IC 33 Exam Mock Test 1


 
Name: 
 


Multiple Choice
Identify the choice that best completes the statement or answers the question.
 

 1. 

Which of the following possibalities are insurable
a.
That one may not win the lottery jackpot
c.
That the son will get admission in the presigious college he has applied for
b.
That the marriage will work out successfully
d.
That it will not rain on the day of the cricket match
 

 2. 

Insurance works on the principle of
a.
Equal contributions
c.
Contributions dependent on affordability
b.
Proportional contributions
d.
None of the above
 

 3. 

The probability of an event is mentioned
a.
As a ratio
c.
Neither as a percentage nor as a ratio
b.
As a percentage
d.
Either is a percentage or as a ratio
 

 4. 

Insurance covers situations
a.
When the consequence of the happening are beneficial
c.
When the consequences are immaterial
b.
When the consequence are harmful
d.
When the consequences of the happening are benificial
 

 5. 

The bussiness of insurance affects
a.
Availability of capital for bussiness
c.
The safety of equipments in factories
b.
The life span of individuals
d.
All these three
 

 6. 

State which of the following statement is correct
a.
Insurance is related to probilty loss
c.
Both the above statement are correct
b.
Perils are avoidable
d.
Both the above statement are wrong
 

 7. 

State which of the following statement is correct
a.
Primium is based on expection of losses
c.
Both the above statement are correct
b.
Living too long is a risk
d.
Both the above statement are wrong
 

 8. 

Reinsurance is the name given to
a.
An individual taking insurance for the second time
c.
Both the above situaton
b.
An insurer placing insurance with another insurer
d.
Neither of the above situations
 

 9. 

Kamal is suffering from Asthma and the policy is been done on joint life basis and the need for nomination underthe plan will be as
a.
Life policy
c.
Life & non-life policy jointly
b.
Notpossible
d.
Not applicable
 

 10. 

Which risk is associated with those events which are not in control of an individual .and no possibility of making profit
a.
Pure risk
c.
Financial risk
b.
Particular-risk
d.
Insurable risk
 

 11. 

When is insurable interest required in an life insurance contract?
a.
At inception of the policy
c.
At time of claims
b.
At the time of maturity proceeds
d.
At time of outset and claims
 

 12. 

On Maturity of an insurance policy only 25% of the amount can is paid. This is due to
a.
It is assigned
c.
It is paid up
b.
It is a money back policy
d.
Any one of the above
 

 13. 

Except Surrender, how one policy holder can transfer money to a third party , barring  Nominee?
a.
By Will
c.
Claim
b.
By doing Assignment
d.
not possible to transfer
 

 14. 

If someone of age group 15 /16 having a contract with insurance companies that contract would fall under which category
a.
Valid
c.
Void
b.
Invalid
d.
Illegal
 

 15. 

What key event is most likely to make an insurance contract nota valid contract?
a.
The circumstances are legitimate
c.
The life assured is major
b.
Representation of facts by policyholder is true
d.
There is no insurable interest attached to policy
 

 16. 

Breach of duty of utmost good faith
a.
Nondisclosure of material facts
c.
Fraudulent presentation
b.
concealment of material facts
d.
All above
 

 17. 

Acontract exists between insurer and proposer when
a.
A proposal has been accepted by insurer
c.
Apolicy document has been received by policyholder
b.
Apolicy document has been stamped by insurer
d.
An insurer has made another proposal
 

 18. 

Proposer has to comply following in case his form has been filled by other person
a.
Proposer photo
c.
Policy document need to be registered
b.
Proposer thumb impression
d.
Left thumb impressions of proposer with declaration of person who filed form
 

 19. 

While calculating Human life value (HLV) two components need to be kept in mind , the one is take home salary and other is
a.
Bank Fixed deposit rate
c.
Estimated life expectancy
b.
discount rate
d.
Estimated amount at retirement
 

 20. 

In a 20 year with profit policy, persistency Bonus is paid at the end of
a.
1 year
c.
15th year
b.
10th year
d.
20th year
 

 21. 

Mr.Sunil is doing premium calculation for his company, as per which authority is his profession related to
a.
Council of Actuaries
c.
Insurance institute of India
b.
Insurance council of India
d.
IRDA
 

 22. 

what is the special report that is asked by the underwriter from the officer of the insurer
a.
HLV report
c.
moral hazard report
b.
Client confidentiality report
d.
medical report
 

 23. 

Mr. Kumar's wife is suffering from blood cancer. Doctors lost their hope on her live. Mr. Kumar would like to take life insurance policy on wife's name in order to get monetary benefit. Insurance company rejects this proposal on grounds of
a.
Anti money laundering
c.
Capacity of paying future premiums
b.
Legality of objector purpose
d.
All of above
 

 24. 

If a person consumes alcohol - what is the type of hazard
a.
Moral
c.
Ethical
b.
Physical
d.
Ethical and Moral both
 

 25. 

A person drinks wine every week and even after doctors advice he is not willing to leave that habit, it is example of
a.
Moral Hazard
c.
Risk
b.
Physical hazard
d.
Peril
 

 26. 

