IRDA Online Exam Test Paper

I want to fight Insurance Regulatory and Development Authority (IRDA) . Will you provide the IRDA exam Question Paper for an idea ?

[Quick Sam]

Here I am providing the list of few questions of Insurance Regulatory and Development Authority exam Question Paper which you are looking for .

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.

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Amruta is pregnant. She has applied for a term insurance cover. Which of the below option will be the best option to choose for an underwriter to offer insurance to Amruta? Choose the most likely option.
A Acceptance at ordinary rates
B Acceptance with extra premium
C Acceptance with a restrictive clause
D Decline the proposal

Which among the following is a non-traditional life insurance product?
A Endowment insurance
B Universal life insurance
C Whole life insurance
D Term assurance

Mahesh has bought a life insurance policy with a critical illness rider. He has made absolute assignment of the policy in favour of Karan. Mahesh suffers a heart attack and there is a claim of Rs. 50,000 under the critical illness rider. To whom will the payment be made in this case?
A Karan
B Mahesh
C The payment will be shared equally by Mahesh and Karan
D Neither of the two because Mahesh has suffered the heart attack but the policy is assigned in favour of Karan


An insurance broker represents _______.
A Insurance company
B Community of people who have already taken insurance
C Insured
D Association of insurance companies

For an insurance policy nomination is allowed under _________ of the Insurance Act, 1938.
A Section 10
B Section 45
C Section 39
D Section 38

_____________ relates to inaccurate statements, which are made without any fraudulent intention.
A Offer
B Representation
C Contribution
D Misrepresentation

For the subsequent premiums received by the insurance company after the first premium, the company will issue _________
A Restoration premium receipt
B Revival premium receipt
C Renewal premium receipt
D Reinstatement premium receipt

What is the time limit for approaching an Insurance Ombudsman?
A Within two years of rejection of the complaint by the insurer
B Within one year of rejection of the complaint by the insurer
C Within three years of rejection of the complaint by the insurer
D Within one month of rejection of the complaint by the insurer

Health insurance is designed to handle which of the following risks?
A Infinity
B Mortality
C Serendipity
D Morbidity

“Hurt not others with that which pains yourself”. This golden rule of ethics is given in the teaching of which religion?
A Christianity
B Buddhism
C Hinduism
D Judaism

Money laundering is the process of bringing _______ money into an economy by hiding its _______ origin so that it appears to be legally acquired.
A Illegal, illegal
B Legal, legal
C Illegal, legal
D Legal, illegal

Which of the below losses are covered under keyman insurance?
A General liability
B Losses caused due to errors and omission
C Losses related to the extended period when a key person is unable to work
D Property theft

Which of the following condition will affect a person’s insurability negative
A Lazy nature
B Daily jogs
C Banned substance abuse
D Procrastination

Which among the following is an intangible product?
A Life insurance
B Car
C House
D Soap

Mortgage redemption insurance (MRI) can be categorised under ___
A Universal life assurance
B Variable life assurance
C Decreasing term life assurance
D Increasing term life assurance

The term TPA refers to ________. (Answer with regards to health insurance)
A Third Party Assistance
B The Primary Associate
C Third Party Administrator
D To Provide Assistance

An individual with an aggressive risk profile is likely to follow wealth _______investment style.
A Spending
B Consolidation
C Accumulation
D Gifting

Who provides public pensions?
A Insurers
B Employers
C State
D NGO’s

In decreasing-term insurance, the premiums paid ____________ over time.
A Increase
B Remain constant
C Decrease
D Are returned

In decreasing-term insurance, the premiums paid ____________ over time.
A Remain constant
B Decrease
C Are returned
D Increase

During which stage of life will an individual appreciate past savings the most?
A Learner
B Post retirement
C Just married
D Earner

If complex language is used to word a certain policy document and it has given rise to an ambiguity, how will it generally be construed?
A In favour of insurer
B In favour of insured
C The policy will be declared as void and the insurer will be asked to return the premium with interest to the insured
D The policy will be declared as void and the insurer will be asked to return the premium to the insured without any interest

Which among the following cannot be termed as an asset?
A Human Life
B Air
C Car
D House

Risk transfer through risk pooling is called
A Insurance
B Risk Mitigation
C Investment
D Savings

Which of the below statement is correct?
A Selling is a science and not an art
B Selling is an art and not a science
C Selling is neither an art or a science
D Selling is both an art and a science

__________ is the fees payable to the Authority for issue / renewal of licence to Act as an insurance agent or composite insurance
A 150
B 100
C 250
D 520

___________ is reflected in the caring attitude and individualised attention provided to customers.
A Assurance
B Reliability
C Empathy
D Responsiveness

