IC14 - LICENTIATE - Regulation of Insurance Business -40

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Q 1. Q1) Third Party death liability in Private cars is unlimited. The liability in the case of Motor Vehicle is:

a) Rs.5 lakh

b) Rs.1 lakh

c) Unlimited

d) None of the above
 
Q 2. Q2) What is the core aspect of determining the extent of required insurance coverage?

a) Human life value element

b) Human life period element

c) Human life productivity element

d) Net asset life element
 
Q 3. Q3) What does IBNR in the Insurance Business stand for

a) Incurred but not reported

b) Incurred but not realized

c) Injured but not reported

d) Injured but not realized
 
Q 4. Q4) The TPA has to submit the annual report within_____________days at the end of the? financial year, to the insurance company

a) 30

b) 45

c) 60

d) 75
 
Q 5. Q5) In all cases, except in_________insurance, a proposal for grant of a cover, either for life business or for general business, must be evidenced by a WRITTEN document.

a) Fire

b) Life

c) Marine

d) Burglary
 
Q 6. Q6) The IBNR reserve account is for _________.

a) claims that have not been reported

b) claims that have been under-reported

c) claims that have been reported

d) Both 1 and 2
 
Q 7. Q7) Deed of Agreement entered into by the Insurer with a Micro Insurance Agent shall specify

a) Terms and Conditions of Appointment

b) Duties and responsibilities of Micro Insurance Agent

c) Duties and responsibilities of the Insurer

d) All of the above
 
Q 8. Q8) Which of the following is one of the stages of Money Laundering?

a) Smurfing

b) Shell Companies

c) Placement

d) None of the above
 
Q 9. Q9) Which of these is a function of the Executive Committee of the General Insurance Council?

a) To advise and assist brokers doing general insurance business

b) To advise and assist general insurers

c) To audit general insurance companies

d) To underwrite general insurance business
 
Q 10. Q10) On receipt of the survey report, the insurer shall within a period of_________days offer a settlement of claim to the insured.

a) 5

b) 10

c) 15

d) 30
 
Q 11. Q11) When does the risk commence if the premium is tendered by postal money order?

a) Date when the money order is received

b) Date on which the money order is booked

c) Depends on the terms and conditions of the policy

d) None of the above
 
Q 12. Q12) Nomination may be made by the holder of the policy only in the policies on ________

a) His or Her Own Life

b) Someone else Life

c) Both of the above

d) None of the above
 
Q 13. Q13) According to IRDA 2004 investment regulations, the percentage of investment in infrastructure and social sector should not be less than_____________.

a) 5%

b) 10%

c) 15%

d) 20%
 
Q 14. Q14) In________________, any increase or decrease in the net asset value (NAV) of the plan during the free look period is passed on to the customer.

a) Tax Saving Mutual Funds

b) Endowment plan

c) Declared policy plan

d) Unit-linked insurance plans
 
Q 15. Q15) A transaction that is suspected of involving money laundering has been reported to and validated by a firm's Principal Compliance Officer. To which organization should the Principal Compliance Officer matter?

a) SEBI

b) RBI

c) IRDA

d) Supreme Court


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