IC14 - LICENTIATE - Regulation of Insurance Business -44

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Q 1. Q1) On what basis is the Statement of Total Assets (General) Compliance report submitted?

a) every quarter

b) On a half-yearly basis

c) every month

d) every year
 
Q 2. Q2) How long is the risk-covering period of insurance connected to aircraft hulls, aviation risks, and marine hulls?

a) Very short

b) Short

c) Long

d) Very Long
 
Q 3. Q3) Duties of a Micro Insurance Agent are spelled out in

a) Agency Contract

b) Deed of Agreement

c) IRDA Regulations

d) Deed of Partnership
 
Q 4. Q4) Which one of the following statements is correct?

a) If the policy document is lost the insurance contract becomes void.

b) The family history appears in the personal statement.

c) Both (a) and (b) statements are correct.

d) Both (a) and (b) statements are wrong.
 
Q 5. Q5) Accident Benefit Rider in Micro Insurance Products can be allowed for a Maximum Term of

a) 5 years

b) 10 years

c) 15 years

d) 3 years
 
Q 6. Q6) Who is India's national reinsurer?

a) Life Insurance Corporation of India

b) General Insurance Corporation of India

c) Reinsurance Corporation of India

d) IRDA
 
Q 7. Q7) In a Group Insurance Policy, a single policy that provides life cover for many people is called

a) Group Policy

b) Many Persons Policy

c) One Policy Many Lives

d) Master Policy
 
Q 8. Q8) Which of the following is not one of the principles governing insurance contracts?

a) Principle of Utmost Good Faith

b) Principle of Insurable Interest

c) Principle of Indemnity

d) Principle of Honesty
 
Q 9. Q9) Who Advises and assists the Insurers in carrying on the Insurance Business?

a) IRDA

b) Insurance Institute of India

c) Insurance Council

d) Central Government
 
Q 10. Q10) In the purview of the insurance Ombudsman under 'Nature of complaints', any partial or total reputation of claim is by______________.

a) the Agent

b) the Proposer

c) The policyholder

d) the Insurer
 
Q 11. Q11) Records of transactions reported to the FIU have to be retained for a maximum of how many years _______

a) 5

b) 7

c) 9

d) 10
 
Q 12. Q12) Micro Insurance is based on the concept of

a) Risk

b) Eventualities

c) Pooling

d) All of the above
 
Q 13. Q13) Which of the following is not related to appeals of the Consumer Protection Act?

a) Against the order of the National Commission - Appeal period of 45 days

b) Against the order of the District forum - appeal period of 30 days

c) Against the order of the National Commission - Appeal period of 30 days

d) Against the order of the State Commission - Appeal period of 30 days
 
Q 14. Q14) The license for a surveyor is valid for_______________.

a) 1 year

b) 2 years

c) 3 years

d) 5 years
 
Q 15. Q15) Under KYC/AML, what are the various reports that are required to be submitted?

a) Cash Transaction Report

b) Suspicious Transaction Report

c) Counterfeit Currency Report

d) All of the above


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