Question

- all -

Ans Option 2
2.24%

Count -

Revised IC 33 Ques
1

212.00%

2. 1 day

2. 1.5 lakhs

2. 1/3rd of accumulated amount.

2. 1/4th of the accumulation fund

2. 1%

2. 10 days from the receipt

2. 10 Lakhs

2. 10 or 15 grams

2. 10%

2. 10000

2. 12

2. 15 days

2. 15 days.

2. 15,000/-

2. 15% each

2. 1999
2. 1L
2. 2 months
2. 20 days from the date of receipt
2. 20 days of receiving the proposal
2. 20 lac
2. 20,00,000.
2. 20% of SA.
2. 20% of the premium on the base
2. 2012
2. 2014
2. 2015
2. 20days
2. 21 year old
2. 213333 & 229333
2. 229333
2. 25%
2. 25% of base policy premium
2. 25000
2. 26%
2. 3 lacs

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2

Summary of IRDA Question Set contrib

Chapte
r No.
Ch 01
Ch 02
Ch 03
Ch 04
Ch 05
Ch 06
Ch 07
Ch 08
Ch 09
Ch 10
Ch 11
Ch 12
Ch 13
Ch 14
Ch 15
Total

Weightage
Given in
Exam
6%
6%
18%
8%
4%
10%
8%
6%
4%
8%
8%
2%
4%
4%
4%
100%

2. 3.0%
2. 30 Days
2. 30 Days
2. 30 lakhs
2. 35%
2. 5 years
2. 50,000
2. 50%
2. 50% of basic premium.
2. 500000
2. 6 years
2. 75000
2. 8320
2. 90 days
2. 9320
2. A demand to fulfill the insurers o
2. A Lien
2. a person working in a chemical f
2. A policy document has been stam
2. a term life policy
2. Accumulation Phase
2. Advisor confidential report
2. Advisor Confidential Sheet
2. Advisors confidential report
2. After the fact finding process
2. Age of both the candidate are dif
2. Agents
2. All death claims
2. All similar risks are pooled togeth
2. All types of insurance except Mo
2. An Identity Proof
2. an impression of the left thumb is
2. Annuity part
2. Annuity Plan
2. annuity will be continued for next
2. Assignment.
2. At an early age
2. At the time of a claim
2. At the time of claim
2. Attestation
2. Audit by Finance Ministry
2. B. Moral hazard, as he is 52 yea
2. B.A legal person to act on behalf
2. B.KYC document
2. bad
2. bancassurance
2. Bancassurance.
2. Bank fixed deposits.
2. Banks
2. Behavior that is based upon the

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2. Benefit illustration documents

2. Benefit illustration of unit linked
2. Bombay Stock exchange
2. Both life insurance
2. Brochure
2. Capacity to contract
2. Capacity to pay the premiums in
2. Capital Profit
2. Captial Appreciation
2. Certificate of Baptism
2. Charges
2. Child Plan
2. Churning
2. Churning.
2. CI benefit reduced from existing
2. Claim experiences.
2. claim of hospital charge Rs 20,00
2. Claim will be settled as Cancer
2. Classification of Risk Departmen
2. Clients Expense statement
2. clients personal problems
2. Compound Revisionary bonus
2. Concealment of a material fact
2. Conditional and Absolute Assign
2. Conditional Assignment
2. Consulting the clients parents
2. Consumer Forum
2. Consumer insurance council
2. Contract comes to an end.
2. Control
2. Convertible Plan
2. Convertible Term plan
2. Converting the policy to Paid up
2. COPA
2. Corporate agent
2. Critical illness (CI)
2. Current assets.
2. Customer Grievance Departmen
2. Date of commencement of last
2. death is uncertain
2. Decrease
2. Decreases
2. Denny and his wife
2. Designated Person.
2. District Level
2. Doing a financial planning
2. Domicile status
2. Early death claim
2. economic values of assets
2. employee-employer

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2. Employees
2. Employer & Employee
2. Endorsements
2. Endowment plan
2. Endowment plan.
2. Entire charges less bed charges w
2. Equal to base cover
2. Equity Linked Saving Schemes.
2. Every individuals income and exp
2. Facts of law
2. Family floater
2. Family health insurance plan
2. Financial risk
2. Find out the reasons for refusal
2. First Premium Receipt is issued.
2. First Two years of policy
2. Five years.
2. Fixed income
2. Flexibility of Premium payment t
2. Fluctuating income
2. Fraudulent
2. Fraudulent misrepresentation.
2. Fraudulent representation
2. Gathering client data
2. Give a joint decision with the c
2. Grievance call center
2. Group Insurance
2. Habits and Hobbies of Proposer.
2. Has the power to supersede the I
2. Hazard
2. Hazard
2. He can file a complaint against
2. He can surrender whole life poli
2. He can take Business Partner in
2. He has breached the company by
2. He has opted for Settlement opti
2. He will get tax benefit up to 25%
2. High client satisfaction
2. Higher profits
2. His future aspiration
2. Hospitalization Care Rider
2. Husband and Wife only
2. husband-wife
2. Identify only the clients needs.
2. Identify, Quantify & Prioritize Ne
2. If the agent has worked with the
2. If the policy has lapsed and it ha
2. Imagined to be important by Advi
2. Increase in Sum Assured next ye
2. Increase in the agents earning

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2. Increase in the range

2. Increase the profitability
2. Indemnity
2. Indemnity contract.
2. Indian Contract Act
2. Indisputability clause
2. Individuals have same financial ne
2. Inflation
2. Inflation only.
2. Infrastructure Bond
2. Insist with the client to take a te
2. Insurance
2. Insurance agent
2. Insurance broker is represents
2. Insurance Company
2. Insurance Company and IRDA
2. Insurance Council
2. insurance institute of India
2. Insurance is taken out by an indi
2. Insurance should not taken by hi
2. Insured
2. Interact with the government
2. Interest Benefit and Bonus Benefi
2. Interest.
2. Internal Grievance Redressal Cell
2. Invalid
2. Investment
2. Investment and Protection
2. IRDA
2. IRDA Acts code of conduct.
2. IRDA claim protection regulation
2. It falls
2. It was paid up.
2. Keyman Insurance
2. Lack of insurable interest
2. Legal heir of life Assured
2. Legal heir of the life assured
2. Legality of an object.
2. Legality of object or purpose
2. Less renewal income.
2. Level
2. Level Premium
2. Life and General (non-life) Insur
2. life annuity
2. Life Insurance
2. Life Insurance Company
2. Life Insurance Corporation
2. Life, Non Life, Miscellaneous
2. Likely to decrease.
2. Listening skills.

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2. low
2. Low Returns
2. Low Risk.
2. Lump Sum with no fixed term
2. Main Underwriter
2. Maintaining insurable interest
2. Major Double Rupees Tag
2. Major Possible Loss.
2. Making false insurance claims.
2. Marriage
2. Married Man
2. Matching the product with Ramesh
2. Maturity benefit
2. Medical examinations
2. Middle class.
2. Money Back Plan.
2. Moral
2. moral hazard
2. Moral peril.
2. More gold in value
2. More than 10000
2. Mortality.
2. Mr. Shanth can take loan which s
2. Mr. Shanth cannot renew the poli
2. Mutual fund
2. Mutual Fund Management Syste
2. National Insurance Academy.
2. Necessary to pay premium until
2. Need to add that hospital as TPA
2. Need to complete 50 hours of pra
2. need to disclose the amount of
2. Net Premium.
2. Nishu has to sign an indemnity b
2. No, customers needs are differen
2. Nomination can be done either at
2. Nomination transfers the title wh
2. Not a specific plan
2. Not eligible for Claim settlement
2. Not needed
2. Not Possible
2. Not possible as life has many risk
2. Not standard but accept
2. Number of days admitted in hospi
2. Number of premiums payable.
2. One party makes an offer which th
2. Only by non life
2. Only half of the fund can be wit
2. Only lung is affected so health i
2. Only Maturity Benefit.
2. only proposer

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2. Only self and spouse can be cove

2. Open Ended Questions.
2. Open Market
2. Opertaive Clause
2. Opportunity of new business for
2. Paraplegia
2. Particular Risk.
2. Particular.
2. past data
2. Perceived need
2. Perils are risks that policyholder
2. Person receives an amount equal
2. Physical
2. physical hazard
2. Placement
2. Policy holder
2. Policy will be surrendered by th
2. Policyholders Protection regulat
2. Pooling of Risk
2. Post retirement stage
2. Pre- retirement
2. Preamble.
2. Premium cheque and health decl
2. Present value of future earnings.
2. Principle amount
2. Priorities Clients Need
2. Private sector employees
2. Product Based Selling
2. Product Design.
2. Proof of identity
2. Proposal form.
2. Proposing
2. Provide Benefit illustration docum
2. Proviso of policy.
2. Public Provident Fund
2. Purchasing House
2. Quarterly
2. Raghav will be terminated
2. Real needs are actual needs and
2. recommend to wait some days to
2. Recurring deposits
2. Redressal
2. Reduction in costs
2. Regular Income
2. Renewal Commission.
2. renewal receipt
2. Representation of facts by the pol
2. Representatives from all govern
2. Reputation of the company will b
2. Reserve bank of India

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2. Reserve Bank of India.

2. reviewed
2. Reviewing financial needs and p
2. revival
2. rider is like a clause
2. Risk avoid
2. Risk Diversified Insurance
2. Risk Grading
2. Risk of death
2. Risk premium plus interest earni
2. Risk transfer
2. ROP plan
2. Rs. 1, 10,000
2. Rs. 24000 per month
2. Rs. 25000/2. Rs. 4, 50,000/2. Rs. 50,000
2. Rs.25000
2. Same for all policies sold by the
2. Satish should outline the reasons
2. Savings
2. Savings.
2. Schedule
2. SEBI
2. Section 42 of the insurance act
2. Section 42 of the Insurance Act
2. Selling insurance policies throu
2. Selling what adviser wish to sell.
2. Semi Annually
2. Shaileshs income is more than A
2. shareholders
2. Shares
2. Shares will be less attractive.
2. Should ask for reference who migh
2. Should ask for the reason for no
2. Smoking is a hazard and lung can
2. Some percentage of the expense
2. Specialized inspection agencies
2. Specified amount multiplied by t
2. Speculative risk
2. Standard Age proof
2. Suggest an alternative plan
2. Sum Assured
2. Surrendering the policy
2. Tables of details of various probab
2. Taking Health Plan, Insurance Pl
2. Tariff Advisory Committee
2. Tax planning need.
2. Taxation
2. Term

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2. Term Plan
2. Term Plan with return of premiu
2. the amount that can be paid tow
2. The assignor need not be major a
2. The beneficiaries.
2. The client represent the broker
2. The company is acquiring more
2. The financial history of his family
2. the higher
2. The insurable interest between th
2. The insurance company makes enq
2. The insurance company may pay an
2. The nominee makes a demand.
2. The policy may be pledged.
2. The premium remains constant wi
2. the process is initiated by the c
2. the risk associated might decrea
2. The risk retained person 's family
2. This condition is excluded in the
2. This plan is ideal for brother & sis
2. This rider is ideal for helping t
2. Those Insurer who did not cre
2. through internet
2. To be an active link between Glo
2. to his nominee
2. To purchase a health plan along
2. Top Level
2. Total 4 lakhs will be paid as de
2. Total Protection Policies.
2. Transfer
2. Two persons
2. Two years
2. ULIP
2. Under conditions of the reinsurer
2. Under selling of Insurance policie
2. Under the category of peril risk
2. Understand about company
2. Underwriter
2. unethical
2. Unit linked Insurance plans
2. Up to 99990
2. Using different pool for paying cl
2. Value contract.
2. Vishal is older than Sandeep
2. When a client is holding a produ
2. When both the life partners are
2. When cheque amount is deposited
2. when he survives the term
2. When Mr. Ranga is diagnosed a cri
2. When the clients needs have be

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2. Will be considered as non stand

2. X with wife
2. Yearly
2. Yes, as it is within 1 year
2. Young married
2. Young married with children.
2.1/2th of Accumulated Fund
2.20 Days
2.Bank
2.Cumlative deposit
2.Family floater Insurance Plan
2.insurancecomplaints@irda.gov.in
2.Principal of Indemnity apply
2.Return of Premium on maturity
2.Sum Assured + Bonus
(empty)
Total Result

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474

Revised IC 33 Questions

A Question Set contributed by Regulatory Team

Questions/chapter
Expected
3
3
9
4
2
5
4
3
2
4
4
1
2
2
2
50

Questions
Available in
Qbank
22
29
63
49
42
31
57
29
19
16
32
17
23
26
19
474

Question

Ch 2

How are
perils and
hazards
normally
distinguished
under term
insurance
policies?

Ch 2

In the
context of
financial
planning, how
is the
difference
between real
needs and
perceived
needs best
described?
health
plan
and
retirement
plan then at
which stage
of
life is he in.
management
along with
insurance
education
does what
more
does not wish

Ch 10

to proceed
with the
recommendat
ions right at
the moment
the agent
should

Ch 8

Ch 8

Ans Option 1

Ans Option 2

1. Perils are
medical
factors which
influence the
risk of dying
and hazards
are lifestyle
activities
which
influence the
risk of dying.

2. Perils
are risks
that
policyholde
rs will die
before a
specified
date and
hazards
are factors
which
could
influence
that risk.

