IC 33 Exam Mock Test 6


 
Name: 
 


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

 1. 

Insurance is helps to
a.
Reduce the consequence of adverse situations
c.
Ensure that assets never breakdown
b.
Guarantee that assets are always procutive
d.
Do all of the above
 

 2. 

The amount payable under a life Insurance policy depends on
a.
The income pf the insured person at the time of the claim
c.
The amount of the sum assured
b.
The income of the insured person When he took the insured
d.
None of the above
 

 3. 

An insured person can afford to
a.
Ignore safety person can afford to
c.
Be lenient on controls in warehouses
b.
Be less serious on the packing of goods
d.
Do none of these three
 

 4. 

An insurer, as a trustee, has to ensure that
a.
The life fund is safe
c.
Both of the above
b.
The life fund earns the maximum interest
d.
Neither of the above
 

 5. 

An insurer as a trustee, to give priority to
a.
Policyholders, as a class
c.
The claimant's financial condition
b.
An individual policyholder's difficulties
d.
All of the above
 

 6. 

In a life insurance contract, the beneficiary may be the
a.
The policy holder
c.
The dependents of the life insured
b.
The life insured
d.
All the three mentioned above
 

 7. 

Purpose of taking life insurance would be
a.
To save tax
c.
Investment
b.
Saving habit
d.
Protection
 

 8. 

Which does not include channel of indirect marketing?
a.
Bancassurance
c.
Individual agent
b.
Through intem
d.
lnsurancebrok
 

 9. 

Ramkumar is habitual car racer. What kind of hazard is this?
a.
Physical hazard
c.
Moral hazard
b.
Fraudulent representations
d.
Peril
 

 10. 

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
a.
Premium Return
c.
Premium less charges
b.
Premium with Interest
d.
Nothing as surrender is not allowed before 5 policy years
 

 11. 

Principle of Indemnity applicable to
a.
Life Insurance
c.
Both a & b
b.
General Insurance
d.
Neither a nor b
 

 12. 

Mr. ABC buying Term insurance policy, insurer should mention Ombudsman address in which part of policy document?
a.
operative clause
c.
Information statement
b.
Preamble
d.
schedule
 

 13. 

Husband and wife jointly taking insurance policy what is the reason that they need not mention nominee under this insurance policy
a.
Whole life
c.
Joint Life Policy
b.
Return of premium
d.
Endowment policy
 

 14. 

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

 15. 

Which principle of insurance reduces the impact of financial implication on insurance company
a.
Pooling of risk
c.
Probability
b.
Law of indemnity
d.
Principle of utmost good faith
 

 16. 

Mr. A wants insurance cover . But he is drinks alcohol frequently . What kind of hazard you may categorize?
a.
Physical hazard
c.
financial risk
b.
Moral Hazard
d.
Pure risk
 

 17. 

ii Moral hazard reflects the
a.
Intentions and attitude of proposer
c.
Occupation and residence of proposer
b.
Habits and Hobbies of proposer,
d.
Medical and personal history of proposer
 

 18. 

Where annually increasing flexible premium operate ur insurable what rate of increase will generally apply?
a.
0.025
c.
0.05
b.
0.03
d.
0.075
 

 19. 

Ram has invested Rs. 5000 in PPF and Rs. 1 lac in life insuranc premium in which he will get maximum tax benefit
a.
Life insurance premium
c.
50% on each
b.
PPF
d.
95% on life insurance and 5% on PPF
 

 20. 

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
 

 21. 

A person is holding 100 gold ETF certificates. How many grams of gold does he have?
a.
10-20gms
c.
50-100gms
b.
20-50gms
d.
10 gms
 

 22. 

What is purpose of investing money in debt mutual fund
a.
Easy access
c.
Tax benefit
b.
Fixed income
d.
Liquidity
 

 23. 

