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IN IC 14 – REGULATION OF INSURANCE BUSINESS

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‘REAL FEEL’ TIMED EXAM

WWW.TOP4SURE.IN IC 14 – REGULATION OF INSURANCE BUSINESS

‘REAL FEEL’ TIMED EXAM

Please complete this test in 2 hours to test your preparation.

Question1 To protect the interest of _______ , the Law commission has recommended that after the
expiry of five years, no policy of life insurance can be repudiated on any ground.
(a) Agent who sold the policy
(b) Collector
(c) Nominee
(d) Policy holder
(e) Insurer

Correct Answer Policy holder

Answer Explanation Section 45 of the Insurance Act has made this provision for the protection of policy holder’s
interest.

Question2 Any refund of premium which may become due will be paid directly to the ______ .
(a) Insurer
(b) Insured
(c) Policy Holder
(d) Company
(e) Institution

Correct Answer Insured

Answer Explanation In case of any refund of premium, the insurer would refund the same directly to the
insured by way of crossed cheque, order cheque or by postal money order.

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Question3 A micro insurance agent shall:

(a) Have at least worked for 10 years in insurance
(b) Employ specified persons with the prior approval of the insurer
(c) Be males only
(d) Not be bound by the rules and regulations of IRDAI
(e) All of the above

Correct Answer Employ specified persons with the prior approval of the insurer
Answer Explanation As per IRDA Micro-Insurance Regulations 2005, a micro insurance agent shall employ
specified persons with the prior approval of the insurer.

Question4 The value of services and compensation claimed under National Commission is _______ .
(a) Up to Rs. 20 lakhs
(b) More than Rs. 20 lakhs but less than Rs. 1 crore
(c) More than Rs. 1 crore but less than Rs. 2 crores
(d) More than Rs. 1 crore
(e) All of the above

Correct Answer More than Rs. 1 crore

Answer Explanation Different forums/ commissions have their own financial jurisdictions. Under National
Commission, it is more than 1 crore.

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Question5 In India, the foreign exchange regulations apply only if the ________ and the ________ are
non-resident.
(a) Life insurer, Life insured
(b) Applicant , Life insurer
(c) Life insured, Claimant
(d) Life insured, Bank
(e) Applicant, Claimant

Correct Answer Life insured, Claimant

Answer Explanation

Question6 The switching charge is ___________ .

(a) 0.5% of annualized premium
(b) 1% of annualized premium
(c) A flat amount per movement
(d) Percentage of money moved
(e) None of above

Correct Answer A flat amount per movement

Answer Explanation Switching is transfer of money from one fund to another. A flat amount per switch is levied
at the time of effecting such switching. For example: Rs. 100 per switch.

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Question7 Who shall have no jurisdiction in cases relating to third party motor vehicle insurance and
marine Insurance ?
(a) Consumer authority
(b) Grievance Redressal Authority
(c) Consumer commission
(d) Consumer councils
(e) Consumer group

Correct Answer Grievance Redressal Authority

Answer Explanation The CPA & Ombudsmen were not effective for dealing certain complaints of the policy
holder. The GRA was substituted to deal for such complaints. However, the GRA has no
jurisdiction to deal with motor TP cases.

Question8 The 'Prudential Investment Norms- Compliance Report’ is to be submitted on a ______

basis.
(a) As and when demanded
(b) Half yearly
(c) Yearly
(d) Quarterly
(e) Monthly

Correct Answer Quarterly

Answer Explanation

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Question9 What does the Consumer Protection (amendment) Act cover ?

(a) Covers all goods and services
(b) Covers all services but no goods
(c) Covers all goods but no services
(d) Covers only goods and services made in India
(e) None of the above

Correct Answer Covers all goods and services

Answer Explanation The most pragmatic feature of the Act is the recognition of consumers' right to be informed
about the quality, purity, standard and price of goods and services.

Question10 _______ section of IRDAI Act lays down its duties, powers and functions.
(a) Section 14
(b) Section 24
(c) Section 34
(d) Section 44
(e) Section 54

Correct Answer Section 14

Answer Explanation Section 14 of IRDA Act, 1999 lays down the functions, powers & duties of IRDA.

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Question11 Returns on ULIPs are tax free in France, if duration of policy is at least ____ years.
(a) 3
(b) 5
(c) 8
(d) 10
(e) 12

Correct Answer 8
Answer Explanation In France, the duration of the unit linked policy must be at least 8 years to qualify for tax
relief. In Germany its 12 years.

Question12 Which caption should be prominently seen on all micro insurance products ?
(a) General insurance product
(b) Property insurance product
(c) Micro insurance product
(d) Non-Life insurance product
(e) Life insurance product

Correct Answer Micro insurance product

Answer Explanation As per IRDA Micro-Insurance Regulations 2005, under “File & Use”, every micro-insurance
product shall prominently carry the caption “Micro-Insurance Product”.

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Question13 On what grounds is the repudiation of the policy not permitted ?

