IC 33 Exam Mock Test 7


 
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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. 

Insurance works on the principle of
a.
Trust
c.
Randomness
b.
Sharing
d.
All of the above
 

 3. 

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
 

 4. 

Life insurance is better than other avenues of saving in respect of
a.
Appricaition
c.
userfulness in emergency
b.
Tax benefits
d.
All the above
 

 5. 

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
 

 6. 

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
 

 7. 

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
 

 8. 

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
 

 9. 

Where insurable interest is missing
a.
Surety-cosurety
c.
Husband-wife
b.
Employee-errployer
d.
Brother-sister
 

 10. 

Before submitting the proposal. f= i m to company, Shyam informed his agent that he is not sure whether he can pay premium for 15 yrs. How it affects the contract
a.
Consideration
c.
Consensus ad idem
b.
Capacity
d.
Offer and acceptance:
 

 11. 

What does indemnity means
a.
To compensate a loss
c.
To-encash probability of loss
b.
To prevent a loss
d.
To avoid a loss
 

 12. 

What are the factors involved in calculating surrender value
a.
Number of year's premium paid
c.
Sum assured
b.
Number of premium payable
d.
All of above
 

 13. 

Saurav is working in MNC at the age of 32 bought an end( plan. He had nominated his I yrs old daughter sanvi but cc get signature of her appointee, spouse. After 5 year, he road accident, now claim money would be payable to
a.
Nominee only
c.
Appointee only
b.
Legal heir of life assured
d.
Will be payable to Sanvi at the age of 18th
 

 14. 

Jyoti is submitting a copy of her permanent account num as age proof for buying an money back plan her age considE
a.
Non standard age proof
c.
An address proof
b.
Standard age proof
d.
Proof of income tax pa er
 

 15. 

Income replacement methods equates human life value (HLV) to
a.
Future value of present earning
c.
Present value of previous earning
b.
Present value of future earning
d.
Future value of previous earning
 

 16. 

Which one of the following bonuses is given by insurer as an incentive-to the insured for long term
a.
Simple revisionary bonus
c.
Persistency bonus
b.
Compound revisionary bonus
d.
Interim bonus
 

 17. 

Ramesh bought an endowment plan for ten years. He pays same amount in every year is called
a.
Gross premium
c.
Risk premium
b.
Level premium
d.
Net premium Fal
 

 18. 

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

 19. 

Customer has opted for a 5 yrs guaranteed annuity option. What will happen to annuity, if the customer survives for 5 yrs after the end of guarantee period?
a.
Paid up to 75yrs
c.
Till hedie
b.
Annuity will be continued for next 5 years
d.
Not remembered
 

 20. 

Term Insurance plan will give
a.
Only death benefit
c.
Only bonus benefit
b.
Only maturity benefit
d.
Only taxbenefit
 

 21. 

Which option is not correct with regard to joint life insurance plan
a.
Plan offer insurance coverage for two persons in one policy
c.
Each life will be underwritten separately
b.
This plan is ideal for brother & sister.
d.
Ajoint life policy may cover a partner in business under one policy
 

 22. 

A person Wants to invest in a FD for Tax benefit , How many years he has to take the term of the FD ?
a.
5 year
c.
3 Year
b.
4 year
d.
2 Year
 

 23. 

Suresh wants to transfer his physical gold to gold exchang traded fund. In relation to access this change will
a.
Not hedge against inflation
c.
Reduce his encashment for next six month
b.
Decreae his liquidity
d.
Insurance against uncertainties
 

 24. 

With this type of deposit the bank pays the principal and total interest at the end of the term
a.
Traditional deposits
c.
Cumulative deposit
b.
Recurring deposit
d.
Term deposit
 

 25. 

In which of the following bank pays the interest on deposits fu on monthly quarterly/half yearly/yearly basis as chosen depositorfund.
a.
Saving Deposit
c.
Traditional Deposit
b.
Cumulative Deposit
d.
Fixed Deposit
 

 26. 

Who will maintain mutual fund schemes?
a.
Mutual fund management societies
c.
Assets management companies
b.
Mutual fund management system
d.
Assets management company ltd
 

 27. 

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
 

 28. 

