IC14 - LICENTIATE - Regulation of Insurance Business -47

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Q 1. Q1) An express declaration has to be made by the claimant to GRA that no similar claim has been made before any other________________.

a) Insurance Ombudsman

b) Forum or Tribunal

c) Consumer Authority

d) Consumer council
 
Q 2. Q2) Regulations for micro insurance provide for a ? e-up between and.

a) Insurer and Agents

b) Agents and Insured

c) Low-income people and Insurers

d) Life insurer and Nonlife insurer
 
Q 3. Q3) SHG (Self Help Groups) is related to which of the following?

a) Life Insurance

b) General Insurance

c) Reinsurance

d) Micro Insurance
 
Q 4. Q4) Which of the following Assignments is NOT VALID?

a) Assignment without Notification

b) Assignment without Stamp

c) Assignment without Sign

d) Both B and C
 
Q 5. Q5) Remittance of funds by any mode for a value of Rs. ___________and above is effected by debit to the customer account or against cheques and not against cash payment.

a) Rs 1 Lakh

b) Rs 2 Lakhs

c) Rs 50,000

d) Rs 5000 per month
 
Q 6. Q6) Which intermediary has to maintain professional indemnity insurance?

a) insurance broker

b) composite agent

c) surveyor

d) corporate agent
 
Q 7. Q7) Which one of the following best explains the term Shell Bank?

a) A Bank, which is incorporated in a country where it has no physical presence.

b) A bank that is incorporated to take deposits only and invests in 100% secured Govt securities only.

c) A bank that has 100% of its branches in a country in which it has been incorporated i.e. no foreign branch.

d) Banks which are normally present in Switzerland & other small European countries.
 
Q 8. Q8) What was the major criminal activity in India that led legislation to pass the Narcotics and Psychotropic Substance Act (NDPS) in 1985?

a) Illegal Selling of Arms

b) Human Trafficking

c) Smuggling

d) Drug Trafficking
 
Q 9. Q9) All of the following is true regarding ULIPs EXCEPT:

a) Unit holder can choose between different kinds of funds

b) Life insurer provides guarantee for unit values

c) Units may be purchased by payment of a single premium or via regular premium payments.

d) ULIP policy structure is transparent with regards to the insurance expenses component
 
Q 10. Q10) Find the ODD Man Out from the following

a) Fund Performance

b) Investment Portfolio

c) Capital Markets

d) Material Risk
 
Q 11. Q11) Which among the following cannot form the basis for a valid consumer complaint?

a) Shopkeeper charging a price above the MRP for a product

b) Shopkeeper not advising the customer on the best product in a category

c) Allergy warning not provided on a drug bottle

d) Faulty products
 
Q 12. Q12) As for_____________, the assignment I transfer is not operative.

a) Agents

b) Brokers

c) Insurers

d) Nonlife Insurers
 
Q 13. Q13) Smurfing occurs during _________ stage of money laundering

a) replacement

b) placement

c) integration

d) layering
 
Q 14. Q14) Which of the below will be the most appropriate option for a customer to lodge an insurance policy-related complaint?

a) Police

b) Supreme Court

c) Insurance Ombudsman

d) District Court
 
Q 15. Q15) The Solatium Scheme was initiated by the Central Government in 1989 for the payment of compensation to the victims of

a) Fire Accident

b) Earth Quake

c) Hit and Run Accidents

d) Accident due to excluded peril


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