IC14 - LICENTIATE - Regulation of Insurance Business -49

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Q 1. Q1) What is the main reason why nominations are created?

a) Damage caution

b) To secure an immediate payment of the policy’s SA by the insurer

c) Risk avoidance

d) Protection of interest of policyholders
 
Q 2. Q2) One of the following Accounting Statements does not form part of Specified Financial Statements comprised under a regulation called IRDA Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations 2000. Identity th

a) Balance Sheet.

b) Receipts and Payments Accounts

c) Profit and Loss Account.

d) Fund-Flow Statement.
 
Q 3. Q3) As per which act can the central Government issue grants to IRDAI after due appropriations are made by parliament?

a) Contract Act

b) PFRDA act

c) IRDAI act

d) Insurance act
 
Q 4. Q4) 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 5. Q5) Which among the below-mentioned entities are responsible for negotiating settlements that enable saving interest and administration charges?

a) Lok Adalats

b) Jald Rahat Yojana

c) Claims Conciliation Committees

d) All of the above
 
Q 6. Q6) If Insurance is required during inland transit from the factory but the carrying vehicle has already left the premises then the Insurance Company

a) Will talk with the manager of the factory and accept the proposal

b) Will accept the proposal at a higher rate of premium

c) Will refuse the coverage

d) Will issue cover at Ordinary rates
 
Q 7. Q7) The President and members of IAT will hold office till the age of

a) 65 years

b) 68 years

c) 60 years

d) 70 years
 
Q 8. Q8) A transaction that is suspected of involving money laundering has been reported to and validated by a firm's Principal Compliance Officer. To which organization should the Principal Compliance Officer matter?

a) SEBI

b) RBI

c) IRDA

d) Supreme Court
 
Q 9. Q9) What is the fee charged by the authority to issue a duplicate copy of the license to Third Party Administrators?

a) Rs 10

b) Rs 50

c) Rs 500

d) Rs 1000
 
Q 10. Q10) Which of the following is one of the stages of Money Laundering?

a) Smurfing

b) Shell Companies

c) Integration

d) None of the above
 
Q 11. Q11) Which of the following is True regarding the National Commission?

a) APPEALS AGAINST DECISIONS OF STATE FORUM can be made at the National Commission

b) Matters beyond the jurisdiction of the state forum

c) For Complaints beyond Rs 100 Lakhs in value

d) All of the above
 
Q 12. Q12) Who is not a consumer under the Consumer Protection Act, of 1986?

a) A person who buys insurance

b) A person who makes a fixed deposit in a bank

c) A consumer who buys a washing machine

d) A consumer who makes a commercial purchase
 
Q 13. Q13) If a policyholder applies for cancellation of policy soon after he receives the FPR

a) The full premium will be refunded.

b) The full premium after some deduction of expenses incurred for any medical test etc will be refunded.

c) The policy will be treated as lapsed from the next premium due date.

d) He will be debarred from taking any further insurance policies.
 
Q 14. Q14) The underwriting process is completed when ______________

a) All the critical information related to the health and personal details of the proposer are collected through the proposal form

b) The policy is issued to the proposer after risk selection and pricing.

c) The received information is carefully assessed and classified into appropriate risk categories

d) All the medical examinations and tests of the proposer are completed
 
Q 15. Q15) Which of the following complaints come under the purview of the Insurance Ombudsman?

a) Any partial or total repudiation of claims

b) Any dispute about the premium paid or payable in terms of the policy

c) Both of the above

d) None of the above



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