IC14 - LICENTIATE - Regulation of Insurance Business -19

Access More Mock Tests Now


Q 1. Q1) Which of the following is not related to the nature of complaints?

a) Non-Issue of any Insurance Document to customers after receipt of premium

b) Delay in settlement of claims

c) Any dispute on the legal construction of the policies related to claims

d) Any complaint on the amount of premium charged by the Insurance Company
 
Q 2. Q2) The technique of making numerous deposits of small amounts is called ____________

a) Integration

b) Layering

c) Smurfing

d) Placement
 
Q 3. Q3) Which of the following will not fall under the Consumer Protection Regulation?

a) Renewability and cancellation of policy

b) Portability of policy

c) Product access

d) Granting or Cancellation of insurers' license
 
Q 4. Q4) A maximum of_____________% of the total reinsurance premium can be placed with one insurer outside India.

a) 10

b) 20

c) 30

d) 40
 
Q 5. Q5) What is CFT under KYC /AML regulations?

a) Combating the financing of terrorism

b) Calculating financial terrorism

c) Commission on financial terrorism

d) Committee on financial terrorism
 
Q 6. Q6) Insurance Association of India has___________________councils.

a) 2

b) 3

c) 4

d) 5
 
Q 7. Q7) Issuance of a License to a person has been stipulated in __________act

a) Section 43 of the Insurance Act 1939

b) Section 42 of the Insurance Act 1938

c) Section 12 of the Insurance Act 1938

d) Section 43 of the Insurance Act 1938
 
Q 8. Q8) Which among the following conditions is true for Micro Insurance Agent?

a) A Micro Insurance agent has to work for multiple insurers carrying different business

b) A micro-insurance agent is appointed by the Insurer

c) A Micro Insurance agent is not allowed to collect the proposal form

d) A Micro Insurance agent is allowed to distribute both Life Insurance and Micro Insurance products
 
Q 9. Q9) Any person who buys goods for consideration or avails any services for consideration is defined as a ________.

a) Buyer

b) Consumer

c) Seller

d) Agent
 
Q 10. Q10) A life assured can appoint an appointee to receive policy money on behalf of the ____________.

a) Shareholders

b) Subagent

c) Company officers

d) Minor
 
Q 11. Q11) What type of assignment is valid only if the specified event happens during the lifetime of the life assured?

a) Conditional Assignment

b) Un Conditional Assignment

c) Absolute Assignment

d) None of the above
 
Q 12. Q12) An Insurance Broker who arranges Insurance for its clients with Insurance Companies or arranges Reinsurance for its clients with Reinsurance companies

a) Direct Broker

b) Reinsurance Broker

c) Composite Broker

d) Micro Insurance Agent
 
Q 13. Q13) Which of the following needs to create outstanding claims provision for every reinsurance arrangement accepted based on loss information advice received from Brokers of Cedans and where such advice is not received on an actuarial estimate

a) Life Insurers

b) General Insurers

c) Both of the above

d) None of the above
 
Q 14. Q14) One of the following Accounting Statements does not form part of Specified Financial Statements comprising under a regulation called IRDA Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations 2000. Identity t

a) Balance Sheet.

b) Receipts and Payments Accounts

c) Profit and Loss Account.

d) Fund-Flow Statement.
 
Q 15. Q15) Liability Insurance comes under______________head in the Nonlife insurance market.

a) Fire insurance

b) Marine insurance

c) Miscellaneous

d) Property Insurance


Access More Mock Tests Now