Standard Age Proof? Ration Card PAN Horoscope 2
Certificate
Which of the following accept appeals from the National
109 Ombudsman District Forum State Commission 3
district court? Commission
 Which of the following have the power of a Civil National
110 District Forum State Forum All of the above 4
Court? Commission

Which of the following will be charged the

111 Standard Risk Substandard Risk Preferred Risk None of the above 3
LOWEST Premium by the Underwriter?

Which document will be used to check the KYC Certificate of Memorandum of

112 PAN All of the above 4
identification of Corporate? Incorporation Association

Primary Health
Centre's which are Primary Health
referral units for Majority PHC have Centre's which are
All the information's are correct related with All PHCs provide
113 about six sub- four to six in-patient referral units for 1
Primary Health Care Except. outpatient services
centre's have been beds about six sub-
established for every centre's
30000 population

Member admission
Preexisting Illness
In which case Health Insurance Company can was not in the Policy has become
114 was not covered in Any of the above 4
denied the Claim Payment . period of insurance Lapsed.
particular plan.
coverage.

One customer is interested to take loan against

his insurance policy and wants to leave it as First Premium Renewal Premium
115 Proposal Form Policy Document 2
collateral. Which Document stating his Receipt Receipt.
ownership?

Which schemes can be considered under Fixed Senior Citizen Daily Hospitalization
116 Critical Illness cover Any of the above 1
Benefit Plan ? Scheme cash Benefit Plan

Certificate of Deposit, Treasury Bill,

117 Balance Market Equity Market Debt Market Money Market 4
Commercial paper comes under which market.

118 In which year IRDA Act was Established ? 1999 2000 2002 1998 1

Which of the following is the evidence of Risk First Premium

119 Policy Document Proposal Form Counter Offer 1
acceptance by the Insurer. Receipt
Which of the below is not an element of the life
120 Principle of Pooling Assets Risk Subsidy 4
insurance business?

What is the main purpose to buy Keyman To Generate high Business To get the advantage
121 Tax Advantage 2
Insurance policy ? Return Profitability of Low Premium
 Insurance General Indian General Integrated Grievance Intelligent Grievance
122 Expand the Term IGMS 3
Management System Management System Management System Management System

Change of the policy

Splitting up of the Extension of the
Which of the below alteration will be permitted from with profit Increase in the sum
123 policy into two or premium paying 1
by an insurance company? policy to without assured
more policies term
profit policy

Interest rates are one of the important

Lower the interest Higher the interest . Higher the interest The interest rates
components used while determining the
124 rate assumed, lower rate assumed, rate assumed, lower don’t affect 3
premium. Which of the below statement is
the premium higher the premium the premium premiums
correct with regards to interest rates?

Insurable interest is Either at time of

When is it essential for insurable interest to be At the time of taking
125 At the time of claim not required in case policy purchase or 1
present in case of life insurance? out insurance
of life insurance at the time of claim

Ordinary Rate implements on which category

126 Standard Life Substandard Life Both of them None of them 1
of Life.

Suresh's nominee
Suresh and his friend are of same age group. No Extra Benefit will
will get higher Will depend on the
Suresh is paying higher premium compare to There will be no be given as both
127 compensation as year in which death 2
his friend . What Extra Benefit his nominee extra benefit. customers are of
compare to his will happen
will receive in case of any causality? same age group.
Friend's nominee.

An individual with an aggressive risk profile is

128 Consolidation Gifting Spending Accumulation 4
likely to follow wealth _______ investment style.

How will you describe the agreement between

129 Consensus ad Idem Provisional Contingent Interim 1
insurer and Insured

Which among the following can be categorized

130 Bank Deposit Shares Mutual Fund Bonds 1
under transactional products?

For an insurance policy nomination is allowed

131 Section 10 Section 38 Section 39 Section 4 3
under _________ of the Insurance Act, 1938
 Ashok manage 25% of Company's sale. Which
Employer -
132 insurance policy can protect the financial loss MWP Keyman Insurance Any of the above 3
Employee
to company in case of death of Ashok.

