Ic 33 Questions PDF

Summary of IRDA Question Set
Chapter
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
Grand Total
III
Weightage
6%
6%
18%
8%
4%
10%
8%
6%
4%
8%
8%
2%
4%
4%
4%
100%
Questions Available in
per
Question SET - 01
chapter
Bank
3
3
9
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2
5
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4
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50
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46
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254
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103
on Set
SET - 02
2
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31
13
12
16
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10
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7
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151
TAG-ID
Question
Set
SR.NO
Chapter
QB1-IRF-Ch 01-01-PS
01
Ch 01
QB1-IRF-Ch 01-02-PS
02
Ch 01
QB1-IRF-Ch 01-03-PS
03
Ch 01
QB1-IRF-Ch 01-04-PS
04
Ch 01
QB1-IRF-Ch 01-05-PS
05
Ch 01
QB1-IRF-Ch 01-06-PS
06
Ch 01
QB1-IRF-Ch 01-07-PS
07
Ch 01
QB1-IRF-Ch 01-08-PS
QB1-IRF-Ch 01-09-PS
1
1
08
09
Ch 01
Ch 01
QB2-IRF-Ch 01-10-PS
10
Ch 01
QB2-IRF-Ch 01-11-PS
11
Ch 01
QB1-IRF-Ch 02-12-PS
12
Ch 02
QB1-IRF-Ch 02-13-PS
13
Ch 02
QB1-IRF-Ch 02-14-PS
14
Ch 02
QB1-IRF-Ch 02-15-PS
15
Ch 02
QB2-IRF-Ch 02-16-PS
16
Ch 02
QB2-IRF-Ch 02-17-PS
17
Ch 02
QB2-IRF-Ch 02-18-PS
18
Ch 02
QB2-IRF-Ch 02-19-PS
19
Ch 02
QB1-IRF-Ch 03-20-PS
20
Ch 03
QB1-IRF-Ch 03-21-PS
21
Ch 03
QB1-IRF-Ch 03-22-PS
22
Ch 03
QB1-IRF-Ch 03-23-PS
23
Ch 03
QB1-IRF-Ch 03-24-PS
24
Ch 03
QB1-IRF-Ch 03-25-PS
25
Ch 03
QB1-IRF-Ch 03-26-PS
26
Ch 03
QB1-IRF-Ch 03-27-PS
27
Ch 03
QB1-IRF-Ch 03-28-PS
28
Ch 03
QB1-IRF-Ch 03-29-PS
29
Ch 03
QB1-IRF-Ch 03-30-PS
30
Ch 03
QB1-IRF-Ch 03-31-PS
QB1-IRF-Ch 03-32-PS
QB1-IRF-Ch 03-33-PS
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Ch 03
Ch 03
Ch 03
QB1-IRF-Ch 03-34-PS
34
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QB2-IRF-Ch 03-35-PS
35
Ch 03
QB2-IRF-Ch 03-36-PS
36
Ch 03
QB2-IRF-Ch 03-37-PS
37
Ch 03
QB2-IRF-Ch 03-38-PS
38
Ch 03
QB2-IRF-Ch 03-39-PS
39
Ch 03
QB2-IRF-Ch 03-40-PS
40
Ch 03
QB2-IRF-Ch 03-41-PS
41
Ch 03
QB2-IRF-Ch 03-42-PS
42
Ch 03
QB2-IRF-Ch 03-43-PS
43
Ch 03
QB2-IRF-Ch 03-44-PS
44
Ch 03
QB2-IRF-Ch 03-45-PS
45
Ch 03
QB2-IRF-Ch 03-46-PS
46
Ch 03
QB2-IRF-Ch 03-47-PS
47
Ch 03
QB2-IRF-Ch 03-48-PS
48
Ch 03
QB2-IRF-Ch 03-49-PS
49
Ch 03
QB2-IRF-Ch 03-50-PS
50
Ch 03
QB2-IRF-Ch 03-51-PS
51
Ch 03
QB2-IRF-Ch 03-52-PS
52
Ch 03
QB2-IRF-Ch 03-53-PS
53
Ch 03
QB2-IRF-Ch 03-54-PS
54
Ch 03
QB2-IRF-Ch 03-55-PS
55
Ch 03
QB2-IRF-Ch 03-56-PS
56
Ch 03
QB2-IRF-Ch 03-57-PS
57
Ch 03
QB2-IRF-Ch 03-58-PS
QB2-IRF-Ch 03-59-PS
2
2
58
59
Ch 03
Ch 03
QB2-IRF-Ch 03-60-PS
60
Ch 03
QB2-IRF-Ch 03-61-PS
61
Ch 03
QB2-IRF-Ch 03-62-PS
62
Ch 03
QB2-IRF-Ch 03-63-PS
63
Ch 03
QB2-IRF-Ch 03-64-PS
64
Ch 03
QB2-IRF-Ch 03-65-PS
65
Ch 03
QB1-IRF-Ch 04-66-PS
66
Ch 04
QB1-IRF-Ch 04-67-PS
67
Ch 04
QB1-IRF-Ch 04-68-PS
68
Ch 04
QB1-IRF-Ch 04-69-PS
69
Ch 04
QB1-IRF-Ch 04-70-PS
70
Ch 04
QB1-IRF-Ch 04-71-PS
71
Ch 04
QB1-IRF-Ch 04-72-PS
QB2-IRF-Ch 04-73-PS
1
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72
73
Ch 04
Ch 04
QB2-IRF-Ch 04-74-PS
74
Ch 04
QB2-IRF-Ch 04-75-PS
75
Ch 04
QB2-IRF-Ch 04-76-PS
76
Ch 04
QB2-IRF-Ch 04-77-PS
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Ch 04
QB2-IRF-Ch 04-78-PS
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Ch 04
QB2-IRF-Ch 04-79-PS
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Ch 04
QB2-IRF-Ch 04-80-PS
80
Ch 04
QB2-IRF-Ch 04-81-PS
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Ch 04
QB2-IRF-Ch 04-82-PS
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Ch 04
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Ch 04
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84
Ch 04
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85
Ch 04
QB1-IRF-Ch 05-86-PS
86
Ch 05
QB1-IRF-Ch 05-87-PS
87
Ch 05
QB1-IRF-Ch 05-88-PS
88
Ch 05
QB1-IRF-Ch 05-89-PS
89
Ch 05
QB1-IRF-Ch 05-90-PS
90
Ch 05
QB1-IRF-Ch 05-91-PS
91
Ch 05
QB1-IRF-Ch 05-92-PS
92
Ch 05
QB1-IRF-Ch 05-93-PS
93
Ch 05
QB1-IRF-Ch 05-94-PS
94
Ch 05
QB1-IRF-Ch 05-95-PS
95
Ch 05
QB1-IRF-Ch 05-96-PS
96
Ch 05
QB1-IRF-Ch 05-97-PS
97
Ch 05
QB1-IRF-Ch 05-98-PS
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QB1-IRF-Ch 05-100-PS
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Ch 06
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Ch 07
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Ch 07
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Ch 07
2
2
2
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Ch 07
Ch 07
Ch 07
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Ch 08
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Ch 09
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Ch 12
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Ch 12
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1
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Ch 12
Ch 12
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Ch 13
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Ch 13
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Ch 14
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Ch 15
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Ch 15
Question
Weekly premiums are generally collected for which type/range
of plans
Who is the customer of a Re insurer
What facility do insurers use to cover risks beyond their
exposure limits
Which market areas do Micro Insurance product concentrate
What are the benefits in investing in insurance plans ?
What is IRDA & its Responsibilities
What is IRDA stands for & year of Incorporation

