IC39 - Fraud Risk Management In Insurance - 9
IC39 - Fraud Risk Management In Insurance - 9
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Q 1. According to the Insurance Act 2015, what penalty can be imposed on a person who appoints an intermediary or an insurance intermediary who is not registered to act or transact any business in India?
Fine up to 10 lakh rupees.
Fine up to 50 lakh rupees
Fine up to 1 crore rupees
Fine up to 5 crore rupees
Fine up to 10 crore rupees
Q 2. When was the Insurance Reference Service established in Australia?
1985
1991
2000
2005
2010
Q 3. Under the Inland Transit Clauses - Rail or Road, which clause provides coverage limited to fire risk only?
Clause A
Clause B
Clause C
Clause D
Clause E
Q 4. As per the ____________, the insured should have a legal relationship to such subject matter whereby he gets a benefit when relieved from the liability and suffers an apparent financial loss on associating with the liability.
Insurance policy terms
Insurance regulations
Insurance premium
Insurable interest
Insurance coverage limits
Q 5. What unethical practices should insurance companies avoid ...
Promoting products with high commissions for agents.
Focusing on selling the most expensive policies.
Encouraging aggressive marketing tactics.
Recommending products that are not needed or suitable.
Allowing agents to make policy decisions on behalf of proposers.
Q 6. What role does forensic science analysis play in determining the cause of loss?
It is a secondary tool with limited impact.
It is used only for legal purposes.
It is irrelevant in most cases.
It is the primary tool to establish the cause of loss.
It is used solely for insurance claim documentation.
Q 7. The act of an insured or their representative claiming a higher amount of loss than the actual amount suffered, by including non-existent items or exaggerating the value of damaged items or injuries, is known as:
Exaggeration of loss fraud
Fictitious claim deception
Inflated coverage scheme
Overstatement scam
Fraudulent damage amplification
Q 8. Which of the following is a type of insurance fraud?
Providing accurate personal details when purchasing insurance.
Claiming a loss that occurred after the policy's effective date.
Justifying the value of the property to obtain a correct insurance payout.
Reporting a claim for property damage when there is no insurable interest at the time of loss.
Stating the cost of repairs in a claim to receive correct compensation.
Q 9. What was the new name given to the General Insurance Corporation of India after the liberalization of the IRDA Act in 1999?
Life Insurance Corporation of India
National Insurance Company Limited
Oriental Insurance Company Limited
New India Assurance Company Limited
Indian Reinsurance (Indian Re)
Q 10. What situation related to the purchase of the property may raise suspicions of fire insurance fraud?
The insured provides all the necessary purchase receipts promptly after filing the claim.
The insured furnishes complete details of the purchase, including receipts and documentation.
The insured claims that the property was purchased without receipts.
The insured discloses all previous claims made to the current insurer.
The insured notifies the insurance company about the claim after a significant delay.
Q 11. What is the primary purpose of the Insurance Regulatory and Development Authority of India (IRDAI)?
Promoting competition among insurance companies
Ensuring the profitability of insurance companies
Protecting the rights of policyholders
Facilitating mergers and acquisitions in the insurance industry
Regulating premium rates for insurance policies
Q 12. What are the entities formed by State Insurance regulators, insurance companies, and their special investigation units to address suspected frauds called?
State Insurance Fraud Task Forces
Collaborative Fraud Investigation Units
Special Fraud Prevention Teams
Joint Fraud Response Committees
Special Investigation Units
Q 13. What constitutes physical or material evidence in the case of a fire incident?
Examination of the origin and propagation of fire is important besides burning patterns etc.,
Installation of fire control measures like hydrant systems, sprinklers, fire extinguishers, fire alarms, etc.,
Quantity of burnt debris.
Collection of burnt debris samples, burnt electric wire samples, blood-stained clothes, fingerprints
All of the above
Q 14. Under which section of the Prevention of Money Laundering Act PMLA are individuals involved in money laundering prosecuted in Special courts?
Section 35 of the PMLA.
Section 40 of the PMLA.
Section 44A of the PMLA.
Section 50 of the PMLA.
Section 55 of the PMLA.
Q 15. What aspects should be incorporated into the insurance proposal form for single premium policies?
Information about the policy's cash value.
Medical history and health condition.
Investment returns and potential growth.
Declaration about the source of funds and details of bank accounts.
Customer's family background and political affiliations.
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