. Postponing
Temporary
What does inter-temporal allocation of allocation of Allocation of Diversification of
133 allocation of 2
resources refer to? resources until the resources over time resource allocation
resources
time is right

Santosh has applied for a term insurance

policy. His anticipated mortality is significantly
134 higher than standard lives . Under risk Preferred Risk Substandard Risk Ordinary Risk Standard Risk 2
classification, Santosh will be classified under
___________.

With in the __________ period Ombudsman

135 3 Months 4 Months 30 Days 15 Days 1
passes the award.
Death Ratio in that
136 Setup of Health care Facility will depend on Size of Population Sickness All of the above 4
area

Its expected to
Can be taken away Will be paid at the
Which of the following statement is correct declare every year by Once declared its
137 in some time of Maturity or 2
related with Reversionary Bonus Except the insurance never be taken back.
circumstances. Death Payout.
company.

These are contingent

Company provides Terminal Bonus will Only Par Products
Which one of the following statement is correct upon the life insurer
138 guarantee in be given at Maturity are allowed for 1
related with Terminal Bonus Except. earning some
advance or on Death. Terminal Bonus
windfall gains
 The insurance
company will refund
the premium after
The insurance adjusting for
Which of the below statement is correct with The insurance The insurance
company will refund proportionate risk
139 regards to a policy returned by a policyholder company will refund company will forfeit 3
100% of the premium for the
during the free look period? 50% of the premium the entire premium
premium period on cover,
medical examination
expenses and stamp
duty charges

Which of the below is not an advantage of cash Safe and secure . Inculcates saving Income tax
140 Lower yield 1
value insurance contracts? investment discipline advantages
Discharge summary
Which one of the document is required to
141 Investigation report with admission Payment receipts All of the above 4
settle Health Claim
notes,

142 Mortality is directly related with Age Religion Height and Weight All of the above 1

complaint can be
filed by the Customer can send Here is no fees to file
Which information is incorrect while filling a Lawyer is Mandatory
143 complainant himself request through a complaint in 4
complaint in consumer court to file the complaint.
or by his authorized register post. Consumer court.
agent
. A claim is a
A claim is a request A claim is a demand A claim is a request
demand that the
that the insurer that the insurer that the insured
Which of the below statement best describes insured should
should make good should make good should make good
144 the concept of claim? Choose the most make good the 2
the promise the promise the promise
appropriate option commitment
specified in the specified in the specified in the
specified in the
contract contract agreement
agreement
When risk is shared by more than one Employer -
145 Reinsurance Coinsurance Group Insurance 2
insurance Employee
Person consuming Influence of
Which category of customer would be Person eating Non
146 Teetotaler Gutka and Pan sedatives and other 4
considered in High Risk individuals. Veg
Masala stimulants
 Premium reduces as SA reduces with
In Mir ( Mortgage Redemption Insurance) SA Increases every SA & premium
147 Premium Reduces as every year premium 2
policy which of the statement is true ? year Increases every year
SA reduces remains constant

Mr. Dinesh responsible for 25% of sales in the

company suddenly dies due to an accident, the
Group gratuity Group accidental Key Person
148 firm suffers from huge losses due to declined Endowment policy 4
policy policy Insurance
sales & expenses on new recruitment, training.
This can be avoided by …

life with lesser

standards than
normal life with
149 Substandard life is explained as … normal life and declinable life None of the above 2
regular rating
accepted by charged
extra premium

trend of increase in price of commodities is

150 Inflation deflation subsidy appraisal 1
refereed as
the concept of Human Life Value was derived
151 Philip Kotler Adam Smith Amarthya sen Solomon S Huebner 4
by
Investing in a Buying a Life
152 Transfer of Risk can be done by Investing in Bond Diversification 4
Mutual Fund Insurance
Rashtirya
Public sector insurance companies have
153 Jan Arogaya Swasthaya Bima See all of the above 1
launched a Health scheme for poor named as
Yojana