(a) Mis-statement
(b) Disloyalty
(c) Distrust
(d) Suppression of material fact
(e) Fraud

Correct Answer Disloyalty

Answer Explanation Disloyalty cannot be reason of repudiation of life policy. The other actions of the life
assured may prejudice the claim if the cause arises within 2 years of the issue of the policy.

Question14 Those nominees who are alive on the date of the death of the life assured only will get the
_______ .
(a) Gross money
(b) Policy money
(c) Whole money
(d) Net money
(e) Lump sum money

Correct Answer Policy money

Answer The amount secured by the policy would be payable i. e. policy money, where the nominee is
Explanation alive on the death of the life assured.

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Question15 Its the duty of every insurer to inform and keep informed periodically the insured on the
requirements to be fulfilled by the insured regarding lodging of a _______ arising in terms
of the policy and the procedures to be followed by him/her to enable the insurer to settle a
claim easily.
(a) question
(b) query
(c) claim
(d) complaint
(e) feedback

Correct Answer claim

Answer Explanation

Question16 The cover premium charges in case of ULIPs is dependent on _______ .

(a) Policy plan agreement
(b) Unit
(c) Premium
(d) Age
(e) Discount in premium involved

Correct Answer Age

Answer Explanation Age is vital determinant in life insurance. With the advancement of age the insurability
recedes & the premium thereof is dependent upon the age of the proposer.

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Question17 Who can the complaint be under the pre-requisite conditions?

(a) The Insurer
(b) An aggrieved individual who has taken an insurance policy
(c) Proposer
(d) The Policy holder’s collector

Correct Answer An aggrieved individual who has taken an insurance policy

Answer Explanation An aggrieved individual who has taken an insurance policy on a personal line of insurance,
can complaint to an Insurance Ombudsman.

Question18 As per the 'Protection of Policy holders interests guidelines’ the ‘Maximum Turn Around
Time’ specified for Post policy issue service requests concerning mistakes / refund of
proposal deposit is _____ .
(a) 2 days
(b) 5 days
(c) 7 days
(d) 10 days
(e) 15 days

Correct Answer 10 days

Answer Explanation For any post policy issue service-related requests, the time limit given the policy holder’s
protection is 10 days.

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Question19 ________ does not come under the preview of IRDAI.

(a) Adequate information about products and services
(b) Setting minimum and maximum service charges
(c) Funding long term growth of the insurance industry
(d) Enforcing transparency and efficiency in working
(e) Speedy settlement of claims

Correct Answer Speedy settlement of claims

Answer Explanation Speedy settlement of the claims is one of the primary functions of any insurer. For any
deficiency in services including delay in settlement, the policy holder can go to CPA or
Ombudsman for redressal of such deficiency in service.

Question20 The full form of ACR is ______ .

(a) Annual CA's Reports
(b) Annually Collected Revenue
(c) Alternate Conflict Resolution
(d) Association for Consumer Relations
(e) Annual Confidential Reports

Correct Answer Annual Confidential Reports

Answer Explanation

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Question21 ______ is a pre-requisite condition for lodging a complaint.

(a) The total relief sought must be within an amount of Rs 20 lakh
(b) Subject matter of the complaint should not currently be or have earlier been before a Court
/ consumer forum
(c) The complaint must be by an individual on a ‘personal lines’ insurance and within the
terms of reference of the Insurance Ombudsman
(d) All of the above
(e) None of the above

Correct Answer All of the above

Answer Explanation The Central Govt. has made Public Grievances Rules, 1998. These rules apply to life &
general insurance for redressal of complaints where all above three conditions apply.

Question22 ________ deals with the disputes between insurer and insurer.
(a) Consumer commission
(b) Grievance Cell
(c) Grievance Redressal Authority
(d) Consumer councils
(e) Consumer groups

Correct Answer Grievance Redressal Authority

Answer Explanation Since the Ombudsman & CPA were not effective in dealing with the complaints, Law
Commission recommended formation of Grievance Redressal Authority (GRA) to deal with
the complaints.

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Question23 The books of accounts of insurance companies have to be maintained as per the guidelines
of ______ .
(a) RBI
(b) Insurance company's head office
(c) IRDAI
(d) Insurance regulating bodies
(e) Ministry of corporate affairs

Correct Answer IRDAI

Answer Explanation Section 14 of the IRDA Act, 1999 lays down certain powers & functions of IRDA. It includes
of specifying the form & manner in which books of accounts shall be maintained.

Question24 ULIPs may provide some protection against the ultimate benefits that are being _________.
(a) Eroded by inflation
(b) Depleted by recession
(c) Added by deductions
(d) Incremented by appreciation
(e) Reduced by taxation

Correct Answer Eroded by inflation

Answer Explanation The NAV of an ULIP depends on the performance of the fund which is mostly invested in
stock market. Although losses may occur chances are that returns will beat inflation in the
long run.

