IC14 - LICENTIATE - Regulation of Insurance Business -33

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Q 1. Q1) In Single Premium (SP) contracts, the minimum sum assured for age at entry of 45 years and above is__________.

a) 110% of single premium

b) 115% of single premium

c) 125% of single premium

d) 132% of single premium
 
Q 2. Q2) The Financial Action Taskforce was set up in

a) Paris

b) Berlin

c) London

d) India
 
Q 3. Q3) Which of these is not one of the three stages in the money laundering process?

a) Placement

b) Integration

c) Layering

d) Conversions
 
Q 4. Q4) As per the Insurance Act, of 1938 (as amended) an insurer has to obtain a report from a licensed surveyor if the loss equals or exceeds.

a) Rs 15,000

b) Rs 20,000

c) Rs 25,000

d) Rs 50,000
 
Q 5. Q5) Which of the below statements is correct about the territorial jurisdiction of the Insurance Ombudsman?

a) The Insurance Ombudsman has National jurisdiction

b) The Insurance Ombudsman has State jurisdiction

c) The Insurance Ombudsman has District jurisdiction

d) The Insurance Ombudsman operates only within the specified territorial limits
 
Q 6. Q6) Cash Transaction where fake currency notes or bank notes have been used as genuine or where any forgery of a valuable security has taken place have to be reported to FIU-India within _________.

a) A. 7 Days

b) B. 6 Days

c) C. 17 Days

d) D. 13 Days
 
Q 7. Q7) A customer has a right to cancel his Life Insurance Policy when his questions are not answered or the policy is missold to him. This is called:

a) A. Free look right

b) B. Free look period

c) C. Free look cancellation

d) D. Free look dusty
 
Q 8. Q8) Products offered under Micro Insurance Include A) Crop Insurance. B) Livestock Insurance. C) Insurance against theft. D) Term Life Insurance

a) Only D

b) A and B

c) A, B, C, D

d) A, B, and C only
 
Q 9. Q9) The Insurance Ombudsman can entertain complaints against the insurance company when the total amount of relief sought is less than ____________.

a) Rs 1 crore

b) Rs 50 lakhs

c) Rs 20 lakhs

d) Rs 10 lakhs
 
Q 10. Q10) If the premiums have been paid for 5 years since inception, the maximum reduction in yield (difference between Gross and Net yield % pa) is______________ %.

a) 225

b) 2.75

c) 3.50

d) 400
 
Q 11. Q11) To whom can the Grievance Redressal Authority (GRA) refer the pending cases of disputes?

a) APR

b) AWW

c) AZR

d) ADR
 
Q 12. Q12) ____________is not associated with the Insurance Association of India.

a) All the insurers that are incorporated or domiciled in India

b) All the insurers that are incorporated or domiciled outside India

c) Life Insurance council

d) Insurance consumer forums
 
Q 13. Q13) What does partial withdrawal from ULIP provide?

a) It provides pro?t booking when required

b) It provides assets when required

c) It provides returns when required

d) It provides liquidity when required
 
Q 14. Q14) What is the regulation that insists that all insurance companies should provide information about the Insurance Ombudsman of that region while sending Policy Documents?

a) Policy Holder Grievance Regulation

b) Ombudsman regulation

c) IRDA Policy Settlement Regulation 2004

d) Protection of Policy Holders Interests Regulation 2002
 
Q 15. Q15) The minimum amount of cover in a Term Insurance is ________.

a) Rs 2000

b) Rs 3000

c) Rs 5000

d) Rs 7500


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