Cover notes are issued in following insurance

154 only a only b & C only a & c all of the above 3
a) Marine b) Health c) Motor d)Fire

In which of the policy theoretically the cash Unit linked/

155 value of the policy may become zero in given Endowment policy Variable Insurance Money Back Whole Life 2
time of the policy Policy

During which stage of life will an individual

156 Earner Post Retirement Learner Just married 2
appreciate past savings the most?

In a town of 400 houses each costing 20000, 4

157 houses get burnt every year. How much should 100 300 200 150 3
each contribute to share the losses
 in decreasing term insurance, the premium
158 Increase decrease Remain constant fluctuates 3
paid _______________ over time.

The sum assured under keyman insurance

Business
159 policy is generally linked to which of the Keyman income CEO's salary Business history 3
profitability
following?

In case the policyholder is not satisfied with

the policy, he / she can return the policy
160 60 days 45 days 30 days 15 days 4
within the free-look period i.e. within
________of receiving the policy document.

Which of the below forms the first part of a Specific policy

161 Policy schedule Standard provisions Claim procedure 1
standard insurance policy document? provisions

2.5% of Claim
If a Policy Holder Wants to Complain to the
162 No Fees Rs. 100 1% of claim amount amount or Rs 500 1
state counsel what fees does he have to pay?
which ever is lower

Mortgage
Loss of Good will of a business in covered in Business and
163 Liability Insurance General Insurance redemption 1
_______type of Insurance property Insurance
Insurance

Under what circumstances would the Policyholder is not of Policyholder is not

164 Insured is Minor Nominee is a minor 2
policyholder need to appoint an appointee? sound mind married

Central Government Health Scheme: was

165 1954 1948 1993 1956 1
introduced
The existence of _________is an essential
ingredient of every insurance contract and is Interest in other
166 Money and Property Insurable Interest Suppression 2
considered as the legal pre-requisite for person
insurance.

Ramesh buys a policy from ABC company

whose anticipated mortality significantly lower
167 Standard Lives Substandard Lives Declined Lives Preferred risk 4
than the standard lives and hence could be
charges lower premium. He will be assessed as
 Mahesh bought an Insurance policy whose
anticipated mortality is higher than the
168 average or standard lives. They may be Substandard lives- Declined lives Standard lives Preferred risk 1
accepted for insurance by paying higher (extra)
premium or with some restricted clause.

After the term of

In Mortgage Redemption Insurance which of It can be given to SA decreases every Death benefit is not
169 policy, Maturity 3
the following is correct Human Life year available
benefit is given
_________factors that influence the decision of an
170 underwriter: - 1) Family history 2) Personal History Moral hazard Morale Hazard Medical Coercion 3
3) Personal characteristic
Refusal to grant or renew a Certificate of
171 Registration shall be communication within 15 days 45 Days 50 days 30 days 4
__________ days
insurance Companies must have in place I)AML
Option I),II),III) and IV
172 guidelines II)Audit process III)KYC Norms Option I) is correct Option I), III) is correct Option II),IV is correct 4
are correct
IV)Training g Agents on these aspects
Suresh has a claim dispute of 20 lacs which the
173 Insurance Company has repudiated, He should District Forum State Commissions National Commissions Anywhere he feels 1
approach COPA at
Factors like income, occupation, life style and
174 habits are which contribute to __________, are Moral hazard Morale Hazard Medical Coercion 1
assessed for as part of financial underwriting,
In case of MWP plan the maturity claim is given to
175 Policy Insured Nominee Trustee Anybody can claim 3
the
The third part of the policy document consists
specific policy
176 of________________ that are specific to the Standard Provisions First premium receipt Terms of Policies 2
provisions
individual policy contract

____________of a life insurance policy implies

the act of transferring the rights right, title and
177 Assignment Nomination Surrender Subrogation 1
interest in the policy (as property) from one
person to another.