Ans Option 3

Ans Option 4

Cor
rect
opti
on

3. Perils are
factors which
affect the risk
being insured
and hazards
are the size of
the risk being
insured.

4. Perils are
factors which
could
influence an
insured event
occurring and
hazards are
the actual
events which
will trigger a
payout

1. Real needs
are financial
needs and
perceived
needs are
non-financial
needs.

2. Real
needs are
actual
needs and
perceived
needs are
based on a
clients
thoughts
and
desires.

3. Real needs
are identified
by the
insurance
agent and
perceived
needs are
identified by
the client.

4. Real needs
are needs
which satisfy
an objective
and perceived
needs are
needs which
do not satisfy
an objective.

1. Young unmar

2. Young ma

3. Young married 4. Pre retire

1. Regulation

2. Redressal

3. Research

4. Repository

1. Insist on
taking the
product right
away

2. Should
ask for the
reason for
not going
with the
recommen
dation

3. Should ask
for a future
date from the
client

4. Should
review once
again

Ch 8

Ch 11

Ch 11

Ch 8

Ch 4

Ch 6

Ch 4

Ch 9

moreover he
feels that if
he does not
die then he
would need
the amount.
What type of
plan should
he
opt for? in
advertised
the
newspaper
also. This
indicates that
the policy
was.
policy when
the claim was
paid. This
indicates that
the policy
was.
rriage and
their
retirement
and
protection of
income.
Which should
be their
lowest
priority?
income, no of
years of work,
increments in
salary what is
also to be
taken in to
account?
interest rates
then what will
be the effect
on share
prices.
asked to
undergo a
medical
checkup but
Sandeep is
not asked to
do so. What
will be most
possible
reason?
next
step
after
Identifying
clients need

1. Term
Insurance
Plan

2.
Endowmen
t plan

3. Return of
premium plan

4. Pension
plan

1. It was
assigned.

2. It was
paid up.

3. It was lost.

4. It was
surrendered.

1. It was lost.

2. It was
paid up.

3. It was
lapsed.

4. It was
surrendered.

1. Marriage.

2. Savings.

3. Education.

4. Protection.

1. Inflation.

2. Interest.

1. Shares will
be more
attractive.

2. Shares
will be less
attractive.

3. Discount
rate
3. Fixed
deposits will be
more
attractive.

4.
Compounding.
4. Fixed
deposits will
be less
attractive.

2. Vishal is
older than
Sandeep
2. Priorities
Clients
Need

3. Sandeep is
earning more
then Vishal
3.
Recommending
Product

4. Vishal is
working in a
MNC

4. Fill up the
proposal form

1. Sandeep
has taken
another policy
from XYZ Life
Insurance
Company
1. Quantify
clients need

Ch 6

ch 3

Ch 6

Ch 8

Ch 2

Ch 11

Ch 2

Ch 1

Ch 6

investing
money in
debt mutual
fund?
sum assured
Rs.8,00,000/and
accumulated
bonus
Rs.60,000/-.
What is the
paid up
value?
Recurring
Deposits &
cumulative
deposits in a
bank
husbands
death. In
such a
situation what
will be her
prime
up thefocus?
Insurance
policy he
disclosed this
information.
What kind of
hazard does it
refers to falls
following
under
voidable
contract?
Law of large
numbers is
worked out by
which of the
following?
between all
financial
products then
the best
person he can
approach
maintain is
emergency
funds the best
place is a
bank or

1. Easy access

2. Fixed
income

3. Tax Benefits

4. Liquidity

1. 213333

2. 229333

3. 273333

4. 293333

1. Guarantees

2. Taxation

3. Tenure

4. Lock in
periods

1. Savings

2.
Insurance

3. Investment
management

4. Planning for
pension

3. Moral
hazard

4. Peril

3. Fraud

4. None of the
above

3. With utmost
good faith

4.
Randomness

1. Pooling of
risk

2.
Fraudulent
representat
ion
2. Lack of
insurable
interest
2.
Maintaining
insurable
interest

1. Individual
agent

2.
Corporate
agent

3. Bank

4. Broker

1. Equity
market

2. ULIP

3. Debt mutual
fund

4. FD

1. Physical
hazard
1.
Misrepresenta
tion

Ch 9

Ch 12

Ch 3

Ch 6

Ch 4

Ch 15

Ch 11

But the
customer
insists on only
a child plan
for the time
being and
asks the
agent to give
him a child
plan. The
agent should.
already
before the
consumer
forum, then
the
ombudsman
should
will
be impact
of net
premium if
the age of the
policyholder
increases
converting
physical gold
assets to gold
ETFs.
should ask
beyond
agents
confidential
report.
product. But

the client
refused.
According to
ethical
business
practices
what will the
agent do ?
tion.
However, due
to which of
the following
circumstances
the insurer
can retain the
premium of
the
policyholder

1. Do the fact
finding
exercise again

2. Insist
with the
client to
take a
term plan

3. Give a child
plan and revisit
the client on a
later date

4. Give the
lead to
another agent

1. Give a
recommendati
on

2. Give a
joint
decision
with the
consumer
forum

3. Dismiss the
case

4. Give an
award.

3. Purity

4. Gross
premiums
increases
4. More
conversion
value

2. Moral
Hazard

3. SA is too
high

4. Pure Risk

1. Enquire
about the
refusal from
the client

2. Suggest
an
alternative
plan

3. Pass on to
the superior

4. Pass on to
the other
agent

1. Fraudulent
claim

2.
Indisputabi
lity clause

3. Redressal
procedure

4. Pending
decision from
Ombudsman

1. It rises

1. Liquidity

2. It falls
2. More
gold in
value

1. Physical
Hazard

3. It remains
constant

Ch 2

is the best
method of
showing the
amount of
commission
earned by the
advisor
similar risks.
At what
circumstances
will the
insurance
companies
pool the risk
of a life
insurance and
health
insurance
together?
What are the

Ch 3

two most
important
things
required in
order to
reinstate the
policy?
from

1.
Reinstatement
Fee and Proof
of continuing
good health

2. Premium
cheque and
health
declaration

3. Only health
certificate

4. Premium
cheque with
arrears

Ch 7

company A
and buys an
annuity from
company B,
what is the
nature of
transaction?

1. Life Long
Annuity

2. Open
Market

3. Reinsuring
Annuity

4. deferred
Annuity

Ch 14

If a policy
holder buys a
policy from
the advisor
and lodges a
complaint, it
should be
treated as :a
announces

1. Same for
all policies
sold by
advisor

2. Same
for all
policies
sold by the
advisor
except
corporate
clients

3.Only for
policy for
which
complaint has
been given

4.None
applicable

Ch 6

series of
significant
interest rate
increases, the
prices of
these shares
are most
likely to

1. Become
volatile

2.
Decrease

3. Increase

4. Remain
unchanged

Ch 15

1. Signed
copy of sales
illustration

2.
Brochure

3.Hand written
declaration by
agent

4.Verbal
communicatio
n to customer

1. Under no
circumstances

2. Under
conditions
of the
reinsurer

3. As directed
by actuary

4. As per
company
policy

Ch 1

Ch 3

Ch 4

Ch 6

Ch 5

Ch 2

Ch 5

Ch 7

premium
rates of
insurance
products,
then he is
mostly likely
a
member of
person
doesnt have
insurable
interest then
the contract
is
in their

thirties due to
heart attack
what is the
kind of peril
or hazard the
proposer
has?
500000. What
will be the
maximum
amount of
EMI that can
be charged by
the Bank to
recover the
loan
amount?
not advisable
in ULIP plan
because it
increase
According to
insurance
terminology
which of the
following is
correct?
commission
to each of
them. The
commission of
one of the
policy is more
than the
other. What
should be the
reasons for
this
difference?
Annuity policy
would extend
which of the
following
benefit?

1. institutes of
actuaries of
India

2.
insurance
institute of
India

3. Charted
institute of
insurance

4. Insurance
institute of
risk
management

1. expired

2.
reviewed

3. Void

4. Valid

1. Insurable
hazard

2. moral
hazard

3. non
insurable
hazard

4. Physical
hazard

1. Rs. 32000
per month

2. Rs.
24000 per
month

3. Rs. 40000
per month

4. Rs. 48000
per month

1. Investment
Risk

2. Risk of
death

3. Uncertainty
of return

4. Chances of
lapse

1. Lung
cancer is a
hazard
whereas
smoking is a
peril

2. Smoking
is a hazard
and lung
cancer is a
peril

3. Lung cancer
is a peril and
smoking is a
moral hazard

4. Smoking is
a moral
hazard
whereas lung
cancer is a
peril.

1. Risk profile
of both the
policyholder
are different

2. Age of
both the
candidate
are
different

3. One has
chosen Single
premium policy
and other has
chosen regular
premium policy

4. Both have
chosen
different kind
of policies.

1. Ensure
Better annuity
rate

2. Increase
in the
range

3. Increase in
return

4. Switch of
Funds

Ch 9

drawing a
handsome
salary. He has
no liabilities.
What kind of
plan can be
suggested to
him?
the mental

Ch 9

state of client
in respect to
his
investments
in saving
products

1. Fact finding

Net premium
is equal to

1. Premium
plus interest
earning

Ch 3
Ch 2

ch 3

ch 3

ch 3

Ch 6

Ch 7

Ch 7

Pooling of
risk in
insurance
means
Principle of
utmost good
faith will
operate in
existing policy
understand
the same
thing and in
the same
sense which
is called
insurance,
Insurable
interest must
exist pays the
bank
principal and
the total
interest at the
end of the
term.
The Premium
on all riders
put together
should not
exceed

1. Money
Back

3. Endowment
Plan

4. ULIP

3. Consulting
the family of
the client

4. Reviewing
his existing
investments

3. Premium
minus interest
earning

4. Risk
premium
minus interest
earning

1. Every time
premium is
paid

2. All
similar
risks are
pooled
together
2. If the
policy has
lapsed and
it has to be
revived.

3. Premium is
pool to make
claims
3. If the
insured person
falls sick and is
admitted to
hospital.

4.
Contribution
of insurance
company
4. If the
insured
person
changes his
job.

1.
Consideration.

2. Legality
of an
object.

3. Consensus
ad idem.

1. At inception
of policy

2. Not
needed

3. At the time
of claim

4.
Acceptance.
4. Any time
during the
contract

3. Cumulative
deposits

4. Term
Deposits

3. 30% of the
premium on
the base policy

4. 40% of the
premium on
the base
policy

1. The
premium
collected &
deposited in a
pool

1. Traditional
deposits
1. 10% of the
premium on
the base
policy

2. Term
Plan

2.
Consulting
the clients
parents
2. Risk
premium
plus
interest
earning

2.
Recurring
deposits
2. 20% of
the
premium
on the
base policy

1. allows
policyholders
to customize
their
insurance
cover with
additional
benefits

2. rider is
like a
clause

3. Operative
clause.

4. Rider is like
Preamble.

Ch 7

In Daily
hospitalizatio
n cash benefit
scheme,
withdrawal

1. The daily
amount paid
is fixed and
will never be
more or less
than the cost
of actual
treatment.

2. The
insurance
company
may pay
an
additional
amount on
a daily
basis if the
insured is
admitted to
the
Intensive
Care Unit
(ICU).

3. The
insurance
company will
pay for doctor
consultation
fees incurred
prior to
hospitalization

4. Only
surgery
expenses are
included in
daily
hospitalization
benefit

Ch 7

allowed as
commutation
in pension
plans
is
will happen
to

1. 1/3 of
the
accumulatio
n fund

2. 1/4 of
the
accumulati
on fund

3. 1/2nd of the
accumulation
fund

4. Full
withdrawal is
allowed

Ch 7

annuity, if the
customer
survives for 5
years after
the end of
guarantee
period?
In term

1. paid up to
75 Yrs

2. annuity
will be
continued
for next 5
Years

3. till he die

4. not
remembered

1. CI benefit
will cease

2. CI
benefit
reduced
from
existing
sum
assured

3. CI benefit
continues

4. No change
in policy.

1. Tax benefit

2. Savings

3. Investment

4. Protection

1. Moral

2. Physical
2.
husbandwife

3.Ethical

4.Ethical &
Moral both

3. family
members

4. society
members

Ch 7

ch 1

Ch 2

Ch 5

Ch 14

How riders
will help the
customer in
life insurance?

insurance if
Critical illness
rider claim
happens then
what will
happen to
existing policy
objective
of
taking the life
insurance
policy?
consumes
alcohol- what
is the type of
hazard?
Insurance can
be taken in
following
relationship

rd

1. employeeemployer

th

Ch 3

Where one
can approach
in case of
dispute?
the most
important for
which age
group
a life

Ch 5

insurance
policy, what
rate of
increase will
generally
apply?
annum for his

Ch 8

Ch 4

Ch 7

Ch 11

Ch 7

Ch 13

Ch 11

Ch 12

ULIP policy.
What should
be the SA in
case he wants
to avail the
tax
benefits?
decision
on
the proposal
must be
conveyed to
the proposer
within
Family floater
health
Insurance
plan covers
insurance
company
have to
complete its
investigation
of
a claim?
How
the
Daily
hospitalizatio
n cash benefit
will provide
benefits to
policyholder
who is
hospitalized?
and monetary
authority of
the financial
system in
India?
clause can be
enforced by
the insurance
company
during the

1. IRDA

2.
Consumer
Forum

3. Distric
Forum

4. National
Forum

1. Young

2. Preretirement

3. Retirement

4. children

1. 2.5%

2. 3.0%

3. 5.0%

4. 7.5%

1. 1 lacs

2. 3 lacs

3. 2 lacs

4. 1.50 lacs

1. 15 days of
receiving the
proposal
1. All
members of a
Family

2. 20 days
of receiving
the
proposal
2. Husband
and Wife
only

3. 25 days of
receiving the
proposal

4. 30 days of
receiving the
proposal

3. Parents only

4. Children
Only

1. 30 days

2. 90 days

3. 120 days

4. 180 days

1. Entire
charges are
refunded.

2. Entire
charges
less bed
charges
will be paid

3. A fixed
amount on a
daily basis is
paid
irrespective of
the actual cost
of treatment

4. Only
Hospital bill
will be paid

1. IRDA

2. SEBI

3. RBI

4. SBI

1. First five
years of policy

2. First Two
years of
policy

3. Claim

4. Inception of
the policy

Ch 7

Ch 13

Ch 11

Ch 14

Ch 14

Ch 6

Ch 7

Ch 3

paid out of a
legitimate
source of
funds cash is
accepted
what will be
the benefit to
the customer
as NO CLAIM
BONUS
competent to
enter into a
contract if
they are
time
for
investigation
in disputed
claim?
restricted to
insurance
contracts of
value not
exceeding?
Information
about the
location of the
insurance
Ombudsman
had
that written?
in
normally
compounded
on what
basis.
for
accidental
death benefit
rider must not
exceed
loading of 4%

Ch 13

is added in a
quarterly
premium
what is the
amount that
needs to be
paid.
of insurable
interest does
an individual
have in his
own
life?
passes
an
award within
which
time
a designated

