IC14 - LICENTIATE - Regulation of Insurance Business -45
IC14 - LICENTIATE - Regulation of Insurance Business -45
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Q 1. Q1) About money laundering, APG stands for ___________.
a) Anti Peso Group
b) Asia Profiteering Group
c) Asia Pacific Group
d) Advanced Pentagon Group
Q 2. Q2) For which of the following it is mandatory to purchase professional indemnity insurance?
a) Brokers
b) Corporate Agents
c) Insurance Agents
d) All of the above
Q 3. Q3) Micro Insurance Products are aimed for the protection of _____
a) Married Women
b) Senior Citizens
c) HNI or High Networth Individuals
d) Low-income groups from Rural areas
Q 4. Q4) Concerning membership of the life insurance council, which of the following statements is NOT true?
a) The Chairman has to be nominated by IRDAI
b) Five people connected with the life insurance business
c) One nonofficial not connected with the insurance business
d) A Supreme Court judge has to be a member
Q 5. Q5) What is the minimum qualification that the applicant for an Insurance agent is required to possess for the areas that have a population of less than 5000
a) Pass in 10th Std
b) Pass in 12th Std
c) Pass in Graduate level exam
d) No Minimum Qualification is required
Q 6. Q6) The prime objective of ________ is to give special focus to overseas insurers comply with IRDAI regulations for the protection of policyholders' interests etc.
a) Consumer Affairs Division
b) LIC
c) AMFI
d) Actuary
Q 7. Q7) KYC norms include which of the below?
a) Obtaining details for proper identification of new customers
b) Verifying address
c) Photographs
d) All of the above
Q 8. Q8) ____________accounts are used to transfer funds in the second stage of money laundering.
a) Saving Accounts and Current Accounts
b) CC Accounts and OD Accounts
c) Home Accounts and Remote Accounts
d) Investment Accounts and Expense Accounts
Q 9. Q9) Cash Transactions above Rs.10 Lakh per month have to be reported FIU-IND by the insurance company by ________.
a) A. 15th of Each Month
b) B. 15th Next Following Month
c) C. Every 15 Days
d) D. Every Quarter end
Q 10. Q10) All top-up premiums, irrespective of the amount, offer life insurance coverage _________.
a) In one fourth the proportion as regular premium
b) In half the proportion as regular premium
c) In the same proportion as regular premium
d) In double the proportion as regular premium
Q 11. Q11) Which of the following is a Market Conduct Guideline issued by IRDA for ULIP Policies?
a) The Insurer must authorize his agents or Intermediaries to sell ULIP by giving them Special Training
b) The Life Insurance Companies must follow a uniform practice for rounding off the Unit Price
c) The Life Insurance Companies must maintain records of persons who have undergone the specific training
d) All of the above
Q 12. Q12) ________ is not mandatory to be submitted under KYC norms.
a) Purpose of contract
b) Verifiable address
c) Copy of the sale deed
d) Bank statements
Q 13. Q13) Vasanth has written to his insurer about the nonsettlement of his maturity claim. As per regulation, the Insurer has to reply to this within how many days?
a) 3 days
b) 5 days
c) 7 days
d) 10 days
Q 14. Q14) Expand the term TPA as used in Insurance
a) Trade Practices Act
b) Trade Promotion Authority
c) Third Party Administrator
d) Tri-Party Agreement
Q 15. Q15) As per IRDA regulation, the remuneration to the micro-insurance agent for non-life insurance business shall not exceed ____% premium.
a) 5
b) 10
c) 15