IC14 - LICENTIATE - Regulation of Insurance Business -14
IC14 - LICENTIATE - Regulation of Insurance Business -14
Q 1. What will a ULIP contract specify? i) Range of each fund and objectives of asset allocation ii) Range of each allocation and objectives of each asset iii) Range of each asset allocation and objectives of each fund
All statements are correct
Only statement iii is correct
Only statement i is correct
Both statements i and ii are correct
Both statements ii and iii are correct
Q 2. Employee State Insurance policy is applicable in the areas notified by the Government. The scheme applies to _______.
All Employees
Functional Employees
Industrial Employees
Workmen
Government employees
Q 3. The minimum policy term is fixed as ____ years of a life insurance contract to protect its long-term nature.
1
3
5
7.5
10
Q 4. When are the insurance regulating acts amended?
Every six months
Every year
When new schemes are introduced in the market
Periodically
As and when required
Q 5. ______ non-official members are allowed in the executive committee for the General Insurance Council.
1
2
3
4
5
Q 6. Where and when was FATF established?
Geneva - 1989
New York - 1985
Sydney - 1985
Paris - 1989
Paris - 1985
Q 7. The appellate authority constituted by a notification of the Central Govt. was wound up due to the constitution of __________.
IRDAI
SEBI
Insurance Appellate Tribunal
Grievance Redressal Authorities (GRA)
Consumer Authority
Q 8. Which statement is INCORRECT about IRDAI?
IRDAI removes competition in the insurance industry
RDAI ensures competence in the insurance industry
IRDAI makes and amends laws for the insurance industry
IRDAI works for the interest of policyholders
IRDAI enforces fair practices in the insurance industry
Q 9. In the Rural Sector, IRDAI regulates a percentage of _________.
Life insurance and General insurance businesses
Life insurance and Motor insurance businesses
Property insurance and General insurance businesses
Vehicle insurance and General insurance businesses
All of the above
Q 10. The death benefit at no time will be _________ of the total premium including top-ups paid.
Less than 105%
Less than 115%
More than 105%
More than 115%
Less than 125%
Q 11. Insurance GRA will have no jurisdiction in ______.
Health insurance
Life insurance
Mediclaim insurance
Personal accident insurance
Marine insurance
Q 12. The minimum amount of coverage for health insurance is _________.
Rs 5 lacs
Rs 2 lacs
Rs 1 lac
Rs 50000
Rs 10000
Q 13. As per which act can the central Government issue grants to IRDAI after due appropriations are made by parliament?
Contract Act
PFRDA act
IRDAI act
Insurance act
RBI act
Q 14. When a nomination is canceled, the rights of the nominee shall be only affected by _____.
Interest of policyholders
Interest of nominees
Interest of insurers
Interest of shareholders
Interest of claimants
Q 15. Money launderers tend to seek out ______ and ______ for their operations.
Inventiveness and jointness
Institutes and judiciary
Instances and junctures
Institutions and jurisdiction
Institutions and jurisprudence
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