IC14 REGULATION OF INSURANCE BUSINESS -14
| Q1.The minimum policy term is fixed as _ years of a life insurance contract to protects its long-term nature. |
| 1 |
| 3 |
| 5 |
| 7.5 |
| 10 |
| Q2.When are the insurance regulating acts amended? |
| Every six months |
| Every year |
| When new schemes are introduced in the market |
| Periodically |
| As and when required |
| Q3.___ non-officials members are allowed in the executive committee for the General Insurance council. |
| 1 |
| 2 |
| 3 |
| 4 |
| 5 |
| Q4.Where and when was FATF established? |
| Geneva - 1989 |
| New York - 1985 |
| Sydney - 1985 |
| Paris - 1989 |
| Paris - 1985 |
| Q5.The appellate authority constituted by a notification of the Central Govt. was wound up sue to the constitution of ____. |
| IRDAI |
| SEBI |
| Insurance Appellate Tribunal |
| Grievance Redressal Authorities (GRA) |
| Consumer authority |
| Q6.Which statement is INCORRECT about IRDAI? |
| IRDAI removes competition in the insurance industry |
| RDAI ensures competence in the insurance industry |
| IRDAI makes and amends laws for the insurance industry |
| IRDAI works for the interest of policyholders |
| IRDAI enforces fair practices in the insurance industry |
| Q7.In the Rural Sector, IRDAI regulates the percentage of ___. |
| Life insurance and General insurance businesses |
| Life insurance and Motor insurance businesses |
| Property insurance and General insurance businesses |
| Vehicle insurance and General insurance businesses |
| All of the above |
| Q 8. The death benefit at no time will be ___ of the total premium including top-ups paid. |
| Less than 105% |
| Less than 115% |
| More than 105% |
| More than 115% |
| Less than 125% |
| Q9.Insurance GRA will have no jurisdiction in ___. |
| Health insurance |
| Life insurance |
| Mediclaim insurance |
| Personal accident insurance |
| Marine insurance |
| Q10.The minimum amount of coverage for health insurance is ___. |
| Rs 5 lacs |
| Rs 2 lacs |
| Rs 1 lac |
| Rs 50000 |
| Rs 10000 |