IC14 REGULATION OF INSURANCE BUSINESS -10
| Q 1. The function of the Executive Committee of the Life Insurance Council is to intimate the IRDAI if any insurer shows prejudice to a ___. |
| Intermediary |
| An employee of the insurance company |
| Nominee |
| Policyholder |
| None of above |
| Q2.Under section __ of the Insurance Act, life insurance policies are repudiated. |
| Section 44 |
| Section 45 |
| Section 46 |
| Section 47 |
| Section 48 |
| Q3.What is the minimum term of cover in health insurance? |
| 1 year |
| 2 years |
| 3 years |
| 5 years |
| 7.5 years |
| Q4.When a nomination is made specifically under Sec 39 of the Insurance Act, the Provision of Section 6 of M W P Act 1874 is not applicable to nomination in favor of __. |
| Spouse |
| Grandparents |
| Wife and/or children |
| Children |
| Wife |
| Q5.Which of these products is not viable as a stand-alone insurance product. |
| Microinsurance |
| Endowment |
| Money back policy |
| Group insurance |
| Pension and Group schemes |
| Q6.If death happens during the contestable period, any claim based on the policy can be challenged on the grounds of __. |
| Legal statement |
| Mis-statement |
| Fraudulent statement |
| Incorrect statement |
| False statement |
| Q 7. The minimum amount of cover in a Term Insurance is ___. |
| Rs. 3500 |
| Rs. 5000 |
| Rs. 6200 |
| Rs. 7500 |
| Rs. 10000 |
| Q 8. What is the lock-in period for ULIPs during which period no partial withdrawals or surrenders are allowed ? |
| 2 years |
| 5 years |
| 7 years |
| 10 years |
| 11 years |
| Q9.What is the minimum fine in case of a complaint filed against a person accused of deficiency of service by Consumer forums and not following their order? |
| Rs 2000 |
| Rs 3000 |
| Rs 5000 |
| Rs 7500 |
| Rs 10000 |
| Q10.No relaxation in premium issues is allowed for |
| Aircraft hulls and other aviation risks |
| National agriculture insurance scheme |
| Issued to students availing Govt. scholarship |
| Govt. and Semi Govt. bodies |
| Issued to personnel of armed forces |