Why is Insurance required
When was IRDA formed??
Insurance company selling products through newspaper
advertisements is called
Sanjeev is an insurance expert who has rich experience in
determining premium levels for product, what is his profile
like
Law of large number helps Insurer to analyse which key area
Which statement is correct?
What is the death benefit if the person has multiple sums
assured under different policies?
Which of the following risks are insurable?
Sahil & Vijay , both health status same, however Vijay was
triggered with medicals. What are the reasons?
The type of risk that can be insured against is
In insurance terms, the risk of suffering a disability is best
described as what type of risk?
Insurance is a mechanism of
A client has taken an endowment policy with SA- 800000 and
vested bonuses- 60000. He paid 8 annual premiums in the 30
year plan. Calculate paid-up SA?
When does cooling off period begin in an insurance policy?
When is insurable interest required in an life insurance
contract?
A claim intimation leads to the publishing of an advertisement
in the newspaper. This means
A policy has two nominations. What amount should be given
to the two nominees
Mr. X is illiterate and is buying insurance. Mr. Y fill up the

proposal form on behalf of Mr. X and also endorses and signs
an attestation in the proposal form. In addition to all
document what else should be taken
On Maturity of an insurance policy only 25% of the amount
can is paid. This is due to
A person paying 1 lakh yearly premium discontinue the policy
after the first year premium and surrender the same on the
second year what will be the surrender value
Jay buys a policy on the life of Nazia. Who is Jay?
A Client can reject a policy after how many days of receiving
the same.
For Logging a policy which document is more preferable
Baptism Certificate or Ration Card as age proof?
The risk commencement date of policy is
Principle of Indemnity applicable to
........... is the basis of contract
A & B in enters into a Contract & B accepts the Contract with
a condition. Will this be considered as a Contract Between A &
B?
The condition that the policy holder should pay the premiums
regularly is mentioned in
The insurance cover Starts after the issue of
Except Surrender, how one policy holder can transfer money
to a third party , barring Nominee?
Insurance Contract without any Insurable Interest will
result?
a Policy holder takes a insurance contract for 30 years and
the SA reduces after 25 years what could be the likely reason
Amit is illiterate. He wants to take policy his friend Surya help
him in knowing the question and filling the proposal form.
What extra requirement is required in this case
A life insurance policy can only be made paid up if what
particular policy feature exists?
Appointee's role
Harish takes a life insurance policy for Ramesh. Which of the
following statement best describes the principle of Insurable
Interest.
Limit of nominees can be attached to a term insurance policy
In a whole life plan - The policyholder's responsibility to give
disclosure
Mr. ABC buying Term insurance policy, insurer should mention
Ombudsman address in which part of policy document?
Reasons for surrender of the policy
To be a valid contract ,the declaration is necessary in which
document
Types of assignment
what is the min age to enter into the contract of insurance
why does an insurer insist on age proof document . To assess
A policy document for a money-back policy includes the

statement the proposal and declaration signed by the
proposer form the basis of the contract. In which main
section of the policy document will this normally appear?
Changes in policy can be made by
If someone of age group 15 /16 having a contract with
insurance companies that contract would fall under which
category
The obligation of the insurer for the whole life policy is
mentioned in
Husband and wife jointly taking insurance policy what is the
reason that they need not mention nominee under this
insurance policy
In which kind of policy the insurable interest should exist at
the time of claim only
Indisputability clause is applicable for
Insurable interest on one's own life limited upto
Two endowment policies A and B are issued in the same time
on the quarterly mode. In both the policies 22 quarterly
installments are paid. Both are surrendered immediately after
paying 22nd installment. But in policy A surrender value is
significantly higher than policy B because
What is the minimum age of the customer for entering the
Insurance contract?
When will the Principle of Utmost Good faith apply in Term
insurance plan?
A policy was earlier issued with premium extra, where are the
details of the customer available
An agent surrendered the policy of a client on 10 Feb. 2011,
when can this client buy new plan?
When does insurable interest exist?
While underwriting Mr. X proposal form it is found out that
there is a criminal case against him for fraudulent activities.
What type of risk would this fall in
How much insurance can be given to a working person ?
While calculating Human life value (HLV) two components
need to be kept in mind , the one is take home salary and
other is
Two People with same term, one person had more premium
than others because
TWO FRIENDS HAVE TAKEN SAME POLICY BUT THEIR
PREMIUMS ARE DIFFERENT WHY?
In a 20 year with profit policy, persistency Bonus is paid at
the end of
Which of the following statements is correct?
Till what period is the interim bonus valid
Annual premium of insurance product is Rs. 32,000, 4%
loading on Quarterly mode of payment What is the quarterly
premium?
As per the norms of risk assessment by U/W both the parents
of a policy holder died in their early 30s due to Heart disease,
what is the risk assessed
Investment by NRI(Non Resident Indian) will be
Mr.Sunil is doing premium calculation for his company, as per
which authority is his profession related to
what is the special report that is asked by the underwriter

