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  #1  
3rd August 2014, 12:17 PM
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Insurance Regulatory and Development Authority Insurance exam question papers

Will you please share with me the Insurance Regulatory and Development Authority Insurance exam question papers?
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  #2  
3rd August 2014, 02:23 PM
Super Moderator
 
Join Date: Apr 2013
Re: Insurance Regulatory and Development Authority Insurance exam question papers

As you want to get the Insurance Regulatory and Development Authority Insurance exam question 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  
18th March 2015, 08:40 AM
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Re: Insurance Regulatory and Development Authority Insurance exam question papers

I am searching for the Insurance Regulatory and Development Authority Insurance exam question papers? Can you please tell me from where I can download this?
  #4  
18th March 2015, 08:42 AM
Super Moderator
 
Join Date: Apr 2013
Re: Insurance Regulatory and Development Authority Insurance exam question papers

The Insurance Institute of India conducts every year an all India based competitive exam for recruitment of Insurance agents and is known by the name of IRDA exam.

You are asking for the Insurance Regulatory and Development Authority Insurance exam question papers. Here I am uploading a file that contains the Insurance Regulatory and Development Authority Insurance exam question papers. You can download this from here:

1. Life insurance plans are combinations of two basic plans, viz.
a) Term Assurance, Pure Endowment
b) Term Assurance, Whole Life
c) Pure Endowment, Whole Life
d) Whole Life, Money Back

2. Insurance is normally bought for :
a) Tax Benefit
b) Death
c) Maturity Benefits
d) Death & Old Age

3. RBP stands for
a) Reserve Bank Policy
b) Retirement Benefit Plan
c) Regular Business Policy
d) Retirement Based Policy

4. A) The sum assured under group insurance is not fixed by the individual member.
B) A person whose proposal is declined under individual scheme can get insurance under group policy.
a) Statement A is correct
b) Statement B is correct
c) Both statements are correct
d) None of the above

5. Terminal Bonus is not paid in case of:
a) Surrendered Policies
b) Discounted policies
c) Paid-up policies
d) All of the above

6. A) Annuities are called the reverse of life insurance
B) In annuity contract insurer stops paying on the death of the annuitant
a) Statement A is correct
b) Statement B is correct
c) Both are correct
d) Both are incorrect

7. A) In Joint Life policies each life has to be underwritten separately.
B) A joint life declaration is not necessary to create a joint interest in the policy.
a) Statement A is incorrect
b) Statement B is correct
c) Statement A is correct but B is incorrect
d) None of the above

8. A) Medical examination of annuitants is necessary
B) Annuities cover the risk of living too long
a) Statement A is correct
b) Statement B is correct
c) Both the statements are correct
d) Both the statements are incorrect.

9. The lapse of selected period in case of Deferred annuities is called:
a) Vesting period
b) Free look period
c) Deferment period
d) Term

10. The annuity can be paid for:
a) 15, 20, 25 years
b) 5,10,15 years
c) 20,25, 30, 35, 40 years
d) 5,10,15,20,25 years

11. In case of immediate annuity annuitant can get annuity
a) Monthly
b) Quarterly
c) Half-Yearly
d) Yearly
e) All of the above

12. A) Women with unearned income can be insured
B) Women in purdah can be insured
a) Only statement A is correct
b) Only statement B is correct
c) Both statements are correct
d) Both statements are wrong

13. A) Physically handicapped persons are not insured
B) Partially handicapped persons are mostly accepted without extra Premium.
a) Statement A is correct
b) Statement B is correct
c) Both statements are correct
d) Both statements are wrong

14. Most of the children insurance plans are of the kind of:
a) Limited term
b) Participatory
c) Convertible
d) Deferred Insurance

15. A) Annuities can be immediate or deferred
B) Annuities can be offered as joint life annuity
a) Statement A is correct
b) Statement B is correct
c) Both statements are correct
d) None of the above

16. Which of the following statements are TRUE
a) A father can take a policy on the life of his son who is 12 years old.
b) One can take a policy on the life of a friend to whom he has lent money.

