IC14 - LICENTIATE - Regulation of Insurance Business -30

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Q 1. Q1) Maximum Cover for Health Insurance for Individuals in the case of Micro Insurance Products is

a) Rs 50,000

b) Rs 1 Lakh

c) Rs 30,000

d) Rs 3 Lakh
 
Q 2.
Q2) As per current FDI norms how much is the FDI limit for the Insurance Sector

a) 49%

b) 74%

c) 100%

d) 26%

 
Q 3. Q3) The insurer will charge a fee not exceeding_____________to act on an assignment request.

a) Rs 1

b) Rs 5

c) Rs 100

d) Rs 500
 
Q 4. Q4) As per the powers given by the IRDAI Act 1999, the Central Government can supersede the _______ by issuing a notification.

a) LIC

b) SEBI

c) IRDAI

d) RBI
 
Q 5. Q5) Micro Insurance Agent can work for

a) Life Insurers

b) General Insurers

c) Both of the above

d) Reinsurers
 
Q 6. Q6) The maximum reduction in yield (Difference between Gross and Net yield % p. a.) for 15 years and thereafter - elapsed since inception is __________.

a) 4%

b) 3.75%

c) 3.30%

d) 2.25%
 
Q 7. Q7) Insurance GRA will have no jurisdiction in __________.

a) Health insurance

b) Life insurance

c) Mediclaim insurance

d) Marine insurance
 
Q 8. Q8) Nominations matters were amended under which sections of the Insurance Act?

a) Section 38

b) Section 39

c) Section 40

d) Section 41
 
Q 9. Q9) The books of accounts of insurance companies have to be maintained as per the guidelines of ________.

a) RBI

b) Insurance company's head office

c) IRDAI

d) Insurance regulating bodies
 
Q 10. Q10) If rebates are allowed on life insurance premiums, it has to be according to the____________.

a) SEBI Rules

b) Terms and conditions under sec 41

c) Published prospectus

d) Tables of the insurer
 
Q 11. Q11) Any refund of premium which may become due will be paid directly to the _________.

a) Insurer

b) Insured

c) Policy Holder

d) Company
 
Q 12. Q12) _________ non - officials members are allowed in the executive committee for the General Insurance Council.

a) 1

b) 2

c) 3

d) 4
 
Q 13. Q13) Which of the following statements is True? (1) The State Commission can entertain appeals against the order of the district forum. (2) The National Commission can entertain appeals against the order of the State Commission.

a) Statement 1 is True

b) Statement 2 is True

c) Both are true

d) Both are false
 
Q 14. Q14) The underwriting process is completed when ______________

a) All the critical information related to the health and personal details of the proposer are collected through the proposal form

b) The policy is issued to the proposer after risk selection and pricing.

c) The received information is carefully assessed and classified into appropriate risk categories

d) All the medical examinations and tests of the proposer are completed
 
Q 15. Q15) Which one of the following is not a technical reserve?

a) Reserves for expired risks

b) Risks for incurred but unreported claims

c) Reserves for unexpired risks

d) Fluctuation reserves



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