IC14 - LICENTIATE - Regulation of Insurance Business -46
IC14 - LICENTIATE - Regulation of Insurance Business -46
Q 1. Q1) Complaints against insurers are usually for which of the point(s) mentioned below?
a) Policy lapse claims
b) Policy Servicing
c) Claims
d) All of the above
Q 2. Q2) Which Act was introduced to bring both Life and Non-Life Insurance Companies under a Single Act?
a) Indian Life Assurance Companies Act 1912
b) Indian Insurance Act 1938
c) Life Insurance Corporation Act 1956
d) General Insurance Business Act 1972
Q 3. Q3) If a person cancels an Insurance Policy during the Free Look Period then the Insurance Company refunds
a) Total Premium Paid without any deduction
b) Premium will be returned after deducting the cost of Medical tests
c) Premium will be returned after deducting Risk cover charges for the Free Look-in Period
d) Premium will be returned after deducting Stamp Duty, Risk Cover Charges, Charges towards medical test
Q 4. Q4) _______refers to the separation of illicit proceeds from their source by creating complex layers of financial transactions
a) Placement
b) Layering
c) Integration
d) Smurfing
Q 5. Q5) The acronym MHR means _________.
a) Machine and Human Resources
b) Medical and Health Research
c) Modern Human Rights
d) Maximum Heart Rate
Q 6. Q6) The State Commission has jurisdiction to
a) entertain complaints where the value of the goods or services and compensation, if any, claimed exceeds Rs 20 lacs but does not exceed Rs1 crore
b) consider appeals against the orders of any District Forum within the State
c) call for records and pass appropriate orders
d) Implement all the above
Q 7. Q7) For Life Micro Insurance Products, What should be the minimum number of members comprising a group?
a) 20
b) 15
c) 10
d) 30
Q 8. Q8) As per investment guidelines of IRDA, the investment of premium received in Government securities should not be less than____________.
a) 10%
b) 20%
c) 30%
d) 40%
Q 9. Q9) GRA will refer the disputes for mediation by a person or body agreed upon where there is no _________, by a person or body nominated by the GRA from a panel prepared by it.
a) trust
b) agreement
c) contract
d) mutual bond
Q 10. Q10) 'IAT' stands for________________.
a) Intelligent Agent Technology
b) Investment Analysis Team
c) Indian Actuaries Tribunal
d) Insurance Appellate Tribunal
Q 11. Q11) The total value of a Fund is Rs 100 Crore. The fund has 9 crore outstanding units. The NAV of one Unit will be
a) 10.11
b) 11.22
c) 11.11
d) 12.11
Q 12. Q12) When a person makes small deposits in many? Financial institutions so that they do not attract the attention of enforcement authorities is called______________.
a) Telegraphic transfer
b) Underground banking
c) Smurfing
d) Phishing
Q 13. Q13) Who aids, assists, and advises the life insurers in general functioning matters?
a) RBI
b) Advisory committee of IRDAI
c) Life insurance committee of IRDAI
d) Exec Committee of Life Insurance Council
Q 14. Q14) What do cross-border elements bring to the money laundering efforts?
a) Legality
b) Scale
c) Credibility
d) Foreign Exchange
Q 15. Q15) Independent surveyors are required for claims above_______ as per the Insurance Act.
a) 40000
b) 15000
c) 20000
d) 25000
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