IC14 - LICENTIATE - Regulation of Insurance Business -36

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Q 1. Q1) Which among the following is true concerning Section 41 of the Insurance Act?

a) No person can offer an Inducement to any person to take up a policy

b) A policyholder can nominate only if the policy is in his own life

c) A transfer of Policy shall automatically cancel the nomination

d) The beneficial nominees or the collector nominees should be mentioned in the provision
 
Q 2. Q2) Which type of organization does the PMLA ACT not apply to?

a) General Insurance

b) Life Insurance

c) Mutual Fund Companies

d) None of the above
 
Q 3. Q3) Which insurance does the lsquo; Carriage of goods by Searsquo; act provide for?

a) Packaging of cargo

b) Carriage of branded merchandise

c) Transit risks

d) Cargo shipment
 
Q 4. Q4) The number of non-official members allowed in the executive committee for the General Insurance Council is/are __________.

a) NIL

b) 1

c) 2

d) 3
 
Q 5. Q5) Why are the transaction records to be retained for 10 years?

a) To answer any queries from policyholders

b) To achieve 100% compliance

c) To create data warehousing reports

d) To enable best practices study
 
Q 6. Q6) In Regular Premium (RP) contracts, the minimum health cover for age at entry of 45 years or above is______________.

a) 2 times Annualized Premium (AP) or Rs 75000 whichever is higher

b) 5 times Annualized Premium (AP) or Rs 75000 whichever is higher

c) 2.5 times Annualized Premium (AP) or Rs 100000 whichever is lower

d) 25 times Annualized Premium (AP) or Rs 150000 whichever is lower
 
Q 7. Q7) The switching charge is _________.

a) 05% of annualized premium

b) 1% of annualized premium

c) A flat amount per movement

d) Percentage of money moved
 
Q 8. Q8) The compensation for death U/S 161 of the Motor Vehicle Act is:

a) Rs.50,000

b) Rs.25,000

c) Motor vehicle act Rs.12,500

d) Unlimited
 
Q 9. Q9) Appeal against the District forum award can be made to the State Commission, subject to a deposit of____________of the amount awarded or 50% whichever is less.

a) Rs. 20,000

b) Rs. 25,000

c) Rs. 35,000

d) Rs. 50,000
 
Q 10. Q10) In __________ assignment, the liability of the insurer shall be limited to the amount secured by partial assignment.

a) Subjective Assignment

b) Partial assignment

c) Conditional assignment

d) Un Conditional assignment
 
Q 11. Q11) IRDA stipulates that the maximum waiting period for covering Pre-Existing diseases can be

a) 24 months

b) 12 months

c) 36 months

d) 48 months
 
Q 12. Q12) The services given by a TPA under an agreement with an Insurance Company are called___________________.

a) Special Services

b) Financial Services

c) Agency Services

d) Health Services
 
Q 13. Q13) The jurisdiction of the GRA will not cover____________.

a) dispute between the nominee and the legal heirs

b) dispute in settlement of claims

c) delay in settlement of claims

d) dispute between insurer and insurer
 
Q 14. Q14) IRDA regulations do not provide for Inward Reinsurance Business

a) FALSE

b) TRUE

c) Partially False

d) Partially True
 
Q 15. Q15) The 'Prudential Investment Norms- Compliance Reportrsquo; is to be submitted on a __________ basis.

a) As when demanded

b) Half yearly

c) Yearly

d) Quarterly


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