#1
23rd July 2014, 01:55 PM
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Insurance Regulatory and Development Authority Agent exam previous year papers
Will you please share with me the Insurance Regulatory and Development Authority Agent exam previous year papers?
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#2
23rd July 2014, 03:42 PM
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Re: Insurance Regulatory and Development Authority Agent exam previous year papers
As you want to get the Insurance Regulatory and Development Authority Agent exam previous year papers so here it is for you: 1 Insurance works on the principle of a Trust b Sharing c Randomness d All of the above 2 Insurance is legitimate a when an adverse happening is likely b When an adverse happening is unlikely c When an adverse happening is certain d In all the above three situations 3 Insurance benefits replace a All physical losses, in full b All physical losses, partly c All monetary losses, in full d The monetary losses, but only to some extent 4 Which one of the following statements is correct? a People hesitate to buy life insurance because they are not aware of their needs b People hesitate to buy life insurance because they prefer to enjoy the present c Both the statements are correct d Both the statements are wrong 5 Which is the right time for taking life insurance? a When you are about to get married b Soon after you have got married c Just when you are joined a new job d All the three ‘times’ are right 6 Retention of risk may be done conveniently by a Large corporations b Small companies c Single individuals d None of the three 7 A valuation is done by a life insurer because a It is a statutory requirement b It is necessary to be able to declare dividends to shareholders c It tells the insurer how well it is managing the business d All of the above 8 The reason for charging level premiums is a Risk increases as age increases b It is convenient to the policyholder c It is convenient to the insurer d All the above reasons 9 What does a premium depend upon? a The place of worship visited by the person to be insured b The state of health of the policyholder c The decision of the underwriter d The report of the agent 10 State which one of the following statements is correct? a In group insurance, a single policy is issued covering many persons b A master policy covers servants of a master c Both the statements above are correct d Both the statements above are wrong 11 Which one of the following statements is correct? a In a limited payment policy, there is a maximum limit to the SA b In a limited payment policy, there is a maximum limit to the term c Both the statements above are wrong d Both the statements above are correct 12 Which one of the following statements is true with regard to Children’s policies? a On vesting, the insured person has an option to change the term of the policy b On vesting the insured person has an option to increase the SA c Both the statements above are wrong d Both the statements above are correct 13 Which of the following could be the basis of the cover in a group policy? a Height of the life insured b Age of the life insured c Size of the insured’s family d All the three above 14 Which one of the following statements is true with regard to Children’s policies? a On vesting, the insured person has an option to change the term of the policy b On vesting the insured person has an option to increase the SA c Both the statements above are wrong d Both the statements above are correct 15 Which one of the following statements is correct? a Every plan of insurance is a combination of two basic plans b The name given to a plan indicates the benefits available under the plan c Both the statements above are correct d Both the statement s above are wrong 16 Which one of the following statements is correct? a Underwriting is done only when there is a medical examination b Medical examination is necessary before a policy can be issued c Both the statements above are correct d Both the statements above are wrong 17 Which one of the following statements is correct? a The underwriter determines the premium to be charged b The underwriter is an employee of the insurer c Both the statements above are correct d Both the statements above are wrong 18 Which one of the following statements is correct? a If the underwriter feels that the risk is more, he will accept at OR b If the underwriter feels that the risk is more, he may impose a lien c Both the statements above are correct d Both the statements above are wrong 19 Which one of the following statements is correct? a The schedule of a policy is not altered after the policy is issued b Changes in the terms of the policy are made through endorsements c Both the statements above are correct d Both the statements above are wrong 20 The date of issue of the FPR indicates a The date when the risk effectively begins b The date when the next premium falls due c The date when the policy will commence d None of the above 21 Which one of the following statements is correct? a In the case of SSS policies, renewal premium receipts are issued b In the case of SSS policies, FPRs are issued c Both the statements above are correct d Both the statements above are wrong 22 Which one of the following statements is correct? a Assignee is free from the assignor’s obligations under the policy b A nomination is automatically cancelled when a loan is taken under the policy c Both the statements above are correct d Both the statements above are wrong 23 Which one of the following statements is correct? a The beneficiaries under the MWP Act can be any member of the family b A policy can be taken under the MMWP Act for the benefit of parents c Both the statements above are correct d Both the statements above are wrong 24 Which one of the following statements is correct? a Foreclosure can be done only with the consent of the policyholder b Foreclosure can be done only after informing the policyholder c Both the statements above are correct d Both the statements above are wrong 25 Which one of the following statements is correct? a Revivals are not done unless the entire