IC14 - LICENTIATE - Regulation of Insurance Business -8
IC14 - LICENTIATE - Regulation of Insurance Business -8
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Q 1. The minimum policy term in a life insurance contract is _____ years.
1
2
3
4
5
Q 2. Which of the below transactions can be termed 'suspicious'?
Cash payment of the big amount for insurance premium
Use of a third-party cheque to buy an insurance policy
Nondisclosure of data by customers
An incident of pre-payment of insurance premiums
All of the above
Q 3. Within how many days should the insurer decide on a proposal and convey it to the proposer?
7 days
15 days
30 days
45 days
60 days
Q 4. Which among the below-mentioned entities are responsible for negotiating settlements that enable saving interest and administration charges?
Lok Adalats
Jald Rahat Yojana
Claims Conciliation Committees
None of the above
All of the above
Q 5. How can one assess if an insurance company will be able to meet its claims or not?
Price Earning Ratio
Profitability of the company
Share Capital of the company
EBITA %
Solvency Ratio
Q 6. What fee does the authority charge to issue a duplicate copy of the license to Corporate Agents?
Rs 10
Rs 50
Rs 100
Rs 250
Rs 500
Q 7. The minimum functional capital of a TPA shall not be less than ______.
Rs. 25 lakh
Rs. 50 lakh
Rs. 1 crore
Rs. 2.5 crore
Rs. 5 crore
Q 8. The major difference between a ULIP and a traditional Endowment Plan is that under a ULIP, the investment risks are borne by the _______.
Insurance Company
Underwriter
Agents
IRDA
Policyholders
Q 9. How many technical members are there in the GRA?
1
2
3
4
5
Q 10. In the full form of NDPS, 'P' stands for __________.
Psychosis
Profiteering
Psychotropic
Pharma
Performance
Q 11. The __________ will recommend the names of technical members for selecting them in the GRA.
Judicial members
Chairman
Selection Committee
Permanent members
None of the above
Q 12. The _______ is evidence of the contract of carriage of goods between the ship owner and the shipper.
Certificate of Origin
Import Export Certificate
Mate Receipt
Bill of Exchange
Bill of Lading
Q 13.
Identify the statement that goes with #39; Fund Management Charge#39;
Levied to cover the cost of riders
Levied for any alterations within the contract
As a fixed percentage of Premium or Sum Assured
Levied at the time of NAV computation
None of the above
Q 14. An Insurance Broker soliciting and procuring business has to undergo at least _____ hours of training from an institution recognized by the authority and pass the exam.
25
50
60
100
125
Q 15. The consideration paid to the insurer in return for an assured sum if a covered event occurs is called _______.
Annuity
Installment
Down Payment
Premium