Professional Documents
Culture Documents
No
Question
Ans Option 1
Ans Option 2
Ans Option 3
Ans Option 4
Sanjeev is an insurance expert who has rich experience in determining premium levels for product, what is his profile like
an actuary
loss adjuster
risk manager
underwriter
Promotional activities
12%
25%
40%
26%
Government Employees
What facility do the insurer use to cover Risk beyond their Limits ?
Re Insurance
Banca assurance
NGO
RBI
what is the max level under which micro insurance can be done
5000
25000
50000
1 lac
Insurance Companies
Bancassurance
Reinsurance
TPAs
Actuaries
a policy holder takes two insurance policy and the premium amount is identical and he gets lesser commission in one of contract the reason is likely to be
10
An agent reveals his commission received from insurance sales to X&Y .Both plans are of same duration . Why is commission of X far higher that that of Y
X is married
Y is Single
11
Customer asks the agent to disclose the commission . The agent should
disclose on demand
Not disclose
12
The best way to prove that customer of a ULIP policy is given awareness about the commission paid to the agent is
From signed copy of benefit From ticked column illustration of proposal form
13
Policyholders suffer due to Insurance surrender charges and companies get good benefits branding
14
what over riding criteria an insurance agent consider while proposing a solution
risk
suitability
Flexibility
Cost
15
Increase
Decrease
Partially
16
More productivity
Higher attrition
Higher Profits
Higher S.A
17
Persitency =has increased from 82 % in previous year to 86 % this year . That means
more lapsation
more attrition
less lapsation
No profits
18
What is the maximum Time in which The insurer should settle a claim when all documents are submitted
3 days
15 days
30 days
10 days
19
5years
8years
12 years
7years
20
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%
7%
9%
7.20%
8%
21
A claim was submitted & in how many days company should ask for additional documents if required
15 days
10days
20 days
30 days
22
Vivek takes insurance policy and dies after 8 months . If the claim needs to be excluded basis the exclusion cause what could be the cause
suicide
murder
23
An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission, what is th limits
10%
20%
24
20L
40L
1Cr
10L
25
Nil
5%
10%
35%
26
IRDA
RBI
SEBI
Insurance ombusdmen
27
cross selling
direct selling
Solicitation of Policy
Brand building
28
No risk
Low risk
Medium risk
High risk
29
MWP- If the policy is endorsed under MWP - then the beneficiaries are wife and ?
parents
ex wife
children
mother
30
Mr.Sunil is doing premium calculation for his company, as per which authority is his profession related to
Council of Actuaries
IRDA
31
32
33
To regulate
To advise Government
34
According to IRDA act 1999, central governments involve in insurance industry over
Policy matters
Promotional activities
35
Complaint council bodies other than IRDA grievance readdress forum & COPA
Ombudsman
Insurance Association
FERA
36
What are the ways by which a policy holder can make complaints
Newpaper
37
what are the ways in which IRDA can be contacted . One is thru toll free number and other is
Insurance ombudsmen
Through Agents
38
what is the maximum level of complaint that can be considered and taken action by ombudsmen
20 lac
25 lac
30 lac
50 lac
39
2months
3 months
5 months
6 months
40
Raju is a certified license holder under what circumstances he needs to hold his certified license with him that is issued by irda
41
A policy has been rejected by the company under direct intimation to the customer and copy to the Agent, what is the next action of the Agent
he has to inform the customer that the co has broken relationship with the customer
He has to explain the He takes up with the reasons for rejection to the higher authorities customer
42
Death is certain
Is occupational hazard
43
Speculative Risk
Pure Risk
44
Harish takes a life insurance policy for Ramesh. Which of the following statement best describes the principle of Insurable Interest.
Harish suffers Ramesh owes money form financial loss incase Harish of death of Ramesh
45
16
18
20
21
46
Revival stage
beginning of renewal
47
Types of assignment
Absolute
Term assignment
Conditional
48
SA
Risk assessment
Identity verification
Financial assessment
49
Mr A submitted the proposal form . When will the risk begins for the company?
FPR issued
Policy issued
50
The obligation of the insurer for the whole life policy is mentioned in
Operative Clause
Preamble
Proviso
Endorsement
51
Asvath is illiterate. He wants to take policy and surya is a friend of his help him is answering questions and answers and also fills proposal . In addition to this requirement is
Asvath photograph
Left thumb Impressionof Asvath along with a declaration of his friend Baptism Certificate is Non Standard & Ration card is Standard Age Proof
52
For Logging a Policy , a person gives Baptism CERTIFICATE & Ration Card . What is this ?
Baptism Certificate is Standard & Ration Card is Non Standard Age Proof
53
Policy Document
proposal form
FPR
RPR
54
Mr. ABC buying Term insurance policy, insurer should mention Ombudsman address in which part of policy document?
operative clause
Preamble
Information statement
schedule
55
Proposer
Nominee
Appointee
Trust
56
Mr.Suresh dies one day before the grace period without paying the premium, what is th claim payable
No claims payable
Sum assured
57
Fund switch
Savings Element
Partial withdrawal
Surrender
58
Appointee's role
Medical exams
insurable interest
59
one
two
three
many
60
if a policy has two nominee mentioned what should be the Min allocation
No such conditions
61
a Policy holder takes a insurance contract for 30 years and the SA reduces after 25 years what could be the likely reason
No bonus accumulated
62
A life insurance policy can only be made paid up if what particular policy feature exists?
Indexing contribution.
Nomination facility.
Rider benefits.
Savings element.
63
SA
advisor induced
no commission
64
While calculating Human life value (HLV) two components need to be kept in mind , the one is take home salary and other is
discount rate
65
Annual premium of insurance product is Rs. 32,000, 4% loading on Quarterly mode of payment What is the quarterly premium?
7680
8000
8320
8500
66
why ACR
To calculate Premium
To help the To Calculate the commission To verify the Plan proposed underwriter to asses due for the agent the Risk
67
1st Year
10th Year
15th Year
20th Year
68
While Underwriting Mr X proposal , its found that there has been CRIMINAL case against him in Fraudulent act .What type of Risk this will be categorized Into ?
Fraudulent Hazard
Occupational Hazard
Physical Hazard
Moral Hazard
69
Mr A wants insurance cover . But he is drinks alcohol frequently . What kind of hazard you may categorize?
Physical hazard
Moral Hazard
financial risk
Pure risk
70
Underwriter
Insuranc eCo
Agent
Actuary
71
Claim was settled however full Sum assured not paid though the policy was in force due to
Lien
Bonus
Surrender
Accidental death
72
Clause
Rejection
Acceptance
Time barred
73
what is the special report that is asked by the underwriter from the officer of the insurer
HLV report
medical report
74
As per the norms of risk assessment by U/W both the parents of a policy holder died in their early 30s due to Heart disease, what is the risk assessed
Moral Hazard
Medical Hazard
Occupational Hazard
Physical Hazard
75
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
Pure Endowment
Anticipated endowment
term plan
ULIP
76
At the time of maturity , quarter of the SA is paid though the policy was in force
Endowment
Lien
Money back
Surrender
77
Banca assurance
Health plans
Micro Insurance
Term Insurance
78
Mr A is planning to invest and his needs are :1 Protection for is Income , during his absence 2.children education
Children Plan
Retirement Plan
Ulip Plan
Term Insurance
79
What tax rate,if any,will be applicable to a life insurance policy holder for the maturity proceeds of a Rs 5000 life insurance policy
Nil
10%
20%
30%
80
A policy holder can pay the premium of Rs 5,00,000 and what could be the max tax efficiency he is entitles to
500000
50000
100000
300000
81
Ram has Invested Rs 5000 in PPF & Rs 1 Lakh in Life insurance premium . In which he will get maximum Tax Benefit
PPF
50% on each
82
Mr.Sumesh takes a policy and pays premium of 20000 with a sum assured of 300000, what will be the tax implication on his maturity amount
Fully taxable
10%
20%
83
without submitting any form of claim,a life insurance policy holder received payments of survival then what type of policy he is holding
ULIP
Term
Money Back
Health
84
what is the special feature of ulip that ensures customer risk profile for long time insurance policies
fund switching
premium holiday
riders
85
The best way to overcome the problem of investment decision depends mainly on peer influence is
86
A person who has a temporary job Loss , where should he look for Investing other than FD
Debt Funds of MF
Govt Securities
Equities
Gold
87
increase
decrease
volatile
same
88
A person Wants to invest in a FD for Tax benefit , How many years he has to take the term of the FD ?
5 year
4 year
3 Year
2 Year
89
aditya wants to take home loan and his monthly take home is 80,000 what as a best practice should be the maximum EMI
20000
24000
28000
32000
90
Ramesh has invested in Post office Monthly Income Scheme. The interest rate was set at 6%. What will be the effect of rate in going years.
Increase gradually
Decrease gradually
Remain Constant
91
A person is holding 100 GOLD ETF certificates . How many grams of GOLD does he Have ?
10- 20 gms
20- 50 gms
50-100 gms
10 gms
92
A customer while investing in to Recurring deposit or Cumulative deposit what are the key factors which will matter
Taxation
frequency of payment
interest rates
tenure
93
Insurance Branch
Post Office
Internet
94
Tax
Interest tax
Tenure
95
A policy holder pays identical premium amount for ULIP and EPF where he gets max tax efficiency
in ULIP policy
in EPF
96
Investing in ULIP plans exempts a maximum up to what limit for Income Tax
50000
75000
100000
200000
97
Suresh wants to transfer his physical gold to gold exchange traded fund,in relation to access,this change will
98
Equity return
Fixed Income
Stable income
Savings income
99
Omkar Started a pension policy with provider A but ended up in taking the annuity payment from provider B.The result directly reflect the which feature available with this policy
Commutation Option
100
monthly,quarterly,half yearly,
fortnightly,quarterly,monthly, yearly
Yearly Only
101
All ULIP pension plans have to give how much percentage as Guaranteed returns
6%
9%
4.50%
10%
102
Yash wants to take open market option in Pension plan. What is the benefit?
To save tax
103
25%
50%
40%
33%
104
annuity
105
Age discrepancy
risk
premium
106
Under a health insurance policy,if a policy holder needs to avail his no claim bonus, how can that be done
cash encashment
107
Danny is married and has two children aged 6 & 10 , His parents are aged 68 &70 . Who all can be included in Family floater option of a health plan
Only Danny
108
SA
On the expenses Amt for particular diseases incurred daily due to daily critical illness
109
Rupkumar wants to take Commutation option. What is the maximum amount he can withdraw
one sixth
one third
25%
15%
110
Critical illness rider was taken and the rider benefit has been claimed , the rider benefit now gets
terminated
continues as it is
111
A person has taken a term insurance of 4 Lac. What is the maximum Critical Illness Rider he can take
1 Lac
2 Lac
3 Lac
4 Lac
112
Mr. Sharma buy term insurance policy along with Accident and Disability benefits rider cost restricted upto the base premium of the policy?
20%
30%
40%
50%
113
Mr.Ramesh invested Rs:50000 in pension policy, what is the percentage he can avail as exemption in Income tax.
33%
100%
20%
114
In a Guaranteed annuity option of 5 years , the policy holder will get annuity till
115
Why do Self Employed Individual have the need to buy Medical Insurance rather than People working in public Sectors
116
Mohit has two kinds, one of 6 years and other 8 years.He is the earning member and not having life cover. Before advising him to take health policy, what he should be advised.