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Question25 As per Sec 45 of Insurance Act, a life insurance policy commenced before the Act was
regulated, shall automatically expire after _______ from the date of its commencement.
(a) 1 year
(b) 2 years
(c) 3 years
(d) 5 years
(e) 7 years

Correct Answer 2 years

Answer Explanation

Question26 The full form of GIBN is _____ .

(a) General Insurance Buy-out Notifications
(b) General Insurance Bonus Nationalization
(c) General Insurance Business Notification
(d) General Insurance Budget Notifications
(e) General Insurance Business Nationalization

Correct Answer General Insurance Business Nationalization

Answer Explanation It is popularly known as GIBNA (Amendment) Act, 2002. It states that GIC shall cease to
control, superintend & carry on the business of general insurance & shall carry on
reinsurance business only.

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Question27 As per IRDA guidelines for ULIPs, all ULIPs have uniform /level paying premiums whereby
additional payments will be treated as -
(a) premium top-up
(b) extended premium
(c) new premium
(d) single premium
(e) lock-in premium

Correct Answer single premium

Answer Explanation As per IRDA September 2010 guidelines for ULIP’s, all insurance companies are to comply
these guidelines which states that all ULIPs have uniform /level paying premiums whereby
any additional payments will be treated as single premium.

Question28 The maximum reduction in yield (Difference between Gross and Net yield % p. a.) for 15
years and thereafter elapsed since inception is _______ .
(a) 4%
(b) 3.75%
(c) 3.30%
(d) 2.50%
(e) 2.25%

Correct Answer 2.25%

Answer Explanation As per IRDA September 2010 guidelines for ULIP’s, for 15 years or more elapsed since
inception, maximum reduction in yield (Difference between Gross and Net yield (% p.a.) is
2.25%

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Question29 During the free look period, if the customer is not satisfied, he will be required to send the
original documents of the insurance policy along with ________ to the customer service
department.
(a) Affidavit
(b) Proposal form
(c) Covering letter
(d) Apology letter
(e) Application form for its cancellation

Correct Answer Application form for its cancellation

Answer Explanation Under protection of policy holders’ interest, if the customer is not satisfied with the policy,
he can return the policy within 15 days along with an application for its cancellation.

Question30 KYC means _______ .

(a) Know your country
(b) Know your customer
(c) Know your company
(d) Know your client
(e) Know your cash

Correct Answer Know your customer

Answer Explanation KYC is the process of identifying the genuine & legitimate customer who does not have any
fraudulent intentions. It is done by collecting certain vital documents of proof.

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Question31 An appeal can be made in Supreme court against the order of National Commission within
______ .
(a) 5 days
(b) 15 days
(c) 30 days
(d) 45 days
(e) 60 days

Correct Answer 30 days

Answer Explanation

Question32 ________ is not mandatory to be submitted under KYC norms.

(a) Purpose of contract
(b) Verifiable address
(c) Copy of sale deed
(d) Bank statements
(e) Recent photographs

Correct Answer Copy of sale deed

Answer Explanation Copy of sale deed doesn’t come under KYC norms as it does not fulfill any of the KYC
norms. Its merely an agreement of sale between 2 persons.

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Question33 What determines the sum assured?

(a) The lock-in period of the policy
(b) The income of the insured
(c) The policy term
(d) The age of the insured
(e) The premium payment frequency ie. Yearly, half yearly etc.

Correct Answer The age of the insured

Answer Explanation Age is important factor for insuring the life of a person. For example, under whole life
insurance, the lower the age at entry higher would be the Sum Assured & vice versa.

Question34 The functions of the Executive Committee of the Life Insurance Council is to intimate the
IRDAI if any insurer shows prejudice to a ______ .
(a) Intermediary
(b) Employee of the insurance company
(c) Nominee
(d) Policy holder
(e) None of above

Correct Answer Policy holder

Answer Explanation The functions of the Executive Committee of the Life Insurance Council include - to bring to
the notice of the IRDA the case of any insurer acting in a manner prejudicial to the interests
of the holders of life insurance policies.

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Question35 Under section _____ of the Insurance Act, life insurance policies are repudiated.
(a) Section 44
(b) Section 45
(c) Section 46
(d) Section 47
(e) Section 48

Correct Answer Section 45

Answer Explanation

Question36 What is the minimum term of cover in health insurance?

(a) 1 year
(b) 2 years
(c) 3 years
(d) 5 years
(e) 7.5 years

Correct Answer 1 year

Answer Explanation

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Question37 When a nomination made specifically under Sec 39 of the Insurance Act, the Provision of
Section 6 of M W P Act 1874 is not applicable to nomination in favour of _____ .
(a) Spouse
(b) Grandparents
(c) Wife and / or children
(d) Children
(e) Wife

Correct Answer Wife and / or children

Answer Explanation

Question38 Which of these products is not a viable as a standalone insurance product.