Ch 7

authority in
2010 then the
person can
apply for a
license in
which year.

ch 3

Ch 14

1. Up to
50000
1. Discount in
next year
premium

2. Up to
99990
2. Increase
in Sum
Assured
next year

3. Up to
100000

4. Without
any limit

3. Loans
facility

4. No benefit

1. 18 year old

2. 21 year
old

3. 23 year old

4. 25 year old

1. 1 month

2. 2
months

3. 3 months

4. 6 months

1. 50 lakhs

2. 30 lakhs

3. 25 lakhs

4. 20 lakhs

1. Operative
clause

2.
Attestation

3. Information
statement

4.
Endorsements

1. Monthly
1. 15% of
base policy
premium

2.
Quarterly
2. 25% of
base policy
premium

3. Half Yearly

4. Annually
4. 40% of
base policy
premium

1. 8000

2. 8320

4. 9240

1. 20,000

4. Unlimited

1. 1 month

2. 50,000
2. 2
months

3. 9456
3. Up to the
sum assured
taken in the
plan
3. 3 months

4. 6 months

1. 2013

2. 2015

3. 2017

4. 2020

3. 30% of base
policy premium

Ch 15

Under the
hospital care
rider what is
the payout
made
endowment

Ch 7

plan and take

a whole life in
order to earn
higher
commission
its
termed
as
alive.
He has

Ch 6

taken a family
floater plan.
Under the
plan who all
will be
covered.
the money

Ch 3

Ch 3

Ch 5

Ch 2

Ch 4

with the
intention of
not getting
the interest.
What will he
get?
plan the
additional
premium
added is
known
as
Nomination
can be in
favor of how
many
people?
been done
on

joint life basis

and the need
for
nomination
under the
plan
be as
Whatwill
key
impact will
the agent
have in low
persistency

1. 10% of the
sum assured

2.
Specified
amount
multiplied
by the
number of
days the
policyholde
r is
hospitalize
d

3. expenses
incurred per
day multiplied
by no. of days
stay in the
hospital

4. 100% of
Sum Assured

1. Switching

2. Doing a
financial
planning

3. Churning

4. Fact Finding

1. Denny

2. Denny
and his
wife

3. Denny, his
wife and
children

4. Denny, his
wife, his
children and
his parents

1. Discounted
Value

2. Principle
amount

3. Discounted
Value with
persistency
bonus

4. Principle
with
persistency
bonus

1. Loading

2.
Investment

3. Frequency

4. Interest

1. One person

2. Two
persons

3. Three
persons

4. It can be
any number

3.50:50

4.Not
Applicable

3. Will improve
reputation

4. Will have
impact in his
commission.

1. Joint life
policy

1. Increase
more business

2. Not
Possible
2. Increase
in the
agents
earning

Ch 4

needs to
inform the
policyholder
regarding the
status of the
policy.

Ch 2

Certificate
from the
village
panchayat
maximum
sum assured
under a micro
insurance
department

Ch 6

which
calculates the
level of
premium. In
which
department
should he
join?
paid which is

Ch 7

Ch 5

60000, what
amount of
sum assured
should he
avail in a ULIP
plan.
insurance for

Ch 4

protection at
the lowest
premium.
Which is the
best plan for
him?
insurance
act
of 1938
created which
of
these.
filled
by

Ch 5

Nishu, then
what is the
additional
requirement
to be taken
along with the
documents.
25% of the

Ch 14

sum insured
in spite of all
his premiums
been paid on
time. This
indicates that
his policy is a

Ch 12

1. 10 days

3. 30 days

4. 45 days

1. Will be
considered as
standard age
proof

2. 15 days
2. Will be
considered
as non
standard
age proof

3. Will not be
accepted

4. Will be
verified first

1. 10000

2. 25000

3. 50000

4. 100000

1. Actuary

2.
Underwrite
r

3. Claim
Department

4. Accounts

1. 2 lacs

2. 3 lacs

3. 5 lacs

4. 6 lacs

3. Whole life
plan
3. National
Insurance
Academy

4. Money back
plan.

1. IRDA

2.
Endowmen
t plan
2. Tariff
Advisory
Committee

4. LIC

1. The policy
needs to be
advertised in
the
newspaper.

2. Nishu
has to sign
an
indemnity
bond.

3. Thumb
impression of
Ashu has to be
taken.

4. Ashu needs
to be
medically
examined.

1. Term plan.

2.
Endowmen
t plan.

3. Money back
plan.

4. Wholelife
plan.

1. Term plan

Ch 2

limited to
what amount
at the district
level.
term plan the
maximum
premium of
the accidental
rider
term can
planbe.
the
maximum
premium of
the accidental
rider
can be.
of
indemnity
a life
insurance
policy
Harishis a.
declares that
he consumes
alcohol twice
every week.
This
is a is
insurance
made
specifically for
people from.
reduction
in
the benefit
illustration
shows
what.
inception
of
the life
insurance
policy then,
life insurance
contract
15 years is
old
boy, this
contract will
be
policy
is
issued with a
lien, it will be
mention
in
under a life
Insurance
policy is
generally
based on

Ch 14

Detarrification is
a process by
which pricing
of Insurance

Ch 7

Ch 7

Ch 3

Ch 4

Ch 5

Ch 4

ch 3

Ch 4

Ch 4

Ch 3

1. 10,00,000.

2.
20,00,000.

3. 50,00,000

4.
1,00,00,000.

1. 100% of
basic
premium.

2. 50% of
basic
premium.

3. 30% of
basic premium.

4. 35% of
basic
premium.

1. 100% of
basic
premium.

3. 30% of
basic premium.

4. 35% of
basic
premium.

1. Insurance
contract.

2. 50% of
basic
premium.
2.
Indemnity
contract.

3. Value
contract.

4. Major life
contract.

1. Moral
hazard.

2. Moral
peril.

3. Physical
hazard.

4. Physical
peril.

1. High
income.

2. Middle
class.

3. Low income.

4. Affluent
class.

1. Charges.

2.
Mortality.

3. Interest.

4. Inflation.

1. Voidable

2. Invalid

3. Valid

4. Null &
voidable

1. Null and
void

2. Invalid

3. Voidable

4. Valid

1. Proviso

2.
Schedule

3. Terms &
conditions

4.
Endorsement

1. Total paid
premium

2. Sum
Assured

3. Surrender
value

4. Paid up
value

3. Reaches at a
level as per
industry trends

4. Insurance
can price their
product on
their self past
experiences.

1. Rises

2.
Decreases

Ch 14

Ch 13

Ch 5

protection of
Policyholders
interest 2002
(IRDA),
Which insurer
will have a
grievance
redressal
System
has created a
call center for
logging a
complaint

What is the
key function
of NIA
received

Ch 5

Maturity in a
lump sum.
What is the
possibility of
receiving it in
installments if
it is not a
annuity
purchaseplan
a
Kisan Vikas
Patra. What is
the most
suitable place
to
purchase
fixed
depositit
in a bank. If
his net return
is 3%, what
can be the
reason rating
finding,
is mentioned
3. This
Indicates
provide

Ch 5

financial
security to his
dependent.
Which plan
should be
offered

Ch 6

Ch 5

Ch 9

2. Those
Insurer
who did
not created
Insurance
Ombudsma
n System

3. All insurer

2. IRDA

3. Insurance
Association

4. It is
optional
4. Insurance
Institute of
India

1. Provide
suggestion for
Premium
calculation

2. To be an
active link
between
Global
market &
Indian Life
Insurance
Industry

3. Design,
implement and
operate an
insurance
training

4. Regulate
the
investment of
funds by Life
Insurance
company

1. He has
switched his
fund

2. He has
opted for
Settlement
option

3. He has he
has redirected
his past
premium.

4. Policy was
lapsed on the
time of
maturity

1. Bank

2.
Insurance
Company

3. Post Office

4. Share
Market

3. Interest rate
3.
Commitment
to need

4. Market Risk

1. Risk apatite
of client

2. Inflation
2. His
future
aspiration

4. Willingness
to pay

1. Term Plan

2. Term
Plan with
return of
premium

3. Pure
Endowment
plan

4. Unit Linked
Plan

1. Some
Specific
Insurer
1. Life
Insurance
Council

1.
Administrative
charge

Ch 11

Ch 5

ch 1

Ch 7

deposit in
bank. What
duration is
required for
it?

1. 3 years

2. 5 years

3. 7 years

4. 2 years

Incase of
presumption
of death
the
5yrs and

1. Not
necessary to
pay premium
until court
decree

2.
Necessary
to pay
premium
until court
decree

3. Claim not
admissible

4. Depends on
case to case

in the
maturity he
gets rest of
sum assured.
What type of
policy it is

1. Money back
policy

2.
Convertible
plan

3. Term plan

4. Endowment
policy

Which is
correct in
relation to
Insurance
Broker?
pays
more

1. Insurance
broker is
represents
insurance
buyer and
remunerated
by the
insurance
company

2.
Insurance
broker is
represents
insurance
buyer and
remunerat
ed by the
Client

3.Insurance
Broker gets
money from
both Insurance
company as
well as from
Client fo selling
Insurance

4. None are
correct

1. Shailesh is
older than
ankit.

2.
Shaileshs
income is
more than
Ankits
income

3. Shailesh &
Ankit want it
that way

4. Option 1 &
3 are correct

1. It is higher

2.
Decrease

3. Slightly
higher

4. Slightly
lower

1. One year

2. Two
years

3. Three years

4. Five years

1. Health
Insurance

2. Group
Insurance

3. Micro
Insurance

4. Macro
Insurance

2. Equal to
base cover

3. Any Amount
he can take if
he is ready to
pay premium

4. 50% of SA
max.

Ch 7

monthly
payment than
ankit for
same amount
of policy.
Why?
3rd
year as
compared to
the 4th year
of
be lien.
made
through
consumer
protection
act.
weekly
premium
payments are
accepted.
ADB rider, he

Ch 13

is not sure of
how much
sum assured
he needs to
take for ADB
rider. What is
your
suggestion?

Ch 4

Ch 14

Ch 5

1. Needs to
take experts
suggestion

Ch 5

Ch 15

Ch 6

Ch 3

Ch 2

the
qualification
of Agent is
determined?
pays the
premium of
5000/- and
suffers illness
before
maturity?
Agents code
of conduct, an
agent can get
a new policy
from this
customer
from Feb
which year
means
that
how much
grams we
have in
physical
insurance, the
insurable
interest
should exist

Ch 13

Pooling of
insurance
applies to
awards
passed by the
Insurance
Ombudsman
within how
may days

Ch 5

If IRDA is
unable to
discharge its
functions or
duties,
Central
Government
investment

Ch 14

Ch 7

and invests in
senior citizen
saving
scheme. Its
the impact in
his taxation

1. Address of
the agent

2. Domicile
status

3. Qualification
of Agent

4. DOB of
Agent

1. Nil

2. 10%

3. 20%

4. 30%

1. 2011

2. 2012

3. 2013

4. 2014

1. 5 or 10
grams
1. At the time
of taking the
policy

2. 10 or 15
grams
2. At the
time of
claim

3. 15 or 25
grams
3. At the time
policy matures

4. 50 or 100
grams
4. At the time
of taking the
policy & claim

1. all types
insurance

2. All types
of
insurance
except
Motor
insurance

3. Only life
insurance

4. Only Nonlife insurance

1. 10 days

2. 15 days

3. 20 days

4. 25 days

1. Has the
power to
supersede the
IRDA by
issuing
notification.

2. Has the
power to
supersede
the IRDA
by issuing
a bill in
parliament

3. Has the
power to
supersede the
IRDA by
issuing draft

4. Can make
changes in
IRDA law

3. He will get a
reduction in
tax slab

4. His
investment
would be
deducted from
taxable
income

1. He will get
tax benefit up
to 5000

2. He will
get tax
benefit up
to 25%

Ch 7

What are the

benefits to
the
policyholder
Under
Surgical care
rider? which
hospital

1. Number of
days admitted
in hospital &
surgery
expenses in
full

2. Number
of days
admitted in
hospital &
surgery
expenses
in partial

Ch 8

doesnt have
cashless
facility. How
the policy
holder will get
benefited
priority.

1. Need to
spend and Get
claim from the
insurer

2. Need to
add that
hospital as
TPA

Ch 13

Ch 7

Ch 2

Ch 11

Needs:
Income
protection,
Childs
education,
marriage and
emergency
funds.
insurance
academy has
the following
main
functions
critical illness
rider in
classified
under
Pure risk is
classified
under
have to be

Ch 4

paid by the
insurance
after how
many days
from the date
of admission
of the claim?
regulations
IGMS should
be mandatory
set
up by
insurance

Ch 5

company can
exclude this
hazard and
mention it in
which part of
the policy
document?