117
Manoj a 26 year old is having 7 years old son. What will happen to his monthly disposable income after 15 years of job
Marginally decrease
Singnifcantly increase
118
Samir is married and he has only one partner,with dependant parents and no child,which should be his priority
income protection
inheritance planning
investment efficiency
119
The sole focus during a clients fact-find session was healthcare requirements and estate planning. Which main life stage is he most likely to fall into?
Pre-retirement.
Retirement
120
A Couple has 7 years old son, What solution would they be looking for
Retirement
health care
child education
life cover
121
In which of the recognized life stages an individual does not required any protection cover
Childhood
Young Married
Pre Retirement
Retirement
122
Benefit Illustration given to a customer quantifies an amount by which investment return is reduced. This reduction reflect the impact of
Charges
Interest
Inflation
Taxation
123
Product Pitching
124
Proof
Reference
125
Mr A has been approached by the Agent and on fact finding the score is 3 , this represents
129 Both the parties to a contract must agree and understand the same thing and in the same sense which is called
Consideration
Legality of an object
Consensus ad idem
Acceptance
At inception of policy
Not needed
131 With this type of deposit the bank pays the principal and the total interest at the end of the term
Traditional deposits
Recurring deposits
Cumulative deposits
Term Deposits
132 The Premium on all riders put together should not exceed
30% of the premium on the 40% of the premium base policy on the base policy
133
Operative clause
134
The daily amount paid is fixed and will never be more or less than the cost of actual treatment
The insurance company may The insurance company will Only surgery pay an additional amount on pay for doctor consultation expenses are a daily basis if the insured is fees incurred prior to included in daily admitted to the Intensive hospitalization hospitalization benefi Care Unit (ICU) CI benefit reduced from existing sum assured
135 In term insurance if Critical illness rider claim happens then what will happen to existing policy
CI benefit continues
No change in policy
136 What is the main objective of taking the life insurance policy
Tax benefit
Savings
Investment
Protection
employee- employer
Husband-wife
family members
society members
IRDA
Consumer Forum
NA
NA
139 Life insurance is the most important for which age group
Young
Pre- retirement
Retirement
children
140 Where annually increasing flexible premiums operate under a life insurance policy, what rate of increase will generally apply Kamal is willing to pay 60000/- per annum for his ULIP policy. What should be the SA in case he wants to avail the tax benefits
2.50%
3.00%
5.00%
7.50%
141
1 lac
3 lacs
2 lacs
1.50 lacs
142 The regulations issued by the IRDA, require that the decision on the proposal must be conveyed to the proposer within
Parents only
Children Only
144
According to IRDA guidelines, how long does an insurance company have to complete its investigation of a claim
30 days
90 days
120 days
180 days
145 How the Daily hospitalization cash benefit will provide benefits to policyholder who is hospitalized
A fixed amount on a daily Only Hospital bill will basis is paid irrespective of be paid the actual cost of treatment
146 Who is a regulator, supervisor and monetary authority of the financial system in India
IRDA
SEBI
RBI
SBI
147 Indisputability clause can be enforced by the insurance company during the To ensure that the premiums are paid out of a legitimate source of funds cash is accepted
Claim
148
Up to Rs 50000
Up to 99990
Up to 100000
149 In Cumulative bank deposit the interest that in normally compounded on what basis
Monthly
Quarterly
Half Yearly
Annually
150
The premium for accidental death benefit rider must not exceed
151 What amount of insurable interest does an individual have in his own life
20,000
50,000
Unlimited
152 If the license of an agent has been disqualified by a designated authority in 2010 then the person can apply for a license in which year
2013
2015
2017
2020
153
NA
NA
154 If the agent recommends the client to terminate an endowment plan and take a whole life in order to earn higher commission its termed as
Switching
Churning
NA
155 Amit has taken a G-Sec and has parted with it mid way as he required the money with the intention of not getting the interest. What will he get?
Discounted Value
Principle amount
156 If bonus is given under a plan the additional premium added is known as
Loading
Investment
Frequency
NA
157 Suresh is suffering from Asthma and the policy in been done on joint life basis and the need for nomination under the plan is less as
NA
NA
158 What key impact will the agent have in low persistency
NA
10000
25000
50000
100000
161 Varun wishes to pursue a career in insurance and wishes to be in a department which calculates the level of premium. In which department should he join?
Actuary
Underwriter
Claim Department
Accounts
162 Ashish is looking at different plans of insurance for protection at the lowest premium. Which is the best plan for him?
Term plan
Endowment plan
IRDA
LIC
164 The Authority of COPA is limited to what amount at the district level.
10,00,000.
20,00,000.
50,00,000
1,00,00,000
Insurance contract.
Indemnity contract.
Value contract.
166 If Insurable interest does not exists at the time of inception of the life insurance policy then, life insurance contract is
Voidable
Invalid
Valid
Invalid
Voidable
Valid
Proviso
Schedule
Endorsement
169 Available Loan amount under a life Insurance policy is generally based on
Sum Assured
Surrender value
Paid up value
Rises
Decreases
171
As per Regulation for protection of Policyholders interest 2002 (IRDA), Which insurer will have a grievance redressal System
All insurer
It is optional
172 Which regulatory body has created a call center for logging a complaints of insurance Customers
IRDA
Insurance Association
173
To be an active link between Global market & Indian Life Insurance Industry
Regulate the investment of funds by Life Insurance company Policy was lapsed on the time of maturity
After maturity In a Unit Linked Life Insurance Policy, customer does not get 174 received Maturity in a lump sum. What is the possibility of receiving it in installments if it is not a annuity pl
175 Anand received post taxation 5% return on his fixed deposit in a bank. If his net return is 3%, what can be the reason
Administrative charge
Inflation
Interest rate
Market Risk
Commitment to need
Willingness to pay
NA
178 Shailesh and ankit want to retire in the age of 65yrs. But shailesh pays more monthly payment than ankit. Why?
NA
NA
179 What will be lien amount in 3rd year as compared to the 4th year of lien.
It is higher
Decrease
Slightly higher
Slightly lower
180 Within how many years a complaint can be made through consumer protection act.
One year
Two years
Three years
Five years
181 One person wants to take term plan for 20 lakh and wants to take ADB rider, he is not sure of how much sum assured he needs to take for ADB rider. What is your suggestion?
NA
NA
Domicile status
NA
NA
183 A customer surrenders his policy on Feb 2011. As per Agents code of conduct, an agent can get a new policy from this customer from Feb which year
2011
2012
2013
2014
185 Insurance companies are required to honor the awards passed by the Insurance Ombudsman within how may days
10 days
15 days
20 days
25 days
Has the power to supersede Has the power to supersede Can make changes the IRDA by issuing a bill in the IRDA by issuing draft in IRDA law parliament
187 An elderly person wants to use tax efficient investment and invests in senior citizen saving scheme. Its the impact in his taxation
188 What are the benefits to the policyholder Under Surgical care rider?
189
Health insurance policy holder takes treatment in a hospital which doesnt have cashless facility. How the policy holder will get benefited
190 During financial planning session if the agent finds out the following needs, which one should be given the top priority. Needs: Income protection, Childs education, marriage and emergency funds.
Childs education
Marriage
Emergency funds
Income protection
191 Health insurance rider and critical illness rider in classified under
Economic risk
Speculative risk
Financial risk
Insurable risk
193 If a valid claim is delayed by the insurer then the interest for the same will have to be paid by the insurance after how many days from the date of admission of the claim?
10 days
20days
30 days
60 days
By all insurers.
195 If a customer has mentioned he is a drinker in the proposal form, the insurance company can exclude this hazard and mention it in which part of the policy document?
Provisio
Endorsements
Operative clause
196 When can an insurance company give more than 35% first year commission?
If the agent has worked with If the agent has worked with If the agent is doing the company for more than 5 the company for more than more than 3 policies years 10 years in a month.
197 When should an agent disclose the commission which he will earn from the product which he is going to sell
198 In a pension plan illustration what are the parts which shows the benefit for an annuitant.
Insurance coverage
Annuity part
Vesting age
199 Mr. shailsh has an endowment policy with 30 years policy term, he has paid for eight years. The sum assured Rs.8,00,000/- and accumulated bonus Rs.60,000/. What is the paid up value if bonus accumulated and if not bonus accumulated?
200 The consequences of these risks which will affect specific individuals or local communities in nature is called as
Pure risk
Financial risk
Particular risk
Physical hazard
201 What is the disadvantage to the insurer in case the persistency falls
Lower profits
Higher profits
NA
NA
202 For the customer whose claim has been refused by the company, the three places where he/she should follow up are Ombudsman, IRDA Customer Grievance Cell and ..
Consumer Forum
COPA
Sebi
203 If a policy with premium of Rs 5000 has matured, how much will be deducted when the maturity claim arises
Nil
1%
5%
10%
204 When a person is investing in Debt Mutual Fund, what is the primary objective
Good Returns
Regular Income
Safety
Liquidity
205 1. If the employer has insurable interest in the life of an employee, what kind of policy is this?
A.
Surety insurance
B.
Keyman Insurance
C.
Partnership Insurance
D. Debtor Insurance
206 The concept of indemnity is based on the key principle that policyholders should be prevented from
207 A customer gets periodic benefits without any claim and then when he dies during the term of the policy, his nominees gets the sum insured. What type of policy is this ?
Endowment
Term
Money Back
Whole of Life
208 For assessing the risk of a group health insurance policy, which of the following information is the most critical
Group lifestyle
Employees
209 According to Insurance Brokers Association of India, what is the most appropriate relationship between Insurer and Broker?
Insurance broker represent the client and the insurer remunerate the broker
The client represent the broker and the insurer remunerate the broker
Insurer represent both client Broker only service and broker remuneration the client
210 A low persistency ratio for the insurance company means that:
211 What is the stipulated time frame within which an insurer is supposed to respond after receiving any communication from its policyholders?
24 hours
1 day
10 days
30 days
212 The proposer can withdraw from the contract, if they disagree with the terms and conditions of the Policy, within a free look-in period of
213 Rakesh wants to buy a policy primarily for Risk Cover but at the end of the term he wants to get at least some return. Under which policy he will get these benefits
Endowment plan
ROP plan
Ulip
215 Prashant buys an Endowment Plan with a sum assured of Re. 100000 and wants to make use of tax benefit under the policy for whole SA. How much premium would help him avail this benefit
216 Under the IRDA guidelines for Claim settlement, any queries or additional documents can asked from the claimant within
218 A person with a criminal background due to Financial fraud would come under which hazard
Physical
Moral
Occupation
NA
Agent
Policy holder
Proposer
1 lakh
1.5 lakhs
2 lakhs
3 lakhs
221 Under the prevailing FDI laws for insurance, domestic private companies are allowed to form joint ventures with foreign partners. What percent of stake can a foreign partner hold?
20%
26%
49%
51%
Counseling
Repudiation of claim
223 If a client needs Mediclaim to cover health insurance which insurer he needs to apply.
Life Insure
Reinsurer
Any Insurer
224 The agent can use the benefit illustration document to show the client the projected growth of investment at the rate of
6% and 10%
5% and 10%
6% and 12%
5% and 12%
226 Employee has insurable interest in the life of their employer to the extent of
Yearly Salary
Monthly Salary
Probation Period
Till Gratuity
Insurance Advisor
Nodal officer
Chief actuary
Underwriter
228 Ajay and Vijay both are unmarried. Ajay has dependant Parent. Which need Ajay must take care of on priority, although that will not be a priority for Vijay?
