IC14 - LICENTIATE - Regulation of Insurance Business -21

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Q 1. Q1) Renewal Fee for Licence for Corporate Agent is

a) Rs 1000

b) Rs 500

c) Rs 100

d) Rs 250
 
Q 2. Q2) The minimum qualification required for an insurance agent is _______ pass.

a) Graduate

b) 10th

c) Post-Graduate

d) 7th
 
Q 3. Q3) Choose the Correct Option. Statement A: The life insurer will invest not less than 25% in Central Government Securities. Statement B: The life insurer will invest not less than 50% in Central & State Government Securities.

a) Statement A

b) Statement B

c) Both

d) None
 
Q 4. Q4) The objective of the 'Key feature document' is_______________.

a) To educate the customer on the insurance industry

b) To enable the agent to make a quick sale

c) To enable the policyholder to decide as to whether the product suits him or her

d) To explain how the product is superior to competition
 
Q 5. Q5) The Grievance Redressal Authority (GRA) selection committee consists of members of _________.

a) National Councils

b) State Councils

c) Consumer Councils

d) Insurance Councils
 
Q 6. Q6) Appeal in the National Commission can be made subject to a deposit of_______________of the amount awarded or 50% whichever is less.

a) Rs. 25000

b) Rs.35000

c) Rs. 50000

d) Rs. 75000
 
Q 7. Q7) Micro-insurance product under IRDA Regulations means

a) a health insurance contract

b) a personal accident contract

c) a livestock insurance contract

d) All the above
 
Q 8. Q8) What does Section 38 of the Insurance Act Cover?

a) The risks to be assumed by the Insurer

b) The Nomination by the policyholder

c) Assignment and Transfer of Insurance Policies

d) The prohibition of rebates by the Insurance agents
 
Q 9. Q9) What is the ceiling limit for the premium for all riders put together?

a) 30% of the premium of the basic product

b) 15% of the premium of the basic policy

c) 20% of the premium of the basic policy

d) None of the above
 
Q 10. Q10) The net reduction in yield for policies with terms less than or equal to 10 years should not be____________.

a) more than 3% on maturity

b) more than 2.75% on maturity

c) more than 2.25% on maturity

d) less than 2.25% on maturity
 
Q 11. Q11) Concerning money laundering, FIU stands for -

a) Fraud Investigating Unit

b) Financial intelligence unit

c) Fiscal incorporation unit

d) Funding integrity unit
 
Q 12. Q12) ULIP contracts can provide some protection against the ultimate benefits that are being__________.

a) Diminished by pro? steering

b) Depleted by recession

c) Minimised by taxation

d) Eroded by in? action
 
Q 13. Q13) Certain exemptions have been granted under rule 59 for receipt of premium. Pick the odd one out.

a) Fidelity guarantee scheme for govt employees

b) First loss policies for large corporates

c) Declaration policies

d) Policies issued to govt bodies
 
Q 14. Q14) Which of the following entities is not allowed to deal with micro-insurance products?

a) Self-Help Groups

b) Micro Finance Institutions

c) Mutual Fund Companies

d) Non-Government Organisations
 
Q 15. Q15) Which of the following is not the function of the IRDA?

a) to regulate and promote orderly growth of the insurance market

b) to register insurance companies

c) to invest in the capital of the insurance company

d) to supervise the functioning of the TAC



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