IC14 - LICENTIATE - Regulation of Insurance Business -26

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Q 1. Q1) _________ member of GRA should be due President.

a) Chairman

b) Investigating officers

c) Judicial member

d) Director

Q 2. Q2) Which among the following is a Difference between Life Insurance and General Insurance?

a) For LI the statutory Cession is prescribed while for GI it is not prescribed

b) Reinsurance business for LI and GI is governed by RBI

c) LI offers protection for Property whereas GI offers protection for Life

d) For GI permission for IBNR claims is necessary while for LI the claim is not prescribed

Q 3. Q3) A Proposal form may not be necessary for

a) Life Insurance

b) Health Insurance

c) Personal Accident Insurance

d) Marine Insurance

Q 4. Q4) Agent license is to be renewed __________.

a) Every year

b) After 5 years

c) After 3 years

d) After 15 years

Q 5. Q5) Which of the following complaints come under the purview of the Insurance Ombudsman?

a) Any partial or total repudiation of claims

b) Any dispute about the premium paid or payable in terms of the policy

c) Both of the above

d) None of the above

Q 6. Q6) When the shippers use better methods of packing, the rates charged for marine insurance will be__________.

a) Top-end rates

b) Somewhat higher rates

c) Medium rates

d) Lower rates

Q 7. Q7) What is layering in Money Laundering?

a) Smuggling Gold

b) Depositing amounts in small denominations

c) Disguising the source of the initial deposit through multiple transactions

d) None of these

Q 8. Q8) Are there any fees/charges that need to be paid for complaining with the Ombudsman?

a) A fee of Rs 100 needs to be paid

b) No fee or charges need to be paid

c) 20% of the relief sought must be paid as a fee

d) 10% of the relief sought must be paid as a fee

Q 9. Q9) Regulatory actions for breaches or violations can include________

a) Restricting business activity by the insurer

b) Issuing warnings to the Insurer

c) Removal of personnel employed with the Insurer

d) All of the above

Q 10. Q10) Which of the below consumer grievance redressal agencies would handle consumer disputes amounting between Rs. 20 lakhs and Rs. 100 lakhs?

a) District Forum

b) State Commission

c) National Commission

d) Zilla Parishad

Q 11. Q11) _______ is a pre-requisite condition for complaining.

a) The total relief sought must be within an amount of Rs 20 lakh

b) The subject matter of the complaint should not currently be or have earlier been before a Court/consumer forum

c) The complaint must be by an individual on a ‘personal Lines‘ insurance and within the terms of reference of the Insurance Ombudsman

d) All of the above

Q 12. Q12) _____________is an objective of Redressal of Public Grievances rules.

a) Formation of GRA

b) Protection of consumers interest

c) Providing grievances to consumers

d) Aim at resolving complaints relating to the settlement of disputes

Q 13. Q13) The policy money will have to be paid to the_____________.

a) Surveyor

b) Assignee

c) Assignor

d) Legal heir

Q 14. Q14) Repudiation of a policy on account of misstatement or suppression of a material fact and not on the ground of fraud will_______________.

a) impose a ? ne on the policyholder

b) impose a ? ne on the policyholder and also the agent (intermediary)

c) entitle the policyholder to a refund

d) not entitle the policyholder to a refund

Q 15. Q15) An insurer has to respond within 10 days to communication from policyholders except for______________.

a) recording change of address

b) payment of claim

c) issuance of duplicate policy

d) noting an assignment on the policy




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