What will be maturity benefit under health insurance plan
a.
Fund value
c.
Paid premium with interest
b.
Paid premium
d.
No maturity benefit
 

 29. 

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
 

 30. 

In daily hospitalisation cash benefit scheme
a.
The daily amt paid is fixed and will never be more or than cost of actual treatment
c.
The insurance company will pay for doctor consultation incurred prior to hospitalisation
b.
The insurance company may pay an additional amounto daily basis if the insured is admitted to the intensive care (ICU)
d.
included in dailyhospitaliSa,
 

 31. 

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
 

 32. 

What are the benefits to the policyholder under surgical care rider
a.
Number of days admitted in hospital and surgery expenses in full
c.
Treatment cost of surgery subject to terms & condition
b.
Number of days admitted in hospital and surgery expenses in partial
d.
Lump sum amount for what he has insured
 

 33. 

Which one of the following cannot be covered under critical illness rider
a.
Blindness
c.
Coma
b.
Paraplegia
d.
Brain Surgery
 

 34. 

In what situation 'Waiting period' is applicable in health insurance?
a.
Immediate Care
c.
Preexisting illness
b.
Medical Examination
d.
Permanent exclusion E9
 

 35. 

Why do self employed individual have need to buy medical insurance rather than people working in public sectors
a.
Public sectors employees do not get sick often
c.
Self employed people do not have sick leave
b.
Public sector employees enjoy medical insurance covers related to job
d.
Loans are available faster for public sector employees
 

 36. 

Objective of fact-finding
a.
Client need analysis
c.
For completing ACR
b.
Product pitching
d.
To find out moral hazard
 

 37. 

Mr. Alexzender has been approached by the agent and on fact finding the score is 3, this represents
a.
Low risktaking
c.
Moderate risk taking
b.
nigh nsktaking
d.
Zero risk taking
 

 38. 

A satisfied client will lead to
a.
Word of mouth publicity for the agent
c.
More reference generation for the agent
b.
Chances of up selling
d.
All the above
 

 39. 

For an insurance agent, a low persistency ratio means
a.
Loss of renewal commission
c.
Higher reputation
b.
High client satisfaction
d.
More earning of first year commission
 

 40. 

Avoiding short-term surrender i.e. persistency benefit whom most
a.
Insurer
c.
Client
b.
Agent
d.
All above
 

 41. 

If a person is missing then after how many years will he be considered as dead & SA paid to the nominee.
a.
5
c.
10
b.
7
d.
12
 

 42. 

Client died in 89th day from DOC. In which category he is not eligible for claim
a.
Murder
c.
Accident
b.
Deep Illness
d.
Suicide
 

 43. 

Mr. Customer has taken a policy and died before receiving the document which was dispatched by the insurer.
a.
Entitled for full claim
c.
Not entitled
b.
Entitled for partial claim
d.
Return of Premium
 

 44. 

After maturity in a ULIP customer does not get maturity amoUntk. lump sum. What is the possibility of receiving it in instalments ifI is not  annuity plan?
a.
He has switched his fund
c.
He hasredirected his past premium
b.
He has opted for settlement option
d.
Policy was lapsed at the time of maturity
 

 45. 

Which one of the report is not considered in case of Pankaj bought aplan in 2009 and died in road accident in 2011.
a.
Police first information report
c.
Postmortem report
b.
Advisor confidential report
d.
Coroner's report
 

 46. 

What are the circumstances in which the insurer may refuse to pay claim?
a.
If policy was not inforce when event occurred.
c.
The claim was fraudulent
b.
An excluded condition applied to loss
d.
Any or all of above
 

 47. 

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

 48. 

What is the role of National Insurance Academy?
a.
To regulate
c.
To undertake training activities
b.
To advise Government
d.
To Advertise globally on Indian Insurance
 

 49. 

The face of the life insurance industry in India is
a.
Life Insurance Council
c.
IRDA
b.
Life Insurance Corporation
d.
Insurance int. of India
 

 50. 

Complaint council bodies other than IRDA grievance readdress forum & COPA
a.
Ombudsman
c.
Insurance Association
b.
Insurance Institute of India
d.
FERA
 



 
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