outstanding premium is paid b Revivals are not done unless the underwriter agrees c Both the statements above are correct d Both the statements above are wrong 26 Which one of the following statements is correct? a Foreclosure action cannot be taken till a notice is served on the policyholder b When a foreclosure action is taken, nothing is payable to the policyholder c Both the statements above are correct d Both the statements above are wrong 27 Which one of the following statements is correct? a The beneficiaries under the MWP Act can be any member of the family b A policy can be taken under the MMWP Act for the benefit of parents c Both the statements above are correct d Both the statements above are wrong 28 Which one of the following statements is correct? a A presumption of death is not the same as proof of death b Presumption of death allows inheritance of property c Both the statements above are correct d Both the statements above are wrong 29 When does a claim arise under an insurance policy? a Whenever the policyholder feels the need for money b When the insured events happen c When a premium is not paid d Whenever any of the three things mentioned above happen 30 Which one of the following statements is correct? a Maturity claim cheques are paid to the trustees in a MWP Act case b Maturity claim cheques are paid to the beneficiaries in a MWP Act case c Both the statements above are correct d Both the statements above are wrong 31 If a claim is made in January 2007 under a policy, which commenced in May 2002, stating that the life insured had died in April 2004, a Section 45 of the Act will not apply b The claim can be treated as an early claim c Foul play must be suspected d All the three statements above are correct 32 Which one of the following statements is correct? a A policy reported to be lost, may actually have been assigned b A policy has no value after the payment of survival benefits c Both the statements above are correct d Both the statements above are wrong 33 Which one of the following statements is correct? a The foreign exchange regulations apply if the life insured is a non-resident b The foreign exchange regulations apply if the claimant is a non-resident c Both the statements above are correct d Both the statements above are wrong 34 State which of the following statements is correct a ULIPs provide for flexibility b ULIPs are better than traditional policies c Both the above statements are correct d Both the above statements are wrong 35 State which of the following statements is correct a In ULIPs, the offer bid spread is the difference between the two prices b In ULIPs, the offer bid spread, will in some cases be zero c Both the above statements are correct d Both the above statements are wrong 36 State which of the following statements is correct a In ULIPs the insurance cover must be a minimum multiple of the premium b ULIPs can be surrendered after two years c Both the above statements are correct d Both the above statements are wrong 37 State which one of the following statements is correct a Life insurance is the best savings scheme for all persons b Life insurance is the best investment scheme for young persons c Both the statements above are correct d Both the statements above are wrong 38 Which of the following statements is correct? a An insurance agent has fixed working hours b An insurance agent has to mark his attendance in office every day c An insurance agent works according to his schedule d An insurance agent cannot do any other work 39 State which one of the following statements is correct a When vital information is not disclosed, the policyholder is benefited b When a claim is repudiated, the agent’s trustworthiness is affected c Both the statements above are correct d Both the statements above are wrong 40 State which one of the following statements is correct? a The social sector is not only in the urban areas b The social sector includes the unorganized sector c Both the statements above are correct d Both the statements above are wrong 41 State which one of the following statements is correct? a The Ombudsman’s authority is limited to claims matters only b The Ombudsman is not a judicial authority c Both the statements above are correct d Both the statements above are wrong 42 State which one of the following statements is correct? a The tax provisions are the same for all kinds of savings b The tax provisions are included in the Constitution c Both the statements above are correct d Both the statements above are wrong 43 A proposal for SA of Rs. 10 lakhs with DAB for monthly mode under SSS. Proposer had a previous policy of Rs. 5 lakhs with DAB. Proposal was accepted with health extra of Rs. 2.75 per thousand SA premium for DAB Re 1 per thousand. 5% extra for monthly mode. large SA rebate of Rs 2/- per thousand for 1 lakh and above. Tabular premium Rs. 48.20 maximum total SA on which DAB is allowed is Rs. 10/- lakhs. Find monthly (SSS) premium, rounded off to the next higher rupee a 4102 b 4121 c 4183 d 4195 44 Find out surrender value on the basis of following data (the answer to be rounded off to the next lower rupee). SA Rs.30, 000 DOC- 15.6.1992, Endowment with profit – 30 years Due date of last premium paid 15-06-2007 mode half yearly Accrued bonus Rs.750/- per thousand SA. SV factor 23% a 3670 b 3765 c 8740 d None of these 45 A money back policy for SA. of Rs.50,000/- Matured after 25 years. Survival benefits of 15% each had been paid at the end of 5th, 10th, 15th, and 20th years. Bonus had accrued at Rs.965/- per Rs.1000/- SA. Interim bonus @ Rs.25/- per thousand SA is payable. What is the maturity claim amount? a 68250 b 69500 c 98250 d 99500 Correct Answers Practice Paper 6 1 d 16 d 31 d 2 a 17 c 32 a 3 d 18 b 33 c 4 c 19 c 34 a 5 d 20 a 35 c 6 a 21 b 36 a 7 d 22 d 37 d 8 d 23 d 38 c 9 c 24 b 39 b 10 a 25 d 40 c 11 c 26 a 41 b 12 c 27 d 42 d 13 b 28 c 43 b 14 c 29 b 44 c 15 a 30 a 45 b |
#3
21st March 2015, 02:38 PM
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Re: Insurance Regulatory and Development Authority Agent exam previous year papers
Hello I am preparing for IRDA exam. please provide me some sample papers of IRDA agent exam?