(a) Micro insurance
(b) Endowment
(c) Money back policy
(d) Group insurance
(e) Pension and Group schemes

Correct Answer Micro insurance

Answer Explanation Micro insurance cannot be a stand-alone insurance product as the micro agent is required
to be associated with one life insurer & one general insurer.

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Question39 If death happens during the contestable period, any claim based on the policy can be
challenged on the grounds of ________ .
(a) Legal statement
(b) Mis-statement
(c) Fraudulent statement
(d) Incorrect statement
(e) False statement

Correct Answer Legal statement

Answer Explanation

Question40 The minimum amount of cover in a Term Insurance is ______ .

(a) Rs. 3500
(b) Rs. 5000
(c) Rs. 6200
(d) Rs. 7500
(e) Rs. 10000

Correct Answer Rs. 5000

Answer Explanation

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Question41 What is the lock in period for ULIPs during which period no partial withdrawals or
surrenders are allowed ?
(a) 2 years
(b) 5 years
(c) 7 years
(d) 10 years
(e) 11 years

Correct Answer 5 years

Answer Explanation As per IRDA September 2010 guidelines for ULIP’s, all insurance companies are to comply
these guidelines increasing the lock-in period from 3 years to 5 years during which no
partial withdrawals or surrenders are allowed.

Question42 What is the minimum fine in case of a complaint filed against a person accused of
deficiency of service by Consumer forums and not following their order?
(a) Rs 2000
(b) Rs 3000
(c) Rs 5000
(d) Rs 7500
(e) Rs 10000

Correct Answer Rs 2000

Answer Explanation The minimum fine is Rs 2000 and the maximum fine is Rs. 10,000 or the person can be
imprisoned also for minimum 1 month & maximum 3 yrs.

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Question43 No relaxation in premium issues is allowed for

(a) Aircraft hulls and other aviation risks
(b) National agriculture insurance scheme
(c) Issued to students availing Govt. scholarship
(d) Govt. and Semi Govt. bodies
(e) Issued to personnel of armed forces

Correct Answer Aircraft hulls and other aviation risks

Answer Explanation Aircraft hulls and other aviation risks are the risks associated with very high sum insured &
premium. It belongs to effluent section of the society. Therefore, no relaxation in premium
is allowed.

Question44 Who will make rules to regulate the procedure for the investigation of misbehavior or
incapacity of the President and Members of the GRA ?
(a) National Government
(b) Central Government
(c) State Government
(d) District Government
(e) Local Government

Correct Answer Central Government

Answer Explanation

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Question45 Which of the undermentioned statement(s) is/are false ?

(a) Unorganized sector is not included in social sector
(b) An agent’s trustworthiness is not affected even if a claim is repudiated
(c) The insurance agent works according to the schedule of the insurance company
(d) The social sector is only in the urban areas
(e) All of the above

Correct Answer All of the above

Answer Explanation The Social sector also includes unorganized sector in rural areas. An agent gives the
confidential report of the proposer & the repudiation of claim therefore effects his
reputation.

Question46 What is the core aspect to determine the extent of required insurance coverage called?
(a) Net asset life element
(b) Human asset value element
(c) Net asset value element
(d) Human life value element
(e) Human net asset element

Correct Answer Human life value element

Answer Explanation Fundamental core element of life insurance is human life value. It is vital factor to
determine the required life insurance coverage.
The human life value concept deals with human capital, which is a person’s income
potential. It goes beyond just the numbers, and considers the overall impact of losing
someone, especially the breadwinner.
Human Life Value’ is a methodology used to calculate the amount of funds an individual
should set aside for his dependants’ future financial security (in case of his sudden demise
or physical incapability to earn).

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Question47 _______ risks are covered under annual insurances connected with aircraft hulls, aviation
risks and marine hulls.
(a) Legal liability to passengers
(b) Aviation risks
(c) Aircraft hulls
(d) All of the above
(e) None of the above

Correct Answer All of the above

Answer Explanation Under annual insurance cover connected with aircraft hull, marine hull & aviation risk,
covers legal liability to passengers along with aviation hull liability, the premium may be
collected in maximum four installments.

Question48 A life assured can appoint an appointee to receive policy moneys on behalf of the _______
.
(a) Shareholders
(b) Sub agent
(c) Company officers
(d) Minor
(e) Major

Correct Answer Minor

Answer Explanation An appointee has to be appointed to receive the policy money on behalf of a minor.

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Question49 When there is a mis-statement or suppression of a material fact, the premiums collected
on the policy till the date of repudiation of life policy will be liable to be returned to the
________ .
(a) Insurance Agent
(b) Nominee
(c) Legal representatives
(d) Insurer
(e) Policy holder

Correct Answer Policy holder

Answer Explanation In case the policy is called in question within 3 years from the date of issuance on the
ground of misrepresentation or suppression of a material fact not amounting to fraud, the
premiums collected under the policy upto the date of repudiation are to be refunded to the
policyholder.