Ch 13

1. Childs
education

1. Calculating
premium
1. Life and
non life
respectively
1. Economic
risk

1. 10 days
1. Only by few
selected
insurers

1. Provisio

2. Marriage
2. Interact
with the
governmen
t

3. Treatment
cost of surgery
subject to
terms &
conditions

4. Lump sum
amount what
he has
incurred

3. Need not to
claim

4. Need to
switch to the
another
insurer

3. Emergency
funds

4. Income
protection

2. Both life
insurance
2.
Speculative
risk

3. Both non life

insurance

4. Mortality
assumptions
4. Nonlife and
life
respectively.

3. Financial
risk

4. Insurable
risk

2. 20days

3. 30 days

4. 60 days

2. Only by
non life

3. Some life
and non life

4. By all
insurers.

2.
Endorseme
nts

3. Operative
clause

4. Terms and
Conditions

3. Training

Ch 15

Ch 7

Ch 3

Ch 2

Ch 10

Ch 14

Ch 11

Ch 6

When can an
insurance
company give
more than
35% first
year
commission?
commission
which he will
earn from the
product which
he is going to
sell
what are the
parts which
shows the
benefit for an
annuitant.
and
accumulated
bonus
Rs.60,000/-.
What is the
paid up value
if bonus
accumulated
and if not
bonus
accumulated?
affect
specific
individuals or
local
communities
in nature is
called
to
the as
insurer
in case the
persistency
falls
follow up are

Ombudsman,
IRDA
Customer
Grievance Cell
and

.. matured,
has
how much will
be deducted
when the
maturity
claim arises

1. When the
insurance
company is in
the first 10
years of
operation

2. If the
agent has
worked
with the
company
for more
than 5
years

1. When the
customer asks
him

2. After the
fact finding
process

1. Insurance
coverage

2. Annuity
part

3. After
quantifying the
need
3. Guaranteed
and non
guaranteed
part

1. 213333 &
273333

2. 213333
& 229333

1. Pure risk
1. Lower
profits

3. If the agent
has worked
with the
company for
more than 10
years

4. If the agent
is doing more
than 3 policies
in a month.

4. After the
product is
recommended
to the client

4. Vesting age

3. 229333 &
273333

4. 229333 &
293333

2. Financial
risk

3. Particular
risk

4. Physical
hazard

2. Higher
profits

3. Increased
Liability

4. Decreased
Life fund

1. Consumer
Forum

2. COPA

3. Sebi

4. Life
Insurance
Council

1. Nil

2. 1%

3. 5%

4. 10%

Ch 5

Ch 3

Ch 3

Ch 1

investing in
Debt Mutual
Fund, what is
the primary
objective
interest in the
life of an
employee,
what kind of
policy
is this?
the reduction
of the actual
benefit
amount is
mainly due to
deduction
of
the key
principle that
policyholders
should be
prevented
from

ch 1

The client of
reinsurer
are
dies during
the term of
the policy, his
nominees
gets the sum
insured. What
type of policy
is
this ?which
policy,
of the
following
information is
the most
critical
Brokers

Ch 10

Association of
India, what is
the most
appropriate
relationship
between
Insurer and
Broker?

Ch 7

A low
persistency
ratio for the
insurance
company
means that:

Ch 5

Ch 7

1. Good
Returns

2. Regular
Income

3. Safety

4. Liquidity

1. Surety
insurance

2. Keyman
Insurance

3. Partnership
Insurance

4. Debtor
Insurance

1.
Commission

2. Charges

3. Non
guaranteed
benefits

4.
Reversionary
Bonus

1. Insuring
existing
losses.

2. Making
false
insurance
claims.

4. Profiting
from
insurance.

1. Insurance
companies

2. Banks

3. Paying
excessively for
insurance
cover.
3. Asset
Management
Companies

4. Brokers

1. Endowment

2. Term

3. Money Back

4. Whole of
Life

1. Group
lifestyle

2.
Employees
2. The

3. Age of the
group

4. Medical
history of
group

1. Insurance
broker
represent the
client and the
insurer
remunerate
the broker

client
represent
the broker
and the
insurer
remunerat
e the
broker

3. Insurer
represent both
client and
broker
remuneration

4. Broker only
service the
client

1. The
customers are
satisfied with
the products

2. The
company is
acquiring
more
business
and new
customers

3. A large
numbers of
policies have
lapsed /
surrendered
resulting in
loss of profit

4. The
company will
not declare
bonus

Ch 14

withdrawal.
This is known
as
commutation.
Up to what
proportion of
the
accumulated
fund can be
withdrawn?
an insurer is

Ch 4

supposed to
respond after
receiving any
communicatio
n from its
policyholders?
For an
insurance
agent, a low
persistency
ratio
means :
they disagree

ch 3

with the
terms and
conditions of
the Policy,
within a free
look-in period
of
In the case

Ch 10

Ch 5

Ch 5

Ch 6

Ch 5

of life
insurance,
insurable
interest
should exist
remaining
part of the
Sum Assured
is paid on
maturity?
of the term
he wants to
get at least
some return.
Under which
policy he will
get these
benefitsVikash
Kishan
Patra under
post office
schemes is
done

1. The entire
fund can be
withdrawn

2. Only half
of the fund
can be
withdrawn

3. Only one
third of the
fund can be
withdrawn

4. Only one
fourth of the
fund can be
withdrawn

1. 24 hours

2. 1 day

3. 10 days

1. Loss of
renewal
commission

2. High
client
satisfaction

3. Higher
reputation

4. 30 days
4. More
earning of
First Year
Commission

1. 15 days
from the date
of receipt of
the policy
document

2. 20 days
from the
date of
receipt of
the policy
document

1. At the
inception of
the policy

2. At the
time of a
claim

3. 25 days
from the date
of receipt of
the policy
document
3. At the time
of every
renewal
premium
payment

1. Endowment
Plan

2.
Convertible
Plan

1. Endowment
plan
1. Regularly
with no fixed
term

2. ROP
plan
2. Lump
Sum with
no fixed
term

4. 30 days
from the date
of receipt of
the policy
document

4. All the
above
occasion

3. Money Back
plan

4. Term Plan

3. Whole life
plan

4. Ulip

3. Lump Sum
for fixed period
of time

4. Regularly
for fixed
period of time

Ch 11

Ch 2

Ch 4

Ch 5

Ch 5
Ch 8

Ch 8

Ch 2

Ch 8
Ch 9

Ch 3

Ch 12

make use of
tax benefit
under the
policy for
whole SA.
How much
premium
would help
him avail this
benefit
or additional
documents
can asked
from the
claimant
within
Law of Large
number helps
the insures
to
due
to
Financial
fraud would
come under
which hazard
signature
is
required on
attestation of
the policy?
ceiling
of tax
exemption
underof80
c.
limit
tax
benefit that
can be availed
of under
Section
old child.80C.?
Which
product is not
to be given
priority?
Which plan
can he take
that can cover
his whole
family?
Which is the
best option to
manage
for self risk?
employed to
take
insurance.
What is the
major reason
for conducting
fact finding
exercise?

1. Less than
10000

2. More
than 10000

3. Less than
20000

4. More than
20000

3. 15 days
from the
receipt

4. 20 days
from the
receipt

1. Calculate
the premium

2. 10 days
from the
receipt
2. Increase
the
profitability

3. Ascertain
the death ratio

4. Declare the
bonus

1. Physical

2. Moral

3. Occupation
3. Authorized
officials of
insurer

4. Not
applicable

4. Proposer

3. 2 lakhs

4. 3 lakhs

1. 5 days from
the receipt

1. 1 lakh

2. Policy
holder
2. 1.5
lakhs

1. 75K

2. 1L

3. 1.5 L

4. 50K

1. Health plan

2. Child
Plan

3. Life
Insurance

4. Retirement
Plan

1. Health
Insurance

2. Family
floater

3. Life
Insurance

4. Retirement

1. Retain

2. Transfer
2.
Fluctuating
income
2.
Understand
about
company

3. Avoid

4. None

3. High
Returns

4. Protection

3. Introduction
of agent

4.
Understanding
the Customer

1. Agent

1. Save Tax

1. Need
analysis

Ch 1

Ch 12

Ch 12

Ch 14

Ch 5

Ch 3

Ch 8

Ch 2

Ch 10

will be the
payout after
15 years in a
simple
revisionary
bonus
system?
annual
assumed
growth rate
are given by
Pricing
element is
done
by
___________
____, apart
from
Procedure,
Training and
audit.cannot
cash
exceed
___________
_
He. feels that
it is
repudiated on
wrong
reasons.
Which
consumer
forum can he
approach?
that can be
gained for
premium paid
is _______ in
a financial
year.
personal
problems he
has decided
to cancel the
policy on 8th
July, 201 Can
he cancel or
return the
policy?
his daughter
Sneha is 3
years old.
Which plan
can he take?

1. 60000
1. Life
Insurance
Council

2. 75000

3. 100000

4. 5000

3. Actuaries
3. Life
Insurance
Council

4. Underwriter

1. IRDA

2. IRDA
2.
Insurance
Company

4. CII

1. Inspection
by IRDA

2. Audit by
Finance
Ministry

3. Appointment
of Principal
Compliance
Officer

4. Inspection
by Auditor
General

1. Rs. 1,
00,000

2. Rs.
50,000

3. Rs. 25,000

4. Rs. 60,000

1. National
Commission

2. District
Level

3. State Level

4. Mandal
Level

1. Rs. 75,000

2. Rs. 1,
10,000

3. Rs. 1,
20,000

4. Rs. 1,
00,000

1. No, as 15
days period is
over

2. Yes, as
it is within
1 year

3. No, as 20
days period is
over

4. Yes, as it is
within 3
months

1. Term &
Children Plan

2. Annuity
Plan

3. Whole Life
Plan

4. Health Plan

Ch 9

the funds
available in
the bank and
monthly
rentals
received from
village. This
comes under
Risk ______
Ram. Prasad
is also
teacher. Ram
who is an
agent advised
Prasad to
take money
back plan as
he is of same
age (33
years). Is it
the right
advice?
Why?
15 years.

Ch 5

Ajay died
after 4 years.
Insurance
company will
not treat this
claim as
________
claim.
sons, Vineeth

Ch 11

Ch 3

Ch 14
Ch 1

Ch 1

Ch 6

and Sumith.
The level of
risk appetite,
Rajesh
belongs is
_______.
Sum Assured
allowed for
Micro
Insurance?
days does the
Free Look
Period
powerslast?
are
restricted to
insurance
contracts of
what value?
stake
that the
Foreign
Partner in
Insurance
Company
hold?

1. Transfer

2. Control

3. Retaining

4. Avoidance

1. Yes, as
Naveen and
Ram are of
same age.

2. No,
customers
needs are
different

3. Yes, as both
are teachers

4. No, as
there is an
age
difference.

1. Normal

2.
Fraudulent

3. Early

4. General.

1. Middle
Level

2. Top
Level

3. Low Level

4. High Level

1. 5000

2. 10000

3. 15000

4. 20000

1. 15 days

2. 30 Days

3. 45 days

4. 60 Days

1. 1Lakh

2. 10
Lakhs

3. 15Lakhs

4. 20 Lakhs

1. 48%

2. 50%

3. 60%

4. 26%

Ch 5

Ch 14

Ch 4

Ch 2

Ch 4

Ch 15

Ch 15

Ch 7

Ch 7

What does
MDRT Stand
for?if you
go
wanted to buy
a Kisan Vikas
Patra?
limit of tax
benefit that
can be availed
of under
Section
80C?
has
to give
his decision
within how
many
days?
associated
with the
person would
decrease with
time, then he
would accept
the
with
lungcase
cancer
is
a smoker.
Here smoking
can be
termed
asthe
Which of
following is a
Non Standard
Age Proof
that his
Insurance
need is higher
than 10,
00,000 and
suggested
that he
surrenders
the existing
policy and
buys a new
one. This is
an
example of
recommendat
ion of the
agent has
been rejected
by the client,
the agent
should:

3. Post Office

4. Mean
Disposition
Residence
Time
4. Mutual
Fund
Company

2. 15,000/-

3. 10,000/-

4. 100,000/-

1. 15 Days

2. 30 Days

3. 2 Months

4. 3 Months

1. A clause

2. A Lien

3. A Loading

4. Level
Premium

1. Peril

3. Risk
3. Certificate
from Village
Panchayat

4. Uncertainty
4. Certificate
from School
or College

1. PAN Card

2. Hazard
2.
Certificate
of Baptism

1. Churning

2.
Proposing

3. Underwriting

4. Switching

2. Find out
the
reasons for
refusal

3. Must try to
convince the
client to follow
his
recommendatio
n

4. Must try to
force the
client to follow
his
recommendati
on

1. Million
Dollar Round
Table
1. Any
Nationalized
Bank

2. Major
Double
Rupees Tag
2.
Insurance
Company

1. 50,000/-

1. Ask the
client to fill
the proposal
form

3. Major Dollar
Round Tag

Ch 9

Ch 6

Ch 7

Ch 4

Ch 7

Ch 4

Ch 7
Ch 4

Ch 12
Ch 6
Ch 13

Ch 7

Which of the
following is
true
regarding
Family Floater
Health
Insurance
Plan?
proportion
is
the cover in a
Family Floater
Plan
shared?
products
their
main features
and their tax
treatments is
the role is
of:
interest
normally
compounded
in
a
treatment
costs in the
event of
hospitalizatio
n of the
insured
person is
called
Age proof
submitted
from Village
Panchayat
is:
children and
aged parents
Health
premium is
allowed for
Maximum
Life
cover it
regulation,
allows cash
premium not
over
Bankthan
interest
is
accumulated
monetary
system in
India

Hospitalizatio
n rider has
the following
benefit:

1. A Family
Floater Plan is
the same as a
Individual
Plan

2. Only self
and spouse
can be
covered in
this plan

3. Any number
of people may
be covered in
this plan.

4. The
insurance
cover is
shared
amongst the
family
members in
no fixed
Proportion.

1. 25% each

2. 15%
each

3. 50% each

4. No
Proportion

1. Agent

2. Insured

3. Policy Holder

4. Insured
person

1. Annually

2. Semi
Annually

3. Quarterly

4. Monthly

3. Accidental
Benefit Rider
3. Not at all
accepted

4. Surgical
Care Rider
4. Accepted
with SSLC
book/mark list

2. X with
wife

3. X with wife
and kids

4. X with all

2. 500000

3. 1500000

4. 4000000.

1. Rs.20000

2.
Rs.25000

3. Rs.5000

1. Monthly

2. Yearly

3. Quarterly

1. RBI

2. IRDA

3. SEBI

4. Rs.50000
4. Once in 6
months
4.
Constitution

1. Person
receives fixed
amt daily for
no of days in
hospital

2. Person
receives an
amount
equal to
the
expense.

3. Person
receives a fixed
amount of
1000 daily.

4. Person
receives
benefit only if
he is
hospitalized
for 3 days
minimum.

1. Critical
Illness Rider
1. Standard
and accepted

1. X only
1. 20 times
annual salary

2.
Hospitalizat
ion Care
Rider
2. Not
standard
but accept

2
1

Ch 8

done 4 %.
Hence actual
quarterly
premium will
be
June 2010
due to
malpractice.
He can
reapply for
his
license in
Professional
insurance
market
carries..

ch 1

Insurance
Market
divided into

Ch 3

Ch 15

ch 1
Ch 2

Ch 2
Ch 2

ch 1

Ch 4

What is
Bancassuranc
e?
The Risk
contains.
similar
risks
by Insurance
Company is
called
as.
The function
of Insurance
works on..