Retirement plan
Term Assurance
Endowment Plan
Operative Clause
Heading
Proviso
Attestation
NA
Intermediaries
232 Mr Rohan takes an insurance policy due to heavy Debt on his business with an intention of committing suicide. This is an example of the following Feature of a valid contract
Capacity to Contract
Legality of object
Capability of performance
233 Rajan and Rajini has taken a Family Floater health insurance Plan of 4 lacs. They met with an accident and had a hospital bill of 6 lacs. Which is true for this situation:
They would get the claim of 6 lacs since The claim will depend on the The maximum claim will be the individual cover is 8 lacs surveyor of 4 lacs
Rajan will get a claim of 3 lacs and Rajini will get 1 lacs
234 When an individual gets older, chances of obtaining life and health protection will be
Increases
Reduces
Remains same
Depends on insurer
235 Any assets, which are no longer suitable or are earning fewer returns than expected, should be
Reviewed
NA
NA
236 What key event is most likely to prevent insurer from ensuring that each insured person brings a fair premium to the pool for the risk presented?
A policy Assignment
A Fradulent Claim
A sudden illness
237 The Insurance companies allow modification/alteration of the original policy documents through...
Surrender
Paid Up
Endorsement
Assignment
The correct cover needed to A lump sum amount that the compensate economical loss person will get from the to their family in case of insurance company death of the earning member
NA
239
With effect from 1st July 2010 all insurers have to disclose in the benefit illustration document the..
Detail of charges
240 If the client accept the recommendation, then the agent should ask the client..
Insurance Agent
Insurance company
Insured person
242
It contains only statements that mention An agent is not required to obtain the prior approval of the insurer before placing the agents name, logo & phone number. an advertisement when:
243 If a person already suffering from some disease and had not mentioned it in the proposal form then as per IRDA code of conduct the agent should
Respect this Ask the proposers doctor to confidentiality by not send details to the insurer disclosing it to anyone
244 How are perils and hazards normally distinguished under term insurance policies?
Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of dying. Real needs are financial needs and perceived needs are non-financial needs.
245 In the context of financial planning, how is the difference between real needs and perceived needs best described?
Perils are risks that Perils are factors Perils are factors which policyholders will die before which could affect the risk being insured a specified date and hazards influence an insured and hazards are the size of are factors which could event occurring and the risk being insured. influence that risk. hazards are the Real needs are Real needs are actual needs Real needs are identified by needs which satisfy and perceived needs are the insurance agent and an objective and based on a clients thoughts perceived needs are perceived needs are and desires. identified by the client. needs which do not
246 If a person is concentrating more on health plan and retirement plan then at which stage of life is he in.
Young unmarried
Young married
Pre retirement
247 The Institute of insurance and risk management along with insurance education does what more
Regulation
Redressal
Research
Repository
248 If the client does not wish to proceed with the recommendations right at the moment the agent should
Should ask for the reason for Should ask for a future date Should review once not going with the from the client again recommendation
249 Suresh has adequate reserve capital with him and he wishes to protect his income, moreover he feels that if he does not die then he would need the amount. What type of plan should he opt for?
Endowment plan
Pension plan
250 A claim was paid in a policy and it was advertised in the newspaper also. This indicates that the policy was.
It was assigned.
It was lost.
It was surrendered.
251 An indemnity bond was signed in a policy when the claim was paid. This indicates that the policy was.
It was lost.
It was lapsed.
It was surrendered.
252 Manish and Manisha is a married couple with one child. They want to plan for savings, child education/marriage and their retirement and protection of income. Which should be their lowest priority?
Marriage.
Savings.
Education.
Protection.
253 While calculating HLV along with future income, no of years of work, increments in salary what is also to be taken in to account?
Inflation.
Interest.
Discount rate
Compounding.
254 Vishal and sandeep applied for a health plan in XYZ Life Insurance Company. Vishal is asked to undergo a medical checkup but Sandeep is not asked to do so. What will be most possible reason?
Sandeep has taken another policy from Vishal is older than Sandeep XYZ Life Insurance Company
255 During fact finding, What will be the next step after Identifying clients need
Recommending Product
256 What is the similarity between Recurring Deposits & cumulative deposits in a bank
Guarantees
Taxation
Tenure
Lock in periods
257
Mrs. Sheela received some amount out of her husbands death. In such a situation what will be her prime focus?
Savings
Insurance
Investment management
258 Mr. Kunal used to participate in Car race. While taking up the Insurance policy he disclosed this information. What kind of hazard does it refers to
Physical hazard
Fraudulent representation
Moral hazard
Peril
Misrepresentation
Fraud
Pooling of risk
Randomness
261 If a client wants to compare between all financial products then the best person he can approach is
Individual agent
Corporate agent
Bank
Broker
262 If a person want to maintain emergency funds the best place is a bank or
Equity market
ULIP
FD
263 During a fact finding process the need analyzed were income replacement and childrens education. But the customer insists on only a child plan for the time being and asks the agent to give him a child plan. The agent should.
Insist with the client to take a Give a child plan and revisit term plan the client on a later date
264 If a case is already before the consumer forum, then the ombudsman should
Give a recommendation
Give an award.
265 If the sum assured remains the same, what will be impact of net premium if the age of the policyholder increases
It rises
It falls
It remains constant
266 What is the advantage of converting physical gold assets to gold ETFs.
Liquidity
Purity
267 Suresh wants to transfer his physical gold to gold exchange traded fund,in relation to access, this change will
Reduce his ability to encash Create a future exit for next six months liability
268
For which of the following reasons, the underwriter should ask beyond agents confidential report.
Physical Hazard
Moral Hazard
SA is too high
Pure Risk
269 After doing the need analysis of the client, the agent advised the client to opt for TROP product. But the client refused. According to ethical business practices what will the agent do ?
270 Generally insurance companies do not hold the premium in case of a fraud or misrepresentation. However, due to which of the following circumstances the insurer can retain the premium of the policyholder With pooling of risks an insurance company pools the premium collected from 271 several individuals to insure them against similar risks. At what circumstances will the insurance companies pool the risk of a life insurance and health insurance together?
Fraudulent claim
Indisputability clause
Redressal procedure
Under no circumstances
As directed by actuary
272 In case the customer has stopped making payment for the premium of the policy. What are the two most important things required in order to reinstate the policy?
273 Frequent switching is not advisable in ULIP plan because it increase An insurance agent sold two policies to two different persons having the same 274 policy term. He declares the commission to each of them. The commission of one of the policy is more than the other. What should be the reasons for this difference?
Investment Risk
Risk of death
Uncertainty of return
Chances of lapse
One has chosen Single premium policy and other has chosen regular premium policy
275 Open market option under Annuity policy would extend which of the following benefit?
Increase in return
Switch of Funds
276 Akash is an Unmarried person and employed with company ABC and drawing a handsome salary. He has no liabilities. What kind of plan can be suggested to him?
Money Back
Term Plan
Endowment Plan
ULIP
277 What should an agent do in order to understand the mental state of client in respect to his investments in saving products
Fact finding
278 Ajit and vijit are 2 friends paying same premium for health insurance. Why ajit has higher tax exemption eligibility than vijit
NA
279 Sumit is having 2 children. He wishes to have health cover for himself and his wife. Which suits him the most?
A family floater
Life insurance
Individual cover
280 A policy holder is not satisfied with the services of the insurer and complains to ombudsman. In how many days from receipt of the complaint the ombudsman should pass the recommendation.
6 weeks
1 month
2 months
6 months
281 As per claims assessment process if a claim arises within a few days of the start of the policy which factor should the insurer check in the first place?
Age admission
NA
282
A and B start their policies on the same date and surrender on 22nd anniversary of the policy. But As surrender value is higher than B. the reason was ;
NA
283 In life insurance industry which mechanism operates so as to enable the individuals to reduce the impact of risks
Pooling of risk
Transfer of risk
Prevention of risk
Sharing of risk
284 Which from the following would help best the underwriter to know whether the proposer had applied previously and his application was rejected
Medical reports
Proposal form
Policy document
NA
285 A policyholder wants to change the nomination after 5 years of the policy. What would happen
NA
NA
Sum assured
288 A proposer shows his age lesser than his actual age. This will be termed as
Breach of trust
NA
NA
289 An agent recommends a term plan in keeping with the ethical standards since it was suitable to clients needs. In such a case what is the percentage of commission which he can rebate so as to beat the competition
Maximum 10%
2%
290 A client has got some funds and wants to provide for retirement and margin money. What should be his priority
Margin money
Retirement plan
Depends upon his actual age and years left for retirement
291 While planning for retirement fund to calculate the required amount needed at that time we should consider as priority
His income
NA
292 While calculating retirement fund required for a self employed person which of the following option will automatically be ruled out
Gratuity amount
NA
NA
293 A client has his investment in equity shares. Agent advises him to keep it in equity based mutual fund. This will make the risk
Diversified
Lessened
Increased
NA
294 Ajay is 35 years old. He wants good amount of life insurance cover along with savings element with no defined term. Which plan should be suggested
Endowment
Term
Whole life
Moneyback
295 Which of the following act from agent will be specifically useful in case of annual premium policies compared to monthly mode policies
Issuing reminders
NA
297 During product recommendation the agent should explain the product in relation to
NA
an endowment policy
301 Mr. Anil has a money back policy and a whole life policy. He is planning to take some loan from both the policies as he was regularly paying the premium. What is your suggestion?
He regularly pays premium so he can take loan from both the policies
He cant take loan He can surrender whole life He cant take loan from from whole life policy policy and can take loan from money back but can avail but can avail loan Money back policy loan from Whole life policy from Money back policy Convertible pure Endowment Convertible money back plan
302 Mr. Kartik got a job recently, he cant afford to pay to pay the higher premium as of now but in future once he settles down with his job he can pay higher premium. Which one will be the best plan?
303 An agent was explaining to his customer the guaranteed benefits of the product. Which one of the following documents he would have used to explain the same?
KYC document
304
Mr. Mehra wants to insure his wife. Previously his proposal was rejected by another company, but this time he submits the proposal form without showing this to a new company. This is
On assignment
NA
NA
severity of risk
physical hazard
moral hazard
Probability of risk
NA
NA
308 If the customer wants to seek information about all products, then he can avail the services of
Agent
Broker
NGO
Bank
309 In case of pension plans a guaranteed minimum return of 4.5 % is applicable when the plan is
Indexed
Guaranteed
Unit linked
NA
310 A married couple having 9 year old child have to consider life insurance, health insurance, child investment & retirement plans for their better future as a family but at present condition which aspect should be kept at lowest priority?
Child Investment
Health Insurance
Life Insurance
Retirement
311 The main reason why an agents act of underselling insurance is treated as a unethical behavior is
Excessive Premium
312 In which type of insurance Insurable Interest exists at the time of claim?
Liability Insurance
Marine Insurance
Motor Insurance
Travel Insurance
313 In a process of completion of an insurance proposal, an agent finds that the intention of the proposer was not genuine. In this case what should the agent do?
Refuse to proceed
314 The documents likely to provide the underwriter of an insurance company, the details relating to the previous subject application, which have been accepted as non-standard..
Proposal Form
Policy Document
Claim Form
315 If the agent recommends the client to terminate an endowment plan and take a whole life in order to earn higher commission its termed as
Switching
Churning
Fact Finding
316 After completing a Fact Finding activity for a client, who is self employed, the main reason why it is important to record the type of work that he is involved in is
317 A low persistency ratio for the insurance company means that:
318 Mr. Shyam is having 9 year old child. Which product is not to be given priority?
Health plan
Child Plan
Life Insurance
Retirement Plan
Retain
Transfer
Avoid
None
320 What is the major reason for self employed to take insurance.
Save Tax
Fluctuating income
High Returns
Protection
321 What is the major reason for conducting fact finding exercise?
Need analysis
Introduction of agent
322 If 5% bonus is given every year then for a SA of 1 lakh, what will be the payout after 15 years in a simple revisionary bonus system?
