IC14 REGULATION OF INSURANCE BUSINESS - 05

Que. 1 : Q1) In Single Premium (SP) contracts, minimum sum assured for age at entry of below __________years is 125% of single premium

   1.  a) 40

   2.  b) 45

   3.  c) 50

   4.  d) 55

Que. 2 : Q2) One of the important steps in Money Laundering is

   1.  a) Placement & Layering

   2.  b) Organisation & Controlling

   3.  c) Depositing & Withdrawing

   4.  d) Backward & Forward integration

Que. 3 : Q3) Which of the following specifies that risks will not be assumed unless premium is received in advance

   1.  a) MV act

   2.  b) Section 64VB of the Insurance Act

   3.  c) Section 39 of Insurance Act

   4.  d) Section 45 of Insurance Act

Que. 4 : Q4) Which of the following is not objective of IRDA?

   1.  a) To protect the interest of and secure fair treatment to policy holders

   2.  b) To Consolidate the various laws existing at that time and amend the law relating to Insurance business

   3.  c) To ensure that insurance customers receive precise clear and correct information about the product and services and make them aware of the responsibilities and duties in this regard.

   4.  d) To ensure sppedy settlement of genuine clients, to prevent insurance frauds and other malpractices and put it place effective grievance redressal machinery

Que. 5 : Q5) As per the consumer protection act 1986, the jurisdiction of a State commission extends upto value of services and compensation not exceeding_________

   1.  a) Rs 10 Lakhs

   2.  b) Rs 20 Lakhs

   3.  c) Rs 50 Lakhs

   4.  d) Rs 1 crore