IC14 - LICENTIATE - Regulation of Insurance Business -37

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Q 1. Q1) Within how many days has the appeal against the order of IAT to be filed?

a) 10 days

b) 30 days

c) 45 days

d) 60 days

Q 2. Q2) How is the refund of the premium paid to the insured?

a) Only in cash

b) By Demand Draft

c) By Pay Order

d) By Crossed cheque

Q 3. Q3) The policy administrative charges for a ULIP cannot be_______________.

a) more than 1% per annum

b) more than 2% per annum

c) more than 3% per annum

d) more than 5% per annum

Q 4. Q4) When a person attempts to dispose of the cash that arises from drug trafficking by Buying a Single Premium Endowment Policy with an Insurance Company, Which stage of the Money Laundering Process is that?

a) placement

b) layering

c) integration

d) replacement

Q 5. Q5) The state commission deals With the complaints where value of goods and services exceeds

a) Rs. 20 lac but does not exceed Rs. 50 lac.

b) Rs. 20 lac but does not exceed Rs. 75 lac.

c) Rs. 20 lac but does not exceed Rs. 1 crore

d) no such limit is fixed.

Q 6. Q6) All regular premium ULIPs shall have uniform paying premiums and any additional payments shall be treated as __________ for insurance cover.

a) Rider premium

b) Top Up premium

c) New premium

d) Single premium

Q 7. Q7) Identify the statement which is not correct. Insurance agent should __________.

a) Indicate the scale of commission if asked by the customer

b) Share the commission by way of rebate

c) Disclose his license on demand

d) Indicate the premium to be charged

Q 8. Q8) Which among the following activities is prohibited as per the provisions of the Insurance Act, of 1938?

a) Keeping aside reserves to meet solvency requirements

b) Using rebates as a tool to sell insurance policies

c) Prospecting customers

d) Limiting management expenses

Q 9. Q9) The international organization in charge of monitoring complex money laundering transactions should have a ___________.

a) Straightforward view

b) Complex view

c) Micro-level view

d) Macro-level view

Q 10. Q10) Who is responsible for AML Policy Implementation as per PMLA?

a) SEBI

b) IRDA

c) FIU IND

d) RBI

Q 11. Q11) What is CCR from the angle of the PMLA Act?

a) Consumer Confidence Report

b) Customer Confidence Report

c) Comparison Category Rating

d) Counterfeit Currency Report

Q 12. Q12) Which of the following is not a Fundamental objective of reinsurance of life and non-life insurance?

a) Minimise retention within the country

b) Develop adequate capacities

c) Secure the best possible protection for the reinsurance cost incurred

d) Simplify the administration of the business

Q 13. Q13) Insurance business is transacted in India primarily as per the provisions of:

a) IRDA Act1999

b) Insurance Act 1938

c) Life Insurance Corporation Act 1956

d) Employees State Insurance Act 1948

Q 14. Q14) A ULIP can be an ideal investment vehicle for people who are looking for

a) Insurance Protection

b) Investment

c) Income Tax Benefits

d) All of the above

Q 15. Q15) As per the structured formula under the Motor Vehicle Act, victims of fatal injuries are paid compensation based on _________.

a) Income and number of dependents

b) Age and number of dependents

c) Age and income

d) Age and size of family


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