Career of IRDA Insurance Agent

What is the career scope of nsurance Regulatory and Development Authority Insurance agent, please provide here details???

[Kiran Chandar]

Insurance Institute of India conducts an all India based competitive exam every year. The IRDA Agent Exam is conducted for the recruitment of Insurance agents.

Eligibility
The candidate who appear must have passed 12th from a recognized University or Board.

Age
Candidates aspiring to take IRDA Exam should not be below 18 years of age however there is no upper age limit for taking IRDA exam.

Paper pattern
The questions in the exam paper will be from the topics of Insurance, loans, regulations and their general application.

Numerical problems percentage, discount and loan calculation will also be given

Exam Fee

IRDA Exam fee for each entry form is Rs.200 (Rs.400 for Life & General Insurance)

Question paper:

(1) Potential purchaser of product is called ________________
(a) Prospect
(b) Consumer
(c) Customer
(d) Client

(2) If policyholder is in grievance,__________________ will solve
(a) Grievance officer
(b) Court order
(c) Ombudsman
(d) All the above

(3) 20,000 policies in the 5th year are to be made from _________sector
(a) Rural
(b) Social
(c) None
(d) Urban

(4) Insurance Agent is governed by ____________________
(a) Contract act
(b) Insurance Act
(c) IRDA
(d) All above

(5) Doctors appointed by insurers will be _____________
(a) General Physicians
(b) Specialists
(c) Surgeons
(d) All of above

(6) __________is the document produced to establish one’s age
(a) Birth Certificate
(b) Affidavit
(c) License
(d) Proof of age

(7) Who is the person who identifies the customer and get the necessary insurance for him ?
(a) Intermediary
(b) Retailer
(c) Broker
(d) Agent

(8) Which kind of Insurance plan can meet all need of a proponent?
(a) Endowment
(b) Money Back
(c) Multipurpose
(d) None of them

(9) The principal is responsible for __________ agent
(a) All the acts of agent
(b) Specified acts of agent
(c) Some of acts agent
(d) None of them

(10) Which of the following statements are True:
a) It is the agent’s responsibility to ensure that all material information is made available
b) If the proposal paper is incomplete, the agent will be held accountable
(a) A Statement
(b) B Statement
(c) Both Statement
(d) Neither of Statement

(11) In the case of a policy under the provision of M.W.P. ACT who can make the death claim?
(a) Beneficiary
(b) Life insured Heirs
(c) Trustee
(d) Any of the above

(12) Which kind policies are not entitled bonuses?
(a) Non participatory
(b) Money back
(c) Children’s
(d) Whole life

(13) Claim in question is Rs.23 lakh which consumer court will it go to:__________

(14) A policy which has run for 8 years can be called into question if there is a__________________
(a) Fraud
(b) Misrepresentation
(b) Mistake
(c) None of above

(15) What would be the paid up value of a 25-year-old endowment policy for Rs.50, 000 taken in Oct 1988, if the last ½ year’s premium paid was in Oct 2000?____________

(16) Which of the following statements are True:
a) An insurance agent can be sued under the Consumer Protection Act
b) The Consumer Protection Act does not apply to Govt. Company.
a) A Statement
b) B Statement
c) Both Statements
d) Neither of Statement

(17) If the proponent has no insurable interest in the insured the underwriter will
(a) Accept with reduce sum assured
(b) Decline the proposal
(c) Accept with lien
(d) Accept with extra premium

(18) What is paid by the insurer when the policyholder decides to discontinue the policy
(a) Forfeiture
(b) Surrender Value
(c) Intermediate Claim
(d) Lapse

(19) A person employed to act on behalf of another in dealing with a third person is called _____________
(a) Lawyer
(b) Broker
(c) Employee
(d) Agent

(20) Which are true
a) Proof of age is necessary for proposal and not for agency application
b) After business is complete agent has no role
a) A Statement
b) B Statement
c) Both Statements
d) Neither of the Statement

(21) Which are true
a) Insurance is necessary to cover risk of living too long
b) Insurance helps one to be less dependent on others
a) A Statement
b) B Statement
c) Both Statements
d) Neither of the Statement

(22) Which statement is not appropriate
A) When the prospect said that he had taken sick leave for a few days because he wanted to go outstation for an interview, the agent suggested he need not mention it
B) Agent suggested to the prospect not to mention the fact that the cause of death of one of the brothers who had died young was cardiac arrest, it was mentioned as accident
a) A Statement
b) B Statement
c) Both Statements
d) Neither of the Statement