178 In MWP Claim Money is paid to whom Nominee Wife Trustee Children 3
In MWP if trust is not created then the claim Official Trustee of
179 Nominee Wife Children 3
money goes to whom the State
 Insured and
180 Who is benefitted in Policy revival Insured Insurance Company Nominee 3
Insurance Company

Integrated Grievance Insurance Grievance

181 IGMS Stand for IRDA State Government 1
Management System Management System

The Specified Person of Corporate Agent shall

182 75 25 50 100 1
have under gone how many hours of Training

Ramesh has a ULIP investment which he

Govt/Corporate Equity and partially
183 wants to shift to MONEY MARKET. Where will T Bills/Corp Bonds Equity 2
Debts in Govt Debts
he shift his money to?
The interest of the insured on the event
184 Wager Interest Insurable interest Speculative Interest Indemnity Interest 2
insured is
Suresh has an insurance policy, but runs into
a dispute at the time of claim because of the Strictly Against
185 Favorable to Suresh Liberal to Suresh Favorable to Insurer. 2
wordings in the contact. He goes to court and Suresh
the court will be…
Internet is helpful in Financial planning
because of 1) it helps in getting guidelines to
do financial planning 2) it helps in getting the Option 1 and 2 are Option 1 and 3 are all options are
186 Option 1 is correct 4
performance of varies funds to invest 3) helps correct correct correct
in getting quotes for making proper
investments.
Personal Accidental policies cover 1) death due
187 to an accident only 2) morbidity due to an Option 1 is correct Option 2 Both are correct Both are wrong 3
accident
Payment of death
Payment from insurance is tax favored in all Premiums paid are Pension earned from
188 benefit from a life Interim Benefits 4
these EXCEPT tax favored Annuity plans
insurance policy

Mr. X joins an insurance company N , works for

sometime and decided to join insurance co. M.
189 21 days 30 days 90 days 60 days 3
After how many days can X join Company M after
getting the cessation certificate from Company N

Aneesh Sharma has good healthy living and

190 has health standards better than normal. He Standard risk Preferred risk sub standard risk low standard risk 2
falls under
191 Mortgage redemption policy is a Increasing term plan Reducing Term Plan Level Term plan Standard term Plan 2
192 Free Look period 30 60 15 90 3
Valuation of an assets by an insurer is done on Deducted Present Deducted Future
193 Book Value Market Value 3
the following. Value Value
Which of the following is NOT a KYC document
194 Horoscope Photograph Address proof Age proof 1
?
195 what is the flip side of Term Insurance policy premium is cheap SA is high no maturity benefit 3
196 who is the primary underwriter Insurance Agent Ombudsman Insurer Insured 1

Which among the following can be categorized

197 Bank Deposit Life Insurance Bonds Shares 2
under contingency products?

who among the following is not a stakeholder Insurance company Human Resources
198 Regulator TPA 2
in Insurance claim process share holders Development

____________has jurisdiction to entertain

199 matters where value of goods or services and High Court District Forum State Commission National commission 2
the compensation claim is up to 20 lakhs.

who among the following is a primary

200 customers owners underwriters Insurance agents 1
stakeholder in Insurance claim process

the Integrated
Grievance
Management System
Complaints above 1 A complainant can
which acts as a The State
crore, it has apply to both the
central repository of Commission looks
201 Which of the statement is not true supervisory COPA and 4
insurance grievance into cases between
jurisdiction over Ombudsman at the
data and as a tool 20Lacs and 100Lacs
State Commission same time
for monitoring
grievance redress in
the industry.

Which one of the following is not the cash value morbidity protection
202 term component 3
component of a level premium component component component
203 Insurance Act 1938 1956 1972 1900 1
 Transfer of all rights and remedies, with
Principle of
204 respect to the subject matter of insurance , Subrogation Proximate Cause utmost good faith 2
Indemnity
from the insured to the insurer is called

Which on of the following is a non traditional Variable insurance

205 term Plan Endowment Plan Money back Plan 4
Life insurance product Plan

the additional period the period within

the duration within
of time to pay the which you can revive the period when no
206 What is a Grace Period which the contract 1
premium after it has the lapsed policy risk is covered
can be cancelled
become due with charges

excess value of excess value of

207 which of the statement defines surplus excess liabilities excess turnover 4
liabilities over assets assets over liabilities