Which of the following is not an underwriting decision?
A Declinature of risk
B Claim rejection
C Risk acceptance at standard rates
D Postponement of risk

Which of the below option is true with regards to MWP Act cases? Statement I: Maturity claims cheques are paid to policyholders Statement II: Maturity claims cheques are paid to trustees
A I is true
B Neither I nor II is true
C II is true
D Both I and II are true

Who among the following is best advised to purchase a term plan?
A An individual who needs money at the end of insurance term
B An individual who needs insurance but has a low budget
C An individual who needs insurance and has a high budget
D An individual who needs an insurance product that gives high returns

A payment made under a money-back policy upon reaching a milestone will be classified under which type of claim?
A Death claim
B Periodical survival claim
C Surrender claim
D Maturity claim

Which of the below can be attributed to moral hazard?
A Increased risky behaviour prior to the purchase of insurance
B Increased risky behaviour following the purchase of insurance
C Decreased risky behaviour following the purchase of insurance
D Engaging in criminal acts post being insured


All of the following are characteristics of variable life insurance EXCEPT
A Policy owner selects where savings reserve is invested
B Cash value is not guaranteed
C Minimum Death benefit is guaranteed
D Flexible premium payments

Which of the below is one of the ways of defining surplus?
A Excessive liabilities
B Excess value of assets over liabilities
C Excessive turnover
D Excess value of liabilities over assets

What is the full form of TBA?
A Trained Birth Attendants
B Typical Born Asthma
C Trained Burned Attendants
D Training Board of Attendants

Who bears the investment risk in a fixed benefit annuity?
A Insured
B Insurer
C State
D Risk pool

The application document used for making the proposal is commonly known as the __________.
A Application form
B Registration form
C Subscription form
D Proposal form

Meeting our family and friends and people with whom we do business means we are meeting people from the following group
A Natural Market
B Centres of influence (COIs)
C Reference’s
D Immediate Group

A policy is effected under the MWP Act. If the policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy becomes payable to the _____________.
A Insurer
B Insured
C Next of kin
D Official Trustee of the State

Below of the which statement is correct regarding cashless claim?
A The patient should admitted in a network hospital.
B The TPA directly pays to the network hospital.
C The insurer directly pays to the network hospital
D The insurer directly pays to the network hospital All the above.

Which among the below statements is true? Statement I: Every pension is an annuity Statement II: Every annuity is a pension
A I and II are false
B I and II are true
C I is false and II is true
D I is true and II is false

Under what circumstances would the policyholder need to appoint an appointee?
A Nominee is a minor
B Insured is minor
C Policyholder is not married
D Policyholder is not of sound mind

Which of the below consumer grievance redressal agencies would handle consumer disputes amounting between Rs. 20 lakhs and Rs. 100 lakhs?
A District Forum
B Zilla Parishad
C State Commission
D National Commission

In the Customer Life time Value if the Premiums and other Revenues that have been received in the Past Value from the Customer so what does Potential Value Mean:
A Premium that may be expected to be received if existing business is retained
B All the Premiums which are received in the Past
C The value of premiums that could be derived by persuading the customer to buy additional Products.
D None of the Above

Which of below c0nditions are granted in domiciliary hospitalization?
A The condition of the patient is such that he or she cannot be removed to the hospital / nursing home.
B The patient cannot be removed to hospital or Nursing Home for lack of accomodation therein.
C Both of the above
D None of the Above

IRDA stands for __________.
A Insurance Regulatory & Development Authority
B International Regulatory & Development Authority
C Indian Regulatory & Development Authority
D Income Regulatory & Development Authority

Based on classification of claims (early or non-early), pick the odd one out?
A Pravin dies after five and half years of buying a term insurance plan
B Ramya dies after 6 months of buying a term insurance plan
C Manoj dies after one and half years of buying a term insurance plan
D David dies after two and half years of buying a term insurance plan

In the acceptance Stage, what are the Responsibilities of an Advisor to Fulfil:
A FPR and Delivery of the Policy Document
B FPR and Deliver of the Policy Document
C FPR and Premium Payment
D Delivery of the Policy document and Premium Payment


Which of the below party is not eligible to enter into a life insurance contract?
A Business owner
B Minor
C House wife
D Government employee

What does the term “premium” denote in relation to an insurance policy?
A Profit earned by the insurer
B Margins of an insurer on a policy
C Price paid by an insured for purchasing the policy
D Expenses incurred by an insurer on a policy

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Hello buddy as you want here we provides you Insurance Regulatory and Development Authority exam , Online exam test paper as follows
Question 1
Amruta is pregnant. She has applied for a term insurance cover. Which of the below option will be the best option to choose for an underwriter to offer insurance to Amruta? Choose the most likely option.

