IC14 - LICENTIATE - Regulation of Insurance Business -4
IC14 - LICENTIATE - Regulation of Insurance Business -4
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Q 1. When does risk commence if the premium is tendered by postal money order?
Date when the money order is received by the insurer
The date on which the money order is booked
The date on which the insurer makes an entry in its books
It depends on the terms and conditions of the policy
None of the above
Q 2. _____ is one of the stages of Money Laundering.
Shell Companies
Integration
Smurfing
Hedging
None of the above
Q 3. ________ is responsible for providing appropriate training to insurance agents before they are authorized to sell Unit Linked Insurance products.
IRDA
Life Insurance Companies
Life Insurance Councils
Insurance Institute of India
Existing insurance agents
Q 4. What is money laundering?
Conversion of illegal money to legitimate money
Conversion of illegal money into Stocks
Conversion of illegal money into gold
Conversion of illegal money into cash
Bulk transfer of cash from one account to another
Q 5. As per the structured formula under the Motor Vehicle Act, victims of fatal injuries are paid compensation based on _______.
Income and number of dependents
Age and number of dependents
Age and income
Age and size of family
Income and size of family
Q 6.
Regulations for micro insurance provide for a tie-up between ________ and _______.
Insurer and Agents
Life- and non-life insurance companies
Low-income people and Insurers
Life insurer and non-life insurer.
Q 7. An appeal against the order of the National Commission can be made in the Supreme Court within a period of _____.
7 days
10 days
30 days
45 days
60 days
Q 8. Which insurance does the Carriage of Goods by Sea Act provide for?
Packaging of cargo
Carriage of br and ed merch and use
Transit risks
Cargo shipment
Port expenses
Q 9. An appeal in the State Commission can be made subject to a deposit of ______ of the amount awarded or _____ whichever is less.
10%, Rs. 25000
20%, Rs. 25000
30%, Rs. 25000
40%, Rs. 25000
50%, Rs. 25000
Q 10. Upon acceptance of an offer of settlement by the insured, the payment of the amount due shall be made within ______ days from the date of acceptance of the offer by the insured.
7
10
15
21
30
Q 11. In ________ assignment, the liability of the insurer shall be limited to the amount secured by partial assignment.
Subjective Assignment
Partial assignment
Conditional assignment
Un Conditional assignment
None of the above
Q 12. Which of the following statements is true?
To increase the risk cover, the policyholder needs to make premium payments in cash.
Risk is covered only after receipt of premium unless paid in cash
Once the proposal is finalized, the insurer will be eligible for cover even if the premium is not received on time
Premium cannot be paid using credit or Debit cards
All of the above
Q 13. ______ of registration certificate is not covered under the IRDAI Act.
Issuance
Inheritance
Modification
Renewal
Withdrawal
Q 14. From a Money Laundering (ML) perspective, _________ is the most vulnerable medium of transaction.
Pay Orders
Cheque transactions
Electronic fund transfers
Cash transactions
Demand Drafts
Q 15. An insurer who bears the rates on the policy sticks to /refers to rates at the time of the ________
Agreement
Contract
Investigation
Assignment
Maturity
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