IC 33 Exam Mock Test 4


 
Name: 
 


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

 1. 

Main market of Micro Insurance is
a.
Metro cities population
c.
Low Income People
b.
Govt. Employees
d.
People having larg
 

 2. 

The  type of risk that can be insured against is
a.
Speculative Risk
c.
Pure & Speculative risk
b.
Pure Risk
d.
Non Financial Risk
 

 3. 

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
 

 4. 

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
 

 5. 

Mr. Khan before going to abroad for 6 months on an official wol decides to leave his car with his friend Mr. Kabir. What will be tt validity, of insurable interest in this case
a.
Insurable intt. between car and Kabir will be valid for months
c.
Insurable intt. between car and Kabir will be valid until t owns it
b.
Insurable intt. between car and Khan will be valid for: months
d.
Insurable intt. between car and Kabir will be valid till Kh return
 

 6. 

Manish took a loan from Pankaj of Rs. 10 lac. Manish transferred his policy to Pankaj of Rs. 10 lac as security with agreement that when loan is fully paid, policy title will be revert back to Manish is called
a.
Loan assignment
c.
Loan agrcernent
b.
Conditional assignment
d.
Absolute assignment
 

 7. 

To prove one's identity in accordance with KYC process, the customer needs to submit following documents excluding
a.
An age proof
c.
An address proof
b.
An identity proof
d.
Education proof
 

 8. 

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
 

 9. 

Lien is imposed on a policy when underwriter feels that
a.
The risk associated might increase
c.
The risk associated might not be harmful
b.
The risk associated might decrease
d.
The risk associated might be general
 

 10. 

What does the mortality tables contain?
a.
Death occurring in various circumstances
c.
Details of underwriter's calculation on death
b.
Death occurring in various circumstances
d.
Details of actuarial calculation on death
 

 11. 

Claim lien can be considered an alternative of whi4 following
a.
Clause
c.
Acceptance
b.
Rejection
d.
Time barred
 

 12. 

Term insurance if best suited for the following need
a.
home loan
c.
marriage of kids
b.
education needs
d.
Retirement  needs      
 

 13. 

At the time of maturity, quarter of SA is paid though the policy wail in force. Why?
a.
Endowment
c.
Money bank
b.
Lien
d.
Surrender
 

 14. 

A policy holder pays identical premium amount for ULIP and EpF where he gets max tax efficiency
a.
In ULIP policy
c.
Same efficiency for both
b.
In EPF
d.
Both do not give tax benefit
 

 15. 

Investing in ULIP plan exempts a maximum up to what limit fol( income tax
a.
50000
c.
100000
b.
75000
d.
200000
 

 16. 

What is the ceiling of tax exemption under 80 C
a.
I lac
c.
2Iac
b.
1.5 lac
d.
3Iac
 

 17. 

Which of following cannot be deducted under 80 C form taxabl income?
a.
Pension fund
c.
Employee gratuity fund
b.
public provident fund
d.
infrastructure bond
 

 18. 

Which of the following ways is easier for a person to take a saving product?
a.
Through individual agent
c.
Corporate agent
b.
Through internet
d.
Call centres
 

 19. 

Who act as an intermediary by offering a trading platform for buying and selling of share?
a.
Bombay share exchange
c.
Stock broker
b.
Bombay stock exchange
d.
Share broker
 

 20. 

Open market option under annuity policy would extend which the following benefit
a.
Ensure better annuity rate
c.
Increase in return
b.
Increase in the range
d.
Switch of funds
 

 21. 

How riders will help the customer in life insurance
a.
Allow policy holders to customise their insuranceCoVerW addl. benefit
c.
Operative clause
b.
Rider is like aclause
d.
Rider is like preamble
 

 22. 

Anand has purchased a pension plan which is n completion of accumulation phase. He is in need of finat make down payment of car he wants to purchase at the accumulation. Phase how much he can make tax free withdr
a.
1/5 of accumulated amount (B)
c.
2/5 of accumulated amount
b.
113 of accumulated Si
d.
2/3 of accumulated an
 

 23. 

Under the hospital care rider what is the payout made
a.
10% of sum assured
c.
Expenses incurred per day multiplied Ly no, of days stay In the hospital
b.
specified amount multiplied by the number of days the policyholder is hospitalised
d.
IOQ%of sum assured
 

 24. 

Mr. Yash has taken an annuity on 25th August 2010. The 'benefit, of the plan will start from 25th August 2011. What type of annuity. plan isthis?
a.
Guaranteed period annuity
c.
Deferred annuity
b.
Life annuity
d.
Immediate annuity
 

 25. 