17. Which information, if not disclosed, can nullify the policy?
a) Valid
b) Material
c) Critical
d) Important




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

19. Which of the following statements are True:
A. The premium paid by each policyholder is separately accumulated in his account
B. Underwriting ensures that the exposure to risk is properly assessed.
a) Statement A
b) Statement B
c) Both Statements
d) Neither of Statement

20. The bonus which attaches to the policy immediately on declaration is called ___________ bonus
a) Immediate
b) Reversionary
c) Technical
d) Final

21. Which of the following statements are True:
A. Policy decision in an organization means decision relating to issue of insurance policy in a specific case.
B. Policy decision in an organization means decision relating to the kind of plans of insurance to be offered to the public
a) Statement A
b) Statement B
c) Both Statements
d) Neither of Statement

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

23. The insurable interest of a mortgagor in the mortgage’s life is equal to the amount of
a) Original loan
b) Outstanding loan plus interest
c) Outstanding loan
d) Installment due to be repaid within the next one year

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

25. 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) Statement A
b) Statement B
c) Both Statements
d) Neither of the Statement


26. __________ is the process of deciding on the proposal for insurance
a) Decision
b) Underwriting
c) Consideration
d) Acceptance

27. Reverse of L.I
a) Loan
b) S.V.
c) Annuity
d) None of above

28. Insured is 54 kg. wt is presented as 34 kg.
a) Misrepresentation
b) Fraud
c) Both
d) Neither of above

29. What is PLI?

State True or false

30. Brothers have insurable interest in each other.
31. Policy document is contract of insurance.
32. Insurance protects assets.
33. We insure only tangible assets.
34. Insurer invests money in speculative market.
35. Insurable interest need not be insisted upon after contract is completed.
36. Facts, which reduce the risk, must also be disclosed in insurable proposed.
37. Insurable interest is defined in the insurance Act.
38. Creditors have insurable interest in the Debtors.
39. Proposal forms in insurance are the basis of contract.

Give full form of
40. LALGI
41. PLI
42. IRDA
43. MWPA
44. D.O.B
45. HLV
46. FPR
47. SSS
48. LICI

49. The actuarial aspects, which are taken into account while fixing the premium.
I. Mortality
II. Interest Assumption
III. Office Expenses
• Only I
• Only II and I
• Only I , II and III
• Only II and III

50. Commercial Contracts are normally subject to principle of utmost good faith. (T/F)

51. The premium paid by each person is determined on the assumption that while it may not be possible beforehand to tell how many persons will suffer but it is possible to tell who will suffer. (T/F)

1. When do the non-forfeiture provisions apply?

a) When policy is surrendered b) When loan is taken
c) When premium is not paid d) All of the above

2. Which of the following statements are ‘True’?

Statement A: An insured person can ignore safety and precautionary arrangements
Statement B: Insurance compensates only economic losses

a) Only statement A b) Only statement B
c) Both statements d) neither of the statements

3. The insurer must insure at least 20,000 lives in the fifth financial year in _____________market

a) Poorer b) farmers
c) Social d) rural

4. The person who takes the decision to grant insurance is called _____________

a) Underwriter b) salesman
c) Manager d) officer

5. What type of skill is required to understand the needs of the prospect and find the most suitable plan for him?

a) persuasive b) communication
c) convincing d) analytical

6. If the claim in question is Rs. 23 lakh, which consumer court will hear the application?

a) State level b) national level
c) District level d) none of the above

7. Which of the following statements are ‘True’?

Statement A: An insurance agent can be sued under the Consumer Protection Act
Statement B: The consumer protection act does not apply to government companies

a) Only statement A b) Only statement B
c) Both statements d) Neither of the statements

8. ___________________describes the behaviour of an agent, who in the presence of outsiders, covers up the mistakes made by his colleagues

a) Arrogant b) professional
c) Protective d) self-confident

9. Which of the following statements are true?

Statement A: Insurance claims are shared by the community of policyholders
Statement B: In insurance, every policyholder contributes to the losses incurred by others

a) Only statement A b) Only statement B
c) Both statements d) Neither of the statements

10. How is an annuity paid by the ‘insurer’?

a) In annual installment b) In installments
c) In quarterly installments d) in a lump sum

11. Which of the following statements are ‘True’?

Statement A: One can take a policy on the life of a customer to whom he has lent money
Statement B: A wife can take a policy on her husband

a) Only statement A b) Only statement B
c) Both statements d) neither of the statements

12. Doctors appointed by insurers will be qualified in _______________ medicine

a) Allopathic b) ayurvedic
b) homeopathic d) all of the above

13. The agent who does not take the trouble to update his knowledge is ___________

a) Ignorant b) Non-professional
c) Professional d) Outdated

14. When a person answers ‘Yes’ to the question in the proposal about being on leave for more than a week, but does not mention that he had been on leave on medical grounds, that is _____________________
a) Misrepresentation b) non-disclosure
c) Fraud d) none of the above

15. A person’s insurable interest in his own life is ___________________
a) Unlimited b) 10 times his salary
c) Equal to his assets d) obligations for family

