IC14 - LICENTIATE - Regulation of Insurance Business -10

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Q 1. The full form of GIBN is _____.

General Insurance Buy-out Notifications

General Insurance Bonus Nationalization

General Insurance Business Notification

General Insurance Budget Notifications

General Insurance Business Nationalization
 
Q 2. As per IRDA guidelines for ULIPs, all ULIPs have uniform /level paying premiums whereby additional payments will be treated as -

premium top-up

extended premium

new premium

single premium

lock-in premium
 
Q 3. The maximum reduction in yield (Difference between Gross and Net yield % p. a.) for 15 years and thereafter elapsed since inception is _______.

4%

3.75%

3.30%

2.50%

2.25%
 
Q 4. During the free look period, if the customer is not satisfied, he will be required to send the original documents of the insurance policy along with ________ to the customer service department.

Affidavit

Proposal form

Covering letter

Apology letter

Application form for its cancellation
 
Q 5. KYC means _______.

Know your country

Know your customer

Know your company

Know your client

Know your cash
 
Q 6. An appeal can be made in the Supreme Court against the order of the National Commission within ______.

5 days

15 days

30 days

45 days

60 days
 
Q 7. ________ is not mandatory to be submitted under KYC norms.

Purpose of contract

Verifiable address

Copy of sale deed

Bank statements

Recent photographs
 
Q 8.
How can one assess if an insurance company will be able to meet its claims or not?

Price Earning Ratio

Profitability of the company

Share Capital of the company.

EBITA %

Solvency Ratio

 
Q 9. The function of the Executive Committee of the Life Insurance Council is to inform the IRDAI if any insurer shows prejudice to a ______.

Intermediary

An employee of the insurance company

Nominee

Policyholder

None of above
 
Q 10. Under section _____ of the Insurance Act, life insurance policies are repudiated.

Section 44

Section 45

Section 46

Section 47

Section 48
 
Q 11. What is the minimum term of coverage in health insurance?

1 year

2 years

3 years

5 years

7.5 years
 
Q 12. When a nomination is made specifically under Sec 39 of the Insurance Act, the Provision of Section 6 of M W P Act 1874 does not apply to nomination in favor of _____.

Spouse

Gr and parents

Wife and/or children

Children

Wife
 
Q 13. Which of these products is not viable as a stand-alone insurance product?

Microinsurance

Endowment

Money back policy

Group insurance

Pension and Group schemes
 
Q 14. If death happens during the contestable period, any claim based on the policy can be challenged on the grounds of ________.

Legal Statement

Mis-statement

Fraudulent statement

Incorrect statement

False statement
 
Q 15. The minimum amount of cover in a Term Insurance is ______.

Rs. 3500

Rs. 5000

Rs. 6200

Rs. 7500

Rs. 10000


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