A contract
comes into
existence
when
Life Insurance
policy on
wifes name in
order to get
monitory
benefit.
Insurance
company
rejects this
proposal on
the grounds
of.

1. 7680

2. 9320

3. 8320

4. 6600

1. 2015

2. 2014
2. Product
Based
Selling
2. Life and
General
(non-life)
Insurance
2. Selling
insurance
policies
through
Banks.

3. 2013

4. 2017

3. Commission
Based Selling
3. Government
and Private
Insurance
Markets

4. Company
Based Selling.
4. Health and
Saving
Insurance
Markets

2. Level

3. Uncertainty

4. None of the
above.
4. All of the
above.

1. Grouping of
Risk
1. Risk
Transfer

2. Risk
Grading
2. Risk
avoid

3. Risk
Assessment
3. Risk
retention.

4. Pooling of
Risk
4. All of the
above.

1. One party
makes an
offer which
the other
party accepts
unconditionall
y.

2. One
party
makes an
offer which
the other
party put
extra
conditions.

3. One party
makes an offer
where other
party gives
counter offer.

4. One party
makes an
offer which
the other
party receives
the offer.

1. Anti Money
Laundry

2. Legality
of object or
purpose

3. Capacity of
paying future
premiums.

4. All of the
above

1. Need
Based Selling
1. Endowment
and Money
Back
Insurance
1. Giving
insurance
policies to
Banks.
1. Peril and
Hazard

3. Giving
guarantee to
policies by
Banks.

2
4

4
1

Ch 3

Ch 3

Ch 3

Ch 4

Ch 3

Ch 3

Ch 5

Ch 4

Ch 4
Ch 4

situation may
leads to
breach of the
duty of
utmost good
faith.

Principle of
Indemnity
denotes..
of
utmost
good faith is
not applicable
to
for insurance
company to
get
information of
proposer?
involved in
calculating
Surrender
Value of the
Policy?

1. Non
disclosure of
material facts.

1. Insurance
can not be
used to make
a profit
1. Facts of
common
knowledge
1.
Advertisement
s.

2.
Concealme
nt of a
material
fact
2.
Insurance
should not
taken by
high risk
people.
2. Facts of
law

1. Number of
years
premium paid.

2. Proposal
form.
2. Number
of
premiums
payable.

What are the

different
types of
Assignments?
ABC
Company. But
he is not
satisfied with
the policy
benefits.
What Mr.
Kumar can do
under this
situation?

1. Full
Assignment
and Partial
Assignment

2.
Conditional
and
Absolute
Assignment
.

Moral Hazard
reflects the
.
methods
equates
Human Life
Value (HLV)
to
Agent will be
called as..

1. Intentions
and attitude
of Proposer.
1. Future
value of
Present
earnings.
1. Primary
Underwriter

1. He can not
do any thing,
because be
received the
policy bond.

2. He can
file a
complaint
against
insurance
company in
court.
2. Habits
and
Hobbies of
Proposer.
2. Present
value of
future
earnings.
2.
Main
Underwrite
r

3. Fraudulent
misrepresentat
ion of facts.

4. All of the
above.

4. All of the
above.

4. All of the
above.

3. Conducting
interviews.

4. Telephonic
conversations.

3. Sum
Assured

4. All of the
above.

3. Life
Assignment
and General
Assignment.

4. Standard
Assignment
and NonStandard
Assignment.

3. Insurance
can not taken
by politicians.
3. Facts those
are not
material.

3. He can send
back the policy
document to
insurance
company with
in 15 days
from policy
receiving date.
3. Occupation
and Residence
of Proposer.
3. Present
value of
previous
earnings.
3. Chief
Underwriter.

4. Serve
notice to
insurance
company on
policy
benefits.
4. Medical and
Personal
History of
Proposer.
4. Future
value of
previous
earnings.
4. Information
Underwriter.

2
1

Ch 3

Ch 5

Ch 5
Ch 5

Ch 6

Ch 6

Ch 6

Ch 5

50,000
premium per
year.
Company
declared 5%
Simple
Reversionary
bonus, what
is bonus
amount?
The two
basic
elements of
most life
insurance
plans
Term are
Insurance
Plan will
give.
Low risk
products
give..
Who will
maintain
Mutual Fund
Schemes?
Which
is the
primary
saving need
among all
saving needs?
with in Nine
months. He
would like to
get some
returns from
this money in
these 9
months
period. What
is the best
option to park
his
money?
following
product not
comes under
Section 80 ( C
), income tax
act 196

2. Rs.
25000/-

3. Rs.
250000/-

4. Rs. 5000/-

3. Death
Benefit and
Maturity
Benefit.

4. Bonus
Benefit and
Tax Benefit.

3. Only Bonus
Benefit.
3. Moderate
Returns

4. Only Tax
Benefit.
4. Good
Returns

1. Mutual
Fund
Management
Societies

2. Interest
Benefit and
Bonus
Benefit.
2. Only
Maturity
Benefit.
2. Low
Returns
2. Mutual
Fund
Manageme
nt
Systems.

1. Insurance

2.
Purchasing
House

3. Investment.

1. Insurance

2. Shares

3. Fixed
Deposit in
Bank

1. National
Saving
Certificates.

2. Equity
Linked
Saving
Schemes.

3. Principle
component of
home loan.

1. Rs. 2500/1. Guaranteed

Benefit and
Nonguaranteed
Benefit.
1. Only Death
Benefit.
1. High
Returns

3. Asset
Management
Companies.

4. Asset
Maintenance
Company
Limite4.
4.
Contingency/
Emergency
Fun4.

4. Mutual
Funds.
4. Premium
paid for
Health
Insurance
Plan.

1
2

1. Rs. 3,
00,000/-

Ch 7

pension fund.
He would like
to utilize
commutation
benefit before
taking
pension. What
is amount Mr.
Suresh can
withdraw as
commutation?
create
purchase
price or
Pension Fund.
We call this
phase as..
family
members
also. We will
call these
plans
as..
What are
the

Ch 7

options
available to
Mr. Hitesh to
fulfill his need
with a little
cost?
solutions for

1. Taking Life
Insurance
plan with
Critical Illness
Rider.

2. Taking
Health
Plan,
Insurance
Plan
separately.

1. Young
Unmarried.

2. Young
married
with
children.

Ch 7

Ch 7

1. Collection
Phase.
1. Family
Health
Insurance
Plans

2. Rs. 4,
50,000/-

2.
Accumulati
on Phase
2. Total
Protection
Policies.

Ch 9

health care
and
inheritance
planning.
Which main
life stage he
most likely to
fallquestioning
into?
of
is very useful
to gather
information
from clients?

Ch 8

Perceived
needs are
those.

1. Short term
needs.

2. Open
Ended
Questions.
2.
Imagined
to be
important
by Advisor.

Need analysis
involves
identifying

1. Financial
provision to
meet
predictable
and
unpredictable
needs.

2. Capacity
to pay the
premiums
in future.

Ch 9

Ch 8

1. Closed
Ended
Questions

4. Rs, 4, 85,
468/-

4. Primary
Phase.

4. Family
Rakshak
Health Plans.

3. Taking Mediclaim plan with

Life Insurance.

4. Taking
Hospital
Benefit Plan
with
Endowment
Plan.

3. Retirement.

4. Children.

3.
Interrogative
Questions.

4. Clarification
Questions.

3. Imagined to
be important
by client.

4. Long term
needs.

3. Existing
insurance
plans.

4. Family and
Employment
details.

3. Rs. 90,000/-

3. Pension
Phase.
3. Family
Floater Health
Insurance
Plans.

Ch 12

Ch 12

Ch 15

Ch 1

Ch 10

Ch 11

Ch 11

Ch 11

Ch 11

Which is the
not part of
KYC norms?
Remuneration
to Agents
includes
policy does

not have any

extra benefits
but it will give
more
commission
to Mr.
Gayaram.
This is called
as
An insurance
agent is
intermediary
between.
factor
which
has influence
on
persistency?
What is
meant by a
claim under
insurance
policy?
to
settle the
maturity
claim
process?

Which is the
right
statement
regarding
claim
enquiry?
person
will be
presumed to
be dead only
after.

Ch 12

Money
Laundering
?
foreign

Ch 13

company has
in one
insurance
company in
India?

1.
Photographs
1. First Year
Commission

1. Switching

2. Proof of
identity
2. Renewal
Commissio
n.

2.
Churning
2.
Insurance
Company
and IRDA

3. Proof of
address.
3. Both of the
above.

3. Client and
IRDA

4. Shifting.
4. Insurance
and Reinsurance
company.

3. Policy
Servicing

4. All of the
above.

1. A demand
to fulfill the
policyholders
obligations.

2. Product
Design.
2. A
demand to
fulfill the
insurers
obligations.

3. Any demand
made by the
policyholder on
the insurer.

4. All of the
above.

1. Client

2. IRDA

3. Advisor

4. Insurance
company

4. Enquiry will
be done if
death
happens
before one
year from
policy
inception
date.

1. Client and
Insurance
Company
1. Role of
Agent

3. Redirecting.

4. Lapsed
policy details.
4. Salary and
Reimburseme
nt.

1. The
insurance
company
makes
enquire only
on death
claims.

2. The
insurance
company
makes
enquire on
maturity
claims
only.

3. Enquiry will
be done on
both Maturity
and Death
Claims.

1. Three years

2. Five
years.

3. Seven
years.

1. Layering

2.
Placement

1. 74%

2. 26%

3. Integration

4. Nine years.
4.
Amalgamation
.

3. 24%

4. 76%

Ch 13
Ch 14

Ch 14

Ch 15

Ch 15

Ch 2

Ch 1

Ch 3

Ch 2

Ch 1

Ch 1

conditions
that may be
offered by
insurers in
the respect of
general
insurance
business.
ombudsmen
offices located
in
India?
department
that is
established by
IRDA to deal
with customer
complaints?

Ethics can be
definedisas
Which
not
unethical
behavior in
below
statements?
Rs.

30,000,00/for 30 years.
This is an
example
for----------------include
not
the channel of
indirect
marketing?
contract the
insurable
interest needs
to be at the
time ofof....
Which
the
following can
be an
example of
moral
hazard?
The
business
of Insurance
is connected
with..............
..
beings need
life insurance
because........
..........

1. Insurance
Regulatory
and
Development
Authority.
1. 10
1. Customer
Complaint
Department
(CCD)
1. Those
values we
commonly
hold to be
good and
right.
1. Over selling
of Insurance
policies.

1. Risk
retention

2. Reserve
Bank of
India.

3. Tariff
Advisory
Committee.

4. Insurance
Institute of
India.

2. 12
2.
Customer
Grievance
Departmen
t (CGD)

3. 14

4. 15

3. Consumer
Affairs
Department
(CAD)

4. Consumer
Protection
Department
(CPD)

4. All of the
above.

4. Churning.

2. Behavior
that is
based upon
the moral
judgments
of an
individual
2. Under
selling of
Insurance
policies.

3. A study of
what makes
ones own
actions right or
wrong.
3. Explaining
all details of
the policy to
customer.

2. Risk
transfer
2.
bancassura
nce

3. Risk
avoidance

4. Risk
tolerance

3. insurance
brokers

4. through
internet

3. inception

4. surrender
4. A teacher
working in a
primary
school.

1. physical
values of
assets

2. revival
2. a person
working in
a chemical
factory
2.
economic
values of
assets

1. death is
certain

2. death is
uncertain

1. individual
agents

1. claim
1. a family
history of
heart disease

3. a person
consuming
alcohol
3.
metaphysical
values of
assets
3. the timing of
death is
uncertain

4. market
values of
assets

4. Death is
the solution.

ch 3

Ch 1

ch 3

ch 3

insurance
contract
'consideraton'
means........
the risk is
determined
on the basis
of ..........
insurable
interest in the
following
options.........
of utmost
good faith
applies
to...........

Ch 3

When an
illiterate
person wants
to have a
policy.....
pay premium
for 5th and
6th year. In
the 7th year
he
approaches
the company
to renew the
policy. Now
which of the
following
options will
apply to him?

Ch 3

Which of the
following
statement is
not true in
connection
with
nomination?

Ch 3

Which of the
following
statements in
correct in
connection
with
assignment?

Ch 4

1. proposal
form

2. Advisors
confidential
report

3. premium
3. statistical
data

4. claim
4.
mathematical
data
4. brothersister
4. neither
insures nor
proposer

1. surety-co
surety

2. past
data
2.
employeeemployer

1. only
insurers

2. only
proposer

3. husbandwife
3. both
insurers and
proposer

1. an
impression of
the left thumb
is taken and
third party
has to attest it

2. an
impression
of the left
thumb is
taken and
the advisor
has to
attest it

3. an
impression of
the left thumb
is sufficient
and need not
be attested

4. A relative
of the illiterate
person has to
sign on behalf
of that
illiterate
person.

1. The policy
will be
renewed on
the existing
terms and
conditions.

2. Mr.
Shanth
cannot
renew the
policy

3. the policy
may be
renewed on
different terms
and conditions

4. Mr. Shanth
can renew the
policy only on
the approval
of the insurer

1. The life
insured can
nominate one
or more than
one person as
nominees.

2.
Nomination
can be
done either
at the time
the policy
is bought
or
later.
2. The

3. A person
having a policy
on the life of
another should
make a
nomination.

4. The section
39 of the
Insurance Act
1938 speaks
about the
nomination.

1. Assignee
cannot make
fresh
nomination in
the policy

assignor
need not
be major
at the time
of
assignment
.

3. Section 45
of the
insurance act
speaks about
assignment.

4. Conditional
assignment
and absolute
assignment
are one and
the same.

1. future data

Ch 3

Ch 4

Ch 4

Ch 4

Ch 4

Ch 5

Ch 5

Ch 8

Ch 8

Ch 6

has taken an
endowment
policy of 20
years. He has
paid premium
for 10 years
and now the
policy is in
force. At this
point of time
can Shanth
takedecisions
loan?
the
on the
proposal must
to convey to
the proposer
within......
information
about the
proposer
in.....
mining
company. So
he is exposed
to..............
Lien is
imposed on a
policy when
underwriter
feels
of
an that......
individual can
be protected
with the help
of.........
years for the
sum assured
of Rs.
75,000,00/-.
It can be paid
to him......

