IC14 - LICENTIATE - Regulation of Insurance Business -28

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Q 1. Q1) Choose the Correct Option. Statement A: Life insurers don't need to invest in the rural sector. Statement B: General insurers must invest in the rural sector.

a) Statement A

b) Statement B

c) Both

d) None

Q 2. Q2) Licence to work as an insurance agent is issued by __________.

a) General Insurance Corporation (GIC)

b) Insurance Regulatory & Development Authority (IRDA)

c) By the respective life insurance company

d) Finance Ministry

Q 3. Q3) What is the lock-in period for ULIPs during which period no partial withdrawals or surrenders are allowed?

a) 2 years

b) 5 years

c) 7 years

d) 10 years

Q 4. Q4) The Number of Technical members of GRA are

a) 1

b) 2

c) 3

d) 5

Q 5. Q5) When a nomination is cancelled, the rights of the nominee shall be only affected by __________.

a) Interest of policyholders

b) Interest of nominees

c) Interest of insurers

d) Interest of shareholders

Q 6. Q6) What shall be the death bene? Ts as a % of the total premiums paid (including top-ups)?

a) Not less than 105%

b) Not less than 125%

c) Not more than 120%

d) Not more than 105%

Q 7. Q7) What is the fee charged by the authority to issue a duplicate copy of a licence to Third Party Administrators?

a) Rs 10

b) Rs 50

c) Rs 500

d) Rs 1000

Q 8. Q8) In Insurance Sector, restrictions on accepting cash beyond______________is done to curtail money laundering.

a) Rs 10000

b) Rs 25000

c) Rs 40000

d) Rs 50000

Q 9. Q9) Which of the following statements is True? (1) Code of conduct regulation applies to microinsurance agents. (2) Advertisement regulation applies to micro-insurance agents

a) Statement 1 is True

b) Statement 2 is True

c) Both are true

d) Both are false

Q 10. Q10) What do the? Financial institution's issue regarding MLITF? (as per PML rules)

a) Economy special? c guidance

b) Sector-specific guidance

c) Subject and source guidance

d) Surcharge and source guidance

Q 11. Q11) GRA in Insurance stands for

a) General Insurance Redressal Authority

b) General Redressal Authority

c) Grievance Redressal Authority

d) Grievance Resolution Authority

Q 12. Q12) Which forum consists of the President - Judge of the Supreme Court, members not less than four - and one lady member?

a) National Commission

b) State Commission

c) District Forum

d) Distum

Q 13. Q13) Under the Motor Vehicle Act, 1988 Third Party claims can be adjudicated by:

a) Insurable Ombudsman

b) Motor Accident Claims Tribunal

c) Lok Adalat

d) Lok Nyayalaya

Q 14.
Q14) What is the minimum Sum Assured for policies under Micro Insurance?

a) Rs 15000

b) Rs 20,000

c) Rs 5000

d) Rs 50000

Q 15. Q15) Who has recommended that the Grievance Redressal Authorities should be constituted to deal with disputes between the insurer and the intermediaries?

a) IRDAI

b) Law Commission

c) Ombudsman

d) Government


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