TPAs are funded by

TPAs are not the insurance
TPA helps in the
authorized to sell companies for their
treatment of the
insurance but respective claims
TPA is a type of Insured when one
which one of the following sentence is true provide and are
208 intermediary claims to have the 4
about TPA administrative remunerated by
governed by IRDA Critical illness under
services to them by ways of fees
the health insurance
insurance which are a
plan.
companies percentage of
premium

Which of the following can act as mediator and

209 Insurer Agent Ombudsman Underwriter 3
counsellor in case of any dispute

Dheeraj has taken a life insurance policy and

paid 4 years premium but his policy is in
210 lapsed condition as he has not paid premium Loan Cum revival Special revival Ordinary revival Instalment revival 3
from six months; Which option is most
suitable for reviving the policy.

What is the maximum age limit in Bhavishya

211 60 18 25 55 4
Arogya policy
What is the entry age in Jan Arogya Bima
212 3 to 50 3 to 60 5 to 60 5 to 70 4
policy
 Identify the correct full form of PPN with regard Public preferred Preferred provider Public provide provider prefential
213 2
to hospitals in health insurance network network network network

Out of these 4 methods of underwriting one is Medical Non Medical

214 Numerical Method Group Insurance 3
speedy but premiums is relatively high underwriting underwriting

Vijay Goel age 32 is classified as standard life Mortality rates will Mortality rates will
215 Will be Normal Decline the case 3
what does this means be high be low

Premium paid and coverage offered in Related in special

216 Inversely related Direct related Not related 2
universal life policy is related circumstances

Which of the following is a variant of

217 Term Plan ULIP Plan Money back Health plan 3
Endowment assurance plan
218 In MWP Claim Money is paid to whom Nominee Wife Trustee Children 3

The Specified Person of Corporate Agent shall

219 75 25 50 100 1
have under gone how many hours of Training

Which of the following is a transactional

220 Insurance FD Mutual Fund Shares 2
product.
221 Full form of R.T.I. Right to Information Right to initiate Right to interact Right to Identify 1

Which of the following is not a factor in Management

222 Mortality Rebate Reserves 2
deciding life insurance premium expenses

Identify true statement; 1/ Preferred risk

consists of those people whose anticipated
morbidity is average, 2/ Standard risk are the both I and ii are
223 both I and ii are true only ii is true only I is true 2
ones whose anticipated morbidity is false
significantly lower than average and hence
could charged a lower premium

Ram has given up on his business expansion

224 plans in order to save money for a better financial goals risks uncertainty opportunity costs 1
future. How do you refer to such trade offs

Name the 2 policy features on which rebates policy plan and risk Sum assured and Sum Assured and policy plan and
225 2
on premium can be offered by the insurer cover mode of premiums policy plan mode of premium
 In case of which of the following scenarios the
claim payment will be denied; 1/ no active
treatment, admission is only for investigation
226 ii and iii I and iii 1,2,and iii I and ii 3
purpose 2/ illness treated is excluded under
the policy 3/ the cause of illness is abuse of
alcohol or drugs

your financial goals

you need to follow may have to be
financial plans need
Give us your take regarding the revision of the the same plan even reduced if you are
to be revised even if once a financial plan
financial plan so that one can achieve his if you are unable to maintain
227 the financial is made it should 4
financial goals successfully, choose the most experiencing the plan for
condition is not be change
appropriate option below difficulties in achieving a
unchanged
adhering to it particular level of
wealth