16. Which of the following statements are ‘True’?
Statement A: A life insurance agent can work for two insurance companies at the same time
Statement B: An agency license is issued only when sponsored by an insurance company

a) Only statement A b) Only statement B
c) Both statements d) neither of the statements

17. ______________means the list of names whom an agent would try to meet to procure life insurance
a) Clients b) Proponents
c) Proposers d) Prospects

18. Which of the following statements are ‘True’?
Statement A: Incase of corporate agents, the entire business may be from one company only
Statement B: A person can qualify to obtain a license if he studies the course at home and passes the prescribed examination

a) Only statement A b) Only statement B
c) Both statements d) Neither of the statements

19. A duplicate policy may be issued, when the original has been _____________
a) burnt b) stolen
c) mutilated d) all of the above

20. Which of these policies do not cover the risk of death?
a) Endowment b) Whole Life
c) Term d) pure endowment

21. Which of the following statements are true’?
Statement A: The proposal form should be written by the agent himself

Statement B: The proposal form should be filled up by the proponent himself, unless he is illiterate
a) Only statement A b) Only statement B
c) Both statements d) neither of the statements

22. If the proponent feels that a particular question in the proposal form does not apply to his situation he should ____________________
a) Leave it blank b) write ‘not applicable’
c) Cut it out d) none of the above

23. Which of the following statements are ‘True’?
Statement A: Every insurance company must follow a four tiered structure like the government companies
Statement B: The regional/divisional/branch office set up is unavoidable for insurers

a) Only statement A b) Only statement B
c) Both statements d) neither of the statements

24. An underwriter _____________________
a) Calculates premium b) issues the policy
c) Assesses the risk d) does all the above

25. Infirmities are caused by __________________
a) Sickness b) old age
c) Loss of limb d) all of the above

26. When original policy is lost, a duplicate policy is necessary for _______________
a) getting the claim b) taking a loan
c) Paying the premium d) all of the above

27. The agent who tries to canvass insurance business by offering temptations of sharing the commission is _______________
a) Professional b) non-professional
c) Incompetent d) corrupt

28. The drive or urge to do something to achieve an end is called ____________
a) Willingness b) motivation
c) Need d) power

29. Which of the following statement(s) are ‘True’?
Statement A: Life insurance policies are unavailable through the Unit Trust of India also
Statement B: In a joint life policy, death claim is payable only when both the insured die

a) Only statement A b) Only statement B
c) Both statements d) neither of the statements


30. The agent’s report to the insurer should include _________________facts
a) Favorable b) unfavorable
c) Neither of the above d) both of the above

31. A claim payable after the life insured has survived the term of the policy is called ________________
a) Survival b) maturity
c) Terminal d) death

32. If the proponent has no insurable interest in the insured, the underwriter will ________________________
a) Accept with reduced sum assured b) accept with extra premium
c) Reject the proposal d) accept with lien

33. When does foreclosure action begin?

a) When premium is not paid b) when policy is surrendered
c) When loan an interest accumulate d) all of the above

34. __________________ means the market which an agent chooses to operate

a) Target b) section
c) Area d) segment

35. The person appointed to attend to grievances of policyholders is called _________________

a) Designated officer b) grievance officer
c) Ombudsman d) complaints officer

36. _________________means the process through which a product is carried to the customer

a) Distribution Channel b) Promotion
c) Sales d) Marketing

37. The nominee under a policy informs the insurer that the life insured is missing for the last seven years and requests that the claim under the policy be admitted and paid. What should the insurer do?

a) Ask for an affidavit b) Ask for a court order
c) Make independent enquiries d) pay the claim

38. Which of the following statement(s) are ‘True’?
Statement A: When a policy matures, the claim proceeds are paid to the assignee
Statement B: In insurance, the principle of ‘buyer beware’ applies

a) Only statement A b) Only statement B
c) Both statements d) neither of the statement

39. In what plan of insurance the medical examination is never required, whatever be the amount of sum assured?

a) Endowment b) term assurance
c) Annuity d) group insurance

40. Which of the following statements are ‘True’?
Statement A: An agent must find out the income of the proponent and report the same to the insurer
Statement B: The income of the proponent must be made known to the insurer

a) Only statement A b) Only statement B
c) Both statements d) neither of the statements

41. Which of the following statement(s) are true?

Statement A: Accident benefit cover is issued as a separate policy in life insurance
Statement B: Accident benefit cover is rider in a life insurance policy

a) Only statement A b) only statement B
c) Both statements d) neither of the statements