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#4
21st March 2015, 03:17 PM
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Re: Insurance Regulatory and Development Authority Agent exam previous year papers
As per your request I am provide you the sample question paper for your good preparation; IRDA Agent Licensing – Sample Question paper1 1. Insurance is a mechanism to reduce impact of adverse events on a) Non-value generating assets. b) Value generating assets. c) Current assets d) Fixed assets 2. Perils could be a) Uncertain b) Certain c) Definite d) Unlikely 3. Insurance is a function of a) Uncertainty b) Life c) Society d) Loss 4. Insurance works on the principle of a) Sharing of profits b) Sharing of assets c) Sharing of losses d) Sharing of expenses 5. A) Life Insurance protects the life of the insured. B) Life Insurance minimizes the financial impact of untimely death. a) A is correct b) B is correct c) Both A & B are correct d) Both A & B are wrong 6. Occurrence of ----- has to be ------ & not a -------- of the insured person. a. peril, uncertain, creation b. event, certain, creation c. risk, hazardous, profit d. event, random, creation 7. For getting insurance you need to pay ------- and get compensated by -----. a) Compensation, Claims b) Claims, Premium c) Premium, Claims d) Fees, Claims 8. ------------ is the process, which prevents entry of people who do not share the same risk. a) New Business b) Valuation c) Underwriting d) All of the above 9. Life insurance is ------------- to the state’s efforts in social management. a) Complementary b) Supplementary c) Elementary 10. The insurance company is in the role of --------- where all decisions are taken for the benefit of the community. a) Caveat Emptor b) Uberrimae Fides c) Underwriter d) Fiduciary. 11. To make accurate statistical estimates insurance risks must be handled as per the law of a) Law of Inertia b) Law of Large Numbers c) Law of Large Groups d) None of the above 12. The insurer is in the position of ------- of funds a) Owner b) Partner c) Trustee d) All of the above 13. Insurance is applicable to a) Tangible Assets b) Intangible Assets c) Both of the above d) None of the above 14. Article -------- relates to Social Security a) 39 b) 40 c) 41 d) 42 15. A) In order to be insurable a risk must be capable of Statistical estimation B) In insurance only economic or financial losses can be Compensated. a) Statement A is correct b) Statement B is correct c) Both are correct d) None of the above 16. In the mechanism of insurance, people who are exposed to different risk come together. TRUE / FALSE. 17. A human life is an income generating asset TRUE / FALSE. 18. In order to be insurable a risk must be capable of statistical estimation TRUE / FALSE. 19. Insurance is a function of uncertainty TRUE / FALSE. 20. What is insurance? Protection of ________ value of assets (ECONOMIC) Mechanism to reduce impact of adverse events on _______ _________ assets. ( VALUE GENERATING) 21. Damage to asset due to the PERIL IS CALLED Risk which an asset is exposed to TRUE / FALSE. 22. Life insurance protects the life of the insured. TRUE / FALSE. 23. Life insurance does not require any consideration. TRUE / FALSE. 24. In which of the cases Insurable interest does not exist a. Spouse b. Business Partner c. Tenant d. Self 25. Insurance prevents the damage of an asset due to PERIL. TRUE / FALSE. 26. Through Insurance only economic / Financial losses can be compensated. TRUE / FALSE. 27. The concept of insurance can be extended beyond the coverage of tangible assets. TRUE / FALSE. 28. Match the following a. Caveat Emptor 1. False facts b. Uberrimae Fide 2. Influences premium fixing c. Misrepresentation 3. Buyer beware d. Material fact 4. Principle of utmost good faith . 29. Caveate emptor and Ubereimae Fide put together mean that while the buyer holds the responsibility of revealing all relevant information from his side the agent is responsible to provide information only if asked for. TRUE / FALSE. 30. Caveate emptor and Ubereimae Fide put together mean that while the agent holds the responsibility of revealing all relevant information from his side the customer is responsible to provide information only if asked for. TRUE / FALSE 31. Almost all insurance policies are a combination of term and endowment policies. TRUE / FALSE. 32. Insurable interest is not defined in the insurance act 1938 TRUE / FALSE. 33. Insurable interest is not defined in the insurance act 1956 TRUE / FALSE 34. Insurable interest in defined in the IRDA act 1999 . TRUE / FALSE. 