from the officer of the insurer
why ACR required?
A human being is
Claim was settled however full Sum assured not paid though
the policy was in force due to
Mr. A wants insurance cover . But he is drinks alcohol
frequently . What kind of hazard you may categorize?
Insurer appoints a candidate of this professional qualification
,who decides the amount of premium in insurance products
Proposal decision to be communicated to the client with in
When an interim bonus is paid under with profit policy, This
normally represents a bonus covering what period
What tax rate, if any, will be applicable to a life insurance
policy holder for the maturity proceeds of a Rs 50,000 life
insurance policy
What is maximum level of Insurance premium for which
Income Tax benefit is available
Who is the primary underwriter of the clients
Mr. X wants a life cover for the term of 20 Yrs. Also he wants
a modest amount if he survives through the term. Which plan
should he buy
In which policy can policy holder take loan ?
Which plan will suits a customer need who is just looking for
protection of family.
If 50000 is invested in Single Premium ULIP than what will be
the minimum SA applicable?
What is the maximum cover that can be provided in micro
insurance?
State which of the following statements are correct?
Mr. A has a son who is 5 yrs and he wants to save funds for
his education. Both the parents are risk adverse. Which plan
is suitable for them?
A Couple has 7 year kid & wants to Buy some Policy. Which is
the best suitable policy for his Son?
Ajay is 35 years old and works for a multinational corporation
(MNC). He has a ten-year-old son, Vijay, whom he dreams
will one day become a doctor. Ajays spouse is a housewife,
and his parents are retired and dependent on him. Ajay has a
home loan of 40Lakhs. He has an endowment plan with a
cover of 2Lakhs only. What is most immediate need for
Insurance
Client has taken Joint Life Policy.. Whose responsible in the
contract?
If a person has taken a Pure Endowment Policy, then what
will be the death benefit if he dies during term of policy?
Two People of the same policy Term, one person pays more
premium because
Micro insurance is transacted by

Adverse selection occurs when a group of individuals try to
If raju wants to accumulate a lump sum for 20 yrs but does
not require life cover, which policy will be suitable?
In a joint life plan for a husband & wife, where should the
agent' principal loyalty lay?
Hari wants a constant life cover till his 31st birthday. But he
cant afford to pay high premiums. The best suited products
for him would be
what is the special feature of ULIP that ensures customer risk
profile for long time insurance policies
At the time of maturity , quarter of the SA is paid though the
policy was in force
Rahul has taken a joint life policy with his wife .Who is
responsible for premium payment ?
Krishna and Laxmi are married having 7 years old child.
Which policy will satisfy the long term protection needs for
both
Term insurance if best suited for the following need
A group of people insured in a policy . They belong to which
category
In endowment policy we give SA + BonusWhich factor needs to be kept in mind before deciding a child
policy ?
Suresh wants to transfer his physical gold to gold exchange
traded fund, in relation to access, this change will
ULIP & NSC which is giving more tax benefit
The advantage/disadvantages within cumulative and fixed
traditional deposits pertain toAjay is 35 years old and works for a multinational corporation
(MNC) **Ajay salary is 80,000 he want home lone. what is
maximum installment?
ULIP & NSC which is giving tax benefit u/s 80C
Under which section of the Income Tax Act can an individual
get a deduction from taxable income for the
What period of time a client has to be invested to get tax
benefit under postal scheme?
If a person is going to face jobless for a temporary period,
then what is the ideal instrument to invest money apart from
Bank FD?
Mr. X Invested in a Bank FD with 6% Return, However his
actual returns deemed to be 4% What are the reasons ?
A person planning to invest in Kisan Vikas Patra will go to
A person Wants to invest in a FD for Tax benefit , How many
years he has to take the term of the FD ?
aditya wants to take home loan and his monthly take home is
80,000 what as a best practice should be the maximum EMI
A customer while investing in to Recurring deposit or
Cumulative deposit what are the key factors which will matter
A person is holding 100 units of GOLD ETF certificates . How