228 On which date consumer protection act formed 24th Dec'1968 24th Dec'86 11 April'74 22 Nov'68 1

actual surrender surrender value

a policy can be surrender value that
value paid to the payable on voluntary
which of the following statement is correct with surrendered only if it is payable to insured
229 insured is always termination of the 1
regard to surrender of policy has acquired paid is usually a %age of
less than the gross policy contract by
up value the premium paid
surrender value insured

get a loan on the write a new policy

pay premium
Illustrate the process involved in ordinary lapsed policy as a payment of arrears whose date of
230 arrears in 3
revival of policy consideration for with interest commencement is
installments
revival purposes within two years

insurer may pay a

insurer may pay the insure may pay a
fixed amount for
which of the following statement is/are correct TPA %age of the fixed amount for
each member
231 with regard to remuneration of TPAs by premium( excluding each transaction on any of the above 4
reviewed by the TPA
insurance company service tax) charged of the service
for a defined time
to the customer provided by the TPA
period
 A policy is affected under the MWP act if the
policy holder does not appoint a special trustee
official trustee of the
232 to receive and administer the benefits under insured next to kin insurer 2
state
the policy, the sum secured under the policy
becomes payable to

under this method

the total no. of under this method under this method
under this method if
Which of the below statement is incorrect with points so assigned underwriter assign underwriter assign
the EMR is very high
233 regard to numerical rating method of will decide how positive points for positive rating points 3
insurance may even
underwriting much extra any positive or for all -negative or
be declined
mortality rate it has favorable feedback adverse factors
been given

In ____________ the insurer pays the fund value return of premium

234 participating plan ULIP Money back Plan 3
as the maturity claim plan

unit may be
ulip policy structure
purchased by unit holder can
Life insurer provide is transparent with
payment of a signal choose between
235 All the following is true regarding ULIP, except guarantee for unit regard to the 1
premium or via different kind of
values insurance expenses
regular premium funds
component
payments

which of the following products are specially

life insurance non life insurance micro insurance health plus life
236 designed to aim for the protection of low 3
products products products combo products
income people from rural and informal sector

___________is the process of assessing the risk

237 appropriately and deciding the terms on which morbidity risk selection risk aversion underwriting 4
the insurance cover is to be granted
 xyz private ltd has applied for an insurance
cover. The premises are being inspected for
determining the actual rate applicable and
temporary policy
exact premium is net finalized. In such a certificate of
238 provisional policy subject to condition cover note 4
scenario, where the preparation of the policy is insurance
and warranties
pending and for providing the cover on a
provisional basis, which of the following can be
issued by insurance company

which of the below act has provisions for deposit insurance

the insurance act, public liability
239 monitoring and control of operations of and credit guarantee IRDA act 1999 2
1938 insurance act, 1991
insurance company? corporation act,1961

regulation do not
Why is there a greater likelihood of rebates on more frequent less cost of service is more cost of service
permit rebates on
240 less frequent premium modes as compared to premiums are associated with is associated with 4
more frequent
more frequent ones? miniscule in size frequent premiums frequent premium
premiums

the amount that the

the amount is the amount is
insurance company
what is the significance of term 'SA' in a life contractually contractually
241 is guaranteed for its none of the above 2
insurance contract guaranteed to guaranteed to
premium
insurer insured
investments

if the policyholder wishes to seek

compensation of upto Rs. 50 lakhs from an
242 insurance company for a grievance , then state commission dist. Forum iIRDA national commission 1
where can he lodge complaint? Choose the
most appropriate
which among the following is an advantage of expensive initial
243 long term horizon complexity life long coverage 4
whole life policy premiums

Which of the following payments can be made

244 Maturity Claim Death Claim Rider Claim None of the above 3
by an Insurer during the Policy term

245 Suggest a wealth accumulation product____ Term Insurance Saving Account Bank Loan Mutual Fund 4
 Varun is Scaffolding worker, To Which of the
246 following occupational hazard he likely to be Health Hazard Accidental Hazard Lifestyle Hazard Moral Hazard 1
exposed ?
In Bhavishya Arogya what is the maximum
247 retirement age that can be chosen by an 55 18 26 60 4
individual ?

As per Consumer Protection(Amendment) act

248 2002 _________ Means any person who buys Purchaser Consumer Buyer End User 3
any goods for a consideration

Under the Employee ?State Insurance Scheme

249 0.125 0.15 0.0475 0.0175 3
the Employer Contributes ____ of Pay roll.

