IC14 REGULATION OF INSURANCE BUSINESS - 04
| Q1.___ of the registration certificate is not covered under IRDAI Act. |
| Issuance |
| Inheritance |
| Modification |
| Renewal |
| Withdrawal |
| Q2.From a Money Laundering (ML) perspective, ___ is the most vulnerable medium of transaction. |
| Pay Orders |
| Cheque transactions |
| Electronic fund transfers |
| Cash transactions |
| Demand Drafts |
| Q3.Insurer who bears the rates on the policy sticks to /refers to rates at the time of the __ |
| Agreement |
| Contract |
| Investigation |
| Assignment |
| Maturity |
| Q4.On whom does the responsibility of collecting the premium lie? |
| The Agent |
| The Insurer |
| The Insured |
| The Nominee |
| The Insured's family |
| Q5.An insurer has the onus of collecting the premium facilitating premium payment. |
| Insurance Broker |
| Policy Holder |
| Insurer |
| Agent |
| Nominee |
| Q6.In Single Premium (SP) contracts, the minimum sum assured for age at entry of below 45 years is __ . |
| 55% of single premium |
| 75% of single premium |
| 105% of single premium |
| 110% of single premium |
| 125% of single premium |
| Q7.The net reduction in yield for policies with terms of more than 10 years should not be ____. |
| more than 3% on maturity |
| more than 2.75% on maturity |
| more than 2.25% on maturity |
| less than 2.25% on maturity |
| less than 2.75% on maturity |
| Q8.Which of these statements is CORRECT? |
| When age advances the insurability increases |
| When age advances the insurability reduces |
| As age reduces the insurability increases |
| As age reduces the insurability reduces |
| None of above |
| Q9.Which of the following statement(s) is/are TRUE as per the Consumer Protection (Amendment) Act? |
| Its an addition to the consumer protection act |
| The remedy available under it is simple, speedy, and inexpensive |
| It covers the public, private and cooperative sectors |
| All of the above |
| None of the above |
| Q10.How long are the risk covering a period of insurance connected to aircraft hulls, aviation risks, and marine hulls? |
| Very short |
| Short |
| Long |
| Very Long |
| Medium |