IC14 - LICENTIATE - Regulation of Insurance Business -43

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Q 1. Q1) Select the expanded form of ULIP used in insurance

a) Unit Linked Investment Policy

b) Universal Life Insurance Policy

c) Unit Linked Insurance Policy

d) Underwriting Linked Insurance Policy
 
Q 2. Q2) ULIPs are regulated by_______________.

a) SEBI

b) LIC

c) UTI

d) IRDA
 
Q 3. Q3) The objective of doing the KYC procedure is

a) To monitor transactions of a suspicious nature

b) To ensure appropriate customer identification

c) Ensure appropriate customer identification and monitor transactions of suspicious nature

d) To Ensure loans are not issued to Defaulters
 
Q 4. Q4) Which one of the following options is a correct prerequisite condition for filing a complaint before the Ombudsman?

a) subject matter should not be before a court or consumer forum

b) complaints should be lodged within 3 years of the event

c) total relief must be within 50 lakhs

d) complaints must be on corporate lines
 
Q 5. Q5) The principle of subrogation does not apply to _______________ policies.

a) Life insurance

b) Fire insurance

c) Marine insurance

d) Property Insurance
 
Q 6. Q6) What is the cap on charges for policy administration?

a) 25%

b) 4.5%

c) 5%

d) 1 %
 
Q 7. Q7) How many recommendations have been given by FATF?

a) 40 recommendations on Terrorism Financing and 9 recommendations on Money Laundering

b) 40 recommendations on Money Laundering and 9 recommendations on Terrorism Financing

c) 30 recommendations on Money Laundering and 9 recommendations on Terrorism Financing

d) 50 recommendations on Money Laundering and 9 recommendations on Terrorism Financing
 
Q 8. Q8) Which of the following are the Main Functions of the Insurance Council?

a) Aid, advise, and assist insurers carrying on Insurance business

b) Render advice to the IRDA in controlling the expenses of insurers

c) Bring to the notice of the IRDA any case of an insurer acting prejudicial to the interests of the policyholder

d) All of the above
 
Q 9. Q9) Public Liability Act 1991 applies to ________

a) All Industries

b) Hazardous industries.

c) IT Industry

d) Automobile Industry
 
Q 10. Q10) If death happens during the contestable period, any claim based on the policy can be challenged on the grounds of ________.

a) Legal Statement

b) Mis-statement

c) Fraudulent statement

d) Incorrect statement
 
Q 11. Q12) What happens when a claim is ready for payment but the payee cannot be identified?

a) The life insurer will forfeit the amount after 30 days

b) The insurer will transfer the amount to the IBNR reserve

c) The insurer will hold the amount on behalf of the payee, the amount will earn savings bank interest

d) The insurer will have to hand over the amount to IRDA after 6 months.
 
Q 12. Q13) Within an insurance company, who ensures that the firm abides by the rules and regulations set down by the PMLA Act?

a) Chief Operating Officer

b) Principal Compliance Officer

c) Finance Director

d) Money Laundering Reporting Officer
 
Q 13. Q14) In which type of policy/contracts, does the policy document contain a schedule showing the details of individuals covered under the group?

a) Aviation passenger insurance

b) Group pension schemes

c) Marine insurance contracts

d) Group Micro insurance contracts
 
Q 14. Q15) In the case of regular premium ULIP Policies most of the Insurance companies allow the policyholders to pay the premium on a ________ basis

a) Daily, Weekly, Monthly, Quarterly

b) Weekly, Monthly, Quarterly, Semi-Annually

c) Monthly, Quarterly, Semi-Annually, Annually

d) Weekly, Monthly, Quarterly, Semi-Annually, Annually
 
Q 15. Q16) Which of these is NOT true about IRDAI?

a) Eliminates competition in the industry

b) Amends various laws related to insurance

c) Ensures competence in the industry

d) Protects the interests of policyholders


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