IC 33 Exam Mock Test 9


 
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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. 

Life insurance is arranged because
a.
some one may die
c.
Of both the above reasons
b.
Some one may live
d.
Of neither of the above reasons
 

 3. 

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
 

 4. 

Reinsurance is the name given to
a.
An individual taking insurance for the second time
c.
Both the above situaton
b.
An insurer placing insurance with another insurer
d.
Neither of the above situations
 

 5. 

Aprofessional insurance marketcarnies
a.
Need based selling
c.
Commission based selling
b.
Product based selling
d.
Company based selling
 

 6. 

What is the death benefit if the person has multiple sums assured under different policies?
a.
Sum Assured will be paid as total of all insurance plans
c.
No SA will be Paid.
b.
Sum Assured will be paid for only one plan with highest SA
d.
None of the above
 

 7. 

Prabhu, a businessman taken a term insurance for Rs. 30 lacs for 30 yrs. It is a example for
a.
Risk retention
c.
Riskavoidance
b.
Risktransfer
d.
Risktolerance
 

 8. 

Utmost good faith will operate in existing policy
a.
Every time premium is paid
c.
If insured person falls sick and admitted to hospital
b.
If policy has lapsed and it has to be revived
d.
If the insured person changes his job
 

 9. 

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
 

 10. 

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
 

 11. 

In utmost good faith, the principle applies equally on both proposer and insurer, but law sees - th main party to contract for material facts.
a.
Agent
c.
Broker
b.
Insurance company
d.
Proposer
 

 12. 

A policyholder takes a insurance contract for 30 yrs and threduces after25 yrs. What could be the likely reason
a.
Bonus not accumulated
c.
Policy made paid up
b.
Age proof was wrong substantially
d.
ltisaULlP
 

 13. 

The obligation of insurer for the whole life policy mentioned in
a.
Operative clause
c.
Proviso
b.
Preamble
d.
Endorsement
 

 14. 

Shailendra has an endowment policy of 30 years. He could pay premium for eight year. Sum assured Rs. 8,00,000 and vested bonus is Rs. 60,000. What is the paid up value
a.
213333
c.
273333
b.
229333
d.
293333
 

 15. 

What is done in the free look in period or cooling off period
a.
Returning policy by speed post
c.
Not issuing receipt
b.
Delaying the payment
d.
Withdrawing from contract within 15 days
 

 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. 

Vishal and Sandeep applied for a health plan in xyz life insuran company Vishal is asked to undergo a medical checkup I Sandeep is not asked for. What will be most possible reason?
a.
Sandeep has taken another policy from xyz life insurar company
c.
Sandeep is earning more than Vishal
b.
Vishal is older than Sandeep
d.
Vishal is working in a MN
 

 18. 

Mr. Kumar's wife is suffering from blood cancer. Doctors lost their hope on her live. Mr. Kumar would like to take life insurance policy on wife's name in order to get monetary benefit. Insurance company rejects this proposal on grounds of
a.
Anti money laundering
c.
Capacity of paying future premiums
b.
Legality of objector purpose
d.
All of above
 

 19. 

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

 20. 

Krishna and Laxmi are married having 7 years old child. Which policy will satisfy the long term protection needs for both
a.
Endowment
c.
Term Insurance
b.
Money back
d.
Child Investment policy
 

 21. 

What is the special feature of ulip that ensures customer risk profile for long time insurance policies
a.
Fund switching
c.
Premium holiday
b.
Partial withdrawal
d.
Riders
 

 22. 

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

 23. 

Whose signature is required on the attestation of the polic
a.
Agent
c.
Authorised official of insurer
b.
Policyholder
d.
Proposer
 

 24. 

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
 

 25. 

In group insurance plans contract of insurance between
a.
Ernployer&Insurer
c.
Employee&lnsurer
b.
Employer&Employ4
d.
Employer&Employ4
 

 26. 

A person holding master policy which shows that a plan under is taken
a.
Convertible policy
c.
Group insurance
b.
Joint policy
d.
Child plan
 

 27. 

Under which section of the Income Tax Act can an individual get a deduction from taxable income for the
a.
S. 80D
c.
S 80E
b.
S. 80C
d.
S. 80F
 

 28. 

What is the frequency of interest in Cumulative deposit account
a.
Monthly
c.
Half Yearly
b.
Quarterly
d.
Yearly
 

 29. 

As an investment diversification Bela invested in ETF. What would be the weightof gold in 100 units
a.
5/10gm
c.
15/20 gm
b.
50/100gm
d.
10/20 gm
 

 30. 

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
 

 31. 

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
 

 32. 

While calculating pension figures, required at the time of retirement, two factors should be considered while planning, One is  taxation and other is
a.
Health
c.
Inflation
b.
Charges
d.
Interest rates
 

 33. 

Critical illness rider was taken and the rider benefit has been claimed, the rider benefit now gets
a.
Reduced the base SA
c.
Continues as it is
b.
Terminated
d.
New Cl Rider has to be added to base policy
 

 34. 

In a guaranteed annuity option of 5 yrs the policy holder will get annuity till
a.
Entire life term
c.
Annuity only for 5yrs
b.
Ttffjrs and continue till annuitant lives
d.
Premium payment term
 

 35. 

Manoj a 26 yrs old is having 7 years old son. What will happen to his monthly disposable income after 15 years of job
a.
Marginally decrease
c.
Less after l5years
b.
Significantly increase
d.
Wdlremainsame
 

 36. 

Acouple has 7 year old son. What solution would they be looking for
a.
Retirement
c.
Child education
b.
Health care
d.
Life cover
 

 37. 

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
 

 38. 

Why building long term relationship with clients is necessary
a.
A satisfied client may be source of other potential client$
c.
Agent has option to recommending highest ommissiofl
b.
Previewing financial needs and, plans are necessaryW changes
d.
ntroduction of a new insurance, product on a chafl client is circumstance
 

 39. 

The delay in settling claim by any insurance co, as per IRDA norms has to pay....% if the present bank interest rate is 5.2%
a.
0.07
c.
0.072
b.
0.085
d.
0.082
 

 40. 

The delay in settling claim by any insurance company as Pø: IRDA norms has to pay _% if the bank rate was 5.2% durin9 the claim pd.
a.
0.07
c.
0.072
b.
0.09
d.
0.08
 

 41. 

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
 

 42. 

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

 43. 

AML programme of every insurer to include - a part from procedure training and audit
a.
procedure training and audit
c.
Appointment of principal compliance officer
b.
Audit by finance ministry
d.
Inspection by Auditor general
 

 44. 

Karthik written to his insurer about non settlement of a maturity claim, as per regulations, the insurer has to reply to this within how many working days
a.
3
c.
7
b.
5
d.
10
 

 45. 

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

 46. 

What is the maximum stake can foreign company has in one." insurance company in India?
a.
20%
c.
0.24
b.
0.26
d.
0.76
 

 47. 

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
 

 48. 

According to IRDA agent's code of conduct what is the best method of showing the amount of commission earned by the advisior
a.
Signed copy of sales illustration
c.
Hand written declaration by agent
b.
Brochure
d.
Verbal communication to customer
 

 49. 

For an insurance advisor churning is_Practice
a.
Good
c.
Compulsory
b.
Bad
d.
Appreciable
 

 50. 

Ravi was expecting a claim amount of Rs. 12 lac from insurer. But it was rejected. He feels that it is repudiated on wrong reasons, Which consumerforum can he approach?
a.
National commission
c.
State level
b.
District level
d.
High level
 



 
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