IC01 (LICENTIATE) Principles of Insurance - 07

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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

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