IC14 - LICENTIATE - Regulation of Insurance Business -23

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Q 1. Q1) Section 64 VB will advise the insured of that

a) Insurance will not be effective unless the premium is paid before cover is to commence

b) Insurance will not be effective unless the insured reaffirms the declaration relating to material facts

c) Insurance will not be effective if the cover is amended from that the renewal is based on

d) Insurance will not be effective if there is any change in the agent or broker

Q 2. Q2) The following are the stages of a typical money laundering process. What is the right sequence of the process? (1) Conducting Layers of Financial Transactions (2) Breaking large amounts of cash into smaller sums and placing them into Financial

a) (1) (2) and (3)

b) (1) (3) and (2)

c) (2) (1) and (3)

d) (3) (1) and (2)

Q 3. Q3) _______ is a specialized type of contract that is unconditional and capable of transfer by negotiation

a) Insurance Contract

b) Wagering Contract

c) Negotiable Instrument

d) Gambling Contract

Q 4.
Q4) Which of the following describes a Reinsurance broker?

a) He or She is licensed by the authority to act as such for remuneration and carries out the functions as specified under regulation 3 either in the field of Life Insurance or in General Insurance or both on behalf of the clients

b) An Insurance broker who for remuneration arranges reinsurance for direct insurers with Insurance and reinsurance companies

c) An Insurance broker who for the time being licensed by the authority to act as such for a remuneration arranges insurance for its clients with insurance companies and/or reinsurance for clients

d) All of the above

Q 5. Q5) What is the maximum term coverage in the case of Endowment Insurance?

a) 7 years

b) 15 years

c) 10 years

d) 14 years

Q 6. Q6) What is the minimum term of cover in Life Micro Insurance for a term insurance plan without return of premiums?

a) 1 year

b) 3 years

c) 5 years

d) 7.5 years

Q 7.
As per Section 168 of the Motor Vehicles Act 1988, the MACT shall arrange to deliver copies of the award to the parties within a period of ____ days from the date of the award.

30

14

21

15

Q 8. Q8) The Free look period is for _________ days from the date of receipt of the policy document under a term insurance policy.

a) 5

b) 7

c) 15

d) 30

Q 9. Q9) Which of the following is not a pre-requisite for complaining?

a) The complaint must be lodged within one year of the events mentioned in terms of reference

b) The complaint is before the consumer forum

c) The complaint must be made by an Individual on personal lines insurance and within the terms of reference of the Insurance Ombudsman

d) A representation must be made by the Insurance company and the individual should have either received an unsatisfactory reply or no reply for at least One month

Q 10. Q10) What caption is prominently carried on every product under micro? Nance?

a) Microlife product

b) Microinsurance product

c) Micro-safe product

d) General insurance product

Q 11. Q11) How is the complaint to be launched with an insurance ombudsman?

a) The complaint is to be made in writing

b) The complaint is to be made orally over the phone

c) The complaint is to be made orally in a face-to-face manner

d) The complaint is to be made through newspaper advertisement

Q 12. Q12) The number of officials nominated by the IRDA to the Executive committee of the Life Insurance Council is

a) One

b) Two

c) Three

d) Five

Q 13. Q13) _____________is the act of changing the appearance of money that comes from illegitimate sources, so that it appears legitimate money.

a) Insider trading

b) ADRs and GDRs

c) Shell Companies

d) Money laundering

Q 14. Q14) To protect the interest of __________, the Law Commission has recommended that after the expiry of five years, no policy of life insurance can be repudiated on any ground.

a) Agent who sold the policy

b) Collector

c) Nominee

d) Policyholder

Q 15. Q15) Insurable interest refers to ____________

a) Financial interest of the person in the asset to be insured

b) The asset which is already insured

c) Each insurer shares of loss when more than one company covers the same loss

d) The amount of the loss that can be recovered from the insurer


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