60000
75000
100000
5000
323 The guidelines for annual assumed growth rate are given by
IRDA
Actuaries
Underwriter
IRDA
Insurance Company
CII
325 AML Program of every insurer to include _______________, apart from Procedure, Training and audit.
Inspection by IRDA
326
Ravi was expecting a claim amount of Rs. 12, 00,000 from insurer. But it was rejected. He feels that it is repudiated on wrong reasons. Which consumer forum can he approach?
National Commission
District Level
State Level
Mandal Level
327 Vijay received his policy bond on 11th June, 2011. Due to some personal problems he has decided to cancel the policy on 8th July, 2011. Can he cancel or return the policy?
328 Naresh is married and his daughter Sneha is 3 years old. Which plan can he take?
Annuity Plan
Health Plan
329 Vinay doesnt want to take insurance on himself. He feels that his family will survive with the funds available in the bank and monthly rentals received from village. This comes under Risk ______ Naveen, aged 32 years, has taken money back plan. He is a teacher by 330 profession. Naveen referred Prasad to Ram. Prasad is also teacher. Ram who is an agent advised Prasad to take money back plan as he is of same age (33 years). Is it the right advice? Why?
Transfer
Control
Retaining
Avoidance
331
Ajay has bought an endowment insurance plan with a cover of Rs. 10, 00,000 for a term of 15 years. Ajay died after 4 years. Insurance company will not treat this claim as ________ claim.
Normal
Fraudulent
Early
General
332 What is the minimum Sum Assured allowed for Micro Insurance?
5000
10000
15000
20000
334 In a case, the underwriter felt that the risk associated with the person would decrease with time, then he would accept the case with
A clause
A Lien
A Loading
Level Premium
335 If the recommendation of the agent has been rejected by the client, the agent should:
336 Which of the following is true regarding Family Floater Health Insurance Plan?
Only self and spouse can be Any number of people may covered in this plan be covered in this plan.
The insurance cover is shared amongst the family members in no fixed Proportion
25% each
15% each
50% each
No Proportion
338 To identify suitable products their main features and their tax treatments is the role of:
Agent
Insured
Policy Holder
Insured person
339 The rider which is given by the Insurance company pays for the treatment costs in the event of hospitalization of the insured person is called
340 Mr. X is married with wife, 2 children and aged parents Health premium is allowed for
X only
X with wife
X with all
500000
1500000
4000000
342 As per AML regulation, it allows cash premium not over than
Rs.20000
Rs.25000
Rs.5000
Rs.50000
Monthly
Yearly
Quarterly
Once in 6 months
RBI
IRDA
SEBI
Constitution
Person receives fixed amt daily for no of Person receives an amount days in hospital equal to the expense.
Person receives benefit only if he is hospitalized for 3 days minimum to obtain loan as when required to meet financial obligations
transferred
prevented
avoided
reduced
348
In the context of Insurance terminology, how the meaning of Peril, Risk and Hazard is best described?
Peril is the event, Risk is the loss of event and Hazard is the wrongful even
Peril is the event, Risk is the cause of event and the Hazard is an event of dangerous nature
Peril is the event, Risk is the likely occurrence of the event and the Hazard increases
349 Pooling of risks is one of the fundamental principles of insurance where the Insurers pool the premium collected from Rohit, 17 years old, submitted a proposal for Endowment plan of Rs.1 lac to AB 350 Insurance Co. In the absence of an essential ingredient of a valid contract, the proposal was not accepted. Which factor caused the insurer for non-acceptance of the proposal?
Capability of performance
Legality of object
Capacity to contract
Offer
351 A proposal of life insurance is not accepted in the absence of Insurable interest which mainly depends on the
Emotional Financial relationship relationship between between the Proposer and the Proposer and the the Life assured Life assured To see that the plan To give truthful report to the as proposed by the Insurer all about the life to client is not changed be insured on underwriting
353 In insurance, HLV is a known abbreviated term. How the meaning of HLV can best be described in relation to a income earning proposer?
Present value of the Difference between the future earnings less Yearly income is the HLV of Sum assured is the HLV of the proposer Assets and Liabilities is the personal expenses the proposer HLV of the proposer is the HLV of the proposer Pension and monthly income. Death cover and maturity benefit. Interest yield and variable income
On vesting date policy has to After vesting the contract is Deferred date is date be assigned to the life between the insurer and the on which the risk assured. life assured. commences. Age increases, Risk decreases and the Risk appetite decreases
356 There is a relation between Age, Risk and Risk appetite. Which relation is most likely to be acceptable?
357 Regular savings creates a fund to meet adverse incidents in future. For drawing a financial plan for savings needs of an individual without capital, what is the Fund which comes first?
Retirement fund
Emergency fund
Education Fund
358 A Proposer asks for double death benefit in an Endowment assurance plan for 15 years. How his proposal will suitably be dealt with?
359 In a Health insurance plan what the particular feature is likely to cause the Insurer to decrease the Renewal premium?
Cashless facility
Exclusion
No claim bonus
Waiting period
360 Out of all the factors that affect the needs of different life stages of an individual, which is the most common factor that is likely to exist throughout the life span of an individual?
Employment
Age
Marital Status
Liability
an unmarried young
A self-employed person
A Government employee
362 Financial planning may not be taken as complete till inclusion of the predictable needs of the clients. It is likely to emerge from the incident of
Disability
Unemployment
Sickness
Education
House
House loan
All of them
364 Transactions of sale of life insurance products to the insurable clients are viewed in the Insurance market mostly as
Sales transactions
Relationship transactions
Monetary transactions
Assured transactions
365 Which Act or Regulation provides that the Renewal commission is payable to the legal heirs of the Insurance agent in case of his death?
IRDA Act,1999
Insurance Act,1938
Ranjan took out a 20 years Money Back plan on his own life 5 years ago. Survival claim will not be paid and only 366 Survival benefit was due on 4.5.2011. Ranjan died on 6.5.2011 without receiving the survival benefit amount. What will be the legitimate procedure to pay out the death claim will be paid to the Nominee claim? A regret letter will go intimating that nothing is payable as death claim
Both the survival claim and the death claim will be paid to the Nominee
Survival claim will be paid Bothe claims will be to the Legal heirs and the paid to the Legal death claim to the Nominee heirs
367 A life assured died after 40 days from the payment of his monthly premium. If there be any claim, how the claim will normally be dealt with?
Full sum assured Full sum assured will be paid Paid up value, if any, will be less deduction of as death claim paid as death claim unpaid premium will be paid
Rs. 300
Rs500
Rs 1000
Any of them
Nominee
Assignee
Trustee
Policy holder
370 If an Insurance agent is found guilty of breach of trust, he will be disqualified to act as an insurance agent. The disqualification stands valid
for life
Policy matter
All of them.
372 It is the bounden duty of the Insurers to protect the interests of their policyholders from proposal acceptance to claim payment because of the
Market competition
Regulations of IRDA
373 For redress of grievances of the policyholders, a number of Authorities have been formed. Which of the Following authorities has been empowered to hear the complaints and adjudicate?
Insurance Ombudsman
IRDA
374
In the context of IRDAs code of conduct, the term Ethical behavior can be best described as
a behavior that is based upon the moral judgment of an individual a breach of a provision of the Insurance Act,1938
375 An agent offered his client that 75% of the first premium will be paid by him out of commission. This offer of rebate on premium will be treated as
a rebate on the price amount a breach of IRDAs code of like other sales conduct
376 Principle of utmost good faith is expected for max up to which stage
NA
NA
NA
NA
NA
NA
Monthly
NA
NA
NA
Reasonable
NA
NA
NA
380 If I invest in a G sec partway(ignore periodic interest payments).I will get on Maturity
Prinipal amount
NA
NA
NA
NA
NA
NA
NA
NA
NA
383 An agent does 6 lacs of new business premium /Income in a year. He is a composite agent. What is the maximum Premium/Income he can earn from 1 insurer?
NA
NA
NA
NA
NA
NA
385 IIRM is in areas of education and While calculating HLV along with future income, no of years of work, increments in salary what is also to be taken in to account?
Research
NA
NA
NA
386
1. Inflation.
2. Interest.
3. Discount rate
4. Compounding.
387
1. Misrepresentation
3. Fraud
388
Customer has opted for a 5 yrs guaranteed annuity option. What will happen to annuity, if the customer survives for 5 years after the end of guarantee period?
1. paid up to 75 Yrs
3. till he die
4. not remembered
After maturity In a Unit Linked Life Insurance Policy, customer does not get 389 received Maturity in a lump sum. What is the possibility of receiving it in installments if it is not a annuity plan
390
Anand received post taxation 5% return on his fixed deposit in a bank. If his net return is 3%, what can be the reason
1. Administrative charge
2. Inflation
3. Interest rate
4. Market Risk
391
3. Commitment to need
4. Willingness to pay
392
393
Which tax rate is applicable, in case of Client pays the premium of 5000/- and suffers illness before maturity?
1. Nil
2. 10%
3. 20%
4. 30%
394
During financial planning session if the agent finds out the following needs, 395 which one should be given the top priority. Needs: Income protection, Childs education, marriage and emergency funds.
1. Childs education
2. Marriage
3. Emergency funds
4. Income protection
396
For assessing the risk of a group health insurance policy, which of the following information is the most critical
1. Group lifestyle
2. Employees
397
The rider which is given by the Insurance company pays for the treatment costs in the event of hospitalization of the insured person is called
398
399
2. Life and General (non-life) 3. Government and Private 4. Health and Saving Insurance Insurance Markets Insurance Markets
400
What is Bancassurance?
401
2. Level
3. Uncertainty
402
1. Grouping of Risk
2. Risk Grading
3. Risk Assessment
4. Pooling of Risk
403
1. Risk Transfer
2. Risk avoid
3. Risk retention.
404
1. One party makes an offer which the other party accepts unconditionally.
4. One party makes 2. One party makes an offer 3. One party makes an offer an offer which the which the other party put where other party gives other party receives extra conditions. counter offer. the offer.
405
Mr. Kumars wife is suffering from blood cancer. Doctors lost their hope on her live. Mr. Kumar would like to take Life Insurance policy on wifes name in order to get monitory benefit. Insurance company rejects this proposal on the grounds of.
406
Under this situation may leads to breach of the duty of utmost good faith.
407
2. Facts of law
408 What is the main source for insurance company to get information of proposer?
1. Advertisements.
2. Proposal form.
3. Conducting interviews.
4. Telephonic conversations.
409
What are the factors involved in calculating Surrender Value of the Policy?
3. Sum Assured
Mr. Kumar is taken one life insurance policy with ABC Company. But he is not 410 satisfied with the policy benefits. What Mr. Kumar can do under this situation?
3. He can send back the policy document to insurance company with in 15 days from policy receiving date. 3. Occupation and Residence of Proposer.
412
413
1. Primary Underwriter
2. Main Underwriter
3. Chief Underwriter.
4. Information Underwriter.
Mr. Rajesh has taken policy from ABC insurance company for Rs. 500000 Sum 414 Assured by paying Rs. 50,000 premium per year. Company declared 5% Simple Reversionary bonus, what is bonus amount?