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
a.
Pure Endowment
c.
Term plan
b.
Anticipated endowment
d.
ULIP
 

 27. 

Claim Amount received under CIBR Rider ,can be spend for
a.
Health Expenses Only
c.
Unspecified reason
b.
Household expenses Only
d.
to pay the further premium of base plan
 

 28. 

To identify suitable products their main features and their tax treatment is role of
a.
Agent
c.
Pelicyholder
b.
Insured
d.
Insured person
 

 29. 

Hospitalisation rider has following benefit
a.
Person receives fixed amount daily for no. of days In hospital
c.
Person receives a fixed amount of 1000/- daily
b.
Person receives an amount equal to the expenses
d.
Person receives benefit only if he is hospitalised for 3 days 111
 

 30. 

Some health plans will give coverage for famIly members also' We will call these plans as
a.
Family health insurance plans
c.
Family floater health insurance plan
b.
Total protection policies
d.
Family Rakshak Health Plan
 

 31. 

Rohit is working as sales manager with an FMCG company. His job requires him to travel across states. He is planning of covering his additional risk involved while traveling and a saving plan. What suggestion would you give him as an agent?
a.
To purchase an accidental rider with a saving insurance plan
c.
To save through fixed deposit in bank
b.
To purchase a health plan along with a savings insurance plan
d.
To purchase a medical plan
 

 32. 

Which of the following is not feature and benefit of rider?
a.
Providing addl. cover
c.
Nominal cost & flexibility
b.
Maturity benefit
d.
Customisation and tax bei
 

 33. 

Mr. Sharma buys term insurance policy along with accident and disabflity benefits rider, cost restricted upto what extent of the base premiums of the policy
a.
0.2
c.
0.4
b.
0.3
d.
0.5
 

 34. 

Health insurance policy holder takes tre..trnent in a hospital which does not have cashless facility. How the policy holder will get benefitted
a.
Need to spend and get claim from insurer.
c.
Need not to claim
b.
Need to add that hospital aSTPA
d.
Need to switch to the another insurer
 

 35. 

To avail the income tax benefit at investment stage,V
a.
10% of Cumassured
c.
30% of sumassured
b.
20% of sum assured
d.
40% of sum assured
 

 36. 

To understand mental stateof client for investment what to do
a.
Fact finding
c.
Consulting family of client
b.
Consulting clients parent
d.
Reviewing his existing investment
 

 37. 

In which of following an agent will collect the customer's personal data professional data and financial data
a.
Fact finding sheet
c.
Customer data sheet
b.
Adi'isior confidential sheet
d.
Personal and financial data sheet
 

 38. 

An agent should disclose the commission if
a.
the commission is low
c.
Customer asks for it
b.
the commission is high
d.
customer not asks for it
 

 39. 

What is the reason , that an advisor is getting more than 35% Commission in the 1st Year?
a.
Not possible
c.
Mis-selling
b.
Alternate channel
d.
Higher charge products
 

 40. 

When can a policy rendered void?
a.
Mistake in contract
c.
Illegal/unlawful circumstances
b.
Illegal/unlawful circumstances
d.
All above
 

 41. 

The controller of insurance in India is
a.
IRDA
c.
SEBI
b.
RBI
d.
Insurance ombudsmen
 

 42. 

The authority of COPA is limited to what amount at district level
a.
10 lac
c.
50 lac
b.
20 lac
d.
1 crore
 

 43. 

To ensure that the premiums are paid out of a legimate source of funds cash isaccepted
a.
Upto 50,000
c.
Upto 100,000
b.
Upto 99,990
d.
Without any limit
 

 44. 

Consumer can call Toll free No. for any Grievance or he can also contact
a.
Consumer Affairs Department of the IRDA
c.
Insurance Company
b.
Insurance Ombudsman
d.
All of the above
 

 45. 

What is the limit of Ombudsman claim settlement?
a.
insurance contracts of value not exceeding Rs. 20 lakhs
c.
insurance contracts of value not exceeding Rs. 30 lakhs
b.
insurance contracts of value not exceeding Rs. 25 lakhs
d.
insurance contracts of value not exceeding Rs. 50 lakhs
 

 46. 

What is the period of award passed to the customer decided by ombudsman?
a.
2months
c.
5 months
b.
3 months
d.
6 months
 

 47. 

When was Ombudsmen Created?
a.
1998
c.
1989
b.
1986
d.
1990
 

 48. 

Whom should customer contact in case of any dispute for a claim more than 20 lakhs
a.
Forum at district level
c.
National commission
b.
Forum at state level
d.
Ombudsman
 

 49. 

Indisputability clause can be enforced by insurance company during the
a.
First five yrs of policy
c.
Claim
b.
First two yrs of policy
d.
Inception of policy
 

 50. 

Which body has created a call centre for logging a complaint
a.
Life insurance council
c.
Insurance association
b.
IRDA
d.
Insurance institute ofindia
 



 
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