The
disposable
income
means......
just
started
earning. His
risk appetite
is expected to
be.....
ways is easier
for a person
to take a
saving
product?

1. Mr. Shanth
will not be
granted any
loan

2. Mr.
Shanth can
take loan
which
should be
certain
percentage
of the
surrender
value of
the policy.

3. There is no
concept of loan
in insurance
policy

4. loans are
allowed only
in term plans

1. 10 days

2. 15 days

3. 20 days

4. 25 days

1. Proposal
form.

2. renewal
receipt

3. brochure

4. annual
report

1. moral
hazard
1. the risk
associated
might
increase

2. physical
hazard
2. the risk
associated
might
decrease

3. mental
hazard
3. the risk
associated
might not be
harmful

4. Ethical
hazard.
4. the risk
associated
might be
general

1. a unit
linked policy

2. a term
life policy

3. an
endowment
policy

4. a money
back policy

1. when he
dies

2. when he
survives
the term

3. when he is
hospitalized

4. when he
loses his job

1. the surplus
amount that
can be
invested

2. the
amount
that can be
paid
towards
one's EMIs

3. the annual
bonus amount

4. the sum of
one's all
investment

1. high

2. low

3. normal

4. Neutral.

1. through
individual
agents

2. through
internet

3. corporate
agents

4. call centers

Ch 5

Ch 6

Ch 7

Ch 7

and taking
premium
holidays is
possible
with....
interest rate
and method
of payment of
interest at the
inception of
the
investment
itself. His
investment
may be in.....

In 'Daily
hospitalizatio
n cash benefit
plan'......

Which of the
following is
not a feature
of WOP
plan
for rider?
20

Ch 7

years. This
type of
pension plan
is known
as................
..
Rider. In

Ch 7

which of the
following
scenarios the
insurance
company will
pay him......

1. Fixed
deposits

2. Unit
linked
Insurance
plans

3. Term
Insurance

4. Endowment
plans

1. Life
Insurance

2. Mutual
fund

3. Shares

4. Bank
deposits

1. all the
expense
incurred will
be reimbursed
by the
insurance
company

2. Some
percentage
of the
expense
will be
reimbursed
by the
insurance
company

3. a fixed
amount on
daily basis is
paid by the
insurance
company

4. The
insurance
company will
pay all the
expense only
after
consulting
hospital
authority.

1. The rider
waives future
premiums in
the event of
the disability
or death of
the policy
holder.

2. This
rider is
ideal for
helping to
prevent a
policy
lapsing due
to nonpayment of
premiums
due to
death or
disability

3. The main
strength of
WOP is the
payment of full
sum assured.

4. WOP rider
can be offered
with all plans

1. immediate
annuity

2. life
annuity

3. deferred
annuity

4. joint life
annuity

1. When Mr.
Ranga dies
due to critical
illness

2. When
Mr. Ranga
is
diagnosed
a critical
illness

3. When Mr.
Ranga's family
member will be
in critical
illness

4. When Mr.
Ranga dies
due to severe
road accident.

Ch 8

Ch 8

the age of an
individual......
........their
liabilities will
be.
Anusha has
got married.
Now Mr.
Ramachandra
is free from
his burden.
So Mr.
Ramachandra
is now in
the ..............
.....stage.
he wants to

1. the lower

2. the
higher

3. the smarter

4. the
superior

1. Preretirement
stage

2. Post
retirement
stage

3. Married with
older children
stage

4.
Employment
stage

2.
Perceived
need
2. clients
personal
problems

3. Imaginary
need
3. clients
hereditary
diseases

4. Important
need
4. Clients
social
background.

3. recommend
the new
product the
company has
recently
launched
3. need to
disclose the
amount of
commission on
demand

4.
Recommend
to take his
own time to
take a
decision.

4. Should not
disclose.

Ch 8

buy an
expensive car
when he will
have
sufficient
fund. Here Mr.
Vinodh's need
is.............
insurance
advisor to
identify
the.............

Ch 9

During the
recommendat
ion stage the
advisor needs
to......

1. recommend
the products
that best
meet the
client's needs

As per the
IRDA circular
an insurance
agent.......
advisor
churning
is.............pra
ctice
percentage of

1. need not
disclose the
amount of
commission

2.
recommen
d to wait
some days
to invest
2.
need to
disclose
the amount
of
commissio
n

1. good

2. bad

3. compulsory

4. appreciable

1. 30 %

2. 35%

3. 40%

4. 45%

1. his legal
heirs

2. to his
nominee

3. will stop
automatically

4. Paid in
lump sum to
the survivors.

Ch 8

Ch 12

Ch 15

Ch 13

Ch 12

first year
commission
to be paid to
an insurance
advisor
is.............
death, the
commission
payable will
be paid
to.........

1. Real need
1. clients
financial need

Ch 11

Ch 11

Ch 11

Ch 11

Ch 13

Ch 13

Ch 13

Ch 14

Ch 14

2010, but
unfortunately
he died on
18th August
201 His death
claim is
considered
as..........
Investigation
will be
triggered in
caseheard
of......
not
for .......years
his is
presumed to
be dead.

In the
process of
settling
maturity
claims....
person
has
been
stipulated
in................
Act
Indian
Insurance
Industry is
allowed up
to.....
Institute of
India (III)
was formed
in.....
has been
appointed to
protect the
interest
of.......
the
customers" is
a common
complaint
against.....

1. Normal
death claim

2. Early
death claim

3. Abnormal
death claim

4. Unnatural
death claim

1. Maturity
claims

2. All death
claims

3. Early death
claims

4. Rider
benefit claims.

1. 5 years

2. 6 years

3. 7 years

4. 8 years

1. the
company will
wait until the
claimant
comes to
office to
demand the
claim
1. Section 43
of the
Insurance Act
1939

2. the
process is
initiated by
the
company
well in
advance of
the
maturity
date
2. Section
42 of the
Insurance
Act 1938

3. it is the
responsibility
of the claimant
to approach
the company
3. Section 12
of the
Insurance Act
1922

4. If the
claimant does
not come
within a
month the
entire
maturity
amount will
be forfeited.
4. Section 34
of the
Insurance Act
1932

1. 50%

2. 25%

3. 26%

4. 27%

1. 1956

2. 1999

3. 1955

4. 1947

1.
policyholders

2.
shareholde
rs

3. insurers

4. General
insurers.

1. IRDA

2. Agents

3.
Shareholders

4.
Underwriters

Ch 9

only the good

points of
newly
launched plan
to his
customer.
Here Mr.
Sharma's
behavior
is............
been
prescribed in
India
by...........
Which one of
the following
is possible in
retaining the
risk? is
death
uncertain, so
when one
should take
life insurance?
Insurance
Protects
which of the
following?

Ch 4

What does
the mortality
tables
contains ?
recently

Ch 4

detected with
lung cancer.
He would like
to take an
insurance.
What is your
suggestion?

Ch 15

Ch 15

Ch 2

Ch 8

Ch 2

will the
insurance
company
will
categories
this
particular
risk ?

1. Retaining
the ownership
in the policy

2.
unethical
2.
Insurance
Council
2. Not
possible as
life has
many risks.

1. At the time
of uncertainty
1. The life of
the person
paying
compensation

2. At an
early age
2. The risk
retained
person 's
family

3. Anytime in
life

4.Is possible
by Re-insuring
oneself
4. At the time
when Advisor
takes the
decision

3. The financial
goal of the
insured

4. The life of
the nominee

1. Tables of
death
occurring in
various
circumstances

2. Tables of
details of
various
probabilitie
s of death

3. Tables of
details of
underwriters
calculation on
death

4. Tables of
details of
actuarial
calculation on
death

1. Time of
death is
uncertain, so
insurance can
be given

2. Only
lung is
affected so
health
insurance
can be
given.

3. He can take
insurance after
submitting
health
certificate

4. Cannot give
insurance for
health reason

1. Under the
category of
Pure risk

2. Under
the
category of
peril risk

3. Under the
category of
particular risk

4. Under the
category of
Risk Transfer

1. ethical

1. IRDA

3. professional
3. Insurance
Institute of
India
3.Is possible
by transferring
risk to the
policy holder

4. Perfect.
4.
Government
of India.

with the
agent that he
is not sure
whether he
can pay for
15 years .
This attitude
affects which
part of the
contract?

1.
Consideration
in the contract

2. Capacity
to contract

Ch 10

Agent who is
a licensed
intermediary
is actually
decides
to is ?

ch 3

leave his car

with his friend
Mr. Jim. What
will be the
validity of the
insurable
interest in
this
takecase
an ?

ch 3

Ch 5

ch 3

Ch 11

insurance.
What will be
the best
option for him
from the
following ?
though he
drinks and
smokes he
ticked NO in
smoking &
drinking
column of
proposal
form. This
indicates ?
lakhs.
Mr.Feroz was
hospitalized
after he was
detected with
cancer
.Unfortunatel
y he died
after 3 days
of treatment.
How the claim
will be
settled?

3. Consensus
ad idem

4. Offer and
Acceptance in
the contract

1. A legal
person to act
on behalf of
the re-insurer

2. B.A legal
person to
act on
behalf of
the insurer

3. C.A legal
person to act
on behalf of
the contract

4. D. An
authorized
agent to act
on behalf of
the legal
company

1. The
insurable
interest
between the
car and jim is
valid for 6
months

2. The
insurable
interest
between
the car and
karan is
valid for 6
months

3. The
insurable
interest
between the
car and karan
is valid until he
owns it

4. The
insurable
interest
between the
car and Jim is
valid until
Karans return

1. He can take
Surety
insurance

2. He can
take
Business
Partner
insurance

3. He can take
Key man
Insurance

4. He Can
take company
insurance

1. He has
breached the
non-disclosure
of the fact

2. He has
breached
the
company
by
concealing
the facts

3. He has
breached the
company by
fraudulent
information

4. He had
done an
innocent
misrepresenta
tion

1. claim of
critical illness
and 10 lakh
from term
policy will be
settled

2. claim of
hospital
charge Rs
20,000 and
1 lakh for
death will
be settled

3. Claim will
not be settled
as he died due
to cancer

4. Claim will
be settled as
per the
instructions of
underwriter

Ch 3

Ch 3

Ch 4

Ch 4

Ch 4

Ch 4

Ch 4

back neither
the loan nor
she paid the
premium for a
very long
time. What
will happen to
her
takepolicy?
some
loan from
both the
policies as he
was regularly
paying the
premium.
What is your
suggestion?
following
information
does not
appear in the
First Premium
Receipt?
cover for Rs.1
crore. He
insisted that
his brothers
son should be
the nominee
not his wife.
Underwriter
will verify this
case for which
one of the
following:
accept or
reject the
proposal only
after
confirming
from one of
the following
agencies.
classification
and analysis
of the
proposal form
lies with
whom?
the
economic
value of the
person is
determined
by what?

1. Policy will
be
surrendered
by the insurer

2. Policy
will be
surrendere
d by the
nominee

1. method
and frequency
of premium
payment

2. He can
surrender
whole life
policy and
can take
loan from
Money
back policy
2. Date of
commence
ment of
last
premium

1. A . Physical
hazard, as he
is old

2. B. Moral
hazard, as
he is 52
years old
and wife is
not the
nominee

1. He
regularly pays
premium so
he can take
loan from
both the
policies

1. Financial
Inspection
agencies

1. Risk
Analysis
Department
1. The
occupation of
the person

2.
Specialized
inspection
agencies
2.
Classificati
on of Risk
Departmen
t
2. The
financial
history of
his family

3. Policy will be
surrendered by
the company

4. Policy will
be
surrendered
by the heir

3. He cant
take loan from
money back
but can avail
loan from
Whole life
policy

4. He cant
take loan from
whole life
policy but can
avail loan
from Money
back policy

3. Date the
policy matures

4. Date the
last premium
will be paid

3. C. Moral
hazard, as
coverage is
high and
brothers son is
the nominee

4. D. Moral
hazard, as he
is a head
master and 52
years old

3. Credit worth
inspection
agencies

4. Insurance
Investigation
Agencies

3. Underwriter

4. Actuary
who analysis
the risk

3. The income
that he earns

4. Human Life
Value

Ch 5

Ch 5

Ch 7

Ch 7

Ch 6

Ch 13

Ch 6

Ch 7

Ch 7

Ch 7

of now but in
future once
he settles
down with his
job he can
pay higher
premium.
Which one
will be the
best
plan?
his employees
should have
SSS scheme.
What type of
plan
is SSS?
diversification
is applicable
in which of
the following
instrument
?
he
sold when
it was
Rs.630.What
had happened
to hisbe
share?
cant
ducted under
section 80 c
from taxable
income?
body decides
to increase
the interest
rates?
trading
platform for
buying and
selling of
shares? Chap6 following
the
cannot be
covered under
Critical illness
rider?
benefit of the
plan will start
from 25th
August 201
What type of
annuity plan
is this?and for
family
his aged
parents.
which will be
the best plan
for him ?

1. Convertible
Endowment
plan

2.
Convertible
Term plan

3. Convertible
pure
Endowment

4. Convertible
money back
plan

1. Salary
saving Life
plan

2. Not a
specific
plan

3. Salary
insurance plan

4. Salary
Specific plan

1. Mutual
Fund

2. Risk
Diversified
Insurance

3. Shares

4. Risk
Sharing
insurance

1. Capital
Appreciation

2. Capital
Profit

3. Capital
Benefit

4. Capital
Variation

1. Central
bank of India

2. Public
Provident
Fund
2. Reserve
bank of
India

3. Employee
Gratuity Fund
3. Reserve
bank of
country

4.
Infrastructure
Bonds
4. Central
bank of
country

1. Bombay
Share
exchange

2. Bombay
Stock
exchange

3. Stock
brokers

4. Share
brokers

1. Blindness

2.
Paraplegia

3. Coma

4. Brain
Surgery

1. Guaranteed
period annuity

2. Life
annuity

3. Deferred
Annuity

4. Immediate
annuity

1. Group
Family health
insurance plan

2. Family
health
insurance
plan

3. Family
floater health
insurance plan

4. Family
Health benefit
plan

1. Pension
Funds

Ch 3

Period is
applicable in a
health
insurance?
two primary
needs of any
customer in
any point of
life?
unfortunately
he has lost
his job. He is
unable to pay
the premium.
What can be
the best
solution from
the
following
collect the?