35. In group insurance, risk of individuals is not assessed TRUE/ FALSE 36. Underwriting is a process which ensures that all insured share the same risk. TRUE/ FALSE 37. Can an insolvent take a life insurance policy Yes / No 38. What is the part of surplus that is distributed to policyholders called? ________________. (BONUS) 39. Which type of life insurance plans entitles the life insured full sum assured in the event of either death or survival? ________. endowment 40. A person's interest in his own life is ....................? a. Limited b. Restricted to HLV c. Unlimited 41. Minimum capital for new reinsurance companies entering Indian market as per IRDA norms is?____________________ . 200cr 42. Which is correct A) Life Insurance contracts do not require consideration. B) Life Insurance contracts require offer and acceptance. (a) Statement A (b) Statement B (c) Both a and b (d) None of the above 43. 4. In India, the Indian Contract Act, ---- governs commercial contracts. a) 1852 b) 1862 c) 1872 d) 1882 44. Section 45 deals with policies which are ___old a) 2 years b) 3years c) 4years d) 10years or more 46. Which of the following is not a Material Fact a) Medical History b) Smoking Habit c) Earlier Insurance Taken d) None of the above 45. 7. Which of the following relate to Material Fact a) Caveat Emptor b) Uberrimae Fides c) Consensus “ad idem” d) Legality of Object 46. . Adverse Selection refers to a) Wrong policies being selected b) Lack of consensus ad idem c) Substandard lives entering insurance contracts by non-disclosure. d) Selection of wrong target segment by insurance company. 47. The duty of disclosure in life insurance operates a) Till the risk commences b) On alteration c) On revival d) All of the above 48. A) All risks are not insurable B) Insurance risks must be capable of financial measurement a) Statement A is correct b) Statement B is correct c) Both are incorrect d) None of the above 49. 11. Insurable Interest is a) Defined in Insurance Act 1938 b) A legal pre-requisite c) Both of the above d) None of the above 50. A) Facts which everyone is supposed to know need not be disclosed B) Facts which lessen the risk need to be disclosed a) Statement A is correct b) Statement B is correct c) Both A & B are correct d) Both A & B are wrong 51. Insurance contracts are subject to two additional principles viz.: a) Caveat Emptor, Uberrimae Fides b) Caveat Emptor, Consensus “ad idem” c) Caveat Emptor, Capacity to Contract d) Uberrimae Fides, Insurable Interest 52. A) The proposer can decide which fact is material B) Material facts help in deciding the premium a) Statement A is incorrect b) Statement B is incorrect c) Both statements are incorrect d) None of the above is correct 53. A) Hazardous profession can affect the premium B) A commercial pilot’s premium would be different from that of a Teacher of the same age a) Statement A is incorrect b) Statement B is incorrect c) Both statements are incorrect d) Both statements are correct. IRDA Agent Licensing Sample Question paper2: 1) The route or process through which a product is carried to the customer is known as _________________ 2) Age nearer birthday as on 18/06/2000 of a person with date of birth 28/12/1961 is ________ 3) The days of grace for monthly mode of premium is ___________ days. 4) EDLI scheme is linked to the payment of ________________ (Gratuity / Provident fund / pension) Write yes or no indicate whether the following request will be allowed by the LIC or not. 5) The proposal dated 05.10.2000 for Rs.1,50,000 under table 14-18 requests that the policy be made to commence from 28.03.2000 as the date of birth of the life to be assured is 28.12.1973 . 6) Policy commenced on 01.07.1992 and lapsed because the annual premium due 01.07.1994 was not paid. Request received on 30.06.2000 for revival. 7) Father insuring his son aged 8 under the New CDA plan requests that the son’s life be covered from inception. 8) Policy paid up for Rs.4, 000 matured for payment on 30.09.2000. Policyholder reports that the policy is lost and requests that the claim be settled without advertisement and indemnity bond. 9) Policyholder requests that his Without Profit policy be made a with profits policy 10) Policyholder requests that policy issued with Annual Premium, be brought under the Salary Savings Scheme, as he has now joined a company 11) Policy commenced on 10.07.2000. A request is made on 10.09.2000 that the policy be brought under the M.W.P. Act True or False 12) A maturity claim will be paid to the nominee. 13) The amount of bonus that vests is the same for all policies issued by the L.I.C. 14) Living too long is a risk. 15) An annuity is the same as a pension. 16) A son has no insurable interest in the father. 17) A sub-standard life is a person below the poverty line 18) An agent is not authorized to collect renewal premium. 19) An agent’s role is over after the policy is issued. 20) The maximum age entry is the same for all plans of insurance. 21) Extra premium is charged for moral hazard. 22) A lady clerk in a bank will be considered for insurance on the same terms as male lives 23) In an Immediate Annuity policy the annuity payment begins within the first year of the policy. 