IC14 - LICENTIATE - Regulation of Insurance Business -52

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Q 1. Q1) Repudiation of life policy will result in forfeiting the policy amount by_______________.

a) Nominee

b) Actuary

c) Insurer

d) Agent

Q 2. Q2) As per the Consumer Protection Act 1986, the person who buys goods for consideration or avails any services for consideration is called

a) A Client

b) A dealer

c) A Consumer

d) An Intermediary

Q 3. Q3) If rebates are allowed on life insurance premiums, it has to be according to the____________.

a) SEBI Rules

b) Terms and conditions under sec 41

c) Published prospectus

d) Tables of the insurer

Q 4. Q4) As per the powers given by the IRDAI Act 1999, the Central Government can supersede the _______ by issuing a notification.

a) LIC

b) SEBI

c) IRDAI

d) RBI

Q 5.
Q5) What amount has to be deposited if an appeal has to be made in the district forum?

a) 50% of the amount awarded or Rs 25000 - whichever is less

b) 40% of the amount awarded or Rs 25000 - whichever is less

c) 50% of the amount awarded or Rs 50000 - whichever is less

d) 40% of the amount awarded or Rs 50000 - whichever is less

Q 6. Q6) _______ is a specialized type of contract that is unconditional and capable of transfer by negotiation

a) Insurance Contract

b) Wagering Contract

c) Negotiable Instrument

d) Gambling Contract

Q 7. Q7) 'SHG' stands for______________.

a) Sovereign Health Grade

b) Society of Home Guards

c) Self Help Groups

d) Security Home Group

Q 8. Q8) Which association is known as the Geneva Association?

a) International Association for the Study of Insurance Economics

b) Financial Services Authority

c) International Association of Insurance Advisors

d) National Association of Insurance Commissioners

Q 9. Q9) If there is a suppression of material fact, the premium collected on a policy till the date of repudiation of life policy will be liable to be returned to ________.

a) Insurance Broker

b) Policy Holder

c) Insurer

d) Agent

Q 10. Q10) A renewal application for an insurance broker's license is processed in the same manner as that done with a new application. This is as per Regulation______________.

a) 10

b) 13

c) 34

d) 35

Q 11. Q11) ________ deals with the disputes between insurer and insurer.

a) Consumer Commission

b) Grievance Cell

c) Grievance Redressal Authority

d) Consumer councils

Q 12.
Q12) Pamp; G S means __________________.

a) Punjab & Gurudaspura Services

b) Post & Govt. schemes

c) Promised & Guarantee schemes

d) Pension & Group schemes

Q 13. Q13) Maximum loan amount that can be sanctioned for any ULIP policy having more than 60% of its funds invested in Equities is________% of the policy surrender value

a) 25%

b) 40%

c) 50%

d) 60%

Q 14. Q14) A person can deal with the policy in whatever way he may desire during his lifetime and the consent of the ________ is not required.

a) Officers

b) Agent

c) Insurer

d) Nominee

Q 15. Q15) Records of customer identification data will have to be retained for a period of

a) 10 years

b) 15 years

c) 11 years

d) 20 years



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