many grams of GOLD does he Have ?
Manoj a 26 year old is having 7 years old son. What will
happen to his monthly disposable income after 15 years of job
Ramesh has invested in Post office Monthly Income Scheme.
The interest rate was set at 6%. What will be the effect of
rate till the maturity.
If a person chooses Cumulative deposit than Recurring
deposit ,difference will be in
Kishan Vikas 's payment gets cleared at
RBI increased interest rates 2 times, then the stock prices will
Rahul switch from direct holding of shares to equity based
mutual funds. The impact on risk would be
Raj and akshat of same age are paying the same annual
premium for the health policy taken on the same date for the
same term. But raj is getting higher deduction for income tax
as compared to akshat
Raj is married with two children. Age 9 and 11 years. What
should be the last priority for him among the life, health ,
retirement and child investment policy
What is the frequency of interest in Cumulative deposit
account
What is the amount of money a client can take out as a lumpsum from a pension policy?
Omkar Started a pension policy with provider A but ended up
in taking the annuity payment from provider B.The result
directly reflect the which feature available with this policy
Denny is married and has 2 children age 6 and 10. His
parents are alive and are 70 and 68. Who all can be included
under the family floater health plan
Critical illness rider was taken and the rider benefit has been
claimed , the rider benefit now gets
In a Guaranteed annuity option of 5 years , the policy holder
will get annuity till
What frequencies can one take in annuity
Why is there a waiting period in health insurance policies?
How is No Claim Bonus is given in a Health Insurance Policy
What is importance of Health insurance?
A person retiring within 3 months need return as pension.
What kind of investment plan he need to choose.
An individual need a lump sum at the age of retirement, the
amount he need to invest annually for the goal will depend on
What are the Special features of Health plan?
What will be maturity benefit under health insurance plan
Which is the suitable savings plan for a senior citizen
Claim Amount received under CIBR Rider ,can be spend for
What could be the percentage of guaranteed return in all ULIP

pension plan.
A person has taken a term insurance of 4 Lac. What is the
maximum Critical Illness Rider he can take
commutation is a feature of which type of policy
Mr. Sharma buy term insurance policy along with Accident
and Disability benefits rider cost restricted upto the base
premium of the policy?
Mr.Ramesh invested Rs:50000 in pension policy, what is the
percentage he can avail as exemption in Income tax.
Mr.Sumesh takes a policy and pays premium of 20000 with a
sum assured of 300000, what will be the tax implication on
his maturity amount
Yash wants to take open market option in Pension plan. What
is the benefit?
In rising life expectancy the need for pension policy is
increasing as retirement planning is
Ramesh wants to buy 15 years pension plan for retirement
while calculating gaps required at the end the gratuity amount
was completely ignored because he is
While calculating pension figures, required at the time of
retirement, two factors should be considered while planning,
One is taxation and other is
A invested money in Sr Citizen scheme. What is the tax
benefit he receives?
If Rs.30000/- has been invested in insurance for tax benefit
than how many years does one have to wait for maturity ?
Mr.Arvind has 2 children aged 13 & 15, he wants to buy 2
health plans, one for himself & one for his wife, what will you
recommend.
Which fund needs to be selected to receive a 4.5% guarantee
on Pension ?
In which of the recognized life stages an individual does not
required any protection cover
Mr. X fact find shows he need a term insurance for his future
income protection, A family health plan to cover medical
needs, a children's plan to cover his son's education and a
endowment policy for his daughter's marriage. Which of these
is the first priority
Why need do self employed people have to buy medical
insurance than that of a person employed with a public sector
company
A family consisting of husban,wife and two children aged 6
and 10 what kind of insurance plan can be suggested ?
Rajiv is married & has 4 year old son. Which insurance plan is
suitable for him?
What to be considered while taking first policy
Samir is married and he has only one partner, with dependant
parents and no child, which should be his priority
The sole focus during a clients fact-find session was
healthcare requirements and estate planning. Which main life
stage is he most likely to fall into?
The main protection need of a 19-year-old is most likely to be
With profit policies can be given to

Benefit Illustration given to a customer quantifies an amount
by which investment return is reduced. This reduction reflect
the impact of
Fact Find Process helps to
A Person Need to do Estate Planning when
Which plan should an agent suggest
In a fact find, a couple discovered their need to be estate
planning? In what life stage will they be in?
Mr. Prasanth 25 Age Govt: job, Bachelor - how many years
policy can be given
Sanju & vikram are both 22 yrs old. Sanju has dependent
parents and vikram has no dependants. What will be sanjus
preference over vikrams preference?
A Couple has 7 years old son, What solution would they be
looking for
The commission payable in a ULIP plan to the Advisors is
mention in...
An agent has recommended an investment product with nonguaranteed benefits. The benefit illustration passed to his
client will therefore use assumed annual growth rates of
The rates of assumed annual growth to be shared in the
benefit illustration has been decided by which of the authority
While recommending a solution to the client, the advisor
should, establish the link between, client needs and
A 38 year old married with 2 children, her husband dies and
left huge legacy behind. What should be top priority?
A young couple wants to invest for their daughter, and their
income will increase with time horizon and suggest
investment plan?
The best way to prove that customer of a ULIP policy is given
awareness about the commission paid to the agent is
An agent reveals the commission received from Insurance
sales to X and Y. Both are for the same duration. Why is
commission of X far higher than commission received for Y
An agent should disclose the commission if
Nikhil explaining ULIP plan to a customer doesn't know
answer of a doubt regarding the product that the customer
has. What should he do?
Churning is considered bad for a customer. Why is it?
What is the reason , that an advisor is getting more than 35%
Commission in the 1st Year?
Churning is bad , based on which aspect
Higher persistency to the insurer ensures what ?
Persistency =has increased from 82 % in previous year to 86
% this year . That means
A satisfied client will lead to
An Agent can receive maximum of ________ %of the

