IC01 (LICENTIATE) Principles of Insurance - 07
| Q1.In the whole life insurance policy, the benefit under the plan is paid only on ___. |
| Death |
| Illness |
| Survival |
| After a minimum of 20 years |
| None of the above |
| Q2.Which is the INCORRECT option with respect to regulation of intermediaries by IRDA? |
| The issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration |
| Specifying the code of conduct for surveyors and loss assessors |
| Calling for information from, undertaking inspection of, conducting inquiries and investigations including audit of the insurers, intermediaries, etc. |
| Conduct training and examination for pre-licensing of agents and brokers |
| Adjudication of disputes between insurers and intermediaries or insurance intermediaries |
| Q3.Which of these acts is not relevant to an insurance agent? |
| The Insurance Act |
| The Companies Act |
| The Income Tax Act |
| The IRDA Act |
| The Contract Act |
| Q4.Mr. Surinder has nominated his wife as his nominee in a life insurance policy. Unfortunately, both of them die in a car accident. How will the insurer proceed with the settlement of claims? |
| If Mr. Surinder has made a will and mentioned the Life Insurance policy, it will be as per the direction of the will. |
| The legal heirs of Mr. Surinder can obtain a succession certificate |
| A close relative of Mr. Surinder can claim the amount |
| In such cases, the claim amount is transferred to Investor Protection Fund |
| None of the above |
| Q5.If the complainant accepts the recommendation, the insurance company has to comply with the order within ___ and inform the Ombudsman. |
| 7 days |
| 15 days |
| 30 days |
| 45 days |
| 60 days |
| Q6.A company decides to set up a separate fund specifically to meet losses that otherwise would have been insured. What is this called? |
| Reinsurance |
| Loss Insurance |
| Self Insurance |
| General Insurance |
| Group Insurance |
| Q7.Which of these is an INCORRECT risk classification pair? |
| Fundamental and Particular |
| Pure and speculative |
| Dynamic and static |
| Important and unimportant |
| Financial and non-financial |
| Q8.Which of the following statements is INCORRECT? |
| Bad construction of a building is a risk |
| Living too long is a risk |
| Critical illness is a risk as it leads to heavy expenses and loss of income |
| We can control natural calamities by proper risk management |
| Foreign exchange fluctuations is also a risk |
| Q9.Which Indian act lays down the conditions of a valid contract and when it becomes voidable, how it can be revoked etc.? |
| Indian Securities Act |
| Indian Contract Act |
| Indian Stamps Act |
| Indian Partnership act |
| Indian Companies Act |
| Q10.___ drafts the Institute of cargo clauses. |
| Newyork underwriters |
| London underwriters |
| Tokyo underwriters |
| Marine underwriters |
| India underwriters |