IC14 - LICENTIATE - Regulation of Insurance Business -35

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Q 1. Q1) According to IRDA rules_________________.

a) a TPA can work for only one insurer

b) An insurer can appoint only one TPA

c) TPA can work for more than one insurer and an insurer can appoint more than one TPA

d) Both 1 and 2
 
Q 2. Q2) The duration of the executive committee of the General Insurance Council is _______ years from the date of its first meeting

a) 1 year

b) 3 years

c) 5 years

d) 7 years
 
Q 3. Q3) Appeal against the order of the National Commission can be made with the Supreme Court within a period of _______ days

a) 10

b) 15

c) 30

d) 45
 
Q 4. Q4) The minimum policy term in a life insurance contract is____________years.

a) 1

b) 2

c) 3

d) 5
 
Q 5. Q5) Who should a policyholder approach First in case of a complaint?

a) Grievance Redressal Cell of IRDA

b) Insurance Ombudsman

c) District / Civil Court

d) Consumer Complaints cell of the Insurer
 
Q 6. Q6) In a unit-linked contract, what can be valued as per need?

a) Premium

b) Nomination

c) Term

d) Assignment
 
Q 7. Q7) What is the threshold limit for accepting cash in the Insurance Sector?

a) Rs 10,000

b) Rs 25,000

c) Rs 50,000

d) Rs 1,00,000
 
Q 8. Q8) Which of the following is not correct about the prevention of Money Laundering provisions:

a) it is acquiring, owning, possessing, or transferring any proceeds of money of crime

b) it is a process of converting money obtained illegally to appear to have originated from legitimate sources

c) Records relating to money laundering transactions are to be preserved by Insurance Companies for 20 years

d) Offences under money laundering are cognizable and non-bailable.
 
Q 9. Q9) The International Association of Insurance Supervisors (IAIS) was established in which year?

a) 1854

b) 1994

c) 1894

d) 1954
 
Q 10.
Q10) What is Switching Charge?

a) It is levied on the unit fund at the time of surrender

b) It is levied on the transfer of monies from one fund to another

c) It is levied on the unit fund at the time of part withdrawal

d) It is the cost of life cover

 
Q 11. Q11) In Single Premium (SP) contracts, the minimum sum assured for age at entry of below 45 years is _______.

a) 55% of single premium

b) 75% of single premium

c) 105% of single premium

d) 125% of single premium
 
Q 12. Q12) The acts which regulate insurance are amended ___________.

a) Quarterly

b) Yearly

c) When new schemes enter the market

d) As and when needed
 
Q 13. Q13) The Ombudsman has to pass an award within how much time of the complaint being registered before him?

a) 1 month

b) 2 months

c) 3 months

d) 6 months
 
Q 14. Q14) Insurance in India is regulated by Acts passed in which of these years?

a) 1939 and 1999

b) 1938 and 1999

c) 1938 and 1998

d) 1937 and 1998
 
Q 15. Q15) An appeal before the National Commission can be made subject to the deposit of _________ the amount awarded or _________ whichever is less.

a) 50%, Rs 25000

b) 50%, Rs 35000

c) 50%, Rs 50000

d) 50%, Rs 75000


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