Ramesh has transferred his life insurance

250 Policy to Suresh, What is this operation Nomination Surrender Transfer Assignment 4
referred as________

Premium Payable under Jan Arogya Bima

251 Section 80 U Section 80 E Section 80 C Section 80 D 4
Policy qualifies tax benefit under ________

If a person from US shakes his head while

252 Complementing Regulation Contradicting Communication 4
saying 'No", it’s a case of

Vijay Singh was found to have extra morbidity

253 Standard Risk Declined Risk Substandard Risk Postponed Risk 3
but is still insurable his is a case of

Ramesh wants to buy a plan of insurance, He goes to Gym He had a Critical He has a Salaried
254 He plays Cricket 3
which of the following is Material regularly illness recently Job

Any negotiable
Which of the following can be used to pay
255 Cash instruments from Postal Order All of the Above 4
premiums
Bank
Keyman Insurance addresses which of the
256 Individual Insurance Liability Insurance Business Protection None of these 3
following
Sarah has received a document which conveys
257 risk cover has begun, which of these could be KYC Nomination Assignment FPR 4
that
 The need for An unplanned,
financial planning is The best time to impulsive approach
further increased by start financial to financial planning
Which of the following is true with regard to
258 the changing planning is right is one of the prime All of the Above 4
Financial planning
societal like after one receives causes of financial
disintegration of the the first salary. distress that affects
joint family individuals.

Medical
underwriting is to
In non medical
assess the health
underwriting the
259 Which of the following are correct status of an Both are correct Both are incorrect 3
proposer need not go
individual who has
for medical checkup
applied for health
Insurance

Select a very meaningful combination i)

260 Evidence of contract ii) Commencement of risk ia ic iia iib 3
cover a)FPR b)Policy Document c)Proposal form

charges for rural

Investment risk
261 All are components of ULIP premium except Allocation charges Mortality Charges sector as mandated 4
charges
by IRDA

In case of Fixed Sum the package charges

262 include I)Room charges II) Drugs III) I, II and III I and III I and II II and III 1
Diagnostics

Ramesh induced Ramesh entered into Ramesh bought a

Ramesh entered in
Mahesh to enter into a contract with property from
263 Which of the following is a valid contract? to contract with 3
a contract by giving Mahesh who is of Mahesh at a throw
Mahesh by forging
false information unsound mind away price

The act of buying insurance as a risk

264 Risk Retention Risk Transfer Risk Avoidance Risk control 2
management technique is an example of

Contract of
265 Insurance contract is an example of Unilateral Contract Bilateral Contract All of the above 1
Adhesion
 Non-life insurance
266 The Principle of Indemnity applies to Life Insurance only Both of the above None of the above 2
only

Ramesh has made an absolute assignment of

his insurance policy to Suresh. Under what On maturity of the On the death of If Suresh re-assigns
267 None of the above 3
condition can Ramesh get back the ownership policy Suresh the policy to Ramesh
of his policy?

Can be accepted can be accepted can never be

268 A declined risk Either 1 or 2 3
with loading after a medical test accepted

269 Health Policies are examples of Indemnity policies Assurance policies Either 1 or 2 None of the above 1

All the following refer to the physical hazard of

270 age gender fraud habits 3
a health risk except
In India, apart from allopathy the other
271 siddha unani homeopathy All of the above 4
systems of medicine include

maintain the
experience of its
What is the benefit of underwriting to an fair and competitive
272 transfer of risk low premium portfolio in line with 4
insurer.. price
the morbidity
assumptions

Which of the following are payable in a health

273 insurance claim; 1. expenses for cure 2. only i only ii neither I nor ii both I and ii 4
expenses for care

planning your
investments in a
Describe the purpose of tax planning, choose
274 pay tax on time provide for taxes manner such that tax evasion 3
the most appropriate
max. benefits are
applicable