premium as commission in the first year
Customer asks the agent to disclose the commission . The
agent should
If Sales Target get reduced then Churning will
Advisor motivate the client to surrender the existing
Endowment plan and buy new Whole life policy for gaining
higher commission, is the example of?
An advisor will do a churn to
What are the key aspects of advisors do for better
persistency?
If a person is missing then after how many years will he be
considered as dead & SA paid to the nominee.
What is the death benefit if the person has multiple sums
assured under different policies?
Client died in 89th day from DOC. In which category he is not
eligible for claim
Mr. Customer has taken a policy and died before receiving the
document which was dispatched by the insurer.
In a claim, the customer got much more than the Sum
Assured. Why?
Without submitting any form of claim, a life insurance policy
holder received payments of maturity then what type of
policy he is holding
If a person is absconding then after how many years will he
be considered as dead & SA paid to the nominee.
No of days in which the death claim has to be paid after the
necessary documents have been received
Mr.Suresh dies one day before the grace period without
paying the premium, what is the claim payable
The delay in settling claim by any insurance co, as per IRDA
norms has to pay....% if the present bank interest rate is
5.2%
What is the maximum Time in which The insurer should settle
a claim when all documents are submitted
During claim insurer deduct Rs. 10,000 in spite of having no
Lien and all due premiums are paid. What are the other
reason for deducting the same?
In case of confirmed accidental death, the benefit is paid in
the form of
Under Indian Evidence Act 1872, after which year
presumption clause will apply if the person is not heard of
Which institution was incorporated by the Insurance Act 1938
License of candidate passing insurance exam is valid for ___
years?
The controller of insurance in India is
Who is regulating Advisor's Licencing
If the policy is endorsed under MWP Act - then the
beneficiaries are wife and ?
Consumer Forum at district level will hear complaints up to
Mr. ABC cleared the IRDA exam on 2010 got license but he
did not work , In which of the year again he will apply for
insurance license?
What is the Thresh hold limit of premium in cash insurance

as per monetary policy?
Who is regulatory body of money laundering in insurance
sector?
Which is the training institute for providing training to
insurance agents?
What is the eligible age for Life Insurance Agent?
Board of Insurance is related to
basic qualifications of agent
Investment by foreign direct investors in to Insurance co's is
restricted to
What is the role of National Insurance Academy?
Karthik written to his insurer about non settlement of a
maturity claim, as per regulations, the insurer has to reply to
this within how many working days
When was Ombudsmen Created?
Insurance companies are required to honor the awards passed
by the Insurance Ombudsman
Matters referring to ombudsman?
Client rejecting after taking a policy in how many days.When
the insured disagrees with any of the terms or conditions of
the policy after the policy is issued, they have the option to
return the policy stating the reasons for their objection.
Within how many days they can return the poly?
Consumer can call Toll free No. for any Grievance or he can
also contact
What is the free look time available after receiving policy
Documents?
What is the limit of Ombudsman claim settlement?
Regulation issued by IRDA required that the decision on the
proposal must be conveyed to the proposer within
Whom should customer contact in case of any dispute for a
claim more than 20 lakhs
Complaint council bodies other than IRDA grievance readdress
forum & COPA
What are the ways by which a policy holder can make
complaints
what is the maximum level of complaint that can be
considered and taken action by ombudsmen
What is the period of award passed to the customer decided
by ombudsman?
An Award is passed by Ombudsman .In how many days it
should be honored by Insurance Co
If the complainant is disagreeing with the decision of the
company on the claim then he can approach to ombudsman
in
A policy has been rejected by the company under direct
intimation to the customer and copy to the Agent, what is the
next action of the Agent
An advisor while explaining the policy and to sell he accepts

to give a part of his Agents commission, what is the limits
Raju is a certified license holder under what circumstances he
needs to hold his certified license with him that is issued by
IrDA
___________ has laid down the Code of Conduct for all
agents
Answer choice 1
Answer choice 2
Banca assurance
Health plans
High Net worth Individual
Insurance Companies
Bancassurance
Reinsurance
People with large families
people with low income
In Family Protection
Child education & marriage planning

Insurance Regulatory and Development
IRDA is a Government body
Authority (IRDA) was constituted as an
formulated for policing the activities of autonomous body
Insurance companies
in 1999 to regulate and develop the
insurance industry
Insurance Regulatory and
Development Authority (IRDA) . The
Insurance Regulatory and Development
IRDA was incorporated as an
Authority (IRDA) was constituted in 1956
autonomous
body in April 1999
To Cover Risks of Life
To plan for Future goals
2000
1999
Indirect Selling
Awareness
an actuary
loss adjuster
Administrative expenses
lung cancer is peril and smoking is a
hazard
Sum Assured will be paid as total of
all insurance plans
Financial Risk
in fixing the correct premium

smoking is peril and lung cancer is hazard
Sum Assured will be paid for only one
plan with highest SA
Non-financial Risk
Difference in age
Difference in family health status
Speculative Risk
Pure Risk
Financial.
Fundamental.
Retention of risk
Transfer of Risk
89,333
273,333
When risk commences
When proposal form filled
At inception of the policy
At the time of maturity proceeds
Policy is assigned
Policy document is lost
10% to each nominee
25% to each nominee
Mr. X photograph
Mr. Y photograph
It is assigned
It is a money back policy
Premium Return
Premium with Interest
Life Assured
Nominee
30
15
Ration Card
Baptism Certificate
After the U/W process

Life Insurance
Policy bond
Contract is created only when the
acceptance is
unconditional.
Premium receipted
General Insurance
Proposal form
Contract is created only when the
acceptance is
conditional.
Policy document
Prospectus
Policy Document
First Renewal Receipt
By Will
By doing Assignment
Wagering Contract
Legal Contract
No bonus accumulated
Age proof was substantially wrong
Amit photograph
Amit thump impression Only
Indexing contribution.
Nomination facility.
Signature on the proposal
Medical exams
Ramesh declares all his liabilities
Ramesh is elder than Harish
one
two
at the beginning of the contract
through out the contract
operative clause
Preamble
SA
advisor induced
Policy Document
proposal form
Absolute
Term assignment
16
18
SA
Risk assessment
Attestation.
Operative clause.
Issuing a new policy
Endorsement
Valid
Invalid
operative clause
Preamble
Whole life
Return of premium
Motor insurance
Marine insurance
6months
20 times of Gross Annual income
12months
Liabilities
Term of A policy is higher than B

policy
Term of B policy is higher than A

policy
16 years
17 years
Throughout the policy contract
before premium deposit
Proposal form
Medical reports
2014
2012
A inception of the contract
At claims
Fundamental risk
Physical hazard
As per Human life Value
10L
Bank Fixed deposit rate
discount rate
Married
Wife Younger
AGE
MEDICAL
1 year
10th year
Smoking invites extra premium

as long as the policy is inforce
Drinking invites extra premium

Till the next declaration of bonus
7680
8000
Moral Hazard
Medical Hazard
No risk
Low risk
Council of Actuaries
Insurance council of India
HLV report
Client confidentiality report
An economic asset
To Calculate the commission due for the

agent
Has a capacity to generate the income
Lien
Bonus
Physical hazard
Moral Hazard
Actuary
Underwriters
7 days
10 days
Policy start date to the 1st

