IC 33 Exam Mock Test 10


 
Name: 
 


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

 1. 

Which market areas do Micro Insurance product concentrate
a.
People with large families
c.
people employed with the government
b.
people with low income
d.
people with high income
 

 2. 

The competition for the bussiness of life insurance is
a.
Non life insurance
c.
House property
b.
Small saving
d.
None of these three
 

 3. 

State which of the following statement is correct
a.
Perils are avoidable
c.
Both the above statement are correct
b.
Perils are not avoidable
d.
Both the above statement are wrong
 

 4. 

Whether there is any plan which allows weekly premium payment
a.
Group Insurance
c.
Micro Insurance
b.
Vehicle Insurance
d.
Health Insurance
 

 5. 

Dikshit has expertise in calculating premium level foi product. He shall be useful in deptt. of
a.
Actuary
c.
Risk Manager
b.
Underwriter
d.
LossAdjuster
 

 6. 

What is the major reason for self employed to take insruance
a.
Save tax
c.
High Return
b.
Fluctuating income
d.
Protection
 

 7. 

Which statement is correct?
a.
lung cancer is peril and smoking is a hazard
c.
Both the statement is correct
b.
smoking is peril and lung cancer is hazard
d.
Both the statement is incorrect
 

 8. 

Lung cancer and smoking is
a.
Occupational Hazard
c.
Smoking is peril and lung cancer is hazard
b.
Death is certain
d.
Lung cancer is peril and lung cancer is hazard
 

 9. 

The consequences of risk which will affect specific individuals or local communities in nature is called as
a.
Pure risk
c.
Particular risk
b.
Financial risk
d.
Physical Hazard
 

 10. 

In whole life plan - The policyholder's responsibility to give disclosure     
a.
At the beginning of the contract
c.
Revival stage
b.
Throughout the contract
d.
Begining of renewal
 

 11. 

If found later that insurable interest is missing the contract is
a.
Expired
c.
Void
b.
Reviewed
d.
Invalid
 

 12. 

Indemnity principle denotes
a.
Insurance cannot be used for profit
c.
Insurance cannot be taken by politicians
b.
Insurance notto betaken by High Risk people
d.
All the above
 

 13. 

Generally insurance companies do not hold premium in case fraud or misrepresentation. However due to which of U following circumstances the insurance can retain the premium the policyholder
a.
Fraudulent claim
c.
Redressal procedure
b.
Indisputability clause
d.
Pending decision from ombudsman
 

 14. 

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
 

 15. 

Saurabh has taken an endowment policy of 20 yrs. He has, premium for 10 yrs. policy is in force. Can Saurabh take a loan
a.
Saurabh will not be granted a loan
c.
Loan can be given on certain percentage of surrender val
b.
No concept of loan in insurance policy
d.
Loans are granted only in term plans
 

 16. 

In unde riting the economic value of the person is determined be wgat
a.
Occupation of the person
c.
The income that he earns
b.
Financial history of his family
d.
Human life value
 

 17. 

Why ACR
a.
To calculate premium
c.
To verify plan proposal
b.
To calculate commission
d.
To help underwriter to assess risk
 

 18. 

If a person has taken a Pure Endowment Policy, then what will be the death benefit if he dies during term of policy?
a.
No Death Benefit
c.
Both are correct
b.
Sum Assured will be paid
d.
both are incorrect
 

 19. 

Two People of the same policy Term, one person pays more premium because
a.
Married
c.
Health deterioration
b.
Wife Younger
d.
Higher Age
 

 20. 

At the time of maturity , quarter of the SA is paid though the policy was in force
a.
Endowment
c.
Money back     
b.
Lien
d.
Surrender
 

 21. 

If insured gets two advance payment in 5 yrs and in mat gets rest of sum assured what type of policy it is
a.
Money back policy
c.
Term plan
b.
Corivertible plai
d.
Endowmentpol
 

 22. 

A customer while investing in to Recurring deposit or Cumulative deposit what are the key factors which will matter
a.
Taxation
c.
interest rates
b.
frequency of payment
d.
tenure
 

 23. 

A person who has a temporary job loss where should he look for investing other than FD
a.
Debt fund of MF
c.
Equities
b.
Govt. securities
d.
Gold
 

 24. 

If RBI increases the interest rates then what will be the effect 0 share prices
a.
Shares will be more attractive
c.
Fixed deposit will be more attractive
b.
Shares will be less attractive
d.
Fixed deposit will be less attractive
 

 25. 

Payment/investments in Kisan Vikas Patra under post office scheme is done
a.
Regularly with no fixed term
c.
Lump sum for fixed period of time
b.
Lump sum with no fixed term
d.
Regularly for fixed period of time
 

 26. 

