IC14 - LICENTIATE - Regulation of Insurance Business -51

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Q 1. Q1) GRA in Insurance stands for

a) General Insurance Redressal Authority

b) General Redressal Authority

c) Grievance Redressal Authority

d) Grievance Resolution Authority
 
Q 2. Q2) 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 3. Q3) What is the period prescribed under PMLA for the preservation of records under Prevention of Money Laundering and what is the period during which a suspicious transaction report is to be sent within ____ days of detection:

a) 2 years, 15 days

b) 4 years, 12 days

c) 5 years, 10 days

d) 10 years, 7 day
 
Q 4. Q4) Insurance Association of India has___________________councils.

a) 2

b) 3

c) 4

d) 5
 
Q 5. Q5) The_________________will recommend the name of technical members for selecting them in the GRA.

a) Judicial members

b) Chairman

c) Selection Committee

d) Permanent members
 
Q 6. Q6) How is the complaint to be launched with an insurance ombudsman?

a) The complaint is to be made in writing

b) The complaint is to be made orally over the phone

c) The complaint is to be made orally in a face-to-face manner

d) The complaint is to be made through newspaper advertisement
 
Q 7. Q7) lsquo; Incontestable Clausesrsquo; is employed as a clause in insurance in which country?

a) Switzerland

b) Australia

c) France

d) USA
 
Q 8. Q8) _____________has the power to issue regulations specifying the manner of receipt of premium by the insurer.

a) LIC

b) IRDA

c) Consumer Forums

d) National Commission
 
Q 9. Q9) Choose the Correct Option. Statement A: Nomination is a must in all Life insurance products. Statement B: Nomination is not compulsory in all Life insurance products.

a) Statement A

b) Statement B

c) Both

d) None
 
Q 10. Q10) If a workman dies due to an accident, the minimum Compensation payable under the Workmans Compensation Act is _______

a) Rs 80,000/-

b) Rs 90,000/-

c) Rs 1 Lakh

d) Rs 5 Lakhs
 
Q 11. Q11) IBNR stands for

a) Income Before Not Reported

b) Incurred But Not Reported

c) Incurred But Not Reviewed

d) Investment Before Net Result
 
Q 12. Q12) When a nomination is canceled, the rights of the nominee shall be only affected by __________.

a) Interest of policyholders

b) Interest of nominees

c) Interest of insurers

d) Interest of shareholders
 
Q 13. Q13) An appeal before the National Commission can be made subject to a deposit of _________ the amount awarded or _________ whichever is less.

a) 50%, Rs 25000

b) 50%, Rs 35000

c) 50%, Rs 50000

d) 50%, Rs 75000
 
Q 14.
Q14) A claims equalization reserve is set up to_______________.

a) to handle claims from catastrophic events

b) it serves as a tax management tool

c) it smoothens the effect of having years

d) All the above

 
Q 15. Q15) Which of the following is a step performed during the pre-sale stage of an Insurance Policy?

a) Insurance is advertised to the customers

b) Terms and Conditions explained to the customer

c) Rider benefits are explained to the customer

d) All of the above


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