Anniversary
Policy start date to the end of the 1st

calendar year
To calculate Premium
Nil
0.1
25000
50000
Insurer's doctor
Underwriter
Term Plan
Endowment plan
Health Policies
Term Policies
Term Insurance
ULIP
50000
75000
5000
10000
In ULIPs riders can be attached
In ULIPs death benefit will be the basic

SA only
Convertible plan
Term Insurance
Only ULIP Plans
Only Endowment Policies
term plan
health plan
Insurer
Proposer
No Death Benefit
Sum Assured will be paid
Married
Wife Younger
Life Insurers only

Non-Life Insurers only
cover only particular members of
to cover all members
the group
Term insurance plan
Money back
Insurance company
Husband only
Pure Endowment
Anticipated endowment
fund switching
partial with drawl
Endowment
Lien
Rahul
His wife
Endowment
Money back
home loan
education needs
Same Age
Employees
Outstanding premium
Commission outstanding
Mode of the premium
Inflation
Increase his liquidity
Decrease his liquidity
ULIP
NSC
Returns
Taxation
8,000
16000
ULIP
NSC
S. 80D
S. 80C
10 Years
8 years
Debt Funds of MF
NSC
Inflation
Charges
Insurance Branch
Post Office
5 year
4 year
20000
24000
Taxation
frequency of payment
10- 20 gms
20- 50 gms
Marginally decrease
Significantly increase
Increase gradually
Decrease gradually
frequency of interest calculation
Tax
Bank
Post office
increase
decrease
Less transparent
More diversified
Raj is married and akshat is single
Raj is above 65 years and Akshat is

below 65 years
Life Insurance
Health Insurance cover
Monthly
Quarterly
One-tenth
one-third
Commutation Option
Differed Annuity Option
Denny only
Denny and his wife
Reduced the base SA
terminated
entire life term
till 5 years and continue till annuitant

lives
monthly,quarterly,half yearly, yearly
fortnightly,quarterly,monthly,yearly
Pre-existing illnesses
Change in premium terms
By way of Cash Discount
Discount in Renewal Premium
meet any medical emergencies
Major hospitalisation and treatment

expenses
Immediate Annuity
Deferred Annuity
the deferment period
amount which required
Covers disease expenses

Fund value
Term insurance plan
Helps in Tax Benefits

Paid premium
Money back
Health Expenses Only
Household expenses Only
0.06
0.085
1 Lac
2 Lac
annuity
joint life policy
20%
30%
33.33%
Pension plan is not eligible for tax

exemption
Fully taxable
10%
save more tax
switch the underlying fund
Less expensive
Less Transparent
self employed
Widower
Health
Charges
Amt will be deducted from taxable

income upto 1 lakh
Rs 1000 will be deducted
5 YRS
10 YRS
Family floater
Health plan
ULIP
ENDOWMENT
Childhood
Young Married
Term Insurance
Medical Insurance
Public sector employees do not get

sick very often
public sector employees enjoy medical

cover related to the Job
Protection plan
child plan
Child plan
convertible plan
Personal Details
Family Details
income protection
inheritance planning
Young married couple
Young married with children.
self-protection.
home loan protection.
surety
keyman
Charges
Interest
Ensure a sale is achieved
Identify Client need
Young Person
30-40 years age group

A plan based on paying capacity of the
client
A Plan based on needs to the Client

Married
Married with children
Short term
long term
Investment
Health Insurance cover
Retirement
health care
Illustration benefit
Premium receipt
5% and 8%
5% and 10%
IRDA
Life insurance council
Advisor need
Product features
estate plan
loan protection
term plan
endowment
Ask the insurer to give a policy

endorsement letter
From the fact details
Only X has bought other product from

Only Y has a Single premium Product
the agent
the commission is low
the commission is high
Ask the customer to check it himself
tell him what ever he thinks
Impact of charges on customer fund
Higher commission to advisor
Not possible
Alternate channel
Agents earn Lower Commission on

churning
Policyholder gets more benefits
More productivity
Higher attrition
more lapsation
more attrition
Word of mouth publicity for the agent
Chances of up selling
Thirty Percent
Twenty percent
disclose on demand
Not disclose
Increase
Decrease
switching
Building long term relations
Avoid a customer complaint
Minimize paper work
Selling product as per need &

policy servicing
Surrender
Death Benefit will be the amount with

No amount will be paid
highest SA policy
Murder
Deep Illness
Entitled for full claim
Entitled for partial claim
Nature of payment
Investment Frequency
ULIP
Term
10 years
20 years
15 days
30 days
No claims payable
All premiums paid
7.00%
8.50%
3 days
15 days
Premium Rate increase
Loan facility
Life time annuity
Lumsum sum assured plus accidental

sum assured
6 years
7 years
Insurance Institute of India
Insurance brokers association of India
IRDA
IRDA
RBI
Insurance Act 1938
parents
ex wife
20L
40L
2013
2014
10000
20000
SEBI
RBI
IRDA
16
15
SEBI
IRDA
sound mind & graduate
sound mind & good income level
12%
25%
To regulate
To advise Government
1998
1986
15 days
10 days
partial or total repudiation of claims

