IC14 - LICENTIATE - Regulation of Insurance Business -24

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Q 1. Q1) Premium received in advance not related to the current accounting period is to be shown under _________.

a) current assets

b) current income

c) current liabilities

d) contingent liabilities
 
Q 2. Q2) Which of the following is the main objective of the Consumer Protection Act?

a) To hear the appeals passed over by the Supreme Court

b) To define the guidelines for Insurance Policies

c) To provide simple, speedy, effective, inexpensive redressal to the consumers

d) to support the vendor, suppliers, and retailers
 
Q 3. Q3) When did IRDAI notify the Micro Insurance regulations?

a) 10th Nov 2001

b) 10th Nov 2002

c) 10th Nov 2003

d) 10th Nov 2005
 
Q 4. Q4) Reserves for Outstanding Claims come under the heading of

a) Accounting reserves

b) Technical Reserves

c) Unexpired Premium

d) Asset Liabilities Reserves
 
Q 5. Q5) lsquo; Incontestable Clausesrsquo; is employed as a clause in insurance in which country?

a) Switzerland

b) Australia

c) France

d) USA
 
Q 6. Q6) Which provision of the Insurance Act 1938 specifies nomination by policy policyholder?

a) Section 38

b) Section 39

c) Section 40

d) Section 41
 
Q 7. Q7) Maximum remuneration payable to Micro Insurance Agent in case of Single Premium Policies can be up to

a) 5% of the Single Premium

b) 2% of the Single Premium

c) 15% of the Single Premium

d) 10% of the Single Premium
 
Q 8. Q8) IBNR stands for_______________.

a) Incurred But Not Reported

b) Incurred But Not Reviewed

c) Incurred Beforehand Not Reviewed

d) Income Before Net Result
 
Q 9. Q9) Which of these activities might require a SAR (Suspicious Activity Report)?

a) Customer Cancels a transaction and requests to do a second transaction for a lesser amount to avoid providing ID.

b) Customer Requests an Unusually High Rupee Transaction and cannot explain the reason for the transaction or the source of cash

c) Customer appears nervous and asks Unusual Questions about record-keeping

d) All of the above
 
Q 10. Q10) To whom is the premium paid?

a) Agent

b) Banker

c) Company

d) Insurer
 
Q 11. Q11) Which of the below assignments transfers to the assignee all rights, titles, and interests of the assignor in the policy

a) Absolute Assignment

b) Conditional Assignment

c) Un Conditional Assignment

d) All of the above
 
Q 12. Q12) What is the penal interest that the insurance company has to give to the claimant in case of delay in payment of the claim?

a) 1% above the prevailing bank rate

b) 2% above the prevailing bank rate

c) 4% above the prevailing bank rate

d) 5% above the prevailing bank rate
 
Q 13. Q13) Who is not a consumer under the Consumer Protection Act, of 1986?

a) A person who buys insurance

b) A person who makes a fixed deposit in a bank

c) A consumer who buys a washing machine

d) A consumer who makes a commercial purchase
 
Q 14. Q14) Which system was created by 'Redressal of Public Grievances Rules 1998'?

a) Actuaries Society of India

b) Consumer Forums

c) Insurance Ombudsman

d) Online Grievances Lodging system
 
Q 15. Q15) What is the minimum term of coverage in health insurance?

a) 1 year

b) 2 years

c) 3 years

d) 5 years


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