IC14 - LICENTIATE - Regulation of Insurance Business -27

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Q 1. Q1) Fund Value or net fund value means __________.

a) The total value of the units multiplied by the net asset value per unit

b) Net asset value

c) Aggregate asset value

d) Policy account value
 
Q 2. Q2) As per IRDA Life Insurance - Reinsurance regulations 2000, the reinsurer chosen by the insurer must enjoy a credit rating of a minimum of ________of Standard and Poor or equivalent rating of any International rating agency

a) AA+

b) AAA

c) BBB

d) BB
 
Q 3. Q3) In the full form of NDPS, 'P' stands for________.

a) Psychosis

b) Pro? steering

c) Psychotropic

d) Pharma
 
Q 4. Q4) The maximum loan amount that can be sanctioned for any ULIP policy having more than 60% of its funds invested in equities is_____________of the policy's surrender value.

a) 25%

b) 40%

c) 30%

d) 50%
 
Q 5. Q5) Which of the following is a duty of IRDA. 1) Protection of the interests of the policyholders in matters concerning assigning of policies, nomination by policyholders, insurable interest, settlement of insurance claims, surrender value of police

a) Only 1 and 2

b) Only 2 and 3

c) All of the above

d) None of the above
 
Q 6. Q6) If the premiums have been paid for 11 and 12 years since inception, the maximum reduction in yield (difference between Gross and Net yield % pa ) is___________%.

a) 4.00

b) 3.75

c) 2.75

d) 2.25
 
Q 7. Q7) Which of the following reserving is critical to any insurer and directly impacts profitability and Solvency?

a) Accounting reserves

b) Technical Reserves

c) Unexpired Premium

d) Asset Liabilities Reserves
 
Q 8. Q8) Within ________ days of the commencement of the Financial Year the Insurer shall file a Photocopy of the TREATY with IRDA.

a) 15

b) 30

c) 45

d) 60
 
Q 9. Q9) In the case of Corporate Insurance Agents the agent's license is granted, renewed for a period of ________years

a) 2 years

b) 3 years

c) 5 years

d) 1 year
 
Q 10. Q10) Which of fire below-mentioned functions is included in the functions of the Executive Committee of the General Insurance Council?

a) To advise and assist general insurance companies

b) To audit all general insurance companies

c) To settle all complicated general insurance claims

d) To underwrite general insurance business
 
Q 11. Q11) Transfer of a policy of life insurance is generally covered by____________.

a) Sec 39 of the Insurance Act 1938

b) Sec 39 of the IRDA Act, 1999

c) Section 38 of the Insurance Act 1938

d) Transfer of properly Act 1882
 
Q 12. Q12) A policy in any proposal or other document to be issued or re-instated by the ________.

a) Agent

b) Broker

c) Banker

d) Insurer
 
Q 13. Q13) Who among the following is required to maintain an Insurance Bank Account and a Professional Indemnity Insurance Cover?

a) Corporate Insurance Agent

b) Insurance Brokers

c) Individual Insurance Agent

d) Life Insurers
 
Q 14. Q14) ______________under Married Women's Property Act policies are all consumers.

a) Proposer

b) Agent

c) Collector

d) Policy Holder
 
Q 15. Q15) Under the Public Liability Insurance Act 1991, the owner is not liable to pay relief in the event of

a) Death of any person

b) Injury to any person not resulting in death

c) Damage to property for any reason

d) Injury to a workman within the meaning of the Workman Compensation Act.



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