Question50 As per IRDAI, a policy shall not be voided only because of any ________ .
(a) False statement
(b) Fraudulent statement
(c) Legal statement
(d) Mis-statement
(e) Incorrect statement

Correct Answer Incorrect statement

Answer Explanation The incorrect statement is done inadvertently but not intentionally. It may not be
intentional/ fraudulent statement. The policy therefore cannot be voided.

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Question51 In relation to money laundering, APG stands for ______ .

(a) Anti Peso Group
(b) Asia Profiteering Group
(c) Asia Pacific Group
(d) Advanced Pentagon Group
(e) Anti-Pacifist Group

Correct Answer Asia Pacific Group

Answer Explanation Apart from Financial Action Task Force (FATF), AGP makes concerted efforts towards Anti
Money Laundering.

Question52 Insurance of ______ is provided by the Inland Steam Vessels Act.

(a) Passenger Ships like cruises
(b) Cargo ships
(c) Inland vessels
(d) All Inland water transport
(e) Submarines

Correct Answer Inland vessels

Answer Explanation The Inland Steam Vessels Act 1907 amended in 2007 was enacted to facilitate the
extension and usage of inland waterways by vessels. The Act came into force from 21
February 2008

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Question53 The Free Look option has to be exercised in ____ days.

(a) 5
(b) 10
(c) 12
(d) 15
(e) 25

Correct Answer 15
Answer Explanation

Question54 With respect to membership of life insurance council, which of the following statements is
NOT true ?
(a) The Chairman has to be nominated by IRDAI
(b) Five person connected with life insurance business
(c) One non-official not connected with insurance business
(d) Eight members of the Insurance Association of India
(e) A Supreme court judge has to be a member

Correct Answer A Supreme court judge has to be a member

Answer Explanation All the other options are true except that a Supreme Court judge has to be a member.

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Question55 A Unit Linked Insurance Policy holder can safeguard the ___________ .
(a) Value of the fund in good times
(b) Value of the fund in bad times
(c) Value of equity shares in bad times
(d) Value of the premium in bad times
(e) Value of the asset in good times

Correct Answer Value of the fund in bad times

Answer Explanation In ULIPs, the policy holder has the option to switch from one fund to another, which would
help in safeguarding the value of their funds in difficult times.

Question56 Under which of the below mentioned insurance contracts, the policy document will contain
a schedule showing the details of individuals covered under the group ?
(a) Pension schemes
(b) Group policy
(c) Health insurance
(d) Group micro insurance contracts
(e) Marine insurance

Correct Answer Group micro insurance contracts

Answer Explanation As per IRDA Micro-Insurance Regulations 2005, in case of group micro insurance contracts,
the policy document shall contain a schedule showing the details of individuals covered
under the group.

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Question57 If the premiums have been paid for 11 and 12 years since inception, the maximum
reduction in yield (difference between Gross and Net yield % pa ) is ________ %.
(a) 2%
(b) 2.25%
(c) 2.50%
(d) 2.75%
(e) 3%

Correct Answer 2.75%

Answer Explanation As per IRDA September 2010 guidelines for ULIP’s, for 11 and 12 years elapsed since
inception, maximum reduction in yield (Difference between Gross and Net yield (% p.a.) is
2.75%

Question58 In a unit linked contract, what can be valued as per need ?

(a) Premium
(b) Nomination
(c) Term
(d) Assignment
(e) Lock up period

Correct Answer Premium

Answer Explanation Under ULIP, premium is first determined & the sum insured is worked out according to the
premium as an independent determinant.

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Question59 In the case of ULIPs, the policy administration charges are usually expressed as a fixed
amount or a percentage of _______ .
(a) Sum assured
(b) Premium
(c) Growth in NAV per year
(d) Both premium or sum assured
(e) Either premium or sum assured

Correct Answer Premium

Answer Explanation Under ULIP, the insurance company, after deducting charges for life cover & few other
charges, invest the remaining amount of premium in a fund chosen by a policy holder.

Question60 For creating a nominee, which of the following action is required ?

(a) Making ledger entries in the proposal to the policy
(b) Making suitable entries in the proposal to the policy
(c) Making changes in the policy register
(d) All of the above
(e) None of the above

Correct Answer All of the above

Answer Explanation The nomination would only be effectual when all of the above steps are taken by the
insurance company.

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Question61 In the activity of Money Laundering, criminals try to conceal the true _____ and _____ of
the profits from crime.
(a) Quantity and quality
(b) Ownership and objects
(c) Origin and ownership
(d) Obsessions and ownership
(e) Origin and obscenities

Correct Answer Origin and ownership

Answer Explanation Money laundering is a process through which the origin & ownership of profit is concealed.
It is done in various stages to avoid tracing the funds & profit therefrom.

Question62 An appeal will lie from the decision of the _______ .

(a) Grievance Redressal Authorities (GRA)
(b) State Government
(c) Consumer commission
(d) Consumer authority
(e) Consumer group

Correct Answer Grievance Redressal Authorities (GRA)

Answer Explanation An appeal will lie from the decision of GRA to an Insurance Appellate (IAT) whose
jurisdiction will extend to various matters.