24) The proposal form should be written by the agent himself. In respect of each of the words in column ‘A’ finds corresponding word in column ‘B’ Column ‘A’ Column ‘B’ 25) Actuary Death _____________ 26) Annuity Department _____________ 27) Assignment Pension _____________ 28) Communication Persuasion _____________ 29) Insurance Premiums _____________ 30) Mortality Pure Risk _____________ 31) Motivation Recognition _____________ 32) Organisation Sharing _____________ 33) Term Assurance Surplus _____________ 34) Valuation Transfer ___________ State whether the actions on the part of the agent in the following situations are right or wrong. 35) To a query from the prospect about the tax advantages in the proposed policy, the agent replies, “why do you bother? You just tell me how much money you can and I will work out the best policy for you. 36) Going through the existing polices of a prospect whom he is meeting for the first time, the agent suggests that he should allow three of them to lapse and go in for new policies straight away. 37) A proponent called up agent to know why a particular medical test was being asked by the office and the agent said he was not aware of the same and would revert to the matter the next day. 38) The agent was surprised to receive the copy of the letter written by the office to the wife of the insured, forwarding the forms to make a death claim. 39) Going through the existing polices of a prospect whom he is meeting for the first time, the agent suggests that nominations be made and offers to get them registered by the office. 40) The agent had left his identity card at home, when he was visiting a prospect. 41) An agent insists that all his policyholders should send the premium cheques to him, so that he can ensure that delay’s do not happen through oversight. 42) An agent tells a prospect, who is raising an objection, “why don’t you wrong. Understand this simple basic thing?” 43) When a policyholder complained that nobody in the insurance office was answering the telephone, the agent said that the office was in a mess and that the Managers were quite incompetent. 44) An agent being friendly with the assistant in the new business department, used to keep track of the new proposals and try to get business from the same parties. 45) Agency license is valid for a period of a) 1 yrs b) 2 yrs c) 5 yrs d) 3 yrs 46) The body constituted to receive and resolve grievances against an insurer is?____________ 47) An insurance broker is a) Representative of the state b) Representative of the client c) Representative of the insurer 48) Who shall conduct tests for licensing agents? a) IRDA b) NSE c) III d) LIC 49) When does an insurance policy lapse? a) Stopping of bonuses b) Assured is declared dead c) Insurable interest of proposer ceases to exist d) Stopping of periodical payments e) Any of the above 50) When does a policy acquire paid up value?---------------.after 3 full year premiums payment 51) An assignment usually affected for valuable consideration is called:__________________ _________________ 52) A policy can be surrendered, provided the policy is kept in force at least for a period of: ______________. 53) Which of the following policy is not eligible for loan? a) Whole life - participating b) Endowment c) Money back d) Whole life – non participating 54) What is the basis of contract between the policyholder and the insurer? a) The Insurance act b) The IRDA act c) The Contract act d) The Proposal Form 55) The cash value payable by LIC on termination of the policy contract at the desire of the policyholder but before the expiry term is known as : __________________ __________________________. 56) Back Dating is an option to the life assurer to get the advantage of lower age wherein the policy is commenced from a date earlier than the date of signing of proposal form. However back dating is limited to one year. True/False 57) What is the discount offered in case of Annual premium ------------------ 3% Semi annual ------------------ 1.5% 58) If FPR is submitted along with application the risk would be covered -True / False 59) Under the insurance act 1938, insurance against sickness and medical treatment is NOT part of life insurance business, it gets covered under miscellaneous business, which is part of general insurance business. (T/F) 60) In many other countries health insurance is considered as part of the life insurance business. (T/F) State True or False 61) An agent must be of 21 years of age at least. 62) An agent can sell policies even without a license. 63) IRDA issues license to an agent. 64) 100 hours of training is a prerequisite for appearing in the recruitment examination. 65) An agents’ license is valid for 5years. All The Best for your preparation!!! |