IC14 - LICENTIATE - Regulation of Insurance Business -20

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Q 1. Q1) For Non-Life Micro Insurance Products, What should be the minimum number of group members?

a) 20

b) 15

c) 10

d) 30
 
Q 2. Q2) Free Look Option has to be exercised within how many days?

a) 15 days

b) 30 days

c) 10 days

d) 60 days
 
Q 3. Q3) What is a Shell Company?

a) Oil Refineries at National levels

b) Oil Companies at International levels

c) A company having no real business at all

d) A company without any promoter's capital
 
Q 4. Q4) Concerning minimum mortality cover calculations, PT means __________.

a) Payment Tenure

b) Policy Term

c) Policy terminology

d) Policy termination
 
Q 5. Q5) In the case of Whole Life Plans, lower the age of entry, and the minimum sum assured will be____________.

a) Lower

b) Higher

c) SA does not depend on the age of entry

d) Either 1 or 2
 
Q 6. Q6) STR in the context of PMLA stands for

a) Suspicious Transfer Reports

b) Suspicious Transaction Reports

c) Suspicious Transaction References

d) Suspicious Transaction Regularisation
 
Q 7. Q7) Moral hazard means:

a) Dishonesty or character defects in an individual

b) Honesty and values in an individual

c) Risk of religious beliefs

d) Hazard of the property to be insured
 
Q 8. Q8) The provision be amended to indicate that except where the endorsement of assignment or transfer is _______

a) Conditional

b) Unconditional

c) Contractual

d) Non-Contractual
 
Q 9. Q9) What is the fee charged by the authority to issue a duplicate copy of the license to Insurance Brokers?

a) Rs 10

b) Rs 50

c) Rs 500

d) Rs 1000
 
Q 10. Q10) What minimum Paid-up capital is required to work as a Third third-party administrator?

a) Rs 1 Crore

b) Rs 2 Crore

c) Rs 3 Crore

d) Rs 5 Crore
 
Q 11. Q11) The consideration paid to the insurer in return for an assured sum if a covered event occurs is called___________.

a) Annuity

b) Installment

c) Down Payment

d) Premium
 
Q 12. Q12) For policies under Group personal accident insurance the installment of the premium covering a particular period must be paid within _______ from the date of commencement of that period

a) 2 days

b) 7 days

c) 15 days

d) 30 days
 
Q 13. Q13) The process of money laundering is perpetrated by -

a) Placement & Layering

b) Organisation & Controlling

c) Depositing & Withdrawing

d) All of the these
 
Q 14. Q14) In the context of AML/CTF, CTR stands for

a) Combat Terrorism Report

b) Confidential Transaction Report

c) Cash Transaction Report

d) Certified Test Report
 
Q 15. Q15) Which act prescribes the criteria to define the rules for having a state-level insurance appellate tribunal (under section 4[3])?

a) Contract Act

b) Administrative Tribunals Act

c) SEBI Act

d) IRDAI Act


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