IC14 - LICENTIATE - Regulation of Insurance Business -38

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Q 1. Q1) As per IRDA guidelines for ULIPrsquo, all ULIPs have uniform/level paying premiums whereby additional payments will be treated as -

a) premium top-up

b) extended premium

c) new premium

d) single premium
 
Q 2. Q2) Who should be appointed to assess the claim/loss?

a) Underwriter

b) Insurer

c) Insured

d) Surveyor
 
Q 3. Q3) What fee is charged by the authority to issue a duplicate copy of the license to Corporate Agents?

a) Rs 10

b) Rs 50

c) Rs 100

d) Rs 250
 
Q 4. Q4) ________ would be referred to for various servicing interactions with the insurer and is required at the time of settling claims?

a) Proposal Form

b) Policy bond

c) Cover note

d) Policy document
 
Q 5. Q5) What should the policy document of the Group Micro Insurance contract contain?

a) Schedule of the details of the Individuals covered under the group

b) The mother tongue of the individuals covered under the group

c) Code of conduct in regulation 8 of IRDA regulations 2000

d) The native place details of the individuals covered under the group
 
Q 6. Q6) When is the lsquo; Statement of Downgraded Investmentsrsquo; submitted?

a) within 5 days, after the end of each quarter

b) within 7 days, after the end of each quarter

c) within 10 days, after the end of each quarter

d) within 30 days, after the end of each quarter
 
Q 7. Q7) The full form of lsquo;NCLTrsquo; is______________.

a) National Council for Legal Tests

b) Non-circulating legal tender

c) National center for learning and teaching

d) National company law tribunal
 
Q 8. Q8) An appeal can be made in the Supreme Court against the order of the National Commission within __________.

a) 5 days

b) 15 days

c) 30 days

d) 45 days
 
Q 9. Q9) Who should be appointed to assess the Loss or Claim?

a) Insurer

b) Underwriter

c) Surveyor

d) Actuary
 
Q 10. Q10) As per the IRDA Life Insurance - Reinsurance Regulations 2000, an insurer needs to file with the authority at least _______ days before the commencement of each financial year a note on its underwriting policy indicating the classes of business,g

a) 15

b) 30

c) 45

d) 60
 
Q 11. Q11) Which of the following are allowed, under the regulation, to distribute micro-insurance products?

a) Individual agents

b) Corporate agents

c) Brokers

d) All of the above
 
Q 12. Q12) As per the Consumer Protection Act 1986, Compensation over _________ shall be handled by the State Commission

a) Rs 10 Lakhs

b) Rs 20 Lakhs

c) Rs 50 Lakhs

d) Rs 1 crore
 
Q 13. Q13) An appeal will lie from the decision of the __________.

a) Grievance Redressal Authorities (GRA)

b) State Government

c) Consumer Commission

d) Consumer Authority
 
Q 14. Q14) Which of the following is a step performed during the sale stage of an Insurance Policy?

a) Insurance is advertised to the customers

b) Terms and Conditions explained to the customer

c) Rider benefits are explained to the customer

d) The policy bond is issued to the customer
 
Q 15. Q15) The ULIP annual report to policyholders explains fund performance about______________. A) Investors pro? le B) Market developments C) Economic scenario

a) Only statement A is correct

b) Only statement B is correct

c) Only statement C is correct

d) Statements B and C are correct


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