IC14 - LICENTIATE - Regulation of Insurance Business -34

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Q 1. Q1) Functions of an insurance broker would not include_______________.

a) marinating underwriting

b) risk management

c) placement of business

d) assessment of loss

Q 2. Q2) When a license issued to a corporate agent is lost or destroyed, IRDAI charges____________for a duplicate license.

a) Rs. 50

b) Rs. 100

c) Rs. 500

d) Rs. 1000

Q 3. Q3) Which of the following is not among the Insurance Councils mentioned in Sec 64C of the Insurance Act 1938? 1) The Life Insurance Council of India. 2) Health Insurance Council of India 3) General Insurance Council of India.

a) Only 1 and 3

b) Only 2

c) All of the above

d) None of the above

Q 4. Q4) The Linked Insurance (ULIP) discontinued policy fund pays an interest of________________.

a) 2%

b) 3.5%

c) 5%

d) 6.5%

Q 5. Q5) The Term Integration in Money Laundering refers to?

a) stage where all the black money is accumulated in one place for placement

b) Investigation carried out in respect of suspicious transactions by financial institutions

c) A stage where the dirty money eventually merges into a legitimate financial system as clean money

d) Washing of dirty money into clean money

Q 6. Q6) Who is the most important element for a business entity?

a) The buyers

b) The Customers

c) The Shareholders

d) The policyholder

Q 7. Q7) The maximum time which can be taken by a life insurer to settle a claim under the policy it receives with all necessary papers is___________days

a) 10

b) 30

c) 45

d) 60

Q 8. Q8) AS A PRINCIPAL OFFICER, IT IS PART OF YOUR JOB TO

a) MAINTAIN YOUR COMPANYS AML PROGRAM

b) ENSURE THAT PROPPER REPORTS ARE FILED AND RECORDS MAINTAINED

c) ENSURE THAT EMPLOYEES REPORT SUSPICIOUS ACTIVITIES

d) ALL OF THE ABOVE

Q 9. Q9) What is the time limit for approaching an Insurance Ombudsman?

a) Within two years of rejection of the complaint by the insurer

b) Within three years of rejection of the complaint by the insurer

c) Within one year of rejection of the complaint by the insurer

d) Within one month of rejection of the complaint by the insurer

Q 10. Q10) Which plan will take care of Protection needs and also Increase the wealth over a long period?

a) Term insurance

b) Term Insurance with Return of Premium

c) ULIP

d) Money-back policy

Q 11. Q11) The Policyholder is also known as the __________.

a) beneficiary

b) payee

c) claimer

d) insured

Q 12. 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.

25%

50%

40%

60%

Q 13. Q13) Any Nomination can be at any time canceled or changed before the policy

a) Matures

b) Lapses

c) is rejected

d) is repudiated

Q 14. Q14) What is the name of the department that was established by IRDA to deal with customer complaints?

a) Customer Complaint Department

b) Customer Grievance Department

c) Consumer Affairs Department

d) Consumer Protection Department

Q 15. Q15) The District Forum, the State Commission, or the National Commission will not admit a complaint unless it is filed within two years from the date of __________.

a) Cause of action has arisen

b) Cause of Appeal has arisen

c) Cause of clauses has arisen

d) Cause of contract has arisen



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