IC14 - LICENTIATE - Regulation of Insurance Business -31

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Q 1. Q1) When are the insurance regulating acts amended?

a) Every six months

b) Every year

c) When new schemes are introduced in the market

d) As and when required

Q 2. Q2) _____________has the power to issue regulations specifying the manner of receipt of premium by the insurer.

a) LIC

b) IRDA

c) Consumer Forums

d) National Commission

Q 3. Q3) Under the Public Liability Insurance Act, 1 of 991, how much is the compensation payable for actual medical expenses?

a) Rs 6250

b) Rs 12500

c) Rs 25000

d) Rs 50000

Q 4. Q4) Who can charge a fee, not exceeding one rupee, for registering a nomination or cancellation or making a change in nomination 

a) The Underwriter

b) The Authorised broker

c) The AAssigneed) The Insurer

Q 5. Q5) Nomination is canceled where the nominees _______ before the policy matures for payment

a) Die

b) Becomes major

c) Gets married) Any one of the above

Q 6. Q6) In Regular Premium (RP) contracts, what is the minimum annual health cover for age at entry below 45 years 

a) 5 times the annualized premium (AP) or Rs 1,00,000 pa ever is higher

b) 7 times the annualized premium (AP) or Rs 50,000 pa ever is higher

c) 1.5 times the annualized premium (AP) or Rs 1,00,000 pa ever is higher

d) 0.5 times the annualized premium (AP) or Rs 75,000 pa ever is higher

Q 7. Q7) Raghav is going to pay Rs 50,000 as a premium for a ULIP. According to the terms of the ULIP 60% of the premium will be allocated to the investments chosen by Raghav. Raghav has decided to invest in the balance fund which has a net asset value of R

a) 2500

b) 2000

c) 2750

d) 3000

Q 8. Q8) Premium related to all the riders put together cannot exceed __________ of the premium of the main product.

a) 10%

b) 20%

c) 30%

d) 40%

Q 9. Q9) Death Benefit under the Public Liability Act 1991

a) Rs 25,000/-

b) Rs 50,000/-

c) Rs 1,00,000/-

d) Rs 12,500/-

Q 10. Q10) The Insurance Ombudsman can settle the dispute where the amount involved is less than________lakh.

a) 10 lakh

b) 15 lakhs

c) 20 lakhs

d) 25 lakhs

Q 11. Q11) Who bears the investment risk in the case of ULIPs?

a) Insurer

b) Insured

c) State

d) IRDA

Q 12. Q12) Which rules were framed by the Central Government in 1998 to resolve all complaints related to the Ssettlementment of Complaints

a) Redressal of Public Grievance Rules

b) Insurance Council

c) Policy Holders Servicing

d) None of the above

Q 13. Q13) KYC means ________.

a) Know your country

b) Know your customer

c) Know your company

d) Know your client

Q 14. Q14) Pick the correct Statement. Statement A: The Workmens Compensation Act applies to the Manufacturing Industry. Statement B: The Workmen Compensation Act applies to the Service Industry.

a) Statement A

b) Statement B

c) Both of the above

d) None of the above

Q 15. Q15) Which agent will not distribute any product other than a micro insurance product 

a) LIC Agent

b) General Insurance Agent

c) Co-insurer agent

d) Micro insurer agent


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