1. Rs. 2500/-
2. Rs. 25000/-
3. Rs. 250000/-
4. Rs. 5000/-
415
416
1. High Returns
2. Low Returns
3. Moderate Returns
4. Good Returns
417
418 Which is the primary saving need among all saving needs?
1. Insurance
2. Purchasing House
3. Investment.
419
Mr. Rao has Rs. 10, 00,000 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 period. What is the best option to park his money?
1. Insurance
2. Shares
4. Mutual Funds.
420
Which of the following product not comes under Section 80 ( C ), income tax act 196
Mr. Suresh purchase one pension plan and accumulated Rs. 9,00,000 amount 421 in his pension fund. He would like to utilize commutation benefit before taking pension. What is amount Mr. Suresh can withdraw as commutation?
1. Rs. 3, 00,000/-
2. Rs. 4, 50,000/-
3. Rs. 90,000/-
422
Customer has to pay the amount in regular intervals to create purchase price or Pension Fund. We call this phase as..
1. Collection Phase.
2. Accumulation Phase
3. Pension Phase.
4. Primary Phase.
423
Some Health Plans will give coverage for family members also. We will call these plans as..
424
Mr. Hitesh would like to get health coverage along with Life Insurance. What are the options available to Mr. Hitesh to fulfill his need with a little cost?
Mr. Govind, Advisor with ABC life insurance company find out one client is 425 seeking solutions for health care and inheritance planning. Which main life stage he most likely to fall into?
1. Young Unmarried.
3. Retirement.
4. Children.
426
3. Interrogative Questions.
4. Clarification Questions.
427
429
1. Photographs
2. Proof of identity
3. Proof of address.
430
2. Renewal Commission.
Mr. Gayaram, Advisor who advised the customer to close the old policy and 431 take new one. But new policy does not have any extra benefits but it will give more commission to Mr. Gayaram. This is called as
1. Switching
2. Churning
3. Redirecting.
4. Shifting.
432
433
1. Role of Agent
2. Product Design.
3. Policy Servicing
434
3. Any demand made by the 4. All of the above. policyholder on the insurer.
435
Who will take the initiation to settle the maturity claim process?
1. Client
2. IRDA
3. Advisor
4. Insurance company 4. Enquiry will be done if death happens before one year from policy inception date.
437
1. Layering
2. Placement
3. Integration
4. Amalgamation.
438
Who controls and regulate the rates, advantages, terms and conditions that may be offered by insurers in the respect of general insurance business.
439
1. 10
2. 12
3. 14
4. 15
440
What the name of department that is established by IRDA to deal with customer complaints?
441
4. Churning.
443
Mr. Mahesh is a software engineer. He has taken a term insurance for Rs. 30,000,00/- for 30 years. This is an example for-----------------
1. Risk retention
2. Risk transfer
3. Risk avoidance
4. Risk tolerance
444 Which of the following do not include the channel of indirect marketing?
1. individual agents
2. bancassurance
3. insurance brokers
4. through internet
447
1. death is certain
2. death is uncertain
1. future data
2. past data
3. statistical data
4. mathematical data
449
1. surety-co surety
2. employee-employer
3. husband-wife
4. brother-sister
1. only insurers
2. only proposer
1. an impression of the left thumb is taken and third party has to attest it
2. an impression of the left thumb is taken and the advisor has to attest it
4. A relative of the 3. an impression of the left illiterate person has thumb is sufficient and need to sign on behalf of not be attested that illiterate person. 4. Mr. Shanth can 3. the policy may be renew the policy only renewed on different terms on the approval of and conditions the insurer
452
Mr.Shanth has taken an endowment policy of 15 years with ABC insurance company. He has paid premium for 4 years and he could not pay premium for 5th and 6th year. In the 7th year he approaches the company to renew the policy. Now which of the following options will apply to him?
453
4. The section 39 of 2. Nomination can be done 3. A person having a policy 1. The life insured can nominate one or the Insurance Act either at the time the policy is on the life of another should more than one person as nominees. 1938 speaks about bought or later. make a nomination. the nomination. 4. Conditional 2. The assignor need not be 3. Section 45 of the assignment and major at the time of insurance act speaks about absolute assignment assignment. assignment. are one and the same. 2. Mr. Shanth can take loan which should be certain percentage of the surrender value of the policy. 3. There is no concept of loan in insurance policy 4. loans are allowed only in term plans
Mr. Shanth has taken an endowment policy of 20 years. He has paid premium 455 for 10 years and now the policy is in force. At this point of time can Shanth take loan?
456 The underwriter can get the required information about the proposer in.....
1. Proposal form.
2. renewal receipt
3. brochure
4. annual report
457
1. moral hazard
2. physical hazard
3. mental hazard
4. Ethical hazard.
458
4. the risk 3. the risk associated might associated might be not be harmful general
459
3. an endowment policy
460
Mr. Shanth has got a pure endowment policy for 30 years for the sum assured of Rs. 75,000,00/-. It can be paid to him......
1. when he dies
3. when he is hospitalized
462
Mr. Shanth is in his early 20s and has just started earning. His risk appetite is expected to be.....
1. high
2. low
3. normal
4. Neutral.
463
Which of the following ways is easier for a person to take a saving product?
2. through internet
3. corporate agents
4. call centers
464
Flexibility like partial withdrawal and taking premium holidays is possible with....
1. Fixed deposits
3. Term Insurance
4. Endowment plans
Mr. Rajgopal has invested some money. He has been informed clearly about 465 the tenure, interest rate and method of payment of interest at the inception of the investment itself. His investment may be in.....
1. Life Insurance
2. Mutual fund
3. Shares
4. Bank deposits
466
2. This rider is ideal for 1. The rider waives future premiums in 3. The main strength of helping to prevent a policy 4. WOP rider can be the event of the disability or death of the lapsing due to non-payment WOP is the payment of full offered with all plans policy holder. sum assured. of premiums due to death or disability
467
Mr. Ramakant is 35 years old. He has bought retirement plan for 20 years. This type of pension plan is known as..................
1. immediate annuity
2. life annuity
3. deferred annuity
468
Mr. Ranga has taken Critical Illness Rider. In which of the following scenarios the insurance company will pay him......
3. When Mr. Ranga's family 4. When Mr. Ranga member will be in critical dies due to severe illness road accident.
1. the lower
2. the higher
3. the smarter
4. the superior
Mr. Ramachandra's son Mr. Bharat has just employed as a software engineer, 470 daughter Anusha has got married. Now Mr. Ramachandra is free from his burden. So Mr. Ramachandra is now in the ...................stage.
1. Pre-retirement stage
4. Employment stage
Mr. Vinodh has lot of inconvenience to reach office every day. So he wants to 471 buy an expensive car when he will have sufficient fund. Here Mr. Vinodh's need is.............
1. Real need
2. Perceived need
3. Imaginary need
4. Important need
472
473
1. good
2. bad
3. compulsory
4. appreciable
474
According to IRDA regulations the maximum percentage of first year commission to be paid to an insurance advisor is.............
1. 30 %
2. 35%
3. 40%
4. 45%
475
In the case of agent's death, the commission payable will be paid to.........
2. to his nominee
476
Mr. Chintamani has taken a policy from ABC Company on 2nd March 2010, but unfortunately he died on 18th August 201 His death claim is considered as..........
477
1. Maturity claims
478
1. 5 years
2. 6 years
3. 7 years
4. 8 years
479
1. the company will wait until the 2. the process is initiated by claimant comes to office to demand the the company well in advance claim of the maturity date
4. If the claimant does not come within a month the entire maturity amount will be
480
481
1. 1956
2. 1999
3. 1955
4. 1947
482 The insurance ombudsman has been appointed to protect the interest of.......
1. policyholders
2. shareholders
3. insurers
4. General insurers.
483
The charges were not fully disclosed to the customers" is a common complaint against.....
1. IRDA
2. Agents
3. Shareholders
4. Underwriters
Mr. Sharma is a newly recruited insurance advisor. To meet his month target he 484 explains only the good points of newly launched plan to his customer. Here Mr. Sharma's behavior is............
1. ethical
2. unethical
3. professional
4. Perfect.
485
1. IRDA
2. Insurance Council
4. Government of India.
486
3.Is possible by transferring 4.Is possible by Rerisk to the policy holder insuring oneself
487 The timing of death is uncertain, so when one should take life insurance?
2. At an early age
3. Anytime in life
2. The risk retained person 's 3. The financial goal of the family insured
489
3. Tables of details of 4. Tables of details 2. Tables of details of underwriters calculation on of actuarial various probabilities of death death calculation on death
490
Mr. Guptha is recently detected with lung cancer. He would like to take an insurance. What is your suggestion?
On 6th August there was a typhoon. Mr.Augustin who had insurance died in 491 typhoon. Now how will the insurance company will categories this particular risk ?
Mr.Akash filled the proposal form but before submitting to the company he 492 discussed with the agent that he is not sure whether he can pay for 15 years . This attitude affects which part of the contract?
2. Capacity to contract
3. Consensus ad idem
4. Offer and Acceptance in the contract 4. D. An authorized agent to act on behalf of the legal company
1. A legal person to act on behalf of the 2. B.A legal person to act on re-insurer behalf of the insurer
Mr.Karan who has to go to abroad for 6 months on an official work decides to 494 leave his car with his friend Mr. Jim. What will be the validity of the insurable interest in this case ?
1. The insurable interest between the car and jim is valid for 6 months
4. The insurable 2. The insurable interest 3. The insurable interest interest between the between the car and karan is between the car and karan car and Jim is valid valid for 6 months is valid until he owns it until Karans return
495
Mr. Varun who own a multi chain company would like to take an insurance. What will be the best option for him from the following ?
Mr. Josh was filling the proposal form but as his mother was sitting beside him, 496 even though he drinks and smokes he ticked NO in smoking & drinking column of proposal form. This indicates ? Mr.Feroz has taken policy for critical illness worth Rs.1 lakh in health policy. He also has a term plan worth Rs.10 lakhs. Mr.Feroz was hospitalized after he was detected with cancer .Unfortunately he died after 3 days of treatment. How the claim will be settled?
4. He had done an innocent misrepresentation 4. Claim will be settled as per the instructions of underwriter 4. Policy will be surrendered by the heir
497
1. claim of critical illness and 10 lakh from term policy will be settled
2. claim of hospital charge Rs 20,000 and 1 lakh for death will be settled
Mrs.Shwetha has taken a loan from her policy. Later stage she neither paid back 498 neither the loan nor she paid the premium for a very long time. What will happen to her policy?
499
Which of the following information does not appear in the First Premium Receipt?
2. Date of commencement of 4. Date the last 3. Date the policy matures last premium premium will be paid
500
Mr.Santhosh working as a head master who is around 52 years had requested for an Insurance cover for Rs.1 crore. He insisted that his brothers son should be the nominee not his wife. Underwriter will verify this case for which one of the following:
4. D. Moral hazard, as he is a head master and 52 years old 4. Insurance Investigation Agencies
Mr.Feroz has applied for an insurance cover of Rs.4 crores. The Company will 501 accept or reject the proposal only after confirming from one of the following agencies.
502
The responsibility for classification and analysis of the proposal form lies with whom?
3. Underwriter
2. The financial history of his 3. The income that he earns 4. Human Life Value family
504
Mr. Kumar decides that his employees should have SSS scheme. What type of plan is SSS?