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Question63 ______ forum consist of President - Judge of Supreme Court, members not less than four -
one lady member.
(a) National Commission
(b) State Commission
(c) District Forum
(d) All of the above
(e) None of the above

Correct Answer National Commission

Answer Explanation Under the structure of Consumer Protection Act, there are District Forum, State
Commission and National Commission.
The composition of National Commission : President - Supreme Court judge, Members not
less than 4 - 1 lady member.

Question64 There should be an adjudication fee levied in respect of a claim before the _____ .
(a) Consumer group
(b) Grievance Redressal Authorities
(c) Consumer authority
(d) Consumer commission
(e) Consumer councils

Correct Answer Grievance Redressal Authorities

Answer Explanation However, the fees may be waived for an individual policy holder showing sufficient cause.

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Question65 Which of these is NOT true about IRDAI ?

(a) Eliminates competition in the industry
(b) Amends various laws related to insurance
(c) Ensures competence in the industry
(d) Protects the interests of policy holders
(e) Enforces fair practices in the industry

Correct Answer Eliminates competition in the industry

Answer Explanation It is desirable to encourage competition in order to make their services more efficient. In
fact, it was intended to have competition amongst the four subsidiaries of GIC i.e. PSU’s.

Question66 Complaints against insurers are usually for which of the point(s) mentioned below ?
(a) Policy lapse claims
(b) Policy servicing
(c) Claims
(d) Premiums
(e) All of the above

Correct Answer All of the above

Answer Explanation The policy holder typical complaints against the insurers lies under 2 stages i.e. per & post
sale stages. The above complaints refer to post sale complaints.

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Question67 Within how many days has the appeal against order of IAT to be filed ?
(a) 10 days
(b) 30 days
(c) 45 days
(d) 60 days
(e) 90 days

Correct Answer 60 days

Answer Explanation

Question68 The acts which regulate insurance are amended ___________ .

(a) Quarterly
(b) Yearly
(c) When new schemes enter the market
(d) When RBI and IRDAI decides
(e) As and when needed

Correct Answer As and when needed

Answer Explanation Insurance is a dynamic industry where changes are happening very fast. The regulator has
to act according to prevailing circumstances & they need to amend the regulations as and
when needed.

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Question69 When has the 'Statement of Investment of Controlled Fund (life) , Compliance Report to be
submitted ?
(a) Within 15 days, after every quarter
(b) Within one month, after every quarter
(c) Within one week, after every quarter
(d) Within two months, after every quarter
(e) Within 45 days, after every quarter

Correct Answer Within one month, after every quarter

Answer Explanation

Question70 Who shall furnish to the policy holder a written acknowledgement of having registered a
nomination ?
(a) Assignee
(b) Assignor
(c) IRDAI
(d) Insurer
(e) Policy holder

Correct Answer Insurer

Answer Explanation Nomination or cancellation is registered by the insurers. It is the duty of the insurer to
acknowledge its registration or cancellation.

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Question71 As per IRDAI act, who carries out the functions, for a remuneration, as specified under
regulation 3 in either fields of life or general insurance, or both, on behalf of the clients ?
(a) Re-insurance agent
(b) Direct broker
(c) Insurance broker
(d) Re-insurance broker
(e) Composite broker

Correct Answer Direct broker

Answer Explanation Under code of conduct applicable to intermediaries, a Direct Broker can solicit both Life
and General insurance.

Question72 What is the “Prudential Investment Norms- Compliance Report” also called as?
(a) Form 1
(b) Form 2
(c) Form 3
(d) Form 4
(e) Form 5

Correct Answer Form 4

Answer Explanation

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Question73 Which of the below mentioned function is included in the functions of the Executive
Committee of the General Insurance Council ?
(a) To advise and assist general insurance companies
(b) To audit all general insurance companies
(c) To settle all complicated general insurance claims
(d) To underwrite general insurance business
(e) To advise and assist the life insurance companies

Correct Answer To advise and assist general insurance companies

Answer Explanation The Executive Committee of the General Insurance Council has the function of “To advise
and assist general insurance companies”. Other functions are performed by other council
or authorities.

Question74 The full form of IBAI is ______ .

(a) India Bangladesh Accreditation Institute
(b) Investment Bankers Association of India
(c) Insurance Bankers Association of India
(d) Insurance Brokers Association of India
(e) Indian Business Accounting Institute

Correct Answer Insurance Brokers Association of India

Answer Explanation IBAI has a Memorandum of Association as well as an Articles of Association, as required
under the Companies Act, 1956. IBAI is run by a Board of Directors who are elected by the
members.

