IC14 - LICENTIATE - Regulation of Insurance Business -48

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Q 1. Q1) Which of these statement is CORRECT?

a) When age advances the insurability increases

b) When age advances the insurability reduces

c) As age reduces the insurability increases

d) As age reduces the insurability reduces

Q 2. Q2) The insurer who bears the rates on the policy sticks to/refers to rates at the time of the __________

a) Agreement

b) Contract

c) Investigation

d) Assignment

Q 3. Q3)Nominees appointed by the life assured can __________.

a) share the policy monies amongst themselves

b) share the money with the legal heirs

c) can only receive the money on behalf of legal heirs

d) All of the above

Q 4. Q4) As per the 'Protection of Policyholders interestsrsquo; guidelines the lsquo; Maximum Turn Around Timelsquo; specified for lsquo; Post policy issue service requests concerning mistakes/refund of proposal deposit is ________.

a) 2 days

b) 5 days

c) 7 days

d) 10 days

Q 5. Q5) The full form of ACR is.

a) Annual CA's Reports

b) Annually Collected Revenue

c) Alternate Conflict Resolution

d) Association for Consumer Relations

Q 6. Q6) __________refers to the reinjection of the laundered proceeds back into the economy in such a way that they re-enter the financial system as normal business funds

a) Placement

b) Layering

c) Integration

d) Smurfing

Q 7. Q7) What is the lsquo; Prudential Investment Norms- Compliance Reportrsquo; also called as?

a) Form 1

b) Form 2

c) Form 3

d) Form 4

Q 8. Q8) Under section __________ of the Insurance Act, life insurance policies are repudiated.

a) Section 44

b) Section 45

c) Section 46

d) Section 47

Q 9. Q9) The role of the concurrent auditors / Internal auditors with KYC is to -

a) Review of compliance with KYC guidelines

b) Effectiveness of the implementation of the KYC

c) Verification of newly opened accounts and their transactions

d) All of the above

Q 10. Q10) If the premiums have been paid for 11 and 12 years since inception, the maximum reduction in yield (difference between Gross and Net yield % pa ) is __________ %.

a) 2%

b) 2.25%

c) 2.50%

d) 2.75%

Q 11. Q11) What is the minimum term of coverage in health insurance?

a) 1 year

b) 2 years

c) 3 years

d) 5 years

Q 12.
Which act was introduced to bring both life and non-life insurance companies under a single act?

Indian Life Insurance Companies Act 1912

Indian Insurance Act 1938

Life Insurance Corporation Act 1956

General Insurance Business Act 1972

Q 13. Q13) Prudential Investment Norms - Compliance Report is submitted on a______________basis.

a) Weekly

b) Monthly

c) Quarterly

d) Half Yearly

Q 14. Q14) Which of the following terms matches closest with Nomination?

a) Loss of Property Documents

b) Loss of Merchandise

c) Loss of Life

d) Loss of Baggage

Q 15. Q15) What is the Janshree Bima Yojna of LIC?

a) Term insurance plan

b) Women-centric insurance plan

c) Personal insurance scheme

d) Group Insurance Scheme


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