42. When a person weighing 95 kg states in the proposal that his weight is 54 kgs, that is ____________

a) Misrepresentation b) non –disclosure
c) Fraud d) None of the above

43. The limits of doctors for medical examination are decided by ___________________

a) Government b) Medical council
c) Insurer d) IRDA

44. Which of the following statements are true?

Statement A: A father can take a policy on the life of his son who is 12 years old
Statement B: One can take a policy on the life of a friend to whom he has lent money

a) Only statement A b) only statement B
c) Both statements d) neither of the statements

45. Surplus in a valuation arises because of favorable experience in ______________

a) Mortality b) expenses
c) Interest yield d) all of the above

46. Which of the following statements are true?
Statement A: Sick people may be considered for grant of insurance on special terms
Statement B: Insurance cover begins as soon as the premium is received in the office along with the proposal

a) only statement A b) only statement B
c) Both statements d) neither of the statements

47. Which of the following statements are true?
Statement A: Old age is a risk
Statement B: Dying too young is as much as risk as dying too late

a) Only statement A b) only statement B
c) Both statements d) neither of the statements

48. A policy which participates in the distribution of surplus is called a _____________policy

a) Profitable b) participating
c) Loss making d) non-profit


49. ___________________is the professional who is the technical expert on life insurance matters

a) Accountant b) underwriter
c) Actuary d) evaluator

50. What is the criterion of a good savings plan?
a) Safety b) liquidity
c) Yield d) all of the above

51. The questions in the proposal form and personal statement are _______________ material and relevant

a) Without exception b) mostly
c) Only partly d) rarely

52. A proposal is dated 10.11.2000. Premium was paid on the same day. The decision to accept with extra was made on 15.11.2000. The extra premium was paid on 17.11.2000. The letter of consent was received in the office on 21.11.2000. The life insured died in an air crash on 19.11.2000. Is the claim payable?

a) No b) Yes
c) Depends on discretion of the insurer d) only if directed by IRDA

53. The process of recording the correct age of the person insured is called ________________
a) Certification b) age admission
c) Proof of age d) verification

54. _________________is a document issued under the law authorizing a person to act as an insurance agent

a) Certificate b) mandate
c) License d) appointment

55. A proposal is dated 10.11.2000. The premium was paid on the same day. The decision to accept with extra was made on 15.11.2000. The extra premium was paid on 17.11.2000. The letter of consent was received in the office on 21.11.2000. When does the risk on this policy commence?

a) 20.11.2000 b) 15.11.2000
c) 10.11.2000 d) 17.11.2000

56. An agent is concerned with the ________________________

a) IRDA act b) insurance act
c) Contract act d) all of the above

57. Which of the following statements are true?
Statement A: The maturity proceeds of a policy are taxable as income
Statement B: The premium paid under an insurance policy is fully exempt from income tax

a) Only statement A b) Only statement B
c) Both statements d) neither of the statements

58. The fees for renewal of license is Rs. _________________ if applied for less than 30 days before the date of expiry

a) 300 b) 100
c) 250 d) 350

59. Surplus is an indication that ______________________

a) premium is high b) targets have been met
c) Neither of the above d) both of the above

60. The principal is responsible for ______________ of the acts of the agents

a) none of the acts of agents b) all the acts of agents
d) some of the acts of agents d) specified acts of agents on behalf of principal

61. Which of the following statements are true?
Statement A: The agent is at fault, if the policy is sold does not meet the proponent’s needs
Statement B: The agent is responsible to ensure that the proposed policy meets the needs of the prospects

a) Only statement A b) Only statement B
c) Both statements d) Neither of the statements

62. Which information if not disclosed can nullify the policy?

a) Material b) valid
c) Critical d) important

63. Disability is related to ________________________

a) Sickness b) accident
c) Loss of limbs d) all of the above

64. Term assurance is suitable for _________________

a) Repaying outstanding loans b) meeting marriage expenses
c) Meeting educational expenses d) all of the above

65. What is paid by the insurer when the policy holder decides to discontinue the policy?

a) Intermediate claim b) Lapse
c) Forfeiture d) Surrender Value

66. Which of the following statement (s) are true?
Statement A: An Agents function includes obtaining nominations on the policy.
Statement B: It is an Agents duty to ensure that nominations are changed as and when necessary.

a) Only Statement A b) Only statement B
c) Both the statements d) neither of the statements

67. The behavior of an agent who tells his client that the advice given by another agent is wrong is___________
a) Dominating b) Childish
c) Interfering d) Non –Professional

68. Which of the following statement(s) are true ?
Statement A: The amount of the Sum Assured may depend on the income of the proponent.
Statement B: Under insurance is as bad a over insurance

a) Only statement A b) Only statement B
c) Both statements d) neither of the statements


