IC14 - LICENTIATE - Regulation of Insurance Business -2

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Q 1. ULIPs are regulated by ______.

SEBI

LIC

UTI

IRDA

RBI

Q 2. Insurance protects the ______ of the insured.

Physical well being

Financial well being

Moral well being

Life Style

Retirement Planning

Q 3. In 'Hit and Run' cases, the claims are settled from ________.

Hit and Run Fund

Motor Insurance Fund

Personal Accident Fund

Solatium Fund

Hedge Fund

Q 4. Who should be appointed to assess the claim/loss?

Underwriter

Insurer

Insured

Actuary

Surveyor

Q 5. The minimum qualification required for an insurance agent in case he resides at a place where the population is 5000 or more is _______.

10th St. Andard or equivalent

12th St and ard or equivalent

Graduate or equivalent

Education is not a criteria

None of the above

Q 6. How many judicial members are there in the GRA?

1

2

3

4

5

Q 7. ULIP contracts can provide some protection against the ultimate benefits that are being __________.

Diminished by profiteering

Depleted by recession

Minimised by taxation

Eroded by inflation

Incremented by appreciation

Q 8. Who accepts a commission in connection with a policy of life insurance?

Agent

Insurance Agent

Underwriter

Nominee

Sub Agent

Q 9. On what basis is the Statement of Total Assets (General) Compliance report submitted?

Every quarter

On a half-yearly basis

Every month

Every year

As and when required

Q 10. What is the Statement of downgraded investments also called?

Form 1

Form 2

Form 3

Form 2A

Form 3A

Q 11. ________ is an objective of Redressal of Public Grievances rules.

Formation of GRA

Protection of consumers interest

Providing grievances to consumers

Aim at resolving complaints relating to the settlement of disputes

All of the above

Q 12. How is the refund of the premium paid to the insured?

Only in cash

By Dem and Draft

By Pay Order

By Paycheque

By Crossed cheque

Q 13. Who makes rules to regulate the procedure for the investigation of misbehavior or incapacity of the President and Members of GRA?

IRDAI

National Government

Central Government

State Government

Local Government

Q 14. In which industry should the person have experience of not less than 15 years under the IAT ( Insurance Appellate Tribunal )?

Aviation industry

IT industry

Telecom industry

Insurance industry

Law firm

Q 15. Which system was created by 'Redressal of Public Grievances Rules 1998

Actuaries Society of India

Consumer Forums

Insurance Ombudsman

Online Grievances Lodging system

Insurance Surveyors


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