IC14 - LICENTIATE - Regulation of Insurance Business -50

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Q 1. Q1) Politically Exposed Persons (PEPs) resident outside India is categorized under

a) Low-Risk Category

b) Medium Risk

c) High Risk

d) Normal Category
 
Q 2. Q2) Tipping Off is a term used in Anti Money Laundering measures. What does it mean?

a) Information given to Investigation Authorities by an insider

b) Bribing to Investigating Authorities by Criminals

c) Monitoring of Suspicious Account Transactions

d) Informing the customers that their accounts are under monitoring for suspicious activities
 
Q 3. Q3) The provision be amended to indicate that except where the endorsement of assignment or transfer is _______

a) Conditional

b) Unconditional

c) Contractual

d) Non-Contractual
 
Q 4. Q4) Section 59(1) of the Insurance Rules 1939 states that risk may be assumed without referring to the specified authorities if there is a deposit made with the insurer at a suitable rate not less than_______per mille.

a) 1

b) 1.5

c) 2

d) 2.5
 
Q 5. Q5) Non-profit organizations can be risky customers because they receive deposits from many unknown sources and are free to disburse funds to multiple sources for non-profit purposes. These charitable donations often cannot be verified and enhanced d

a) FALSE

b) TRUE
 
Q 6. Q6) Smurfing occurs during _________ stage of money laundering

a) replacement

b) placement

c) integration

d) layering
 
Q 7. Q7) Who among the following is required to maintain an Insurance Bank Account and a Professional Indemnity Insurance Cover?

a) Corporate Insurance Agent

b) Insurance Brokers

c) Individual Insurance Agent

d) Life Insurers
 
Q 8. Q8) As per the Insurance Act, of 1938 (as amended) an insurer has to obtain a report from a licensed surveyor if the loss equals or exceeds.

a) Rs 15,000

b) Rs 20,000

c) Rs 25,000

d) Rs 50,000
 
Q 9. Q9) To protect the interest of __________, the Law Commission has recommended that after the expiry of five years, no policy of life insurance can be repudiated on any ground.

a) Agent who sold the policy

b) Collector

c) Nominee

d) Policyholder
 
Q 10. Q10) Punishment of Money Laundering Section 4 provides for the punishment of rigorous imprisonment for a term of ___________ years and fine extending to __________ rupees.

a) 5 years and 5 lakhs

b) 3 to 10 years and 5 lakhs

c) 3 to 5 years and 10 lakhs

d) 8 years and 8 lakhs
 
Q 11. Q11) In the purview of the insurance Ombudsman under 'Nature of complaints', any partial or total reputation of claim is by______________.

a) the Agent

b) the Proposer

c) The policyholder

d) the Insurer
 
Q 12. Q12) The services given by a TPA under an agreement with an Insurance Company are called___________________.

a) Special Services

b) Financial Services

c) Agency Services

d) Health Services
 
Q 13. Q13) As per the Consumer Protection Act 1986, the jurisdiction of a State commission extends up to the value of services and compensation not exceeding_________

a) Rs 10 Lakhs

b) Rs 20 Lakhs

c) Rs 50 Lakhs

d) Rs 1 crore
 
Q 14. Q14) Which one is not a condition for licensing a TPA?

a) At no time should the TPA have a working capital of less than one crore

b) At least two of the directors of the TPA shall be qualified doctors

c) Aggregate foreign shareholding cannot be more than 26%

d) The minimum paid-up capital should be 1 crore
 
Q 15. Q15) As per premium investment guidelines by IRDA, Investment in central government securities should not be less than

a) 20%

b) 15%

c) 10%

d) There are no such guidelines and Insurance companies can invest the premium collected the way they want to invest


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