(23) Which statement is not appropriate
A) The necessity for medical examination depends on S.A.
B) The nature of employment may be a factor to dispense with medical exam
a) A Statement
b) B Statement
c) Both Statements
d) Neither of the Statement


(24) Why does an office conduct special inquiry in the case of death claim which arose after 4 years
(a) As precaution
(b) As a Routine
(c) On suspicion of suppression of facts
(d) For large sum assured

(25) Loans is available only in the policy if
(a) It is a with profit policy
(b) The S.A exceeds Rs.10,000/-
(c) It is in facts underwriter decision
(d) None of the above

(26) Which statement is true
A Lapsed policy can be revived whenever the policy holder choose
B A paid up policy is a lapsed policy
(a) Only statement A
(b) Only statement B
(c) Both false
(d) Both statement

(27) When do the non-forfeiture provision apply
a) When policy is surrendered
b) When loan is taken
c) When premium is not paid
d) All above

(28) True – False
A - DAB is automatic in all life insurance policies
B- DAB is an option on payment of additional payment

(29) True – False
A - Insurance works on the law of large numbers
B - Insurance is possible only when there are many policyholders

(30) True – False
A - A policy that has been in force for 10 years can be called into question for misrepresentation
B - A policy which has been for 10 years called into question for fraud.

(31) True – False
A - An agent must find out the details of proponent and report the same to the insurer. T
B - The income of the proponent must be made known to the insurer.

(32) Loan under policy should not exceed
(a) S.V
(b) S.A.
(c) total premium paid
(d) Bonus

(33) Disability is related to
(a) Sickness
(b) Old age
(c) Loss of limb
(d) all of them

(34) Agent is subject to
(a) IRDA regulation
(b) Term of appointment
(c) Agent’s manual
(d) All of above

(35) The agent has _______freedom to act on behalf of insurer
(a) Limited
(b) Specified
(c) full
(d) none of the above

(36) Write true or false
a) Insurance is an individual issue and not a social one. -
b) “Uberrimae Fides” means “utmost Good Faith”.
c) Whole life policy is the best solution for most of the needs of a person. -
d) There are no “participating” policies in life insurance. -
e) There is no single premium endowment plan. -
F) Loan “Value” is equal to 90% of “Surrender Value”.


(37) Calculate Premium
Date of Birth = 3.06.1954
Date of Calculation = 1.01.2001
Date of commencement of policy = 1.12.2000
Term = 19 years
Sum assured = Rs.1,00,000/-
Mode = Ordinary – monthly
Accident benefit for Rs.50, 000/- only is required.
Tabular Premiums Age 45 = 76.00
Age 46 = 76.80
Age 47 = 78.00
AGE TO BE TAKEN 46 ANS 659

(38) Calculate the premium on basis of data given below:
Age 35 years
S.A.Rs.60, 000/-
T & T 75 – 20
Tabular premium Rs.68.70 per 1000/- mode I) yearly – II) half yearly –
DAB & EPDB Allowed, Occupational Extra Rs.2 per 1000 per year

(39) Calculate paid up value and special S.V.
S.A. Rs.30, 000 /-
T and T 14 – 15
D.O.C. 18.12.1985
L.P.P. 18.3.1991
Mode Quarterly
Bonus addition: Rs.396/- per 1000/- S.A.
S.V.factor 44.2

(44) Match the following
A B
a) Proposal C) let the buyer beware
b) ad idem D) evidence of contract
c) Caveat Emptor E) Pension
d) Policy A) basis of contract
e) Annuity B) of the same mind


(45) Say True or False.
a) A person’s insurable interest in his own life is _____(Unlimited / 10 times his salary / equal to his assets / non of these)
b) How many years must elapse after cancellation of a license, before a new license can be issued (three / four / five)
c) To whom should an application for agency license be given ______________(IRDA / Insurer /Controller of Insurance / any of them)
d) Who fixes the limits of doctors for medical examinations _____________ (IRDA / Medical council / Insurer / None of these)
e) Life Insurance premiums are determined by __________ (Accountants / Underwriter / Actuary)

(46) Calculate paid up value and S.V. in the following case
S.A. Rs. 30,000/-
Mode Half yearly
D.O.C. 28/10/1985
L.P.P. 28/04/1996
S.V. Factor 45
TT 14-25
Bonus Addition Rs.770 per 1000/- S.A.