505
1. Mutual Fund
3. Shares
506
Ajay bought a share for Rs.110 and he sold when it was Rs.630.What had happened to his share?
1. Capital Appreciation
2. Capital Profit
3. Capital Benefit
4. Capital Variation
507
Which of the following cant be ducted under section 80 c from taxable income?
1. Pension Funds
4. Infrastructure Bonds
508
509
Who act as an intermediary by offering a trading platform for buying and selling of shares? Chap-6
3. Stock brokers
4. Share brokers
510
Which one of the following cannot be covered under Critical illness rider?
1. Blindness
2. Paraplegia
3. Coma
4. Brain Surgery
511
Mr. Yash has taken an annuity on 25th August 201The benefit of the plan will start from 25th August 201 What type of annuity plan is this?
2. Life annuity
3. Deferred Annuity
4. Immediate annuity
512 Which are the two primary needs of any customer in any point of life?
Mr. Raj has taken a policy of 15 year term. He has paid the premium for 9 513 years. But now unfortunately he has lost his job. He is unable to pay the premium. What can be the best solution from the following ?
514
In which of the following an agent will collect the customers Personal data, professional data and financial data
Mr.Mohith, an agent was explaining to his customer the guaranteed benefits of 515 the product. Which one of the following documents he would have used to explain the same?
2. B.KYC document
Mr.Harsha an agent wants do a thorough Fact Finding for his client to Mr.Kishan 1. Clients Profits and Withdrawals from 516 who is a business man. Which of the following information will be helpful to know business about the earnings and Expense of Kishan?
517
518
Which one of the following factor does not help in the Persistency ?
519
Mr. David an agent had helped Mr. Srinivasan to take an endowment policy on Feb 200As srinivasan was finding it difficult to pay the premium, Mr. David had advised him to surrender this policy and to apply for a lower premium policy. This is called as ?
520
Mr.Baskar had taken a Term plan for a sum assured of Rs. 7 lakhs. He also has 521 an ADB rider worth Rs. 4 lakhs. Unfortunately Baskar died in a car accident. How much will be the death claim settlement?
2. Total 4 lakhs will be paid as death had happened due to car accident
522
Which council among the following focus on creating a positive image of the 523 insurance industry and would also like to enhance the Consumers confidence on the same ?
Mr.Varun taken up his agency in July 5th 200 His lost his IRDA license while 524 travelling. His agency has also expired. What is the solution for Mr.Varun ?
1. Need to complete 25 hours of practical training and paying Rs.50 for the issuance of duplicate license
2. Need to complete 50 hours of practical training and paying Rs.100 for the issuance of duplicate license
3. Need to complete 25 4. Need to complete hours of practical training 50 hours of IRDA and paying Rs.100 for the training and paying issuance of duplicate Rs.50 for the license issuance of duplicate 4. Compliance officer
525
If any consumer is dissatisfied with the customer care cell of any insurance company to whom they can escalate their grievances.
1. Nodal officer
3. Compliance cell
Which is the Regulation that insists that all the insurance companies should 526 provide the information about the insurance ombudsman of that region while sending the policy documents.
3. Ombudsman Regulation
4. Compliance Regulatory
Mrs. Hansa an agent, has planned to sell maximum products within a short span 527 of time by giving maximum rebates to the customer to complete the contest target of the company.
2. Reputation of the company will be high due to offers to 3. Agent will be terminated the customer
Mr.Raghav is an expert in fact finding .Mr.Raghav helps his brother in his job by 528 sharing the information of his clients after the fact finding he does to procure insurance. What will be the outcome ?
530
1. Insurance brokers.
2. Bancassurance.
3. Individual agents.
4. Internet.
531
Rahul is a licensed insurance agent. As agent he must carry out his role in accordance with
532
1. Future expenses.
2. Claim experiences.
3. Present expenses.
533
Ram works in a Fire cracker factory. He stocks the cracker in his house. He runs which type of risk.
1. Speculative.
2. Particular.
3. Financial.
4. Fundamental.
534
1. Using the same pool for paying claims of car & life insurance.
3. Using the same pool for paying claims of life & house insurance.
4. Using the same pool for paying claims of life insurance. 4. An insurer has made another proposal.
535
Rakesh purchased a life insurance policy. While writing a proposal form he hide 536 that he practices mountaineering. Sadly he died in an accident while climbing Mount Everest. The insurers rejected the claim.What is the reason for rejection? Shamsher has a health insurance policy of ` 1, 00,000 individually and from his company for ` 2, 00,000. He falls sick and got hospitalized. His hospital bill ran 537 to ` 50,000. He claimed this amount from his individual policy. Also, he placed the request with his company for group policy claim, which was rejected. The reason for rejection is.
1. Innocent misrepresentation.
2. Fraudulent misrepresentation.
3. Concealment.
4. Non-Disclosure.
1. Indemnity contract.
2. Value contract.
3. Deemed contract.
4. Rolling contract.
538
2. Proviso of policy.
3. Operative clause.
540
Ram Lal is an insurance policyholder. He has recently shifted his home from 541 New Delhi to Noida. He wants the address to be changed. This change in policy document will be effective through?
2. Preamble.
3. Endorsement.
4. Schedule.
542
Lalu Yadav is having a saving plan with 20 years tenure. He has paid 5 annual premiums but due to financial crisis is unable to make future premium. His policy
543
3. Nomination is made after 4. Nomination need policy is issued while not be informed but assignment is done before assignment needs to it is issued. be informe4. 4. A medical checkup is carried out nearby place of residence.
544
545
1. Risk Premium.
2. Net Premium.
3. Loading of Premium.
4. Gross Premium.
546
MPL abbreviates
547
What is generally considered as a substitute to charging a high premium for a high risk?
1. Clause.
2. Assignment.
3. Lien.
4. Level Premium.
548
Manmohan has recently purchased a house worth ` 50, 00,000 on loan. Which insurance product you as an adviser will suggest?
1. Endowment Plan.
4. Term Plan.
549
To avail the income tax benefit at investment stage, premium should be maximum
1. 10% of S1.
2. 20% of SA.
3. 30% of SA.
4. 40% of SA.
550
2. Current assets.
3. Current liabilities.
4. Duration of investment.
551
For his investment need, Ravi has parked funds in equity. The returns from this form of investment can be categorized as
1. High Risk.
2. Low Risk.
3. Moderate Risk.
4. No Risk.
552
While calculating the expected returns from investments and savings, an individual should make provisions for
1. Taxation only.
2. Inflation only.
4. No provision is require4.
553
Vijay, aged 30 years and married, is the sole bread winner for his family. He is saving enough with banks.As an agent, which need you prioritize first?
1. Retirement need.
554
The Central Bank has recently announced the decrease in interest rates. The prices of bonds are
1. Likely to increase.
2. Likely to decrease.
3. Will fluctuate.
4. No change is likely.
555
Rohit is working as sales manager with an FMCG company. His job requires him to travel across states. He is planning of covering his additional risk involved 1. To purchase an accidental rider with while travelling and a savings plan. What suggestion would you give him as an a savings insurance plan. agent?
556
The general need for purchasing a health insurance plan at an early age results from which of the following factors?
557
The life expectancy in India is constantly improving and is well above 60 years. This also brings along challenges. These challenges can be covered through
1. Equity.
558
Anand has purchased a pension plan which is nearing completion of accumulation phase. He is in need of finances to make down payment of car he wants to purchase. At the end of accumulation phase how much he can make tax free withdrawal?
559
During the fact finding session as an agent you should follow which one of the following process?
560
As an adviser why is it essential for you to carry out the financial planning exercise with the prospective clients?
2. Individuals have same financial needs at different stages of the life cycle.
3. Individuals do not 4. Individuals real understands their real and perceived needs needs and cannot prioritize are same. them.
After undertaking financial planning exercise, the prospective client said that he 561 does not have funds for investments. To resolve this query, which skill of an agent would be tested?
2. Listening skills.
3. Communication skills.
562
3. Provide the terms and 2. Provide Benefit illustration conditions document to the documents to client. client.
565
When client declines the recommendation by the insurance adviser even after resolving the concerns, the adviser should
4. Should do nothing.
566
Under what circumstances the surrender of a policy should be recommended by the agent?
3. When the policy has been mis-sold and do not match his needs.
567
4. Unsatisfied clients.
568
Aman has taken a term plan for 20 years. In the 3rd year he suffered financial 569 crisis due to which he was unable to pay premium within grace period and died after 1 month. The nominee files a claim and is rejected because
570
When a policy is lost, insurance company take utmost care while settling maturity claims because
4. There is no nomination.
571
What key event is most likely to make an insurance contract not a valid contract?
572
2. The beneficiaries.
3. The trustee.
4. The administrator.
573 Who has the authority in insurance company to issue/cancel the agents license
1. Insurance Company.
2. Designated Person.
4. Actuary.
574
Which organization was formed with purpose to promote insurance education and training in India?
575
A client demands the information on the current status of a policy indicating accrued bonus. The insurer should provide communication within
1. 10 Days.
2. 15 days.
3. 20 Days.
4. 30 Days.
576
To ensure that the customers complaints are handled effectively, IRDA has established
577
Amit & Rashmi are newly married. Both are working couple. They want to invest their savings of 100,000 annually to build corpus to make down payment for their house 5 years from now. An adviser sold than a unit link product to meet their requirement. This may result in
Shankar, an adviser, sold a term insurance policy and unit-linked insurance 578 policy (ULIP) to Amar, the client, who is unmarried and has no dependent. Consequently, Shankars action can be termed as
2. Churning.
580
Amit is looking for term insurance plan for protection of his family, he is advised to approach to:
1. Property Insurance
2. Life Insurance
3. Health Insurance
4. Liabilty Insurance
581
Insured can contact to seek the resolution of grievances they have against insurer to IRDA through:
1.Complaint@gov.ird1.in
2.insurancecomplaints@irda. gov.in
3.irdacomplaints@gov.in
4.Complaints@irda. gov.in
582
An Insurance company pools the premium collected from several Individual to insure them against similar risk is called:
1. Pure Risk
2. Pooling of Risk
3. Insuraable Risk
4. Sharing of Risk
583
Which of the following Risk is associated with those events which are not in control of an individual and also no possibility of making profit:
1. Pure Risk.
2. Particular Risk.
3. Financial Risk.
4. Insurable Risk
584 which of the following refres to specific event which might cause a loss ...
1. Peril
2. Hazard
3. Physical hazards
4. Uncertinity
Manish took a loan from Pankaj of Rs.10 lac, Pankaj transferred his Insurance 585 policy to Manish of Rs.10 lac as a security with the agreement Of when Loan is fully paid, policy title will be revert back to name of Manish is called:
1. Loan assignment
2. Conditional Assignment
3. Loan Agreement
4. Absoulte Assignment
586
Rakesh has bought an Endowment, Money back, Term & Annuity Plan he would like to avail Loan from:
1. Endowment Plan
2. Term Plan
4. Annuity Plan
587
On foreclosure, if Death claim arises before the payment of the surrender value, the payment would be payable to:
1. Nominee
3. Debotrs
588
To prove ones identity in accordance with KYC process, the customer needs to submit following document excluding .?