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Question75 In case the exact premium for a risk cannot be ascertained without reference to the
specified authorities, the risk may be assumed if there is a deposit made by or on behalf of
the insured with the insurer at suitable rate not less than _____ per mile.
(a) 1.5
(b) 2.5
(c) 3.5
(d) 4.5
(e) 5.5

Correct Answer 2.5

Answer Explanation

Question76 The acronym MHR means _______ .

(a) Machine and Human Resources
(b) Medical and Health Research
(c) Modern Human Rights
(d) Maximum Heart Rate
(e) Medical History Review

Correct Answer Modern Human Rights

Answer Explanation

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Question77 What amount has to be deposited if an appeal has to be made in the district forum ?
(a) 50% of the amount awarded or Rs 25000 - whichever is less
(b) 40% of the amount awarded or Rs 25000 - whichever is less
(c) 50% of the amount awarded or Rs 50000 - whichever is less
(d) 40% of the amount awarded or Rs50000 - whichever is less
(e) 30% of the amount awarded or Rs 25000 - whichever is less

Correct Answer 50% of the amount awarded or Rs 25000 - whichever is less

Answer Explanation

Question78 With respect to money laundering, FIU stands for -

(a) Fraud Investigating Unit
(b) Financial intelligence unit
(c) Fiscal incorporation unit
(d) Funding integrity unit
(e) Financial indemnity unit

Correct Answer Financial intelligence unit

Answer Explanation FIU is abbreviation of: Financial Intelligence Unit. It is set up to fight money laundering in
Delhi & is called FIU-IND.

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Question79 What is the maximum amount of cover in case of Micro Insurance ?

(a) Rs. 20000
(b) Rs. 25000
(c) Rs. 50000
(d) Rs. 75000
(e) Rs. 100000

Correct Answer Rs. 50000

Answer Explanation Micro-insurance is for protection of low-income group with minimum premium. Therefore,
the life insurance the maximum cover is kept at Rs. 50000.

Question80 The number of non-official members allowed in the executive committee for General
Insurance council is / are ______ .
(a) NIL
(b) 1
(c) 2
(d) 3
(e) 4

Correct Answer 1
Answer Explanation According to section 64F of the Insurance Act, one non-official member is allowed in the
executive committee for General Insurance council.

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Question81 To whom can the Grievance Redressal Authority (GRA) refer the pending cases of disputes
to ?
(a) APR
(b) AWW
(c) AZR
(d) ADR
(e) APT

Correct Answer ADR

Answer Explanation The GRA may itself refer the pending disputes to Alternate Dispute Resolution (ADR) at any
stage of the proceedings, with the consent of the parties.

Question82 The Policy holder is also known as the ________ .

(a) beneficiary
(b) payee
(c) claimer
(d) insurer
(e) insured

Correct Answer insured

Answer Explanation The policy holder is often called as an insured under General Insurance.
Under Life Insurance, the policy holder is often known as assured.

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Question83 Who aids, assists and advises the life insurers in general functioning matters ?
(a) RBI
(b) Advisory committee of IRDAI
(c) Life insurance committee of IRDAI
(d) Chairman of Life insurance council
(e) Exec Committee of Life Insurance Council

Correct Answer Exec Committee of Life Insurance Council

Answer Explanation Life Insurance Council through its Executive Committee conducts the general functioning of
the company by adding, advising & assisting on various matters.

Question84 An appeal before the National Commission can be made subjected to deposit of ______ the
amount awarded or _______ whichever is less.
(a) 50%, Rs 25000
(b) 50%, Rs 35000
(c) 50%, Rs 50000
(d) 50%, Rs 75000
(e) 50%, Rs 100000

Correct Answer 50%, Rs 35000

Answer Explanation

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Question85 Any person who buys goods for a consideration or avails any services for consideration is
defined as a ________ .
(a) Buyer
(b) Consumer
(c) Seller
(d) Agent
(e) Proposer

Correct Answer Consumer

Answer Explanation The Consumer Protection Act, 1986 defines consumer as any person who buys goods for a
consideration or avails any services for consideration.

Question86 According to the Consumer Protection (Amendment) Act , Service includes:

(a) Banking and Insurance
(b) Thoughts and ideas
(c) Services rendered free of cost
(d) All of the above
(e) None of the above

Correct Answer Banking and Insurance

Answer Explanation The CPA (Amendment) Act provides the protection right of the consumers for goods sold or
services rendered. Banking & Insurance falls under the jurisdiction of CPA for the services
rendered.

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Question87 Which is the main reason why nominations are created ?

(a) Damage caution
(b) To secure an immediate payment of the policy’s SA by the insurer
(c) Risk avoidance
(d) Protection of interest of policy holders
(e) All of the above

Correct Answer To secure an immediate payment of the policy’s SA by the insurer

Answer Explanation Nomination is an instrument, the insurance law created, to secure an immediate payment
of the policy moneys by the insurer, without prejudice to the decision on the question as to
who are entitled to succeed the estate of the deceased life assured.

Question88 When is the ‘Statement of Downgraded Investments’ submitted ?