Saving needs of a particular individual is mainly determined by
a.
Amt. of disposal
c.
Current liabilities
b.
Current assets
d.
Duration of investment
 

 26. 

Samir is married and he has only one partner, with dependant parents and no child, which should be his priority
a.
income protection
c.
investment efficiency
b.
inheritance planning
d.
long term savings
 

 27. 

With profit policies can be given to
a.
surety
c.
partner     
b.
keyman
d.
Individual
 

 28. 

Mohit has two kids one of 6 years and 8 years. He is earning member and not having life cover. Before advising him to take health policy, what he should be advised
a.
Health policy of child
c.
Life insurance policy for wife
b.
Health policy for wife
d.
Life insurance policy for himself
 

 29. 

Mrs. Sheela received some amount out of her husband's d In such a situation what will be her prime focus
a.
Saving
c.
Investment management
b.
Insurance
d.
Planning for pensi
 

 30. 

Need analysis involves identifying
a.
Financial provision to meet predictable and unpredictable needs
c.
Existing insurance plans
b.
Capacity to pay the premiums in future
d.
Family & employment details
 

 31. 

Benefit illustrations given to a customer quantifies an amount by which investment return is reduced. This reduction reflect the impact of
a.
Charges
c.
Inflation
b.
Interest
d.
Taxation
 

 32. 

Objective of fact finding is to
a.
Gather client information only
c.
To provide solution of company's choice
b.
Identify clients need only
d.
Both identify client need and gather information
 

 33. 

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
a.
Only X has bought other product from the agent
c.
X is married and Y is Single
b.
Only Y has a Single premium Product
d.
Y is young
 

 34. 

An advisor will do a churn to
a.
Avoid a customer complaint
c.
Service the customer
b.
Minimize paper work
d.
To earn extra commission
 

 35. 

What is the factor which has influence on persistency?
a.
Role of agent
c.
Policy servicing
b.
Productdesign
d.
All of above
 

 36. 

Which one of the following is not a benefit of persistency?
a.
Helps the client in achieving goals
c.
Increased client satisfaction
b.
Reduction in costs
d.
Decreased Revenues
 

 37. 

What key impact will the agent have in low persistency
a.
Increase more business
c.
Will improve reputation
b.
lncreasein the agents eaffliflg
d.
Will have impact in his commission
 

 38. 

Remuneration to agents include
a.
First year commission
c.
Both the above
b.
Renewal commission
d.
Salary and Remuneration
 

 39. 

What is the death benefit if the person has multiple sums assured under different policies?
a.
Death Benefit will be the amount with highest SA policy
c.
Sum of all SA in different policies
b.
No amount will be paid
d.
Not more than 20lacs
 

 40. 

What is the maximum time in which the insurer should settle a claim when all documents are submitted
a.
3 days
c.
30 days
b.
15 days
d.
10 days
 

 41. 

Sh. Chintamani has taken a policy from ABC company on 2nd March 2010, but he died on 18 Aug. 2010. His death claim is considered as-
a.
Normal death claim
c.
Abnormal death claim
b.
Early death claim
d.
Unnatural death claim
 

 42. 

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

 43. 

Consumer Forum at district level will hear complaints up to
a.
20L
c.
1Cr
b.
40L
d.
10L
 

 44. 

Which is NOT the aspect of AML guidelines that are relevant to an agent
a.
Obtain income proof
c.
Proof to establish qualification
b.
Ensuring consistency with investment
d.
Risk profile
 

 45. 

If I RDA is unable to discharge its functions or duties, central govt.
a.
Has power to supersede the IRDAby issuing notification
c.
Has power to supersede the IRDA by issuing draft
b.
Has power to supersede the IRDA by issuing a bill in parliament
d.
Can make changes inlRDAlaw
 

 46. 

After doing need analysis the client is advised to take certain product but he refused. According to ethical business practice whatwill agent do
a.
Enquire about refusal from client
c.
Pass onto superior
b.
Suggestan alternate plan
d.
Pass onto other agent
 

 47. 

Ethics can be defined as
a.
Those values we commonly hold to be goad and right
c.
Astudy of what makes one's own actions right orwrong
b.
Behaviour that is based upon the moral judgements of an individual
d.
All above
 

 48. 

Matters referring to ombudsman?
a.
partial or total repudiation of claims by the insurer
c.
delay in settlement of claims
b.
dispute with regard to premium paid or payable
d.
ALL THE ABOVE
 

 49. 

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
 

 50. 

Ombudsman passes an award within which time
a.
1 month
c.
3 month
b.
2 month
d.
6 month
 



 
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