IC 33 Exam Mock Test 8


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

 1. 

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
 

 2. 

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
 

 3. 

Transfer of Insurance from Insurance Companies is done in favour of
a.
Bancassurance
c.
Reinsurance
b.
TPA
d.
Actuaries
 

 4. 

Foreign Direct Investments in Insurance allowed to the extent of
a.
0.15
c.
0.51
b.
0.25
d.
0.26
 

 5. 

With pooling of risks an insurance company pools the premium collected from several individual to insure them against simile, risks. In what circumstance will the insurance company pool th risk of a life insurance and health insurance together?
a.
Under no circumstance
c.
As directed by Actuary
b.
Under condition ofreinsurance,
d.
Asper company policy
 

 6. 

........... is the basis of contract
a.
Policy bond
c.
Premium
b.
Proposal form
d.
Health report
 

 7. 

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
 

 8. 

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
 

 9. 

Saurabh has taken an endowment policy of 15 yrs with insurance company. He paid premium for4 yrs and could not premium for 5th, 6th yrs. In 7th yrs he approaches the comp to renew the policy. Which option will apply
a.
Policy will be renewed on existing term & condition
c.
Policy maybe renewed on different terms/conditions
b.
Saurabh cannot renew the policy
d.
Saurabh can renew the policy on approval of insurer
 

 10. 

Loan is available for a policy in which there is a feature of
a.
Fund switch
c.
Partial withdrawal
b.
Saving Element
d.
Surrender
 

 11. 

How much insurance can be given to a working person ?
a.
As per Human life Value
c.
50L
b.
10L
d.
1 Crore
 

 12. 

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
 

 13. 

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
 

 14. 

A criminal background person due to financial fraud we underwhich hazard
a.
Physical
c.
Occupation
b.
Moral
d.
Not applicabh
 

 15. 

A Couple has 7 year kid & wants to Buy some Policy. Which is the best suitable policy for his Son?
a.
Only ULIP Plans
c.
only Term Plans
b.
Only Endowment Policies
d.
Child insurance plans can be taken out in the form of endowment plans, money-back plans or ULIPs
 

 16. 

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

 17. 

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
 

 18. 

Weekly payments are generally collected for which type/range Oil plans
a.
Bancassurance
c.
Microinsurance
b.
Health Insurance
d.
Termlnsurance
 

 19. 

De tarrification is a process by which pricing of insurance
a.
Rises
c.
Reaches at a level as per industry trends
b.
Decreases
d.
Insurance can price their product on their SE experiences
 

 20. 

An agent sold two different persons having the same policy term. He declares the commissions to each of them differently one is more than other. Mat should be reason for this difference?
a.
Risk profile of both policyholder different
c.
One selected single premium policy and other has chosen regular premium
b.
Age of both are different
d.
Both have chosen different kind of policies
 

 21. 

Flexibility like partial withdrawals and taking premium holidays is possible with
a.
Fixed deposit
c.
Term Insurance
b.
ULIP
d.
Endowment
 

 22. 

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
 

 23. 

RBI increased interest rates 2 times then the stock prices
a.
Increase
c.
Volatile
b.
Decrease
d.
Same
 

 24. 

What is importance of Health insurance?
a.
meet any medical emergencies
c.
meet expenses post hospitalisation due to loss of income
b.
Major hospitalisation and treatment expenses
d.
All of the above
 

 25. 

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
 

 26. 

The general need for purchasing a health insurance plan at an early age results from which of following factor
a.
The premium decreases with increasing age
c.
The premium may increase or decrease with the increa3I age
b.
The premium remains constant With increasing age
d.
The premium increases with increasing age
 

 27. 

What frequency can one take annuity
a.
Monthly, Quarterly, Half yearly
c.
Fortnightly, Monthly, Half yearly, Yearly
b.
Fortnightly, Quarterly, Yearly
d.
Yearly only
 

 28. 

Under a health insurance policy if a policy holder needs to his no claim bonus how can that be done
a.
Cash encashment
c.
Increase in the cover level
b.
Discount in the next premium
d.
Certain policy exclusion
 

 29. 

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
 

 30. 

Rajiv is married & has 4 year old son. Which insurance plan is suitable for him?
a.
Child plan
c.
pension plan
b.
convertible plan
d.
ULIP Plan
 

 31. 

The sole focus during a client’s fact-find session was healthcare requirements and estate planning. Which main life stage is he most likely to fall into?
a.
Young married couple
c.
Pre-retirement.
b.
Young married with children.
d.
Retirement
 

 32. 

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
 

 33. 

If Sales Target get reduced then Churning will
a.
Increase
c.
Will not affect
b.
Decrease
d.
Partially
 

 34. 

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
 

 35. 

Churning is bad, based on which aspect
a.
Agents earn lower commission on churning
c.
Policy holder suffer due to surrender charges and benefits
b.
Policyholder gets more benefits
d.
Insurance companies get good branding
 

 36. 

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
 

 37. 

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
 

 38. 

Mr.Suresh dies one day before the grace period without paying the premium, what is the claim payable
a.
No claims payable
c.
Sum assured
b.
All premiums paid
d.
Sum Assured less the undue premium
 

 39. 

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
 

 40. 

Which is the right statement regarding claim enquiry?
a.
The insurance company makes enquiry only on death claim
c.
Enquiry will be done on both maturity and death claim
b.
The insurance company makes enquiry on maturity claim only
d.
Enquiry will be done if death happen before one year from policy inception date
 

 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. 

Mr. Feroz has taken a policy for critical illness worti. Rs. 1Ia health,policy. He.also has a term plan worth Rs 10 lac.Mr.. Fe was hospitalised after, hewas detected wthcancer. He died afl .3 dayséf treatment. How the claim will be settled?
a.
Claim of critical illness and 10 lac from term policy will settled
c.
Claim will not be settled as he died due to cancer
b.
Claimof hospital charges Rs 20,000 and I lac for death V be settled
d.
Claim will not be settled as per instruction of underwriter
 

 43. 

When a policy'is lost insurance co. take utmost caréwhilesettling' maturity claim because
a.
Claim may not be genuine
c.
The facts were misrepresented
b.
The. policy may be pledged
d.
Thereis no nomination
 

 44. 

If the complainant is disagreeing with the decision of the company on the claim then he can approach to ombudsman in
a.
1 month
c.
12 weeks
b.
6 weeks
d.
2 months
 

 45. 

Which one-of the section deals with licensing of an agent
a.
Section 42of Ins. Act 1938
c.
Licence section of Ins. Act 1938
b.
Section 42of Ins. Act 1936
d.
Licence section of Ins. Act 1936
 

 46. 

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
 

 47. 

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
 

 48. 

Insurance companies are required to honour the awards passed by the insurance ombudsman within how many days
a.
10 days
c.
20 days
b.
15 days
d.
25 days
 

 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. 

The proposer can withdraw from contract 'y' they disagree with terms/condition of the policy of
a.
15 days from the date of receipt of policy document
c.
25 days from the date of receipt of policy document
b.
20 days from the date of receipt of policy document
d.
days from the date of receipt of policy document
 



 
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