IC14 - LICENTIATE - Regulation of Insurance Business -42

Get More Mock Tests Here

Q 1. Q1) Capital adequacy norms of an insurer specify the

a) maximum quantum of capital

b) minimum paid-up equity capital

c) minimum reserve capital

d) maximum reserve capital

Q 2. Q2) ________ have to be deposited to appeal to the Supreme Court.

a) Rs 25000

b) Rs 50000

c) Rs 75000

d) Rs 100000

Q 3. Q3) KYC norms include which of the below

a) Attaining the details for proper identification of new customers

b) Verifying addresses

c) Photographs

d) All of the above

Q 4. Q4) Mentioned below are some Insurance company stakeholders. Which is the odd one out?

a) Underwriter

b) Government or regulator

c) Shareholder

d) Policyholder

Q 5. Q5) The national commission under the Consumer Protection Act can entertain a complaint where the compensation claimed exceeds Rs____.

a) 25 lakhs

b) 50 lakhs

c) 75 lakhs

d) 1 crores

Q 6. Q6) Any appeal against the decision of the District Forum can be made with the State Commission within a period of _______ days

a) 10

b) 15

c) 30

d) 45

Q 7. Q7) The 'Prudential Investment Norms - Compliance Report' is to be submitted________________.

a) within 30 days from the date of Board approval of audited accounts

b) within 15 days from the date of Board approval of audited accounts

c) within 21 days from the date of Board approval of audited accounts

d) within 30 after the end of each quarter

Q 8. Q8) Within how many days should the insurer decide on a proposal and convey it to the proposer?

a) 7 days

b) 15 days

c) 30 days

d) 45 days

Q 9. Q9) Reserves for unexpired risks come under the heading of

a) Accounting reserves

b) Technical Reserves

c) Unexpired Premium

d) Asset Liabilities Reserves

Q 10. Q10) Which of the following is dissimilar to the other Three?

a) Allocation Charge

b) Fund Management Charge

c) Partial Withdrawal

d) Bonus

Q 11. Q11) What kind of grievances can be taken up to the Ombudsman?

a) Partial or total repudiation of claims

b) Dispute about premium paid or payable

c) Delay in settlement of claims

d) All of the above

Q 12. Q12) As per its Preamble what does the Insurance Act 1938 do?

a) Control the expenses of the Insurers

b) Specify the code of conduct for Surveyors and Loss Assessors

c) Consolidate and amend the law relating to the business of Insurance from time to time

d) Specify the code of conduct for Insurance Intermediaries and Agents

Q 13. Q13) As per the IRDAI act, who carries out the functions, for remuneration, as specified under regulation 3 in either field of life or general insurance, or both, on behalf of the clients?

a) Re-insurance agent

b) Direct broker

c) Insurance broker

d) Re-insurance broker

Q 14. Q14) The National Commission president should be a

a) District Judge

b) High Court Judge

c) Supreme Court Judge

d) IRDA Chairman

Q 15. Q15) Which of the following is not a Material Fact concerning Life Insurance?

a) Misrepresentation of health status by the proposer

b) Misrepresentation of Social status by the proposer

c) Both of the above

d) None of the above


Get More Mock Tests Here