1. An Age Proof
2. An Identity Proof
3. An Address Proof
4. Education Proof
1. Value Contract.
2. Indemnity
3. Commercial Contract
4. Speculative
590
Which clause lays down the mutual obligation of the parties regarding, Payment of Premium by Life assured & payment of Sum Assured by
1. Lien Clause
2. Opertaive Clause
3. Proviso Clause
4. Schedule of Policy
591
Gaurav is working in MNC at the age of 32 bought an Endowment Plan. He had nominated his 1 year old daughter Saanvi, but not able to get the Signature of her appointee due to unavailability of his spouse .after 5 year. He died in road accident, now claim money would be payable to:
1. Nominee only
3. Appointee Only
592
Parvesh bought a policy an endowment plan but after one year insurer. Found he had Aorta Surgery .now which will apply by insurer:
3.Lien Clause
593
Jyoti is submitting is copy of permanents account number card as age proof for buying an money back plan .her age consider as a
3. an Address proof
594
Which one of the following bonuses is given by insurer as an incentive to the insured to for long term:
3. Persistency Bonus
4. Interim bonus
595
Ramesh bought an endowment plan for tern year he pays the same Amount in every year is called:
1. Gross Premium
2. Level Premium
3. Risk Premium
4. Net Premium
596 Which one of the following is not source of information about the
1. Proposal Form
2. Insurance agent
3. neighbor of proposer
597
Manish being a sole earning member of his family not insured himself But looking for insurance for his son who is student .there is possibility of
1. Physical Hazard
2. Moral Hazard
3. Medical
4. No underwriting
598
599 Which option is not correct with regard to joint life insurance plan?
4. A joint life policy may cover a partner in business under one policy.
1. Post office
2.Bank
3.Mutual Fund
601
Pankaj want to save tax over and above the deduction allowed under section 80C of the income tax act 1961, which allow deduction from taxable income
1. Corporate Bond
2. Infrastructure Bond
3. Health Insurance
602
In which of the following Bank pays the Interest on the deposits fund on monthly /quarterly /half yearly/ yearly basis as chosen by depositor fund:
1. Saving Deposit
2.Cumlative deposit
3. Traditional Deposit
4. Fixed Deposit
603 Vinod being an insurance agent can offer assistance to his client Ramesh by:
2. Matching the product with 3. Recommendation of Rameshs financial need. product with highest return.
604
2. Maturity benefit
Gaurav bought an endowment plan for 20 year of 10 lac SA with ADB Rider, 605 died in road accident after 10th year how much money claimant would be payable:
1.10 lac
2. 20 lac
3.30 lac
4.5 lac
2. When both the life partners are earning members of the family.
3. When the income of a family is just the double of income of another family.
4. An individual should not keep in mind his income while planning his expenditure. 4.Surrendering the existing policies for selling new one
1. Identify needs
610
Which one of the following documents distinguishes between Guaranteed and non-guaranteed benefits?
1. KYC documents
3. Fact-finding sheet
4. Financial details
611
Under which one of the following acts the maximum remuneration that can be given to insurance agents described?
2. Reduction in costs
4. Decreased revenues
613
Satish as an insurance advisor while recommending to his client Ramesh is not suitable policies
4. Should advised 2. Satish should outline the 3. Satish should check the him to surrender all reasons for recommendation acceptance or rejection of the polices which are for a particular policy the recommendation. not buy from satish. 2. Reviewing financial needs and plans are necessary with changes 3. Agent has the option to recommending highest commission at any time. 4. Introduction of a new insurance product or a change in a clients Circumstance
Pranab is not able to pay premium for continue his policy due to some Financial 615 problem, so he rather than surrendering the policy, what Option he has to convert .?
3. Deduct the underpaid 4. Policy was subject premium from Sum assured to lien. and payable on Maturity 3. Sum assured plus vested bonus minus any outstanding loan/premium & Interest.
Ajay has bought an endowment with profit plan for 20 year .if he took a Loan 616 after 5th of commencement of policy and died before 2 year of Maturity .what would be payable on maturity?
617
Under what kind of Rider the insurance company pays the treatment cost in the event of hospitalization of the insured, subject to term & Condition of the rider.
4. Term Rider.
618
Which one of the following report is not considered in case of Pankaj Bought a plan in 2009 & died in road accident in 2011 :
4.Coroners Report
619
Married Womans Property Act 1874 provides that a life insurance Policy that has been taken out by:
1. Married Woman
2. Married Man
3. Married Son
4. Married Daughter
621
How Many offices of Ombudsmen the Government body has set up to Resolving insured customers grievances.
1.15
2.12
3.14
4.16
622
For Insurance industry which association to take steps to Develop Education and research in insurance?
623
Pankaj being a license insurance advisor has to follow code of Conduct provided by:
4. SEBI.
624
Which is the body who provides grant to Insurance Regulatory Develompent Authoruty to carry out activites.
RBI
LIC
Central Government
SEBI
625
While applying for a policy unintentionally Mr.X forgot to disclose that he consumes alcohol,In cotext with Utmost good faith This will be treated as
Non Disclosure
Misrepresentaion
Breach of Trust
Concealment
626
An underwriter accepts the proposal with certain modified terms and coditions,What it denotes
Lien
Counter offer
Decline
Postpontment
627 Ram has set a provision for contigency which can survive for 6 month .This amount is considered as
Adequate
Inadequate
too low
too high
628 XYZ client wants to buy a car in future , however his financial planning shows that he cannot afford car as of now .As a financial planner you should Explain him difference between real need & perceived
Explain him difference between short term & long term need
629 Premium Income earned by an agent holding a composite license is 600000. What is the max contribution of one organisation 60000 1.5 lac 1.2 lac 3 lac
NA
630 After fact finding , Ram has presented the product to the client in te second meeting . If client approves the recommendation what should be the next xtep Ask the client to sign the contract of relationship
Check the client's commitment to the need & continue with process
631 Sanjeev in a lumsum investment is getting benefit of multiple securities Bonds Fixed Deposit Mutual Fund KVP
632 The risk of unemployment is covered with what benefit in the policy Rider Continouation Subsidiary discount
633 Insurer has deducted Rs 3000 from the death claim of Ram. What could be the reason for deduction when all the due premiums were paid Paid up option Lien Commutation Loan Facility
634 Prospectus of an endowment plan should differentiate in types of benefits Exception & exclusion Maturity & death benefit Gauranteed & Nongauranteed benefits None of theabove
635
In case of term plan the premium for CI rider shall not exceed 25% 50% 75% 100%
636 Loading in a term plan is more likely beacause of Morbidity Mortality Admin expenses Investment expenses
637 The needs of a client were identified,and according to that ,maximum life cover was the first priority,what plan to suggest? Wholelife Endowment Term plan MutualFund
638 License criteria,crimnal offence in the past.given IRDA license.Why? he was less than 21 at that time offence had a punishment of atleast 5 yrs hav passed less that 2000 since the sentence exception 3
3 Per day Hospital Cash Benefit Respective to the surgery made Benefit Will get lumsum benefit respective to surgery have been made Per day Hospital Cash irrespective to the surgery made Irrespective to the sugery
640 A Critical Illness claim is settled in a policy. The benefits of the policy can be used for Only for Illness For Repairing house Only For Doctors fees Not specified
641 If the client prefers bank fixed deposit rather than cumulative deposit ,due to what implication ? Investment Frequency Interest Rate Look in period Taxation
642 In case of lien,the risk will classified as per underwriting standards better than average risk,at the early stage of life better than the average risk ,at the later stage of the life Higher than the average risk,at the early stage
Higher than the average risk at the later stage of life Coming to mutual agreement with objective for Solutions
643 which of the following is the final stage of fact finding with the client? Discuss with proposer about future life prospects and changes Completion of Proposal form Recommending Solutions
644 Sarath is the client and looking for large SA, and the proposal to be certified in the context of confidentiality report with relavent to moral hazard,who is concerned person to do!
3 ACR Sarath nominee Superior of the Sarth's insurance agent Insurance company
645 As per agents code of conduct,Agent Recommends protection Plan,but the client insist on investment plan for the financial planning,what an agent should do! Recommend both the plans
Propose an investment plan and discuss with him regard to discomfort of term plan
646 Which is suitable life stage to buy Unit linked insurance plan? Young Married with no children and Single income family
Young Married with Young Married with children children and Double and Single income family income family
647 Insurers observe high persistency ratio,then policy reserve increases Reserve decreases Remains constant Surplus decreases
648 Two policy Matures at the same time for an insurance company,what are the other requirment for maturity with respect to policy.A is absolute assignment and B is conditional assignment.pending requirment in relation with B A loan and interest is outstanding
649 If a person have motoring sport as hobby before taking insurance policy,then what it implicates Moral hazard is Sport and it influence the risk of life motoring sport is risk and influences moral hazard
motoring sport is a motoring sport is risk and physical hazard influences physical hazard and it influences risk
650 Agent has to comply the code of conduct prescibed by Insurance institue of India IRDA National Insurance Academy Insurance Compliance Dept
651 If a health rider is taken in a policy, maximum rider premium can be %age of base premium 25% 50% 75% 100%
652 Change of nomination is not allowed in which situation Nominee is minor Assignment is done to 3rd party Policy assigned to insurer
653 In case of assignment, what key factor indicates the requirement of stamp duty Age of the insured Type of policy Assignment made in a separate deed
654 In case of nomination, how does the appointee gets its appointment validated Registered with the court Puts in the newspaper By signing the proposal form
655 Maturity benefit is equal to Sum assured plus reversionary bonus minus ? Persistency bonus Outstanding premium + interest Outstandin premiums
656 If a policy of term 30yrs is imposed with lien, what will be the lien period 5 10 15 20
657 Reduced target of agent will have what impact on churning more likely less likely less transparent more transparetn
658 In a pension policy if agent says the cost would be 120% of present value if he invests for 10 years, this is due to Charges Compounding Taxation Premium increase
659 After clearly identifying 2 needs from fact finding, client agrees to go for one and gives the reason, what should the agent do now Do a fact finding again Refuse to proceed Proceed with agreed need and document the rejection Get second opinion
660 In a non life policy, the person who is authorised to process the mediclaim is known as Underwriter Third party administrator Actuary
661 Maturity benefit is equal to Sum assured plus reversionary bonus minus ? Claim within 1st anniversary Claim within 1st calendar year Claim befor the valuation date Claim after the valuation date
662 Under daily hospitalisation cash benefit scheme the amount payable is increased due to what reason Change in hospital Special consultant charges Admission to ICU
663 X and Y are married, they are planning for estate planning, which life stage do they belong to Young married with single income no kids Retirement Childhood Pre retirement
664 Premium amount and term is mentioned in Nikhil was in the process of closing a unit linked plan sale and the customer put a query which Nikhil does not know. What should Nikhil do? Preamble Endorsement Direct him to the product booklet Terms and conditions Ask his Supervisor and clarify Operative clause Ask the client to put the query in writing
665
666
A gave an offer to B and B made changes to the same and returned it to A. It will be called
modified acceptance
Counter offer
Rectified offer
Rectified Acceptance
667
If there is no agreement or settlement and the recommendation is also not acceptable to the complainant, in this case the Ombudsman will grant an award
if the complainant decides if the insurer decides to proceed legally to proceed legally
668 Insurance addresses the needs of people with risk of living too long by..
Extensive documentation
669
NA
Learning Objective
Remark
Actuaries
Pg :27
NGO spread Awareness as well as In rural on deeper Penetration through Micro Insurance
Pg :27
History of Insurance
On recommendation of Mahlotra Committee , Under Joint venture , the foreign player can not have more than 26% stake
Pg :24
Insurance Industry
Micro Insurance is for Low Income Group . Product ranges from 5K to 50 K .Premium is as low as Rs 15 and can be collected weekly
Pg 24
Pg :26
Micro Insurance
Micro Insurance guidelines was issued in 2005 by IRDA . Minimum SA is Rs 5000 & Max is Rs 50,000
Pg :25
Pg :26
Pg :26
Agent
Agent can receive maximum up to 35% Commission in first year . Maximum commission in ten years horizon cannot be more than 40.%.