by the insurer
dispute with regard to premium paid or

payable
30
15
Consumer Affairs Department of the

IRDA
Insurance Ombudsman
30
15
insurance contracts of value not

exceeding Rs. 20 lakhs
insurance contracts of value not

15 days
20 days
Forum at district level
Forum at state level
Ombudsman
email
Toll free No.
20 lac
25 lac
2months
3 months
15 days
30 days
1 month
6 weeks
he has to inform the customer that

the co has broken relationship with
the customer
he plans to change the plan
10%
20%
when he sells term insurance
when he represents himself as another

insurer
Insurance Regulatory & Development

Authority
Answer choice 3
Answer choice 4
Correct
Answer
No
Micro Insurance
Term Insurance
Licensed Insurance Agents
Non Government
Organization
Both a & b
Neither a nor b
people with high income
All of the above
IRDA is an independent body

constituted to address the
grievances of the insurance
policy holder
None of the above
IRDA is an independent body

constituted to address the
grievances of the insurance
policy holder
None of the above
For Savings
2001
All of the above

1998
4
2
people employed with the

government
Retirement planning
Direct Selling
Wrong Selling
risk manager
underwriter
to remove adverse selection
Non of the above
Both the statement is correct
Both the statement is

incorrect
No SA will be Paid.
None of the above
Both are correct
None of them
Difference in hobbies
All of the above
Pure & Speculative risk
Non Financial Risk
Homogenous.
Speculative.
Avoidance of Risk
Reduction of risk
289,333
219,333
When policy received
When premium is paid
At time of claims
At time of outset and claims
Policy is in lien
Any one of the above
Nominee one should not be paid There is no specified limit

more than nominee two
like that
Mr. X thumb impression
Mr. Y thumb impression
It is paid up
Premium less charges
Nothing as surrender is not

allowed before 5 policy
years
Proposer
Appointee
50
20
Elder Declaration
Voter card
Policy is dispatched
Both a & b
Premium
policy is received
Neither a nor b
Health report
2
2
2
Both are Correct
Both are Incorrect
Proposal form
All of the above
First Premium Receipt
None of the above
Claim
not possible to transfer
Void Contract
All of the above
Policy has become paid up
Its a ULIP Plan
policy document need to be

registered
Left thumb Impression

of Amit along with a
declaration of his friend
Rider benefits.
Savings element.
insurable interest
when Nominee is Minor

Harish suffers financial
loss incase of death of
Ramesh
three
not specific
Revival stage
both a & c
Information statement
schedule
no commission
Has Financial Problems
FPR
RPR
Conditional
Absolute & Conditional
20
21
Identity verification
Financial assessment
Ramesh owes money form

Harish
Preamble.
Terms and conditions.
Corrections on the policy
Not allowed
Void
Illegal
Proviso
Endorsement
Joint Life Policy
Endowment policy
Liability insurance
Travel insurance
2years
Assets
5years
Unlimited
3
4
Policy A is assigned and B is not Policy B is assigned and A is

assigned
not assigned
18 years
21 years
before receiving policy

document
After receiving the policy

document
Client confidential reports
Medical referees report
2013
Anytime
at survival benefits
Through out the term
Moral Hazard
No Risk
50L
1 Crore
Estimated life expectancy
Estimated amount at
retirement
Health deterioration
Dirrerence in caste
SA
ALL THE ABOVE
15th year
20th year
None is correct
Till the next validation date
Both are correct

none of the above
4
2
8320
8500
Occupational Hazard
Physical Hazard
Medium risk
High risk
Insurance institute of India
IRDA
moral hazard report
medical report
Has a finite life span
To help the underwriter

to asses the Risk
All of the above
Surrender
Accidental death
financial risk
Pure risk
Sales Officer
Advisor
15 days
30 days
Previous valuation date to

claim date
claim date to next valuation

date
0.2
0.3
100000
150000
Agent
Nominee
Convertible plan
ULIP
Endowment Policies
All of the above
Endowment
Moneyback
62500
100000
50000
100000
both statements are correct
Both statement are wrong
Endowment Plan
ULIP Plan
only Term Plans
Child insurance plans can

be taken out in the form of
endowment plans, moneyback plans or ULIPs
endowment plan
traditional plan
Proposer & Wife
Insurer and both the Life

Insured
Both are correct
both are incorrect
Health deterioration
Higher Age
To verify the Plan proposed
4
4
non-life and life insurers
None of them
have uniform coverage
None of the above
pure endowment policy
Whole life
Husband & wife
Insurance company,
husband & wife
Term plan
ULIP
premium holiday
riders
Money back
Surrender
children
Both a & b
Term Insurance
Child Investment policy
marriage of kids
Retirement needs
Family
Acc to height
Both of the above
None of the above
Maturity Value
Vesting Age
Reduce his encashabilty for next

Create a future exit liability
six months
Both with same benefit
None of them having any

tax benefit
Look-in Period
Investment Frequency
24000
32000
ULIP & NSC
None of them
S 80E
S. 80F
6 years
5 years
Corporate bonds
Govt Bonds
Current Market Scenario
All of the above
Internet
Mutual Fund Office
3 Year
2 Year
28000
32000
interest rates
tenure
50-100 gms
10 gms
less than after 15 years
will remain same
Remain Constant
Change as per market

fluctuation
Interest tax
Tenure
Insurance company
volatile
same
Less return
Steep rise
Raj is in the good health and

akshat is in poor health
Raj is earning more and

akshat is earning less
Retirement plan
Child Investment policy
Half Yearly
Yearly
one-fifth
half
Guaranteed period option
Open Market option
Denny, His wife and children
Denny, His wife and

children and parents
continues as it is
will discontinue for 1

months
annuity only for 5 years
None of the above
fortnightly, monthly ,half yearly,

