IC01 (LICENTIATE) Principles of Insurance -12

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Q1.Who regulates the remuneration paid to agents, brokers, and other intermediaries?
 Central Govt - Ministry of Finance
 Insurance Ombudsman
Q2.Which of these statements is INCORRECT with respect to Insurance Regulatory and Development Authority (IRDA)?
 IRDA is the authority to administer the Insurance Act and to regulate, promote and ensure orderly growth of the insurance industry.
IRDA can, issue guidelines and directions to insurance companies that are to be followed by them on operational matters.
IRDA has the authority to issue licenses to insurers as well as to intermediaries like agents, brokers, TPAs, etc.
IRDA was constituted by an Act of Parliament in 1999 as a regulator for the insurance sector.
 None of the above
Q3.Who are mainly responsible to keep customers happy ?
Only options 2 and 3
 All of the above
Q 4.Which act provides for the transfer of property, who may transfer, what may be transferred, rights and liabilities of the buyers and sellers etc?
 The Transfer of Property Act
 The Indian Registration Act
 The Indian Stamp Act
 The Indian partnership Act
 The Negotiable Instruments Act
Q 5. In India, the insurer has to be a Corporation or a Company incorporated under the ____.
 The SEBI Act
 The Companies Act
 The RBI Act
 The Insurance Act
Q6.Fill in the blanks: An insurance contract is a contract under which __ accepts significant insurance risk from ___ by agreeing to compensate the policyholder by __if a specified uncertain future event (the insured event) adversely affects the policyholder in consideration of money called ____. A) The Sum Assured B) The Insured C) The Premium D) The Insurer.
 B, D, C, A
 D, B, A, C
 A, B, D, C
 D, C, A, B
 C, A, D, B
Q7.The premiums which are paid subsequent to the first premium are known as __.
 Repeat Premiums
 Future Premiums
 Renewal Premiums
 Revival Premiums
 Reinstatement Premiums
Q8.Apart from Insurance, how can one reduce costs and retain/transfer risks?
 Expenses on maintenance, servicing of the subject matter
 Implementing security measures at each step
 Expenses on backups, sponsorship, support and standby systems
 All of the above
 None of the above
Q9.Who checks the advertisements of insurance companies to ensure that they do not misguide the customers?
 Finance Ministry
 Insurance Council
 Insurance Regulatory and Development Authority (IRDA)
 Insurance Institute of India (3i)
Q10.Mr. Ramesh works in the IT department of a private bank. His job is to check all systems and servers of the branch where he is placed. In this case, the internal customers of Mr. Ramesh are ____.
 The Managing Director of the bank
 The customers of the bank branch
 The employees of the branch who are dependent on the systems
 The fixed deposit holders of the bank branch
 All of the above

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