IC14 - LICENTIATE - Regulation of Insurance Business -6
IC14 - LICENTIATE - Regulation of Insurance Business -6
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Q 1. The 'Prudential Investment Norms Compliance Report' is to be submitted ________.
within 30 days from the date of Board approval of audited accounts
within 15 days from the date of Board approval of audited accounts
within 21 days from the date of Board approval of audited accounts
within 30 after the end of each quarter
within 15 after the end of each quarter
Q 2. _______ will be deemed to be the absolute assignee or transferee respectively.
Nominee
Assignor
Assignee
Transferee
Assignee & Transferee
Q 3. Which is how physical hazard is assessed?
Based on risks
Based on the information given in the form
Based on the nature of the product
Based on damages caused
Based on the contract
Q 4. If a person does not follow the order of the consumer forum, the maximum term of imprisonment is ____ years.
1
2
3
4
5
Q 5. The policy money will have to be paid to the _____.
Surveyor
Assignee
Assignor
Legal heir
Broker
Q 6. ______ can approach the GRA?
Surveyor
Policyholder
Insured
Collector
Claimant
Q 7. When insurance companies give advertisements for ULIP, it can contain past performance figures concerning _______.
results of investments and also the projected figures
result of allocation and also the past figures
results of funds and supporting figures
results of investments and premiums received
results of investments and the effect of interest rate fluctuations
Q 8. To whom is the premium paid?
Agent
Banker
Company
Insurer
Policyholder
Q 9. A microinsurance agent shall -
Not work for more than one insurer carrying on life insurance business
Not work for more than one insurer carrying on general insurance business
Not distribute any product other than a micro insurance product
Be appointed by an insurer by entering into an appropriate deed of agreement
All of the above
Q 10. An appeal in the Supreme Court can be made subject to a deposit of ______ of the amount awarded or _____ whichever is less.
10% , Rs 50000
20% , Rs 50000
30% , Rs 50000
40% , Rs 50000
50% , Rs 50000
Q 11. To whom will the appeal against the orders of GRA be automatically transferred?
The High Court
The District Court
Consumer council
Consumer group
Insurance Appellate Tribunal
Q 12. The full form of LI Council is _______.
Lead Insurer Council
Legal Insurance Council
Loan Insurance Council
Loss Insurance Council
Life Insurance Council
Q 13. When the shippers use better methods of packing, the rates charged for marine insurance will be _______.
Top end rates
Somewhat higher rates
Medium rates
Specific rates
Lower rates
Q 14. What will a life insurance policy state?
The policy term
The policy premium amount payable
The age and occupation of the insured
The documents required to be submitted in support of a claim
All of the above
Q 15. 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 ____ %.
4
3.75
2.75
2.25