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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
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Question SET - 01
chapter
Bank

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SET - 02

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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

1
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31
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Ch 03
Ch 03
Ch 03

QB1-IRF-Ch 03-34-PS

34

Ch 03

QB2-IRF-Ch 03-35-PS

35

Ch 03

QB2-IRF-Ch 03-36-PS

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Ch 03

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37

Ch 03

QB2-IRF-Ch 03-38-PS

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Ch 03

QB2-IRF-Ch 03-39-PS

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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

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Ch 03

QB2-IRF-Ch 03-43-PS

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Ch 03

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Ch 03

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Ch 03

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Ch 03

QB2-IRF-Ch 03-48-PS

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Ch 03

QB2-IRF-Ch 03-49-PS

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Ch 03

QB2-IRF-Ch 03-50-PS

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Ch 03

QB2-IRF-Ch 03-51-PS

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Ch 03

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Ch 03

QB2-IRF-Ch 03-53-PS

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Ch 03

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Ch 03

QB2-IRF-Ch 03-55-PS

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Ch 03

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Ch 03

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57

Ch 03

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QB2-IRF-Ch 03-59-PS

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59

Ch 03
Ch 03

QB2-IRF-Ch 03-60-PS

60

Ch 03

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Ch 03

QB2-IRF-Ch 03-62-PS

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Ch 03

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Ch 03

QB2-IRF-Ch 03-64-PS

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Ch 03

QB2-IRF-Ch 03-65-PS

65

Ch 03

QB1-IRF-Ch 04-66-PS

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Ch 04

QB1-IRF-Ch 04-67-PS

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Ch 04

QB1-IRF-Ch 04-68-PS

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Ch 04

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Ch 04

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Ch 04

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Ch 04

QB1-IRF-Ch 04-72-PS
QB2-IRF-Ch 04-73-PS

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Ch 04
Ch 04

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Ch 04

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Ch 04

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Ch 04

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Ch 04

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Ch 04

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Ch 04

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Ch 04

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Ch 04

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Ch 05

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Ch 05

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Ch 05

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Ch 05

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Ch 05

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Ch 05

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Ch 05

QB1-IRF-Ch 06-114-PS

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Ch 06

QB1-IRF-Ch 06-115-PS

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Ch 06

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Ch 06

QB1-IRF-Ch 06-117-PS

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Ch 06

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Ch 06

QB2-IRF-Ch 06-136-PS

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Ch 06

QB1-IRF-Ch 07-137-PS

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Ch 07

QB1-IRF-Ch 07-138-PS

138

Ch 07

QB1-IRF-Ch 07-139-PS

139

Ch 07

QB1-IRF-Ch 07-140-PS

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Ch 07

QB1-IRF-Ch 07-141-PS

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Ch 07

QB1-IRF-Ch 07-142-PS

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Ch 07

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Ch 07

QB1-IRF-Ch 07-144-PS

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Ch 07

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Ch 07

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Ch 07

QB2-IRF-Ch 07-147-PS

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Ch 07

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QB2-IRF-Ch 07-149-PS
QB2-IRF-Ch 07-150-PS

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Ch 07

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Ch 07

QB2-IRF-Ch 07-159-PS

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Ch 07

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Ch 07

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Ch 07

QB2-IRF-Ch 07-162-PS

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Ch 07

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Ch 07

QB2-IRF-Ch 07-164-PS

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Ch 07

QB2-IRF-Ch 07-165-PS

165

Ch 07

QB1-IRF-Ch 08-166-PS

166

Ch 08

QB1-IRF-Ch 08-167-PS

167

Ch 08

QB1-IRF-Ch 08-168-PS

168

Ch 08

QB1-IRF-Ch 08-169-PS

169

Ch 08

QB1-IRF-Ch 08-170-PS

170

Ch 08

QB1-IRF-Ch 08-171-PS

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Ch 08

QB2-IRF-Ch 08-172-PS

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Ch 08

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Ch 08

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Ch 08

QB2-IRF-Ch 08-175-PS

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Ch 08

QB1-IRF-Ch 09-176-PS

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Ch 09

QB1-IRF-Ch 09-177-PS

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Ch 09

QB1-IRF-Ch 09-178-PS

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Ch 09

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Ch 09

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Ch 09

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Ch 09

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Ch 09

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Ch 09

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Ch 09

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Ch 09

QB2-IRF-Ch 09-189-PS

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Ch 09

QB1-IRF-Ch 10-190-PS

190

Ch 10

QB1-IRF-Ch 10-191-PS

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Ch 10

QB1-IRF-Ch 10-192-PS

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Ch 10

QB1-IRF-Ch 10-193-PS

193

Ch 10

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Ch 10

QB2-IRF-Ch 10-195-PS

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Ch 10

QB2-IRF-Ch 10-196-PS

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Ch 10

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Ch 10

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Ch 10

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Ch 10

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Ch 10

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Ch 10

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Ch 11

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Ch 11

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Ch 14

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Ch 14

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Ch 14

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Ch 14

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Ch 14

QB2-IRF-Ch 15-251-PS

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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

Insurance Institute of India

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


exceeding Rs. 25 lakhs

15 days

20 days

Forum at district level

Forum at state level

Ombudsman

Insurance Institute of India

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 Institute of India

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

Any one of the above

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

Any one of the above

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


exceeding Rs. 30 lakhs
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