None of the above
yearly
Cooling off period for
Nature of risk
insurers
Free increase in Sum
Free Renewbality
Assured
meet expenses post
All of the above
hospitalisation due to loss of
income
1
1
4
4
Anticipated Endowment
ULIP
investment tools used for

investment
All of the above
All of the above

No maturity benefit
Pension plan
to pay the further premium
of base plan
4
4
4
covers hospitalization cost

Paid premium with interest
ULIP Plan
Unspecified reason
0.045
0.1
3 Lac
4 Lac
pure endowment policy
policy of another person
40%
50%
will depend on his

income slab
20%
Tax fully exempted
improved annuity rate
To continue life cover
More necessary
Tax efficient
Savings are significantly higher
Govt employee
Inflation
Interest rates
10% of the amt will be

deducted
20% of the amt will be

deducted
7 YRS
3 YRS
Endowment plan
Term Plan
POST OFFICE
BANK
Pre Retirement
Retirement
Children's Policy
Endowment Policy
Self employed person fall sick

quite often
Self employed person give

more priorities to health
Saving plan
All of the above
pension plan
ULIP Plan
Employment details
All of the above
investment efficiency
long term savings
Pre-retirement.
Retirement
protection of Dependants.
protection of childrens
future.
partner
Individual
Inflation
Taxation
Create an audit trail for future

complaints
Married
A Plan based on the clients
dreams
Provide regulatory body

about agents data base
About to get retired
4
1
None of the Above
2
4
1
Married with older children
Retirement
As per his goal
both b & c
Life insurance cover
No preference
child education
life cover
Product Brochure
Proposal Form
6% and 8%
6% and 10%
The Royal Bank
SEBI
Client income
Client expenditure
pension
wealth creation
annuity
flexible plan
From signed copy of benefit

illustration
From ticked columns of

proposal form
X is married and Y is Single
Y is young
Customer asks for it
customer not asks for it
Refer to the product brochure
must not shown any

interest in the doubt
Both a & b
Neither a nor b
Mis-selling
Higher charge products
Insurance companies get

good branding
Higher S.A
less lapsation
No profits
More reference generation for

the agent
All the above
Policyholders suffer due to

surrender charges and
benefits
Higher Profits
Thirty Five Percent
None of this
Should call up the Insurer
Should avoid the topic
Will not affect
Partially
Revisit the financial planning
Churning
To earn extra
commission
Not keeping in touch with
client
Service the customer

Selling products having higher
Commission
4
1
10
12
Sum of all SA in different

policies
Not more than 20lacs
Accident
Suicide
Not entitled
Return of Premium
Nature of Death
Survival Benefits
Money Back
Health
7 years
12 years
45 days
60 days
Sum assured
Sum Assured less the

undue premium
7.20%
8.20%
30 days
10 days
Mode of Payment
Loading
Sum Assured
Lump Sum plus life time

annuity
10 years
12 years
Life Insurance Council
None of the above
SEBI
LIC Act 1956
Insurance ombudsmen
None of the Above
1
2
children
mother
1Cr
10L
2015
2016
50000
100000
IRDA
TRAI
RBI
SEBI
18
17
3
2
Insurance Association
None of the above
Age and income level
His contacts in the market

to solicit Insurance
40%
26%
To undertake training
activities
To Advertise globally on
Indian Insurance
10
1989
1990
20 days
3 days
delay in settlement of claims
ALL THE ABOVE
20
25
Insurance Company
All of the above
20
45
insurance contracts of value not insurance contracts of value

not exceeding Rs. 50 lakhs
1 month
no time bar
National commission
Ombudsman
Insurance Association
FERA
Newspaper
Email or Toll free

Number
30 lac
50 lac
5 months
6 months
60 days
90 days
12 weeks
2 months
He has to explain the

reasons for rejection to the
customer
He takes up with the higher

authorities
He cannot offer any

commission
He can offer up to 50%
when he sells pension policies
under all circumstances
Indian penal code
Reserve bank of India

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Summary of IRDA Question Set

What is IRDA stands for & year of Incorporation

Mr. X is illiterate and is buying insurance. Mr. Y fill up the

A policy document for a money-back policy includes the

what is the special report that is asked by the underwriter

Micro insurance is transacted by

A person is holding 100 units of GOLD ETF certificates . How

What could be the percentage of guaranteed return in all ULIP

With profit policies can be given to

An Agent can receive maximum of ________ %of the

What is the Thresh hold limit of premium in cash insurance

An advisor while explaining the policy and to sell he accepts

High Net worth Individual

People with large families

people with low income

Child education & marriage planning

in fixing the correct premium

Difference in family health status

When risk commences

When proposal form filled

At inception of the policy

At the time of maturity proceeds

Policy document is lost

10% to each nominee

25% to each nominee

It is a money back policy

Premium with Interest

After the U/W process

First Renewal Receipt

Age proof was substantially wrong

Amit thump impression Only

Signature on the proposal

Ramesh declares all his liabilities

Ramesh is elder than Harish

at the beginning of the contract

through out the contract

Issuing a new policy

Term of A policy is higher than B

Term of B policy is higher than A

Throughout the policy contract

before premium deposit

A inception of the contract

As per Human life Value

Bank Fixed deposit rate

Smoking invites extra premium

Drinking invites extra premium

Insurance council of India

Client confidentiality report

To Calculate the commission due for the

Policy start date to the 1st

Policy start date to the end of the 1st

In ULIPs riders can be attached

In ULIPs death benefit will be the basic

Only ULIP Plans

Only Endowment Policies

Sum Assured will be paid

Life Insurers only

partial with drawl

Mode of the premium

Increase his liquidity

Decrease his liquidity

frequency of interest calculation

Raj is married and akshat is single