69. Which of the approaches of the agents is appropriate?
Approach A: When the prospect said that he had taken sick leave for few days because he wanted to go out station for an interview, the agent suggested that he need not mention it
Approach B: The agent suggested to the prospect not to mention the fact that the cause of the death of one of his brothers who had died young, was cardiac arrest. It was mentioned as “Accident”

a) Only approach A b) Only approach B
c) Both the approaches d) neither of the approaches

70. Which of the Approaches of the agent is appropriate?
Approach A: When a prospect wanted to know details about the various plans so that he could make a choice, the agent told him that the details were to complex for him to understand and that he (the agent) was there to give him the proper advice
Approach B: An agent had printed a prospect’s particulars sheet and would invariable make the prospect fill up the particulars himself

a) Only approach A b) Only approach B
c) Both the approaches d) neither of the approaches

71. Which of the approaches of the agent is appropriate?
Approach A: When a prospect mentioned that he had some discharge from his ear some years ago, the agent suggested that he need not mention it.
Approach B: When a prospect mentioned that he had some discharge from his ear some years ago, the agent suggested that he should write it in the personal statement and leave it to the medical examiner to comment about it.
a) Only approach A b) Only approach B
c) Both the approaches d) neither of the approaches

72. Which of the Approaches of the agent is appropriate?
Approach A: An agent used to collect from the office, details of claims which were remaining outstanding for more than a month and then meet the claimants to help them out
Approach B: An agent used to collect from the office details of claims which were remaining outstanding for more than a month and then meet the claimants to help them out, on condition that they agree to take out new business from him

a) Only approach A b) Only approach B
c) Both the approaches d) neither of the approaches

73. Which of the approaches of the agent is appropriate?
Approach A: The agent had left his identity card at home when he was visiting a prospect
Approach B: When a prospect whom the agent was meeting for the first time on being referred to by a common friend wanted the agent to show his license the agent refused saying that the request was an insult to the common friend

a) Only approach A b) Only approach B
c) Both the approaches d) Neither of the approaches

74. Which of the approaches of the agent is appropriate?
Approach A: In the case of a prospect who was not familiar with English, the agent got a relative to record the answers after explaining to the prospect every question in Gujarati and obtaining his response
Approach B: In a proposal form printed in English a prospect had written the answers in Tamil, declaring above his signature that the agent had explained the questions clearly

a) Only approach A b) Only approach B
c) Both the approaches d) Neither of the approaches



75. Which of the approaches of the agent is appropriate?
Approach A: The agent has a habit of beginning by saying that he is the agent of such and such company and produces the identity card for the prospects perusal
Approach B: Soon after formally saying who he is, an agent spreads on the table in front of the prospect, his identity cards, license and paper in which he would write down the relevant particulars of the prospect

a) Only approach A b) Only approach B
c) Both the approaches d) neither of the approaches

76. Which of the approaches of the agent is appropriate?
Approach A: The agent suggested to the prospect that he signs the proposal form and that (the agent) would get them filled up later on the basis of the information which he was noting down
Approach B: An agent used to tell his prospects that there was no better investment than life insurance

a) Only approach A b) Only approach B
c) Both the approaches d) neither of the approaches

77. Which of the approaches of the agent is appropriate?

Approach A: When a prospect wanted to know what the agent would get out of the sale of insurance, he just gave him a xerox copy of his appointment letter
Approach B: When a prospect wanted to know what the agent would get out of the sale of insurance, he said that was a confidential matter

a) Only approach A b) Only approach B
c) Both the approaches d) neither of the approaches

78. Which of the approaches of the agent is appropriate?
Approach A: An agent had advertised in the telephone directory, that he was in a position to get anybody the life insurance cover of his choice
Approach B: An agent had advertised in the telephone directory that he represented such and such company and that it ‘was the best in the country’

a) Only approach A b) Only approach B
c) Both the approaches d) neither of the approaches

79. Calculate premium from the following data :
Sum assured : Rs. 1,00,000
Plan : Money back – 20 years
Mode : Half yearly
Age nearer birthday : 36 years
Proposal accepted at ordinary rates with double accident benefit
Tabular premium : Rs. 69.25
Rebate for half yearly premium is at: 1.5 %
Rebate for large sum assured is: Rs. 2
Premium for double accident benefit is: Rs. 1 per thousand per annum
a) Rs. 3461 b) Rs. 3463
c) Rs. 3261 d) Rs. 3361

80. Given that sum assured Rs. 1,00,000 mode – yearly – endowment policy 30 years without profit. Date of commencement 25.10.93 first unpaid premium 25.10.01 the paid up value will be __________
a) Rs. 30,000 b) Rs. 25,666
c) Rs. 26,667 d) Rs 25,667

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.


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