IC14 REGULATION OF INSURANCE BUSINESS - 03
| Q1.Nominees appointed by the life assured can ___. |
| share the policy monies amongst themselves |
| Share the money with the legal heirs |
| can only receive the money on behalf of legal heirs |
| All of above |
| None of above |
| Q2.IRDA regulations clearly state that risk cannot be assumed before receipt of premium by the insurer but under the ___, the insurer cannot claim non-receipt of premium as the ground for refusal of payment. |
| Personal accident policy act |
| Motor vehicles act |
| Rule no 59 of the insurance act,1938 |
| Marine insurance act 1963 |
| Public liability act,1991 |
| Q3.Which one is not a condition for licensing of a TPA? |
| At no time should the TPA have a working capital of less than one crore |
| At least two of the directors of the TPA shall be qualified doctors |
| Aggregate foreign shareholding cannot be more than 26% |
| The minimum paid-up capital should be 1 crore |
| The application should be accompanied with non-refundable fees of Rs.20000 |
| Q 4. The IBNR reserve account is for ___. |
| claims that have not been reported |
| claims that have been underreported |
| claims that have been reported |
| Both 1 and 2 |
| All of the above |
| Q5.Which plans do not offer a settlement option? |
| life insurance plans |
| unit-linked plans |
| pension plans |
| annuity plans |
| Both 3 and 4 |
| Q6.Who is not a consumer under the Consumer Protection act,1986? |
| A person who buys insurance |
| A person who makes a fixed deposit in a bank |
| A consumer who buys a washing machine |
| A consumer who makes a commercial purchase |
| A consumer who has lunch in a restaurant |
| Q7.Which is not a function of the Executive Committee of the General Insurance Council? |
| To aid and advise general insurers for standards of conduct |
| To render advice to IRDA in a matter of controlling expenses |
| To bring to IRDA`s notice any harmful practice of any general insurer |
| To amicably settle a dispute between general insurers |
| To act in matters with the approval of IRDA |
| Q8.Which of the following option is true for the Solatium Fund? |
| Provides compensation to victims of hit and run accidents |
| The central govt., the state govt. and amp; the general insurance industry contribute to the fund |
| The central govt. provides a scheme to administer the fund |
| All the above |
| None of the above |
| Q9.If a policy is returned during the free look period, the insurer will ___. |
| refund the entire premium amount |
| forfeit the entire amount |
| the policy cannot be returned |
| refund amount after deducting stamp duty, medical charges and risk premium |
| None of the above |
| Q10.What is the lockin period ULIPs during which period no partial withdrawals or surrenders are allowed? |
| 3 years |
| 5 years |
| 7 years |
| 9 years |
| 10 years |