IC01 (LICENTIATE) Principles of Insurance - 07
|Q1.In the whole life insurance policy, the benefit under the plan is paid only on ___.
|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.
|Q6.A company decides to set up a separate fund specifically to meet losses that otherwise would have been insured. What is this called?
|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.
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