(47) The route or process through which a product is carried to the customer is known as DISTRIBUTION CHANNEL

(48) Age nearer birthday as on 18/06/2000 of a person with date of birth 28/12/1961 is ________39
(49) The days of grace for monthly mode of premium is ___________ days.15

(50) EDLI scheme is linked to the payment of ________________ (Gratuity / Provident fund / pension)

(51) State whether true or false.
1. Group Gratuity Scheme is beneficial to both the employer as well as employees.
2. Financial planning is not necessary, but agent should seek maximum premium from the customer.
3. There should be no inducement, incase or kind, passing from agent to customer for taking out life insurance.
4. Agents generally get something over and above legitimate commission amount from the insurer.
5. Insurance Advisor is an agent of the insurer and therefore insurer is bound by the acts or omissions of the advisers, there being the principal-agent relationship.
6. As long as the insurer gets the minimum business from an agent, the insurer cannot terminate the agency of such agent.
7. All the information asked in a proposals form is relevant to the assessment of the risk.
8. ONCE the policy lapses there is no way the policy holder can re-start the policy
9. “Nomination” is not compulsory.
10. “Early” claims can be investigated by the insurer.

Hi what is the eligibility criteria for an individual to become an Insurance agent as well as the institutes which offer courses for Insurance?

[Raman Vij]

Insurance signifies a contract of being covered or protected against any kind of danger of life or to any of the assets possessed by humans. In today’s world, insurance is a financial conformity that binds two parties to certain obligations which is identified as ‘Policy’. This policy can be used to wrap certain eventualities e.g. fire, theft, motor accident, etc.

Eligibility Criteria for Insurance Agents:

Agents are not on the remuneration of the insurance company. The insurance agents get a flat commission on each policy they (insurance-agent) manage to sell. People who desire to become insurance agents are necessary to undergo 100 hours of training by the respective insurance companies.

Once the training is finished, the aspirant is eligible to appear for an online examination held by the Insurance Regulatory Development Authority (IRDA) with at least 50 per cent marks set for qualifying.

Insurance Institutes/Universities which offer courses for Insurance Sector are:

Actuarial Society of India, Mumbai
Address: 9 Jeevan Udyog,
278 Dr. D.N Road, Fort, Mumbai-400001
Course : Training in Actuarial Science

Amity School of Insurance and Actuarial Science, Noida
Address: Amity Campus, Sector 44, Noida- 201303
Phone : (0120) 4392304
Fax : (0120) 2431856
Course: MBA (Insurance)
Duration: 2 years

Post Graduate Diploma in Insurance Management (PGDIM)
Duration: one year full-time

MSc (Actuarial Science and Applications)
Duration: 2 years

Birla Institute of Management & Technology, New Delhi
Address: Pushpa Vihar, Sector-IV, New Delhi-110017
Phone: 91 (0)120 2323001 upto next 10 numbers
Fax : 91 (0)120 2323022/25
Courses: Post Graduate Diploma in Insurance Business Management (PGDIBM)

Insurance institute of India
Address: Gresham Assurance House, 4th Floor, Sir P.M.Road, Fort, Mumbai – 400 001
Phone: 022-22660095/22650760
Fax: 022-22693419
Course: Insurance Brokers Training Program
Duration: 100 hrs
Programme on General Insurance for Industrial Institute and Commercial Organisations
Duration: 10 Days

National Insurance Academy, Pune
Address: 25, Balewadi, Baner Road, NIA PO, Pune 411045
Phone: 91-20-27204000 / 4444
Fax: 91-20-27292396, 27204555


SVKM's NMIMS University, Mumbai
Address:V. L. Mehta Road, JVPD Scheme, Vile Parle (W), Mumbai - 400 056
Phone: 022-2613 4577 / 2618 3688 Extn. 187 / 180 / 201
Direct Line: 022-26130858
Fax: 91 - 22 - 2611 4512
Course: MBA (Actuarial Science)

Institute of Insurance & Risk Management, Hyderabad
Address:Plot No:1149, Road No-57, Jubilee Hills, Hyderabad-500033
Phone: 91 40 23556470, 23600578
Fax: 91 40 23556471
Courses: International Post Graduate Diploma (IPGDI) in Life Insurance
International Post Graduate Diploma (IPGDI) in General Insurance
International Post Graduate Diploma (IPGDI) in Risk Management
Duration: One Academic Year

International Post Graduate Programmes in Insurance and Risk Management

International Institute for Insurance and Finance, Hyderabad
Address: Platinum Jubilee Building, Osmania University Campus, PGRRCDE, Hyderabad-500007
Phone: (040) 27091195 / 27091546/ 27091579

Institute Of Insurance and Risk Management, Hyderabad
Address: House No: 8-2-682/B/13, Road No: 12 and 13, Banjara Hills, Hyderabad – 34
Phone: 91 40 23556470, 23600578
Fax: 91 40 23556471