IC14 - LICENTIATE - Regulation of Insurance Business -18

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Q 1. Q1) The minimum quality? Cation required for an insurance agent in case he resides at a place where the population is 5000 or more is________________.

a) 10th standard or equivalent

b) 12th standard or equivalent

c) Graduate or equivalent

d) Education is not a criteria
 
Q 2. Q2) In 1956, the life insurance business was nationalized and the operations of companies were merged to form____________.

a) SBI Life Insurance Co.

b) Insurance Association of India

c) LIC of India

d) GIC of India
 
Q 3. Q3) Who can the complaint be under the pre-requisite conditions?

a) The Insurer

b) An aggrieved individual who has taken an insurance policy

c) Proposer

d) The policyholder collector
 
Q 4. Q4) How much is the minimum capital requirement for starting an insurance business in India?

a) Rs 25 Crore

b) Rs 50 Crore

c) Rs 75 Crore

d) Rs 100 Crore
 
Q 5. Q5) The full form of GIBN is ________.

a) General Insurance Buy-out Notifications

b) General Insurance Bonus Nationalization

c) General Insurance Business Notification

d) General Insurance Business Nationalization
 
Q 6. Q6) The limit of dispute can be referred to the State Consumer Court _______

a) up to Rs 20 lakhs

b) up to Rs 25 lakhs

c) up to Rs 50 Lakhs

d) up to Rs 100 Lakhs
 
Q 7. Q7) Criminals use ______ to camouflage money flow from criminal activities and pass it off as regular legal money flows.

a) Money Laundering

b) Smuggling

c) Drug Trafficking

d) Payment gateway
 
Q 8. Q8) In the case of ULIPs, the policy administration charges are usually expressed as a ? xed amount or a percentage of __________.

a) Sum assured

b) Premium

c) Growth in NAV per year

d) Both premium or sum assured
 
Q 9. Q9) Whose function is to aid,  advise, and assist Insurers carrying on the Life Insurance Business in the matter of setting up standards of conduct, sound practices, and rendering efficient service to holders of Life Insurance Policies?

a) Executive Committee of the General Insurance Council of India

b) Executive Committee of the Life Insurance Council of India

c) Both of the above

d) None of the above
 
Q 10. Q10) Punishment of Money Laundering Section 4 provides for the punishment of rigorous imprisonment for a term of ___________ years and fine extending to __________ rupees.

a) 5 years and 5 lakhs

b) 3 to 10 years and 5 lakhs

c) 3 to 5 years and 10 lakhs

d) 8 years and 8 lakhs
 
Q 11. Q11) Which regulation takes care of the settlement of claims?

a) Protection of Policy Holders Interests Regulation 2002

b) IRDA Claim Protection Regulation 2002

c) IRDA Policy Settlement Regulation 2004

d) Protection of Claim Settlement Regulation 2002
 
Q 12. Q12) If you are suspicious of a transaction, which is the correct sequence of events?

a) Tell the client of your concern and cancel the transaction

b) Do not tell the client of your concern but continue with the transaction

c) Do not tell the client of your concern and cancel the transaction

d) Tell the client of your concern but continue with the transaction
 
Q 13. Q13) Section 59(1) of the Insurance Rules 1939 states that risk may be assumed without referring to the specified authorities if there is a deposit made with the insurer at a suitable rate not less than_______per mille.

a) 1

b) 1.5

c) 2

d) 2.5
 
Q 14. Q14) GIC undertakes underwriting of direct general insurance business in________________.

a) Marine cargo insurance

b) aviation insurance & marine hull insurance

c) crop insurance

d) civil aviation and crop insurance
 
Q 15. Q15) The ______________ has jurisdiction to entertain complaints, where the value of the goods or services and the compensation claimed is up to Rs.20 lakhs.

a) District Forum

b) State Commission

c) Zilla Parishad

d) National Commission


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