A Acceptance at ordinary rates
B Acceptance with extra premium
C Acceptance with a restrictive clause
D Decline the proposal
Question 2
Which among the following is a non-traditional life insurance product?

A Endowment insurance
B Universal life insurance
C Whole life insurance
D Term assurance
Question 3
Mahesh has bought a life insurance policy with a critical illness rider. He has made absolute assignment of the policy in favour of Karan. Mahesh suffers a heart attack and there is a claim of Rs. 50,000 under the critical illness rider. To whom will the payment be made in this case?

A Karan
B Mahesh
C The payment will be shared equally by Mahesh and Karan
D Neither of the two because Mahesh has suffered the heart attack but the policy is assigned in favour of Karan
Question 4
An insurance broker represents _______.

A Insurance company
B Community of people who have already taken insurance
C Insured
D Association of insurance companies
Question 5
For an insurance policy nomination is allowed under _________ of the Insurance Act, 1938.

A Section 10
B Section 45
C Section 39
D Section 38
Question 6
_____________ relates to inaccurate statements, which are made without any fraudulent intention.

A Offer
B Representation
C Contribution
D Misrepresentation
Question 7
For the subsequent premiums received by the insurance company after the first premium, the company will issue _________

A Restoration premium receipt
B Revival premium receipt
C Renewal premium receipt
D Reinstatement premium receipt
Question 8
What is the time limit for approaching an Insurance Ombudsman?

A Within two years of rejection of the complaint by the insurer
B Within one year of rejection of the complaint by the insurer
C Within three years of rejection of the complaint by the insurer
D Within one month of rejection of the complaint by the insurer
Question 9
Health insurance is designed to handle which of the following risks?

A Infinity
B Mortality
C Serendipity
D Morbidity
Question 10
“Hurt not others with that which pains yourself”. This golden rule of ethics is given in the teaching of which religion?

A Christianity
B Buddhism
C Hinduism
D Judaism
Question 11
Money laundering is the process of bringing _______ money into an economy by hiding its _______ origin so that it appears to be legally acquired.

A Illegal, illegal
B Legal, legal
C Illegal, legal
D Legal, illegal
Question 12
Which of the below losses are covered under keyman insurance?

A General liability
B Losses caused due to errors and omission
C Losses related to the extended period when a key person is unable to work
D Property theft
Question 13
Which of the following condition will affect a person’s insurability negativ

A Lazy nature
B Daily jogs
C Banned substance abuse
D Procrastination
Question 14
Which among the following is an intangible product?

A Life insurance
B Car
C House
D Soap
Question 15
Mortgage redemption insurance (MRI) can be categorised under ___

A Universal life assurance
B Variable life assurance
C Decreasing term life assurance
D Increasing term life assurance
Question 16
The term TPA refers to ________. (Answer with regards to health insurance)

A Third Party Assistance
B The Primary Associate
C Third Party Administrator
D To Provide Assistance
Question 17
An individual with an aggressive risk profile is likely to follow wealth _______investment style.

A Spending
B Consolidation
C Accumulation
D Gifting
Question 18
Who provides public pensions?

A Insurers
B Employers
C State
D NGO’s
Question 19
In decreasing-term insurance, the premiums paid ____________ over time.

A Increase
B Remain constant
C Decrease
D Are returned
Question 20
In decreasing-term insurance, the premiums paid ____________ over time.

A Remain constant
B Decrease
C Are returned
D Increase
Question 21
During which stage of life will an individual appreciate past savings the most?

A Learner
B Post retirement
C Just married
D Earner
Question 22
If complex language is used to word a certain policy document and it has given rise to an ambiguity, how will it generally be construed?

A In favour of insurer
B In favour of insured
C The policy will be declared as void and the insurer will be asked to return the premium with interest to the insured
D The policy will be declared as void and the insurer will be asked to return the premium to the insured without any interest
Question 23
Which among the following cannot be termed as an asset?

A Human Life
B Air
C Car
D House
Question 24
Risk transfer through risk pooling is called

A Insurance
B Risk Mitigation
C Investment
D Savings
Question 25
Which of the below statement is correct?

A Selling is a science and not an art
B Selling is an art and not a science
C Selling is neither an art or a science
D Selling is both an art and a science
Question 26
__________ is the fees payable to the Authority for issue renewal of licence to Act as an insurance agent or composite insurance

A 150
B 100
C 250
D 520
Question 27
___________ is reflected in the caring attitude and individualised attention provided to customers.

A Assurance
B Reliability
C Empathy
D Responsiveness
Question 28
Which of the following is not an underwriting decision?

