IC14 REGULATION OF INSURANCE BUSINESS - 01
| Q1.What is Switching Charge? |
| It is levied on the unit fund at the time of surrender |
| It is levied on the transfer of monies from one fund to another |
| It is levied on the unit fund at the time of part withdrawal |
| It is the cost of life cover |
| None of the above |
| Q2.In Regular Premium (RP) contracts, what is the minimum annual health cover for age at entry above 45 years? |
| 5 times the annualized premiums or Rs 25000 pa whichever is higher |
| 3 times the annualized premiums or Rs 25000 pa whichever is higher |
| 5 times the annualized premiums or Rs 75000 pa whichever is higher |
| 2 times the annualized premiums or Rs 75000 pa whichever is higher |
| 3 times the annualized premiums or Rs 50000 pa whichever is higher |
| Q3.In 1956, the life insurance business was nationalised and the operations of companies were merged to form ____. |
| SBI Life Insurance Co. |
| Insurance Association of India |
| LIC of India |
| GIC of India |
| United Insurance |
| Q4.Appeal against the District forum award can be made to the State Commission, subject to a deposit of ____ of the amount awarded or 50% whichever is less. |
| Rs. 20,000 |
| Rs. 25,000 |
| Rs. 35,000 |
| Rs. 50,000 |
| Rs. 1,00,000 |
| Q5.GIC underwrites _____ business in civil aviation and crop insurance. |
| Life Insurance |
| Reinsurance |
| General Insurance |
| All of the above |
| None of the above |
| Q6.The premium received in advance not relating to the current accounting period to be disclosed separately under the head ___. |
| Current Assets |
| Current Liabilities |
| Fixed Assets |
| Fixed Liabilities |
| Premium Balance |
| Q7.____ is a Micro Insurance product. |
| Dog Insurance |
| Fire Insurance |
| Crop Insurance |
| Marine Insurance |
| Motor Insurance |
| Q8.The maximum loan amount that can be sanctioned for any ULIP policy having more than 60% of its funds invested in equities is ___ of the policy's surrender value. |
| 25% |
| 30% |
| 40% |
| 50% |
| 65% |
| Q9.The temporary insurance certificate issued to the customer before issuing the insurance policy is known as ___. |
| Policy Bond |
| Policy Letter |
| Cover Note |
| Policy Acknowledgement |
| Policy Notice |
| Q10.____ is issued immediately as conclusive evidence that the insurer has received the assignment request by the policyholder. |
| Policy acknowledgment |
| Acknowledgment letter |
| Cover Note |
| Form 5 A |
| Form 25 |