IRDA Life Insurance Exam Question Paper

Will you please provide the question paper of IRDA Life Insurance Exam ?

[Kiran Chandar]

Here is the list of few questions of IRDA Life Insurance Exam Question Paper which you are looking for .

1 Sanjeev is an insurance expert who has rich experience in determining premium levels for product, what is his profile like

an actuary
loss adjuster
risk manager
underwriter
2 The Non Government organizations(NGO) helps the insurance industry immensely in

Promotional activities
Drafting new regulations
Linking buyers and sellers
Linking third party administrators
3 Investment by foreign direct investors in to Insurance co's is restricted to

12%
25%
40%
26%
4 Which market does the Micro Insurance Concentrate on ?

People with large families
People with Low Income
Government Employees
people living in Metro cities
5 What facility do the insurer use to cover Risk beyond their Limits ?

Re Insurance
Banca assurance
NGO
RBI
6 What is the max level under which micro insurance can be done

5000
25000
50000
1 lac
7 Who is the customer of a Re insurer

High Networth Individual
Insurance Companies
Licenced Insurance Agents
Non Government Organisation
8 Insurance company transfers the insurance which cannot bear by them to

Bancassurance
Reinsurance
TPAs
Actuaries
9 A policy holder takes two insurance policy and the premium amount is identical and he gets lesser commission in one of contract the reason is likely to be

one policy has more SA
ONE POLICY has more term
one policy is a single premium
One of the policy has higher Premium
10 An agent reveals his commission received from insurance sales to X&Y .Both plans are of same duration . Why is commission of X far higher that that of Y

X has brought other limited premium product
Y has brought a single premium product
X is married
Y is Single
11 Customer asks the agent to disclose the commission . The agent should

disclose on demand
Not disclose
Should call up the Insurer
Should avoid the topic
12 The best way to prove that customer of a ULIP policy is given awareness about the commission paid to the agent is

Ask the insurer to give a policy endorsement letter
From the fact details
From signed copy of benefit illustration
From ticked column of proposal form
13 Churning is bad , based on which aspect

Agents earn Lower Commission on churning
Policyholder gets more benefits
Policyholders suffer due to surrender charges and benefits
Insurance companies get good branding
14 What over riding criteria an insurance agent consider while proposing a solution

risk
suitability
Flexibility
Cost
15 Sales Target is reduced . Churning will

Increase
Decrease
Will not affect
Partially
16 Higher persistency to the insurer ensures what ?

More productivity
Higher attrition
Higher Profits
Higher S.A
17 Persitency =has increased from 82 % in previous year to 86 % this year . That means

more lapsation
more attrition
less lapsation
No profits
18 What is the maximum Time in which The insurer should settle a claim when all documents are submitted

3 days
15 days
30 days
10 days
19 A missing person is considered to be dead after

5years
8years
12 years
7years
20 The delay in settling claim by any insurance co, as per IRDA norms has to pay....% if the present bank interest rate is 5.2%

6%
9%
7%
8%
21 A claim was submitted & in how many days company should ask for additional documents if required

15 days
10days
20 days
30 days
22 Vivek takes insurance policy and dies after 8 months . If the claim needs to be excluded basis the exclusion cause what could be the cause

suicide
murder
Death was due to Accident
Body not found
23 An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission, what is th limits

10%
20%
He cannot offer any commission
He can offer up to 50%
24 Consumer Forum at district level will hear complaints up to

20L
40L
1Cr
10L
25 How much is the rebate allowed by IRDA to client

Nil
5%
10%
35%
26 The controller of insurance in india is

IRDA
RBI
SEBI
Insurance ombusdmen
27 A insurer advertises through daily news paper . What type of marketing is

cross selling
direct selling
Solicitation of Policy
Brand building
28 Investment by NRI(Non Resident Indian) will be

No risk
Low risk
Medium risk
High risk
29 MWP- If the policy is endorsed under MWP - then the beneficiaries are wife and ?
parents
ex wife
children
mother
30 Mr.Sunil is doing premium calculation for his company, as per which authority is his profession related to

Council of Actuaries
Insurance council of India
Insurance institiute of India
IRDA