(a) within 5 days, after end of each quarter
(b) within 7 days, after end of each quarter
(c) within 10 days, after end of each quarter
(d) within15 days, after end of each quarter
(e) within 30 days, after end of each quarter

Correct Answer within 30 days, after end of each quarter

Answer Explanation

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Question89 With respect to minimum mortality cover calculations, PT means _____ .

(a) Payment Tenure
(b) Policy Term
(c) Policy terminology
(d) Policy termination
(e) Profit terminology

Correct Answer Policy Term

Answer Explanation As per IRDA September 2010 guidelines for ULIP’s, in minimum mortality cover
calculations, PT stands for Policy Term.

Question90 A person can deal with the policy in whatever way he may desire during his lifetime and
the consent of the _____ is not required.
(a) Officers
(b) Agent
(c) Insurer
(d) Policy holder
(e) Nominee

Correct Answer Nominee

Answer Explanation

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Question91 The existing system of the Ombudsman under the Redressal of Public Grievances Rules
1998, was perceived by -
(a) Insurance Ombudsman
(b) Complainant
(c) Collector
(d) Insured person
(e) Policy holder

Correct Answer Policy holder

Answer Explanation The existing system of the Ombudsman under the Redressal of Public Grievances Rules
1998 was perceived by policy holders were not effective enough to deal with the
complaints of policy holders. Law Commission therefore recommended formation of GRA.

Question92 What is the minimum age of entry in case of health insurance ?

(a) 1 year
(b) 2 years
(c) 5 years
(d) 18 years
(e) At the discretion of the insurer

Correct Answer At the discretion of the insurer

Answer Explanation

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Question93 A policy holder can take legal recourse if he /she has been aggrieved by the ________ .
(a) Insurer
(b) Agents
(c) Shareholders
(d) Bonus holders
(e) All of the above

Correct Answer Insurer

Answer Explanation In a dispute redressal mechanism, a policy holder can take legal recourse against the
insurance companies who had issued the policy.

Question94 The District Forum, the State Commission or the National Commission will not admit a
complaint unless it is filed within two years from the date of _________ .
(a) Cause of action has arisen
(b) Cause of Appeal has arisen
(c) Cause of clauses has arisen
(d) Cause of contract has arisen
(e) Cause of legality has arisen

Correct Answer Cause of action has arisen

Answer Explanation A complaint can be made to the appropriate Forum in writing within two years from the
date on which the cause of action arose.

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Question95 _______ member of GRA should be the President.

(a) Chairman
(b) Investigating officers
(c) Judicial member
(d) Director
(e) Subordinate member

Correct Answer Judicial member

Answer Explanation Apart from two technical members for GRA, there shall be a judicial member who will be
the President.

Question96 The duty of disclosure of material fact by the applicant continues till the date of acceptance
of the proposal by the ______ .
(a) IRDAI
(b) Finance company
(c) Insurance company
(d) Marketing company
(e) TPA

Correct Answer Insurance company

Answer Explanation The insurers have to charge premium based upon the material fact. This duty continues till
the proposal is accepted by the insurance company.

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Question97 What can be displayed in advertisements with respect to past performance of ULIPs ?
(a) Results of investments and premium figures
(b) Results of investments and projected figures
(c) Results of funds and supporting figures
(d) Results of allocation and past figures
(e) Results of units and interest rates

Correct Answer Results of funds and supporting figures

Answer Explanation As per IRDA - Care must be taken whilst reporting the past performance in advertisement
or any promotional material. It should only contain the results which can be supported by
the related figures.

Question98 The net reduction in yield for policies with term less than or equal to 10 years should not
be ________ .
(a) Equal to 3% at annuity
(b) More than 5.00% at expiry
(c) Less than 3.00% at maturity
(d) More than 3.00% at maturity
(e) Less than 5.00% at expiry

Correct Answer More than 3.00% at maturity

Answer Explanation As per IRDA September 2010 guidelines for ULIP’s, the net reduction in yield for policies
with term less than or equal to 10 years should not be more than 3.00% at maturity.

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Question99 Functions of IRDAI includes _______ .

(a) Regulating rates and TOC for insurers
(b) Supervising functioning of TAC
(c) Recruitments of intermediaries and agents
(d) Both 1 and 2
(e) Both 2 and 3

Correct Answer Both 1 and 2

Answer Explanation Section 14 of the IRDA Act, 1999 lays down certain powers & functions of IRDA. It includes
supervising functioning of TAC (Tariff Advisory Committee) & regulating rates and TOC
(Table of Contents) for insurers.
However, recruitments of intermediaries and agents are not a function of IRDA. It may
specify the requisite qualifications & practical training for intermediaries and agents.

Question100 Till what age can the president and members of IAT hold office ?
(a) 50 years
(b) 55 years
(c) 58 years
(d) 60 years
(e) 68 years

Correct Answer 68 years

Answer Explanation The President and Members of Insurance Appellate Tribunal (IAT) can hold office till the
age of 68 years.

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