A __________ is a demand that the insurer

275 should make good the promise specified in the repudiation claim foreclosure grievance 2
contract
 Michael wants to make sure that life insurance
proceeds are available to pay his outstanding
mortgage balance if he dies. He purchased a
type of life insurance in which the amount of re-entry term decreasing rider decreasing term decreasing benefit
276 3
coverage gradually declines, just as his out insurance benefit insurance insurance
standings mortgage balance gradually declines.
Tell us what type of insurance has Michael
bought

Identify the true statement…..1/ the age limit

is 5 to 70 years in Jana arogya bima policy 2/ both I and ii are
277 only ii is true only I is true both I and ii are true 4
In Jan arogya bima policy the sum insured per false
insured is restricted to Rs.5000

Which of the following occupational hazard is

said to arise when a job involves proximity or
278 can cause predisposition towards criminal health hazard accidental hazard lifestyle hazard moral hazard 4
elements or to drugs and alcohol? Choose the
most appropriate option

If a policyholder wishes to file an appeal with no fee is payable for 2.5% of the claim
1% of the claim
279 state commission, then what is the amount of filing complaint with Rs.100 amount or Rs.500 1
amount
fees payable by him state commission whichever is lower

Who cannot be beneficiary under section 6 of wife and one or more

280 one or more children wife alone parents 3
MWP act? children jointly

in case of property
Advise Ms. Anita on the point/time, when at the time of taking
only at the time of only at time of insurance no
281 insurable interest has to present in case of policy and at the 3
taking policy making claim insurable interest is
property insurance time of making claim
required

provide financial
identify the objective behind mortgage protect value of the facilitate cheaper evade eviction in
282 protection for home 4
redemption insurance mortgaged property mortgage rates case of default
loan borrowers
 Carl would like to purchase life insurance. He
would also like to invest in MF. An agent told
carl about a form of Life insurance in which
carl could select where the saving components endowment Life variable life
283 whole life term insurance 4
invested. The form of life insurance has fixed insurance insurance
premiums and the cash value is no guaranteed
.which type of insurance is the agent referring
to?

The caring attitude and the individualized

284 responsiveness assurance trust empathy 4
attention provided to customers is called

Life Insurance
TPA's are regulated by which of the following council and general insurance brokers
285 finance ministry IRDA 3
body insurance council association of India
jointly

keyman is a term insurance policy where the CEO personal personal income of business profitability number of
286 3
SA is linked to income all employees of the company employees

education and environmental

287 Choose the option that is not a risk insurance? Avoidance separation 3
training changes
As per consumer protection Act, appeals made
288 before the state commission fall under section 17 section 23 section 31 section 15 4
__________

regulations made by
IRDA regulates insurance is an
IRDA are to ensure
companies from absolutely legal
that insurance
their registration the prime purpose of contract, in
company should
onwards and insurance regulation compliance with the
289 Which of below statement is incorrect ? exist not as 3
monitors all their is to protect the provisions of the
financially sound
major activities like policy holder Indian contract act
organizations but as
investment, and other laws of
socially responsible
accounting etc. the country
organizations
 Identify the true statement; 1/ medical
underwriting involves high costs in terms of
receiving and examining medical reports 2/ both I and ii are
290 only 1 is true only ii is true both I and ii are true 4
when insurers use a high degree of medical false
underwriting they are blamed for cream
skimming

no, the company

yes, insurance
Yes, insurance yes , insurance would decline the
Anju is 6 months pregnant, she wishes to seek company would
company can accept company can accept proposal for
291 Life insurance cover. Can the company provide accept risk at 4
risk at discounted risk with restrictive insurance and ask
insurance cover to anju? ordinary rates of
premium rates clause to reply after the
premium
delivery of the baby

_________decides a fixed sum to the insured hospital daily cash critical illness
292 senior citizen plan fixed benefit plan 2
person for each day of hospitalization insurance plan insurance plan

social security
charge to fulfill rural
All of the following are components of ULIP investment risk obligation of the policy allocation
293 mortality charge 2
premium except... premium insurance company charge
as mandated by
IRDA
and the