Mr. Rao has Rs. 10 lac cash with him he would like to use this amount for his daughters marriage which is going to happen with in nine months. He would like to get some returns from this money in these 9 months. What is the best option to park his money?
a.
Insurance
c.
FD in bank
b.
Shares
d.
Mutual fund
 

 24. 

What is the amount of money a client can take out as a lump-sum from a pension policy?
a.
One-tenth
c.
one-fifth
b.
one-third
d.
half
 

 25. 

If customer has invested money in a pension plan from compafl A and buys an annuity from company B what is the nature transaction?
a.
Lifelong annuity
c.
Reinsuring annuity
b.
Open market
d.
Deferred annuity
 

 26. 

Danny is married and has two children aged 6 & 10. His parents 66 and 70. Who can be included in family floater option of health plan
a.
Only Danny
c.
Danny .his wife and children
b.
Danny&hiswife
d.
Danny's family & his parents
 

 27. 

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

 28. 

A family consisting of husban,wife and two children aged 6 and 10 what kind of insurance plan can be suggested ?
a.
Protection plan
c.
Saving plan
b.
child plan
d.
All of the above
 

 29. 

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
 

 30. 

Perceived needs are
a.
Short term needs
c.
Imagined to be important by client
b.
Imagined to be important by advisor
d.
Long term needs
 

 31. 

Mr. Shanth is in his early 20's and has just started earning. His risk appetite is expected to be
a.
High
c.
Normal
b.
Low
d.
Neutral
 

 32. 

Which is true
a.
Every individual's income and expenditure pattern is same
c.
An individual's income and expenditure has no relation
b.
Every individuals income and expenditure pattern is. different
d.
An individual should not keep in mind his income whiI planning his expenditure
 

 33. 

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
 

 34. 

Churning is considered bad for a customer. Why is it?
a.
Impact of charges on customer fund
c.
Both a & b
b.
Higher commission to advisor
d.
Neither a nor b
 

 35. 

An agent reveals his commission received from insurance sale$ to X and Y. Both plans are of same duration. Why is commission ofXa higherthan that ofY
a.
'X' has bought other limited premium product
c.
‘X’ is married
b.
'Y' has bought a single premium product
d.
'Y' is single
 

 36. 

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
 

 37. 

What ever riding criteria an insurance, agent consider whil proposing a solution
a.
Risk
c.
Flexibility
b.
Suitability
d.
Cost
 

 38. 

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
 

 39. 

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
 

 40. 

Vikas takes insurance policy and dies after B months. If claim needs to be rejected basis of the rejection would be
a.
Suicide
c.
Death due to accident
b.
Murder
d.
Body notfound
 

 41. 

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

 42. 

As perAML regulation, it allows cash premiums not over than
a.
20000
c.
5000
b.
25000
d.
50000
 

 43. 

Under MWP Act who can be beneficiaries
a.
Wife alone
c.
Wife/children
b.
One/more children
d.
All above
 

 44. 

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
 

 45. 

what is the maximum level of complaint that can be considered and taken action by ombudsmen
a.
20 lac
c.
30 lac
b.
25 lac
d.
50 lac
 

 46. 

Which council among following focus on creating a positiv. image of insurance industry and would also like to enhance the Which council among following focus on creating a positiv. image of insurance industry and would also like to enhance the Which counc
a.
Life Insurance Council
c.
National insurance Council
b.
Consumer Insurance Council
d.
General Insurance Council
 

 47. 

Raju is a certified licence holder. Under what circumstance he needs to hold his certified licence with him that is issued by IRDA
a.
Under all circumstance
c.
When he represents himself to another insurer
b.
When he sells term insurance
d.
When he sells pension policies
 

 48. 

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

 49. 

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
 

 50. 

A person has been allowed to be an agent dispite the fact that he was prosecuted and jailed for some fraud charges. What would be reason?
a.
He had vouched for honesty later
c.
5 years period expired after completing imprisonment
b.
His age was below 21 years
d.
He had to pay Rs. 2000aSpenalty
 



 
Check Your Work     Start Over