In a Guaranteed annuity option of 5 years , the policy holder will get annuity till
a.
entire life term
c.
annuity only for 5 years
b.
till 5 years and continue till annuitant lives
d.
None of the above
 

 27. 

What are the Special features of Health plan?
a.
Covers disease expenses
c.
covers hospitalization cost
b.
Helps in Tax Benefits
d.
All of the above
 

 28. 

A lump sum withdrawal allowed as commutation in pension p is
a.
1/3 of the accumulated fund
c.
1/2 of the accumulated fund
b.
1/4 of the accumulated fund
d.
Full withdrawal is allowed
 

 29. 

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
 

 30. 

Mr. Raj is married and having 2 children which plan can he that can cover his whole family
a.
Health insurance
c.
Life insurance
b.
Family floater
d.
Retirement
 

 31. 

For his investment needs Ravi parked funds in equity. Returns. from this tot-rn of investment can be categorised as
a.
High risk
c.
Moderate risk
b.
Low risk
d.
No risk
 

 32. 

In which of the following case there is no defined retirement age?
a.
Public sector employees
c.
Professional & businessmen
b.
Pvt. sector employees
d.
All of above
 

 33. 

An agent has recommended an investment product with non-guaranteed benefits. The benefit illustration passed to his client will therefore use assumed annual growth rates of
a.
5% and 8%
c.
6% and 8%
b.
5% and 10%
d.
6% and 10%
 

 34. 

Nandu aged 32 yrs has taken money back plan. He is a teacher Nandu referred agent to Vithal who is also a teacher. Agent. advised him to take money back plan as he is of the same age 33 , yrs. Is it the rightadvice? Why
a.
Yes Nandu & Vithal are of same age
c.
Yes, both are teachers
b.
No -customers needs are different
d.
No, there is age difference
 

 35. 

Objective of fact-find do not include
a.
Identify needs
c.
Provide for anticipated changes
b.
Gathering client data
d.
Surrendering existing policies for selling new one
 

 36. 

Persistency =has increased from 82 % in previous year to 86 % this year . That means
a.
more lapsation
c.
less lapsation
b.
more attrition
d.
No profits
 

 37. 

The best.way is prove that customer of a Ulip policy is given awareness about the commission paid to the agent is
a.
Ask the insurer to give a policy endorsement letter
c.
From signed copy of benefit illustration
b.
From the facts details
d.
From ticked column of proposal form
 

 38. 

Under which one of the following acts the maxirl remuneration that can be given to insurance agent stated
a.
Income tax act
c.
Insurance act 1938
b.
Indian contractact
d.
lRDAact 1999
 

 39. 

Under what circumstances can the surrender of a policy be recommended by agent
a.
Mis sold policy not matching needs
c.
Financial problem compelling to reduce expenditure or reschedule it
b.
Products not good value for money
d.
one and all
 

 40. 

Without submitting any form of claim, a life insurance policy holder received payments of maturity then what  type of policy he is holding
a.
ULIP
c.
Money Back
b.
Term
d.
Health
 

 41. 

A claim was paid in a policy and it was advertised In the newspaper also:This indicates that the policy was
a.
ltwas assigned
c.
it was lost
b.
It was paid up
d.
It was surrendered
 

 42. 

What are the consequences of paying a fraudulent claim?
a.
Insurers profits affected which impacts rise in premium
c.
Temptation to continue the practice
b.
Premium pool distorted
d.
All of above
 

 43. 

Who is regulatory body of money laundering in insurance sector?
a.
SEBI
c.
IRDA
b.
RBI
d.
TRAI
 

 44. 

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
 

 45. 

Who controls and regulate the rates advantage,, term and;. condition that may be offered by insurers in respect of general insurance business?
a.
Insurance regulatory an development authority
c.
Tariff Advisory Committee
b.
Reserve Bank of India
d.
Insurance Institute the india
 

 46. 

Insurance companies are required to honor the awards passed by the Insurance Ombudsman
a.
15 days
c.
20 days
b.
10 days
d.
3 days
 

 47. 

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

 48. 

The ombudsman power
a.
50 lac
c.
25 lac
b.
30 lac
d.
20 lac
 

 49. 

How many ombudsman officesare located in India
a.
10
c.
14
b.
12
d.
15
 

 50. 

Insured can contact to seek the resolution of grievances they have against insurer to IRDAthrough
a.
complaintgov irdi in
c.
irda.complaintsgovt. in
b.
insurancecomplaint©irda.ifl
d.
complaintsirda govt in
 



 
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