Ch 9

customers
Personal data,
professional
data and
financial
data
the product.

1. Fact Finding
Sheet

2. Advisor
Confidentia
l Sheet

3. Customer
Data sheet

4. Personal
and financial
data sheet

Which one of
the following
documents he
would have
used to
explain the
same?
business

1. Fact Finding
document

2. B.KYC
document

3. C. Benefit
illustration
document

4. D. Client
benefit
document

1. Clients
Profits and
Withdrawals
from business

2. Clients
Expense
statement

3. Clients
business
details

1. Section 42
of the
insurance act
1938

2. Section
42 of the
insurance
act 1936

3. License
section of
Insurance act
1938

4. Clients
business
records
4. License
section of
insurance
agent act
1938

1. Regular
reminders
about the
premium to
the customer

2.
Flexibility
of Premium
payment to
the
customer

3. Dispatching
Discharge
voucher to the
customer

4. Continuous
servicing of
the policy

Ch 7

Ch 8

Ch 9

Ch 12

man. Which
of the
following
information
will be helpful
to know about
the earnings
and Expense
of Kishan?
Which one of
the section
deals with the
licensing of
an agent?

Ch 10

Which one of
the following
factor does
not help in
the
Persistency ?

Ch 9

1. Investment
and
retirement

2. Medical
examinatio
ns
2.
Investment
and
Protection

1. Converting
the policy to
Term policy

2.
Converting
the policy
to Paid up

3. Converting
the policy to
money back

4. Converting
the policy to
whole Life

1. Immediate
care

3. Pre-existing
illness

4. Permanent
exclusions

3. Investment
and savings

4. Investment
and life needs

Ch 15

agents
commission
will be
disclosed to
the
customer ?
was finding it
difficult to pay
the premium,
Mr. David had
advised him
to surrender
this policy
and to apply
for a lower
premium
policy. This is
called
as ?
about his

Ch 11

death
revealed that
he was
deducted
cancer in
200What will
happen to his
death claim?

Ch 4

Ch 14

Ch 11

Ch 11

Which
regulations
take care of
the
settlement of
claims ?
worth Rs. 4
lakhs.
Unfortunately
Baskar died in
a car
accident. How
much will be
the death
claim
settlement?
financial
instability he
discontinued
to pay the
premium from
201 He died
on August
13th 201
What will
happen to his
death claim ?

1. Customer
Statement of
the product

2. Benefit
illustration
of unit
linked
product

3. Benefit
illustration of
endowment
product

4. Customer
data sheet
with the
product

1. Churning of
the policy

2.
Surrenderi
ng the
policy

3. Switching
the policy

4. Claiming
the policy

1. Claim will
be rejected

2. Claim
will be
settled as
Cancer was
not
deducted
in 2008

3. Claim will be
settled as he
died in 2010

4. Claim will
be delayed

regulation
2002

2. IRDA
claim
protection
regulation
2002

3. C.IRDA
policy
settlement
regulation
2004

4. D.
Protection of
claim
settlement
regulation
2002

1. Total 7
lakhs will be
paid as death
had taken
place

2. Total 4
lakhs will
be paid as
death had
happened
due to car
accident

3. Total 11
lakhs will be
paid

4. Total 7
lakhs will be
paid without
any
deduction.

2. Not
eligible for
Claim
settlement

3. Claim will be
settled after
deducting the
unpaid
premium

4. Claim will
be settled
after the
deduction of
unpaid loan
amount

1. Protection
of Policy
holder
Interests

1. Eligible for
claim as the
premium was
paid from
2006 to Dec
2010.

Ch 13

Which of the
following
team
represents
the members
of GBIC ?
insurance

Ch 12

industry and
would also
like to
enhance the
Consumers
confidence on
the same ?
Mr.Varun
taken up his
agency in July
5th 200 His
lost his IRDA
license while
travelling. His
agency has
also expired.
What is the
solution for
Mr.Varun
cell of any?

Ch 14

insurance
company to
whom they
can escalate
their
grievances.
provide the

Ch 13

Ch 14

Ch 13

information
about the
insurance
ombudsman
of that region
while sending
the policy
documents.
within a short
span of time
by giving
maximum
rebates to the
customer to
complete the
contest target
of the
company.

1.
Representativ
es from all
insurance
companies

2.
Representa
tives from
all
governmen
t bodies

3.
Representative
s from IRDA

4.
Representativ
es from
Insurance
institute of
India

1. Life
insurance
council

2.
Consumer
insurance
council

3. National
Insurance
council

4. General
insurance
council

1. Need to
complete 25
hours of
practical
training and
paying Rs.50
for the
issuance of
duplicate
license

2. Need to
complete
50 hours of
practical
training
and paying
Rs.100 for
the
issuance of
duplicate
license

3. Need to
complete 25
hours of
practical
training and
paying Rs.100
for the
issuance of
duplicate
license

4. Need to
complete 50
hours of IRDA
training and
paying Rs.50
for the
issuance of
duplicate
license

1. Nodal
officer

2.
Grievance
call center

3. Compliance
cell

4. Compliance
officer

1. Policyholder
grievance
Regulation

2.
Policyholde
rs
Protection
regulation

3. Ombudsman
Regulation

4. Compliance
Regulatory

1. It will
benefit both
the company
and the
customer

2.
Reputation
of the
company
will be high
due to
offers to
the
customer

3. Agent will be
terminated

4. Agent will
be qualified
for the
contest

Ch 13

Ch 8

ch 7

ch 15

ch 1

ch 2

ch 1

ch 3

ch 4

information of
his clients
after the fact
finding he
does to
procure
insurance.
What will be
the outcome ?
The concept
of need based
selling
involves
refers
to sales
of insurance
products
through
agent
he
must carry
out his role in
accordance
with
company
determine the
level of risk
based
factory.onHe
stocks the
cracker in his
house. He
runs which
type of risk.

In Insurance
terms,
pooling of risk
isA contract
exists
between
insurer and
proposer
when
ng. Sadly he
died in an
accident while
climbing
Mount
Everest. The
insurers
rejected the
claim.What is
the reason for
rejection?

1. Raghav will
be promoted
to the next
level

1. Selling
what company
wish to sell.
1. Insurance
brokers.
1. Companys
code of
conduct.

2. Raghav
will be
terminated
2. Selling
what
adviser
wish to
sell.
2.
Bancassura
nce.

3. Raghav
License will be
cancelled

3. Selling what
customer
requirement is.
3. Individual
agents.
3. IRDA
Regulations
code of
conduct.

4. Internet.

4. Insurance
Acts code of
conduct.

3. Present
expenses.

4. Targeted
bonus rates.

4.
Fundamental.

4. Using the
same pool for
paying claims
of life
insurance.

4. An insurer
has made
another
proposal.

4. Non-Disclosure.

1. Future
expenses.

2. IRDA
Acts code
of conduct.
2. Claim
experience
s.

1.
Speculative.

2.
Particular.

3. Financial.

1. A proposal
has been
accepted by
insurer.

2. Using
different
pool for
paying
claims of
life
insurance.
2. A policy
document
has been
stamped
by insurer.

3. Using the
same pool for
paying claims
of life & house
insurance.
3. A policy
document has
been received
by the
policyholder.

1. Innocent
misrepresenta
tion.

2.
Fraudulent
misreprese
ntation.

3.
Concealment.

1. Using the
same pool for
paying claims
of car & life
insurance.

4. Customer
will complain
to
Ombudsman
4. Selling
what IDRA
wants
company to
sell.

ch 3

bill ran to `
50,000. He
claimed this
amount from
his individual
policy. Also,
he placed the
request with
his company
for group
policy claim,
which was
rejected. The
reason for
rejection
premium is.
and
sum assured
are laid down
in
An insurance
contract
commences
when

ch 3

When is
premium
considered /
deemed to be
paid? He
Noida.

1. When
insured writes
a cheque in
favor of
insurer.

2. When
cheque
amount is
deposited
in insurer
account.

3. When the
cheque is
deposited with
insurer office.

4. When
cheque is
posted/courier
ed by the
insure4.

ch 4

wants the
address to be
changed. This
change in
policy
document will
be effective
through?
annual

1. Terms &
Condition.

2.
Preamble.

3.
Endorsement.

4. Schedule.

ch 3

premiums but
due to
financial crisis
is unable to
make future
premium. His
policy

1. Acquires
surrender
value.

2. Contract
comes to
an end.

3. Moneys will
be forfeited.

4. Acquires
paid up value.

How
assignment
distinguishes
itself from
nomination?

1. Nomination
does not
transfer the
title while
assignment
does.

2.
Nomination
transfers
the title
while
assignment
does not.

3. Nomination
is made after
policy is issued
while
assignment is
done before it
is issued.

4. Nomination
need not be
informed but
assignment
needs to be
informe4.

ch 3

ch 3

ch 3

1. Indemnity
contract.
1. Heading of
policy
document.

2. Value
contract.

1. Quotation
is signed by
proposer.

2. Proviso
of policy.
2. First
Premium
Receipt is
issued.

3. Deemed contract. 4. Rolling contract.

4. Schedule of
3. Operative
policy
clause.
document.
4. Policy
Document is
3. Proposal
received by
Form is signed.
policyholder.

ch 4
ch 4

ch 4

ch 5

ch 5

ch 7

ch 7

Ch 8

ch 7

Ch 8

ch 6

When an
underwriter
may consider
Moral Hazard?
Premium
is
calculated
based on
MPL
abbreviates
a substitute
to charging a
high premium
for a high
risk?
` 50, 00,000
on loan.
Which
insurance
product you
as an adviser
will
suggest?
investment
stage,
premium
should be
maximum is
individual
majorly
determined
by
returns from
this form of
investment
can be
categorized
as
returns from
investments
and savings,
an individual
should make
provisions
for
saving
enough with
banks.As an
agent, which
need you
prioritize
first?
the decrease
in interest
rates. The
prices of
bonds are

1. Minimum
Possible Loss.

2.
Insurance
is taken
out by an
individual
with
dependents
.
2. Net
Premium.
2. Major
Possible
Loss.

1. Clause.

2.
Assignment
.

3. Lien.

4. Level
Premium.

1. Endowment
Plan.

2. Money
Back Plan.

3. Whole Life
Plan.

4. Term Plan.

2. 20% of
SA.

3. 30% of SA.

4. 40% of SA.

2. Current
assets.

3. Current
liabilities.

4. Duration of
investment.

1. High Risk.

2. Low
Risk.

3. Moderate
Risk.

4. No Risk.

1. Taxation
only.

2. Inflation
only.

3. Taxation &
inflation both.

4. No
provision is
require4.

1. Retirement
need.

2. Tax
planning
need.

3. Financial
security need.

4. Asset
building nee4.

1. Likely to
increase.

2. Likely to
decrease.

3. Will
fluctuate.

4. No change
is likely.

1. An
individual is
proposing SA
15 times his
annual
income.
1. Risk
Premium.

1. 10% of S1.
1. Amount of
disposable
income.

3. A nominee is
not a
dependent.
3. Loading of
Premium.

4. A medical
checkup is
carried out
nearby place
of residence.
4. Gross
Premium.

3. Minor
Possible Loss.

4. Maximum
Possible Loss.

3
1

ch 7

of covering
his additional
risk involved
while
travelling and
a savings
plan. What
suggestion
would you
give him as
an
agent?
health

1. To purchase
an accidental
rider with a
savings
insurance
plan.

2. To
purchase a
health plan
along with
a savings
insurance
plan.

3. To save
through fixed
deposits in
bank.

4. To purchase
a medical
plan.

ch 7

insurance
plan at an
early age
results from
which of the
following
factors?
also brings

1. The
premium
decreases
with
increasing
age.

2. The
premium
remains
constant
with
increasing
age.

3. The
premium may
increase or
decrease with
the increasing
age.

4. The
premium
increases with
increasing
age.

1. Equity.

2. Bank
fixed
deposits.

3. Health
insurance plan.

4. Savings
insurance
plan.

1. 1/5th of
accumulated
amount.
1. Prioritize,
Identify &
Quantify
Needs.

2. 1/3rd of
accumulate
d amount.
2. Identify,
Quantify &
Prioritize
Needs.

3. 2/5th of
accumulated
amount.
3. Quantify,
Identify &
Prioritize
Needs.

4. 2/3rd of
accumulated
amount.
4. Prioritize,
Quantify &
Identify
Needs.

1. Individuals
understand
their real
needs and can
prioritize
them.

2.
Individuals
have same
financial
needs at
different
stages of
the life
cycle.

3. Individuals
do not
understands
their real
needs and
cannot
prioritize them.

4. Individuals
real and
perceived
needs are
same.

ch 7

ch 7

ch 9

Ch 8

along
challenges.
These
challenges
can be
covered
through
in need of
finances to
make down
payment of
car he wants
to purchase.
At the end of
accumulation
phase how
much he can
make tax free
withdrawal?
agent you
should follow
which one of
the following
process?
why is it
essential for
you to carry
out the
financial
planning
exercise with
the
prospective
clients?

that he does
not have
funds for
investments.
To resolve
this query,
which skill of
an agent
would be
tested?

