IC14 - LICENTIATE - Regulation of Insurance Business -22

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Q 1. Q1) In Single Premium (SP) contracts, the minimum sum assured for age at entry of below __________years is 125% of the single premium

a) 40

b) 45

c) 50

d) 55

Q 2. Q2) One of the important steps in Money Laundering is

a) Placement & Layering

b) Organisation & Controlling

c) Depositing & Withdrawing

d) Backward & Forward integration

Q 3. Q3) Which of the following specifies that risks will not be assumed unless a premium is received in advance

a) MV act

b) Section 64VB of the Insurance Act

c) Section 39 of the Insurance Act

d) Section 45 of the Insurance Act

Q 4. Q4) Which of the following is not the objective of IRDA?

a) To protect the interest of and secure fair treatment for policyholders

b) To Consolidate the various laws existing at that time and amend the law relating to Insurance business

c) To ensure that insurance customers receive precise clear and correct information about the product and services and make them aware of the responsibilities and duties in this regard.

d) To ensure speedy settlement of genuine clients, to prevent insurance frauds and other malpractices, and put in place effective grievance redressal machinery

Q 5. Q5) As per the Consumer Protection Act 1986, the jurisdiction of a State commission extends up to the value of services and compensation not exceeding_________

a) Rs 10 Lakhs

b) Rs 20 Lakhs

c) Rs 50 Lakhs

d) Rs 1 crore

Q 6. Q6) Which of the following is the most appropriate remuneration offered to the Micro Insurance agent?

a) Single Premium Policies - 20% of the single premium

b) Non-Life Insurance Business - 35% of the premium

c) Non-Single Premium Policies - 10% of the premium for all premium-paying term

d) Non-Single Premium Policies - 20% of the premium throughout the policy term

Q 7. Q7) In the case of the Consumer Protection Act, appeal against the decision of the district Forum can be made before?

a) State commission

b) National commission

c) Distt. Court

d) High court

Q 8. Q8) As per IRDA regulations, the agent should gather all information from the prospect and analyze his requirement through a process______________called and accordingly recommend the product best suited for the client.

a) Data Gathering

b) Fact Finding

c) Information Finding

d) Form 'A' completion

Q 9. Q9) What is the period prescribed under PMLA for the preservation of records under Prevention of Money Laundering and what is the period during which a suspicious transaction report is to be sent within ____ days of detection:

a) 2 years, 15 days

b) 4 years, 12 days

c) 5 years, 10 days

d) 10 years, 7 day

Q 10. Q10) The Insurance Ombudsman can entertain complaints against the insurance company when the total amount of relief sought is less than Rs _________ lakhs

a) 10

b) 20

c) 100

d) 200

Q 11. Q11) As per the Consumer Protection Act 1986, the person who buys goods for consideration or avails any services for consideration is called

a) A Client

b) A dealer

c) A Consumer

d) An Intermediary

Q 12. Q12) Which of the following types of nominations is dissimilar to the other options?

a) In favor of the spouse

b) In favour of minor child

c) In favour of major child

d) In favor of the insurance agent

Q 13. Q13) In Which of the forums appeals can be filed against the orders of the state commission?

a) National Commission.

b) high court.

c) central government.

d) any of these.

Q 14. Q14) What is the core aspect of determining the extent of required insurance coverage?

a) Net asset life element

b) Human asset value element

c) Net asset value element

d) Human life value element

Q 15. Q15) What should be the amount of dispute to be for the State Commission to interfere?

a) Upto Rs 20 Lakhs

b) Greater than 20 Lakhs but less than 100 lakhs

c) More than 100 lakhs

d) Less than 10 lakhs



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