Pg :201
Agent
different products have different commission . Maximum Commission payable in First Year cannot exceed 35%
Pg :202
Sec 42 of Insurance act 1938 defines licensing procedure for agents .Agents should disclose their commission to the customer on demand and yet not give any rebate
Pg :202
As per IRDA regulations , agents are supposed to disclose their COMMISSION when asked by the customer . However Rebates are prohibited
Pg:102
Repeatedly encouraging clients to switch policies / Investments from one another is called churning
Pg :204
Pg :200
Persist ency
Repeatedly encouraging customers to switch policies or investment from one to another is called Churning
Pg 204 : D4
Persist ency
Higher Persistency helps Insurer to get Higher revenue thereby increasing profitability
Pg :206
Persist ency
Higher Persistency helps Insurer to get Higher revenue thereby increasing profitability
Pg :206
Claims
According to IRDA Regulation 2002 , a claim under a life insurance policy will have to be paid or be disputed with giving relevant information within 30 days from the date of receipt of all necessary documents & clarifications
Pg :219
Claims
Sec 107 & 108 of indian evidence act 1872 deals with presumption of death , Waiting period of 7 years is seen in case of person missing
Pg :221
Claims
As per IRDA Regulations , when there is a delay by the insurer for settling of a claim , then they need to pay 2% more than the financial years saving account rate of interest
Pg :219
Claims
IRDA Guidelines on claim settlement instruct the insurer to complete any additional documents /information collection not in a piece meal basis within 15 days from the time of receiving the claim intimation
Pg :219
Valid Claims
Suicide clause exclude claim settlements if it happens within One year of the policy commencement
Pg :217
Code of conduct
Sec 41 (1) of insurance act 1938 prohibits all agents to give rebates
Pg :231
Grievance cells
Pg :238
Pg 231
IRDA 1999
Pg :233
IRDA regulations on advertisements include all printed and published materials from Insurer as well as Agents
Pg 237
KYC
Pg :235
MWPA
Beneficiaries under MWPA can be Wife , Children , Wife & Children , Adopted Child
Pg :236
Actuaries
IAI (Institute of actuaries in India ). Actuary is an expert who applies statistical & mathematical methods to asses risk and calculate premium tables
Pg :249
Agent Licensing
For License , a person should be Major , Of sound mind , graduate , no criminal records ,attended training , passed III exam
Pg :251
Life Insurance council was constituted under Sec 64 of Insurance ACT 1938. Its the face of Life Insurance Industry
Pg :248
NAI , Pune , was set up by Govt in 1980 with support from LI Council , GI council & 4 psu GI. Main Objective is to design , implement & operate on Insurance Training
Pg :249
Pg :246
Integrated Grievance management system (IGMS) also makes the complaints to be regsitered through E mail complaints@irda.gov.in or Toll free number 155255
Pg :271
Integrated Grievance management system (IGMS) also makes the complaints to be regsitered through E mail complaints@irda.gov.in or Toll free number 155255
Pg :268
Pg:268
Ombudsman
Ombudsman role is to resolve complaints related to claims , disputes with regard to premium / policy, non issue policy documents , all in a cost effective manner
Pg :265
Ombudsman
Ombudsman role is to resolve complaints related to claims , disputes with regard to premium / policy, non issue policy documents , all in a cost effective manner
Pg:268
Under IRDA regulations , an agent should carry is license all the time and on demand , should show it to the customers
Pg :284
The role & responsibility of the agent is important to have a good relation with the customers
Pg :279
Peril refers to a specific event which might cause a Loss /Damage .A hazard is a condition that may Increase the chance of perils to happen
Pg:41
Types of Risk
The types of risk that could be insured against are , financial risk , pure Risk & Particular risk
Pg :42
Insurable Interest
Creditor has Insurable Interest on the Life of Debtor to the extend of the MONEY lent to the debtor
Pg :56
Insurance Contracts
Person entering contract should be competent enough . A person is competent when he is a Major ( above 18 years ) , sound mind ,not disqualified
Pg :53
The proposer knows all the material facts about himself and has to disclose all information voluntarily at the time of completing the proposal form and submitting the documents
Pg :57
Assignment
Pg:79
Insurance Documents
AGE is a factor for determining the Risk Profile of the Proposer , thus allowing the underwriters to calculate the premium required for the plan
Pg :69
Insurance Documents
FPR is an Important document which is also an evidence that Risk has begun
Pg :70
Insurance Documents
The operative clause lays down the Mutual obligation of the parties .
Pg :71
Key Documents
The proposal form and the proposer's Signature is the basis of the contract .
Pg :68
Key Documents
Pg :69
The proposal form and the signature of the proposer will form the basis of Insurance contract .
Pg 68
Policy Information statement includes :facility available for frequency and method of premium payment ,contact for service and inquiry related to policy ,Ombudsman location and contact
Pg :72
Key terminologies
The person seeking insurance is a Proposer . Proposer & Life assured could be the same or different
Pg 66
Lapse
A grace period normaly is of One month , not more than 30 days for YEARLY , HALF , Qtrly mode of premium payment .
Pg :74
Pg :79
Nomination
Pg :74
Nomination
Any number of nominations can be attested on the policy . However No % age of share can be mentioned per nominee
Pg :78
No specific Shares in Multiple Nominations however can be done for successive nominations
Pg:78
Lapsed policy will be made Paid Up and the SA reduced to an amount based on Premiums Paid
Pg :75
Paid Up policies
Policy which have A value , ie endowment and having saving component can be made paid up in case it lapses during the term after completion of 3 policy years
Pg :75
Surrender value
Also known as Cash Value . The Option for the policy holder to close the Plan during the Term .due to either Personal Financial problems or policy being mis sold and benefits not up to the clients needs
Pg :76
HLV assumes if the event happens Today how much money one should have in the BANK to get the monthly expenses of the family to continue .
Pg 95
Premium Calculations
Adjustment to take into account of Expenses & profits of the insurer is called loading
Pg :100
Primary Underwriter
Agent Confidentiality Report is mandatory as It helps the Underwriters to have additional Information about the Proposer as the agent is in better position having met / known the client
Pg :102
Types of Bonus
Pg :101
Types of Hazards
Pg :91
Underwiting
Physical Hazard refers to the physical characteristic of the risk associated with the proposer
Pg :91
Underwiting
Agents are in direct contact with the Customer and have an important role to play in assessing the risk
Pg :102
Underwiting
Lien is a clause where the underwriter feels the risk will wear out in time
Pg :95
Underwriting
LIENS are clauses which Underwriters apply to the proposal where they feel the RISK will wear off after certain time duration l
Pg :95
Underwriting
Special reports from senior officials or agents are taken by underwriters sometimes if the risk on the policy solicited is high . Informations on Occupation, habits , lifestyle , income would be asked through this
Pg :90
Underwriting
Under Physical hazard , the Underwriter looks into medical history of the family of the proposer to asses the risk due to heredity
Pg :91
Insurance products
Term product is the simplest and the cheapest Insurance plan which gives Life cover
Pg :112
Insurance Products
In money back plan , payouts are given at fixed intervals called survival benefits . Usually 25% of SA is paid in equal interval of the term
Pg :117
Micro Insurance
Pg:113
Protection Needs
Pg :109
Discuss
Pg :118
Under Sec 80 C , the max Amount under Tax deduction through Life Insurance premium will be Rs 1 Lk
Pg 118
Tax Implications
Under Sec 80 C , the maximum deductible Income from tax in a given year is Rs 1 Lk .
Pg :118
Tax Implications
The premium should be 20% or less than 20% of the SA to avail the tax benefit of Sec 10 10 d
Pg :118
Types of Plans
Partial Survival Benefits are paid at fixed intervals without any formalities to be completed by the Policyholders
Pg :117
Ulip
Ulip offers protection with Investment and flexibilities to manage the Investment to the customers
Pg :116
Pg :128
Emergency funds
Investment for emergency funds should be invested in saving products that offer easy liquidity and can be converted to Cash without much loss in value
Pg: 138
Pg :137
Pg 136
Care should taken that the EMI do not exceed 40% of monthly take home salary
Pg :139
Saving Products
Investment is made in Lump Sum and the Interest rate is Fixed at the time of Inception
Pg 135
Saving Products
Pg :135
Saving Products
Three types of deposits :cumulative , recurring & traditional . Rate of interest varies .
Pg :133
Saving Products
NSC . Kisan Vikas Patra , PPF etc can be brought from Post office
Pg 135
Saving Products
Pg :113
Pg 136
Tax Implications
Under Sec 80 C , the maximum deductible Income from tax in a given year is Rs 1 Lk .
Pg :136
Good returns , Portfolio diversification ,hedging against Inflation are the other reasons for ETF
Pg :135
Pg :138
Annuities
Open market option allows the Annuitant to get the best scenario by taking his/ her annuity from other companies
Pg :155
Annuities
Pg:157
Annuities
As epr IRDA regulation post 1st Sept 2010 , The minimum Guaranteed returns in a pension plan has to be 4.5% . The insurer will have to invest very prudently to get this %age return
Pg :157
Annuities
Open Market Option allows the Annuitant to look at the best Rates in the market from other Insurance companies before taking the pension payouts
Pg :156
Annuities
One third of the Corpus can be withdrawn on vesting date Tax Free
Pg :156
Annuities
Commutation allows the Annuitant to withdraw 1/3rd of the corpus amount Tax Free at vesting date
Pg :156
Health plans
Most Insurer have waiting Period in the health Plans for covering any pre existing illnesses
Pg:151
Health plans
No claim bonus is a feature of health plans in which if no claims are made in a policy year , the insurer will give some discount on the next renewal premium
Pg :151
Health Plans
Family members can be covered under One Umbrella . However some Insurance Companies will have specified the number of members one can take under Family floater
Pg :150
Health products
Pg :150
Pension Plans
Under Sec 10 10 A , Commutation , you can withdraw 1/3rd of the Corpus Tax Free
Pg :156
Riders
Lump Sum SA of the rider benefit is paid on diagnosis of the critical illness as per the Rider Feature and subsequent claims under it will not be paid as the rider terminates
Pg :154
Riders
Pg :155
Riders
According to IRDA regulations Premium of all riders taken together should not exceed 30% of the base policy premium
Pg :155
Tax Implications
Under Commutation , person can take 1/3rd of the corpus amount Tax Free at vesting date under Sec 10 10 a
Pg 157 :B6
Pension Payout is fixed for certain period guaranteed like 5,10,15,20 and then till Life of the annuitant
Pg:156
Pg:172
Life stages
Pg :170
Life stages
The Income earning capacity keeps going up there by allowing the disposable income to increase as the time goes.
Pg :164
Life stages
Pg :168
Life stages
The clinet needs @ Retirement age is Investment to get regular income , estate planning and revisiting the health insurance plans to see their adequacies
Pg :170
Life stages
Pg :168
Pg :167
Fact finding
Pg:194
Fact Finding
fact finding process helps in identifying the clients financial needs, to quantify them & to prioritize them ,
Pg :184
Fact finding
Fact finding as a process is to identify the clients needs , quantify them and prioritize them
Pg :184
The grading is in 0 -5 rating , O denotes No risk taking ability and 5 denotes High risk taking ability of the client
Pg 190
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