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  #2  
4th August 2016, 03:55 PM
Super Moderator
 
Join Date: Aug 2012
Re: IRDA Broker Exam Question Paper

Well below I have listed you the sample question paper for the IRDA Broker Exam so you can have a look

1. The concept of insurance involves a transfer of

A. liability.

B. needs.

C. ownership.

D. risk.

2. Rakesh recently bought a health insurance policy and a personal accident policy. What main section(s) of the insurance market do these products normally fall into?

A. Life insurance in both cases.

B. Life insurance for health and non-life insurance for personal accident.

C. Non-life insurance in both cases.

D. Non-life insurance for health and life insurance for personal accident.

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3. The main role of an underwriter in a non-life insurance company is normally to

A. assess the acceptability of particular risks.

B. certify a loss when claims are submitted.

C. design the structure of the products to be offered.

D. negotiate with the industry regulator.

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4. Akshat is a relatively cautious person. In insurance terms, this will normally increase the likelihood that he will

A. be considered an above average insurance risk.

B. be considered a below average insurance risk.

C. require insurance cover.

D. require reinsurance cover.

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5. How are perils and hazards normally distinguished under term insurance policies?

A. Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of dying.

B. Perils are risks that policyholders will die before a specified date and hazards are factors which could influence that risk.

C. Perils are factors which affect the risk being insured and hazards are the size of the risk being insured.

D. Perils are factors which could influence an insured event occurring and hazards are the actual events which will trigger a payout.

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6. In insurance terms, the risk of suffering a disability is best described as what type of risk?

A. Financial.

B. Fundamental.

C. Homogenous.

D. Speculative.

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7. For a household insurance policy, insurable interest need only exist at outset and at what other point?

A. The date the cancellation period expires.

B. The date a claim occurs.

C. The date the policy document is received.

D. The termination date.

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8. Rahul is employed by Sunny. In respect of this employment, Rahul automatically has insurable interest in Sunny’s life up to what limit, if any?

A. Rahul’s monthly salary.

B. Rahul’s pension fund value.

C. Sunny’s annual profit.

D. There is no limit.Sample Questions IC-33 7

9. Arun started a 20-year term insurance policy. Once established, when, if at all, is the insurer next entitled to ask him for proof of continuing good health?

A. At no point.

B. After the end of the first 12 months.

C. At the point when he changes occupation or retires.

D. When a lapsed policy is revived.

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10. The concept of indemnity is based on the key principle that policyholders should be prevented from

A. insuring existing losses.

B. making false insurance claims.

C. paying excessively for insurance cover.

D. profiting from insurance.

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11. Once an absolute assignment is effected under a life insurance policy, who will be the titleholder(s) of this policy?

A. The assignor in all cases.

B. The assignee in all cases.

C. Either the assignor or assignee depending on the type of policy involved.

D. The assignor and assignee jointly.

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12. How long is the free look-in period under a term insurance policy from the date of receipt of the policy document?

A. 5 days.

B. 10 days.

C. 15 days.

D. 20 days.

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13. A life insurer issued a quotation on 10 February, guaranteed for 14 days, which was accepted by the customer on day 10. Consequently the insurer can only decline this risk if the

A. customer submits a second quotation request.

B. insurer increases its underlying premium rates.

C. market place experiences a significant downturn.

D. material facts change.

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14. A policy document for a money-back policy includes the statement ‘the proposal and declaration signed by the proposer form the basis of the contract’. In which main section of the policy document will this normally appear?

A. Attestation.

B. Operative clause.

C. Preamble.

D. Terms and conditions.

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15. A life insurance policy can only be made paid up if what particular policy feature exists?

A. Indexing contribution.

B. Nomination facility.

C. Rider benefits.
  #3  
27th December 2022, 12:22 PM
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Re: IRDA Broker Exam Question Paper

Please can we have the correct answers?


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