2. Listening
skills.

3.
Communication
skills.

1. Provide the
product
brochure to
the client.

2. Identify
only the
clients
needs.
2. Provide
Benefit
illustration
documents
to client.

3. To provide
solution of
companys
choice.
3. Provide the
terms and
conditions
document to
the client.

ch 11

The agents
duties and
responsibilitie
s ends
recommendat

1. When the
clients policy
is issued.

2. When
the clients
needs have
been
established
.

ch 10

ion by the
insurance
adviser even
after
resolving the
concerns, the
adviser
should

1. Persuade
the client to
purchase the
policy.

2. Should
ask for
reference
who might
be
interested
in financial
planning.

1. When a
client have
been sold the
right solution.
1. High
renewal
income.
1. The
policyholder
makes a
demand.

2. When a
client is
holding a
product
having
good value
for money.
2. Less
renewal
income.
2. The
nominee
makes a
demand.

ch 10

ch 9

ch 4

The objective
of Fact
Finding
is to
To
explain
the
benefits of a
product, the
insurance
adviser
should

ch 10

Under what
circumstances
the surrender
of a policy
should be
recommended
by the agent?
persistency
ratios have on
insurance
adviser?

ch 11

Insurer will
not pay the
claim unless

ch 3

1. Objection
handling
skills.
1. Gather
Clients
Information
only.

4. Client
information
gathering
skills.
4. Both
identify
clients needs
& gather
information.

4. Provide the
website
address to the
client.

3. When the
nominee has
changed.

4. When the
maturity/claim
is settle4.

3. Should
never approach
the client ever
again.

4. Should do
nothing.

3. When the
policy has been
mis-sold and
do not match
his needs.

4. When the
client is
enjoying good
financial
status.

3. Fewer client
bases.

4. Unsatisfied
clients.

3. The event
insured against
happens.

4. The insurer
completes the
enquiry.

ch 11

ch 11

ch 3

ch 12

ch 12

ch 13

Ch 14

Ch 14

he was unable
to pay
premium
within grace
period and
died after 1
month. The
nominee files
a claim and is
rejected
becausecare
utmost
while settling
maturity
claims
because
What key
event is most
likely to make
an insurance
contract not a
valid
contract?
Womens
Property Act,
1874 a
policyholder
is
insurance
company to
issue/cancel
the agents
license
with purpose
to promote
insurance
education and
training in
India?
indicating
accrued
bonus. The
insurer should
provide
communicatio
n
within
customers
complaints
are handled
effectively,
IRDA has
established

1. The policy
was not in
force.
1. The claim
may not be
genuine.

2. This
condition is
excluded in
the policy.
2. The
policy may
be
pledged.

4. The claim is
an early
claim.

4. There is no
nomination.

3. The life
assured is
major.

4. There is no
insurable
interest
attached to
the policy.

3. The trustee.

4. The
administrator.

3. The claim is
fraudulent.
3. The facts
were
misrepresented
.

1. The Life
Assured.

2.
Representa
tion of
facts by
the
policyholde
rs is true.
2. The
beneficiarie
s.

1. Insurance
Company.

2.
Designated
Person.

3. Branch
Operations
Team.

4. Actuary.

1. Institute of
Actuaries of
Indi1.

2. National
Insurance
Academy.

3. Chartered
Insurance
Institute.

4. Insurance
Institute of
India.

1. 10 Days.

2. 15 days.
2. Internal
Grievance
Redressal
Cell of the
Insurer.

3. 20 Days.

4. 30 Days.

3. Grievance
Redressal
Officer.

4. Consumer
Affairs
Department.

1. The
circumstances
are legitimate.

1. Integrated
Grievance
Management
System.

ch 10

build corpus
to make down
payment for
their house 5
years from
now. An
adviser sold
than a unit
link product
to meet their
requirement.
This may
result
in the
to Amar,

Ch 1

client, who is
unmarried
and has no
dependent.
Consequently,
Shankars
action can be
termed
as
Insurance
business is
classified into
three main
types:
insurance
plan for
protection of
his family, he
is advised to
approach
grievancesto:
they have
against
insurer to
IRDA
through:
collected from

Ch 2

several
Individual to
insure them
against
similar risk is
called:
with those

Ch 2

events which
are not in
control of an
individual and
also no
possibility of
making profit:

ch 15

Ch 1

Ch 1

1. Ruining the
long term
reputation of
company.

1.
Underselling
of insurance
policies.

2.
Opportunit
y of new
business
for adviser.

3. Bad
reputation of
the individual
adviser.

4. Financial
burden on the
couple.

3. Overselling
of insurance
policies.

4. Ethical
practice by an
adviser.

3. Life, Non
life, Reinsurance.

4.Life, Health,
Micro
Insurance

1. Life, Non
life, Micro
Insurance.

2.
Churning.
2. Life, Non
Life,
Miscellaneo
us

1. Property
Insurance

2. Life
Insurance

3. Health
Insurance

4. Liabilty
Insurance

1.Complaint@
gov.ird1.in

2.insurance
complaints
@irda.gov.i
n

3.irdacomplaint
s@gov.in

4.Complaints
@irda.gov.in

1. Pure Risk

2. Pooling
of Risk

3. Insuraable
Risk

4. Sharing of
Risk

1. Pure Risk.

2.
Particular
Risk.

3. Financial
Risk.

4. Insurable
Risk

Ch 2

Ch 3

Ch 3

Ch 3

Ch 3
Ch 3

Ch 3

refres to
specific event
which might
cause a
loss ...
Rs.10 lac as a
security with
the
agreement Of
when Loan is
fully paid,
policy title will
be revert
back to name
of Manish is
called:
Money back,
Term &
Annuity Plan
he would like
to avail Loan
from:
of the
surrender
value, the
payment
would be
payable
customerto:
needs to
submit
following
document
excluding
.?
Life Insurance
also known
as:
regarding,

Payment of
Premium by
Life assured &
payment of
Sum Assured
by

1. Peril

2. Hazard

3. Physical
hazards

4. Uncertinity

1. Loan
assignment

2.
Conditional
Assignment

3. Loan
Agreement

4. Absoulte
Assignment

1. Endowment
Plan

2. Term
Plan

3. Money Back
Plan

4. Annuity
Plan

1. Nominee

2. Legal
heir of life
Assured

3. Debotrs

4. forfeited
the Premium

1. An Age
Proof
1. Value
Contract.

2. An
Identity
Proof
2.
Indemnity

3. An Address
Proof
3. Commercial
Contract

4. Education
Proof

4. Speculative

1. Lien Clause

2.
Opertaive
Clause

3. Proviso
Clause

4. Schedule of
Policy

Ch 3

not able to
get the
Signature of
her appointee
due to
unavailability
of his
spouse .after
5 year. He
died in road
accident, now
claim money
would be
payable
one yearto:

1. Nominee
only

2. Legal
heir of the
life assured

Ch 3

insurer. Found
he had Aorta
Surgery .now
which will
apply by
insurer:
account

1.
Indisputability
Clause
(Section 45)
apply

Ch 3

Ch 4

Ch 4

Ch 4

Ch 4

Ch 5

number card
as age proof
for buying an
money back
plan .her age
consider
as a
bonuses is
given by
insurer as an
incentive to
the insured to
for
term:
planlong
for tern
year he pays
the same
Amount in
every year is
called:
the following
is not source
of information
about
himselfthe
But
looking for
insurance for
his son who is
student .there
is possibility
of
plans
contract
of insurance
between
?

3. Appointee
Only

4. will be
Payable to
Saanvi
(Nominee) at
the age of
18th

2.Principal
of
Indemnity
apply

3.Lien Clause

4.Utmost
good faith
apply

1. Non
Standard Age
Proof

2.
Standard
Age proof

3. an Address
proof

4. Proof of
Income tax
payer

1. Simple
Revisionary
bonus

2.
Compound
Revisionary
bonus

3. Persistency
Bonus

4. Interim
bonus

3. Risk
Premium
3. neighbor of
proposer

4. Net
Premium
4. Medical of
examination
report

3. Medical

4. No
underwriting

3. Employee &
Insurer

4. Creditors &
Debtors

1. Gross
Premium
1. Proposal
Form

2. Level
Premium
2.
Insurance
agent

1. Physical
Hazard
1. Master
Policy holder
& insurer

2. Moral
Hazard
2.
Employer &
Employee

Ch 6

Which option
is not correct
with regard to
joint life
insurance
plan? deposit
Time
account is
issued
allowedby:
under

Ch 6

section 80C of
the income
tax act 1961,
which allow
deduction
from taxable
income
monthly

Ch 5

Ch 6

/quarterly
/half yearly/
yearly basis
as chosen by
depositor
fund:
and sold at
higher price,
the Difference
between the
two prices is
known as:

Ch 6

Vinod being
an insurance
agent can
offer
assistance to
his client
Ramesh by:
Company
paid

Ch 6

Ch 7

Ch 7

him a fixed
amount on
daily basis,
what kind of
health Policy
he bought
it?
Which of the
following is
not featured
and benefit of
rider?

1. Plan offer
insurance
coverage for
two person in
one policy

2. This
plan is
ideal for
brother &
sister.

3. Each life will

be
underwritten
separately.

1. Post office

2.Bank

3.Mutual Fund

4. A joint life
policy may
cover a
partner in
business
under one
policy.
4. Life
Insurance co.

1. Corporate
Bond

2.
Infrastruct
ure Bond

3. Health
Insurance

4. Interest
paid on
education loan

1. Saving
Deposit

2.Cumlativ
e deposit

3. Traditional
Deposit

4. Fixed
Deposit

1. Dividend
Income

2. Captial
Appreciatio
n

3. Bonus Share

4. Interest on
share

1. Providing
him
emergency
fund.

2.
Matching
the product
with
Rameshs
financial
need.

3.
Recommendati
on of product
with highest
return.

4. Discourse
saving in a
purposeful
and need
based
manner.

1. Group
health
insurance

2.Family
floater
Insurance
Plan

3. Individual
health
insurance plan

1. Providing
additional
cover

2. Maturity
benefit

3. Nominal
cost &
flexibility

4.Daily
hospitalization
cash benefit
plan
4.
Customization
and tax
benefit.

2
1

Ch 7

Rider, died in
road accident
after 10th
year how
much money
claimant
would be
payable:
vesting Age

1.10 lac

2. 20 lac

3.30 lac

4.5 lac

Ch 7

before
receiving the
regular
annuity she
has option to
withdraw/com
mute Upto:

1. 2/3rd of
Accumulated
Fund

2.1/2th of
Accumulate
d
2.Fund
When

3.1/3rd of
Accumulated
Fund

4.1/4th of
Accumulated
Fund

What do you
mean by
Double
Income
Family?
case
there is
no defined
retirement
age?

1. When a
person of the
family is
involved in
double
businesses or
jobs.
1. Public
sector
employees

both the
life
partners
are earning
members
of the
family.
2. Private
sector
employees

3. When the
income of a
family is just
the double of
income of
another family.
3.
Professionals &
Businessmen

4. When the
members of a
family do not
work at all.

4. All of the
above

Ch 8

Ch 8

Ch 8

Which one of
the following
is true?

Ch 9

Objectives of
fact-finding
do not
includebetween
Guaranteed
and nonguaranteed
benefits?
the maximum

Ch 10

remuneration
that can be
given to
insurance
agents
described?

Ch 9

1. Every
individuals
income and
expenditure
pattern is
same.

2. Every
individuals
income and
expenditur
e pattern is
different.

3. An
individuals
income and
expenditure
has no
relation.

1. Identify
needs

2.
Gathering
client data

3. Provide for
anticipated
changes

4. An
individual
should not
keep in mind
his income
while planning
his
expenditure.
4.Surrenderin
g the existing
policies for
selling new
one

1. KYC
documents

2. Benefit
illustration
documents

3. Fact-finding
sheet

4. Financial
details

1. Income Tax
Act

2. Indian
Contract
Act

3. Insurance
Act 1938

4. IRDA Act
1999

Ch 10

Which one of
the following
is not a
benefit of
persistency?

Ch 10

Satish as an
insurance
advisor while
recommendin
g to his client
Ramesh is not
suitable
policies

1. Helps the
client in
achieving
goals

2.
Reduction
in costs

3. Increased
client
satisfaction

4. Decreased
revenues

1. Satish
should check
the Ramesh s
commitment
to the needs

2. Satish
should
outline the
reasons for
recommen
dation for a
particular
policy

3. Satish
should check
the acceptance
or rejection of
the
recommendatio
n.

4. Should
advised him
to surrender
all the polices
which are not
buy from
satish.

Ch 10

Why a
building long
term
relationship
with clients is
necessary?
he
rather

1. A satisfied
client may be
the source of
other
potential
clients

2.
Reviewing
financial
needs and
plans are
necessary
with
changes

3. Agent has
the option to
recommending
highest
commission at
any time.

4.
Introduction
of a new
insurance
product or a
change in a
clients
Circumstance

Ch 11

than
surrendering
the policy,
what Option
he has to
convert
.?
after 5th of

1. In to paid
up and
reduced Sum
Assured would
be payable on
maturity.

2.Return of
Premium
on
maturity

3. Deduct the
underpaid
premium from
Sum assured
and payable on
Maturity

4. Policy was
subject to
lien.

Ch 11

commenceme
nt of policy
and died
before 2 year
of Maturity
.what would
be payable on
maturity?
event of

1. only Sum
assured

2.Sum
Assured +
Bonus

3. Sum
assured plus
vested bonus
minus any
outstanding
loan/premium
& Interest.

4. Paid up
value only.

1. Accidental
death benefit
(ADB)

2. Critical
illness (CI)

3. Hospital
Care (HC)

4. Term Rider.

1. Policy first
information
report.

2. Advisor
confidential
report

3. Post Mortem
Report.

4.Coroners
Report

Ch 11

Ch 11

hospitalizatio
n of the
insured,
subject to
term &
Condition of
the rider.
Pankaj
Bought a plan
in 2009 &
died in road
accident in
2011 :

Ch 12

Ch 13

Ch 13

Ch 14

Ch 14

Ch 15

Ch 15

that a life
insurance
Policy that
has been
taken
the lifeout by:
Insurance
industry in
India is
..?
FDI allowed in
life Insurance
sector by
Govt.
condition the

policy which
She/he has
received, then
has option to
return policy
with
bodyin..?
has set
up to
Resolving
insured
customers
grievances.
association to
take steps to
Develop
Education and
research in
insurance?
insurance
advisor has to
follow code of
Conduct
provided by:

1. Married
Woman
1. Life
Insurance
Council

2. Married
Man
2. Life
Insurance
Corporatio
n

3. Married Son
3. Insurance
Regulatory
Development
Authority

1.26%

2.24%

1.15 Days

1.15

1. Life
Insurance
Council
1. Insurance
Regulatory
Development
Authority

4. Married
Daughter

4.Insurance
Institute of
India

3.74%

4.49%

2.20 Days

3.25 Days

4.10 Days

2.12

3.14

4.16

2. Life
Insurance
Corporatio
n

3. Insurance
institute of
India

4. Insurance
Institute of
India

2. Life
Insurance
Company

3. Reserve
Bank of India

4. SEBI.