IC14 - LICENTIATE - Regulation of Insurance Business -9

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Q 1. 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.

Agent who sold the policy

Collector

Nominee

Policyholder

Insurer

Q 2. Any refund of premium which may become due will be paid directly to the ______.

Insurer

Insured

Policy Holder

Company

Institution

Q 3. A microinsurance agent shall:

Have at least worked for 10 years in insurance

Employ specified persons with the prior approval of the insurer

Be males only

Not be bound by the rules and regulations of IRDAI

All of the above

Q 4. The value of services and compensation claimed under the National Commission is _______.

Up to Rs. 20 lakhs

More than Rs. 20 lakhs but less than Rs. 1 crore

More than Rs. 1 crore but less than Rs. 2 crore

More than Rs. 1 crore

All of the above

Q 5. In India, the foreign exchange regulations apply only if the ________ and the ________ are non-resident.

Life insurer, Life insured

Applicant, Life insurer

Life insured, Claimant

Life insured, Bank

Applicant, Claimant

Q 6. The switching charge is ___________.

0.5% of annualized premium

1% of annualized premium

A flat amount per movement

Percentage of money moved

None of above

Q 7. Who shall have no jurisdiction in cases relating to third-party motor vehicle insurance and marine Insurance?

Consumer Authority

Grievance Redressal Authority

Consumer commission

Consumer councils

Consumer group

Q 8. The 'Prudential Investment Norms- Compliance Report is to be submitted on a ______ basis.

As when demanded

Half-yearly

Yearly

Quarterly

Monthly

Q 9. What does the Consumer Protection (Amendment) Act cover?

Covers all goods and services

Covers all services but no goods

Covers all goods but no services

Covers only goods and services made in India

None of the above

Q 10. _______ section of the IRDAI Act lays down its duties, powers, and functions.

Section 14

Section 24

Section 34

Section 44

Section 54

Q 11. Returns on ULIPs are tax-free in France if the duration of the policy is at least ____ years.

3

5

8

10

12

Q 12. Which caption should be prominently seen on all micro-insurance products?

General insurance product

Property insurance product

Microinsurance product

Non Life insurance product

Life insurance product

Q 13. On what grounds is the repudiation of the policy not permitted?

Mis-statement

Disloyalty

Distrust

Suppression of material fact

Fraud

Q 14.
Those nominees who are alive on the date of the death of the life assured only will get the _______.

Gross money

Policy money

Whole money

Net money

Lump sum money

Q 15. Every insurer must inform and keep informed periodically the insured on the requirements to be fulfilled by the insured regarding lodging of a _______ arising in terms of the policy and the procedures to be followed by him/her to enable

question

query

claim

complaint

feedback


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