A Declinature of risk
B Claim rejection
C Risk acceptance at standard rates
D Postponement of risk
Question 29
Which of the below option is true with regards to MWP Act cases? Statement I: Maturity claims cheques are paid to policyholders Statement II: Maturity claims cheques are paid to trustees

A I is true
B Neither I nor II is true
C II is true
D Both I and II are true
Question 30
Who among the following is best advised to purchase a term plan?

A An individual who needs money at the end of insurance term
B An individual who needs insurance but has a low budget
C An individual who needs insurance and has a high budget
D An individual who needs an insurance product that gives high returns
Question 31
A payment made under a money-back policy upon reaching a milestone will be classified under which type of claim?

A Death claim
B Periodical survival claim
C Surrender claim
D Maturity claim
Question 32
Which of the below can be attributed to moral hazard?

A Increased risky behaviour prior to the purchase of insurance
B Increased risky behaviour following the purchase of insurance
C Decreased risky behaviour following the purchase of insurance
D Engaging in criminal acts post being insured
Question 33
All of the following are characteristics of variable life insurance EXCEPT

A Policy owner selects where savings reserve is invested
B Cash value is not guaranteed
C Minimum Death benefit is guaranteed
D Flexible premium payments
Question 34
Which of the below is one of the ways of defining surplus?

A Excessive liabilities
B Excess value of assets over liabilities
C Excessive turnover
D Excess value of liabilities over assets
Question 35
What is the full form of TBA?

A Trained Birth Attendants
B Typical Born Asthma
C Trained Burned Attendants
D Training Board of Attendants
Question 36
Who bears the investment risk in a fixed benefit annuity?

A Insured
B Insurer
C State
D Risk pool
Question 37
The application document used for making the proposal is commonly known as the __________.

A Application form
B Registration form
C Subscription form
D Proposal form
Question 38
Meeting our family and friends and people with whom we do business means we are meeting people from the following group

A Natural Market
B Centres of influence (COIs)
C Reference’s
D Immediate Group
Question 39
A policy is effected under the MWP Act. If the policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy becomes payable to the _____________.

A Insurer
B Insured
C Next of kin
D Official Trustee of the State
Question 40
Below of the which statement is correct regarding cashless claim?

A The patient should admitted in a network hospital.
B The TPA directly pays to the network hospital.
C The insurer directly pays to the network hospital
D The insurer directly pays to the network hospital All the above.
Question 41
Which among the below statements is true? Statement I: Every pension is an annuity Statement II: Every annuity is a pension

A I and II are false
B I and II are true
C I is false and II is true
D I is true and II is false
Question 42
Under what circumstances would the policyholder need to appoint an appointee?

A Nominee is a minor
B Insured is minor
C Policyholder is not married
D Policyholder is not of sound mind
Question 43
Which of the below consumer grievance redressal agencies would handle consumer disputes amounting between Rs. 20 lakhs and Rs. 100 lakhs?

A District Forum
B Zilla Parishad
C State Commission
D National Commission
Question 44
In the Customer Life time Value if the Premiums and other Revenues that have been received in the Past Value from the Customer so what does Potential Value Mean:

A Premium that may be expected to be received if existing business is retained
B All the Premiums which are received in the Past
C The value of premiums that could be derived by persuading the customer to buy additional Products.
D None of the Above
Question 45
Which of below c0nditions are granted in domiciliary hospitalization?

A The condition of the patient is such that he or she cannot be removed to the hospital nursing home.
B The patient cannot be removed to hospital or Nursing Home for lack of accomodation therein.
C Both of the above
D None of the Above
Question 46
IRDA stands for __________.

A Insurance Regulatory & Development Authority
B International Regulatory & Development Authority
C Indian Regulatory & Development Authority
D Income Regulatory & Development Authority
Question 47
Based on classification of claims (early or non-early), pick the odd one out?

A Pravin dies after five and half years of buying a term insurance plan
B Ramya dies after 6 months of buying a term insurance plan
C Manoj dies after one and half years of buying a term insurance plan
D David dies after two and half years of buying a term insurance plan
Question 48
In the acceptance Stage, what are the Responsibilities of an Advisor to Fulfil:

A FPR and Delivery of the Policy Document
B FPR and Deliver of the Policy Document
C FPR and Premium Payment
D Delivery of the Policy document and Premium Payment
Question 49
Which of the below party is not eligible to enter into a life insurance contract?

A Business owner
B Minor
C House wife
D Government employee
Question 50
What does the term “premium” denote in relation to an insurance policy?

A Profit earned by the insurer
B Margins of an insurer on a policy
C Price paid by an insured for purchasing the policy
D Expenses incurred by an insurer on a policy