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  #2  
28th July 2015, 09:28 AM
Super Moderator
 
Join Date: Apr 2013
Re: IRDA Exam Question Paper in English

Of course, Insurance Regulatory and Development Authority examination question paper is available on English, as here I am providing questions with Answer Key:

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. urvival 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 :

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  
30th April 2020, 11:35 AM
Unregistered
Guest
 
Re: IRDA Exam Question Paper in English

Can you provide me previous year question paper for IRDAI (Insurance Regulatory and Development Authority of India) Agents Training Exam for IC-38?
  #4  
30th April 2020, 11:36 AM
Super Moderator
 
Join Date: Aug 2012
Re: IRDA Exam Question Paper in English

The previous year question paper for IRDAI (Insurance Regulatory and Development Authority of India) Agents Training Exam for IC-38 is as follows:


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.



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.



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.



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.



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.



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.



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.



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.



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.



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.



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.



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.



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.



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.

D. Savings element.

16. The main reason why a life insurance proposal form often asks for the proposer’s height is to enable a reasonable comparison with the proposer’s

A. age.

B. gender.

C. occupation.

D. weight.



17. Where annually increasing flexible premiums operate under a life insurance policy, what rate of increase will generally apply?

A. 2.5%

B. 3.0%

C. 5.0%

D. 7.5%



18. The amount paid out by the insurer under a 30-year life insurance policy exceeded the sum insured plus revisionary bonuses. The excess is likely to result from?

A. charges refunded.

B. a frequency loading.

C. a tax rebate.

D. a terminal bonus.



19. What normally happens to the sum insured under a life insurance policy once the period of the lien expires?

A. It reduces.

B. It increases.

C. It is temporarily suspended.

D. It is replaced by a newly-underwritten sum insured.



20. The main protection need of a 19-year-old is most likely to be

A. self-protection.

B. home loan protection.

C. protection of dependants.

D. protection of children’s future.



21. Raunak recently arranged a life insurance policy under which he is classed as the master policyholder. This addresses his role as

A. a creditor.

B. a debtor.

C. an employee.

D. an employer.



22. The need for investment advice from an insurance agent normally results from what overriding key factor?

A. Absence of any long-term goals.

B. Inability to prioritise future financial needs.

C. Lack of market knowledge.

D. Shortage of available funds.



23. When undertaking financial planning for individuals without capital, what savings need is likely to be addressed in every single case?

A. Emergency funds.

B. Funds for children’s savings.

C. Funds for educational costs.

D. House purchase funds.



24. Naveen is addressing his income needs by investing directly in corporate bonds. In what form will he receive this income?

A. Annuity instalments.

B. Dividend payments.

C. Interest payments.

D. Rental payments.



25. Nikhil is looking for tax-efficient savings methods for his disposable income. He is considering an equity-linked savings scheme, national savings certificates and an endowment insurance policy. Premiums for which of these investments are allowed to be deducted from his taxable income?

A. The national savings certificates only.

B. The equity-linked savings scheme and the national savings certificates only.

C. The national savings certificates and the endowment insurance policy only.

D. The equity-linked savings scheme, the national savings certificates and the endowment insurance policy.



26. An investor holds a wide range of shares. If the Reserve Bank of India announces a series of significant interest rate increases, the prices of these shares are most likely to

A. become volatile.

B. decrease.

C. increase.

D. stagnate.



27. The main purpose of the guaranteed insurability rider benefit is to give the policyholder the right to

A. cancel a health-based exclusion after a symptom-free period.

B. include his parents under the policy.

C. increase cover when a key life event occurs.

D. maintain cover despite a fall in investment value.



28. The changes in healthcare costs over recent years has had what general impact on healthcare insurance?

A. A fall in average premium levels.

B. A reduction in underwriting requirements.

C. A rise in the need for cover.

D. A strengthening of the insurable interest rules.



29. The general need for a pension policy results from the existence of what key problem?

A. Anticipated fall in income.

B. Lack of employment opportunities.

C. Likely deterioration in health.

D. Uncertainty over investment performance.



30. Yash pays health insurance premiums for himself, his wife and his two children aged 13 and 8. Premiums for which of these individuals will qualify as deductible from Yash’s taxable income?

A. Yash only.

B. Yash and his wife only.

C. Yash, his wife and his oldest child.

D. Yash, his wife and both his children.



31. The sole focus during a client’s fact-find session was healthcare requirements and estate planning. Which main life stage is he most likely to fall into?

A. Young married.

B. Young married with children.

C. Pre-retirement.

D. Retirement.



32. Apart from the salary level, what other key feature of Alok’s job is likely to have a major impact on the level of his pension, life insurance and health insurance needs?

A. Whether the job is office or field-based.

B. The normal retirement age in relation to the job.

C. Whether the job is in the public or private sector.

D. Whether the job is manual or non-manual.



33. In the context of financial planning, how is the difference between real needs and perceived needs best described?

A. Real needs are financial needs and perceived needs are non-financial needs.

B. Real needs are actual needs and perceived needs are based on a client’s thoughts and desires.

C. Real needs are identified by the insurance agent and perceived needs are identified by the client.

D. Real needs are needs which satisfy an objective and perceived needs are needs which do not satisfy an objective.



34. In order to fulfil the know your customer procedures, at what stage in the financial planning process is the insurance agent most likely to request a copy of the customer’s photograph?

A. At the end of the fact-find meeting.

B. At the end of the presentation meeting.

C. As soon as the application is accepted by the insurer.

D. As soon as the insurer is ready to issue the policy document.



35. An agent has recommended an investment product with non-guaranteed benefits. The benefit illustration passed to his client will therefore use assumed annual growth rates of

A. 5% and 8%

B. 5% and 10%

C. 6% and 8%

D. 6% and 10%



36. The main purpose of including commission details in the documentation to clients is to increase

A. competitiveness.

B. efficiency.

C. flexibility.

D. transparency.



37. A client has been recommended a low-risk investment product by his insurance agent, but the client insists the agent arranges for the money to be invested in a higher risk product. What action should the agent take?

A. Carry out these instructions, but document that this contradicts the recommendation.

B. Conduct a new fact-find.

C. Invest a reduced amount of money in this product.

D. Refuse to act for the client.



38. An insurance agent has advised a client to surrender an existing investment product and start a new investment product. What key indicator should be used to determine whether this advice was ethical?

A. The best interests of the client.

B. The difference in potential income and capital growth between the two products.

C. The flexibility of the new product compared to the old one.

D. The views expressed by the client.



39. What key impact will low persistency levels have on insurance policyholders?

A. An enhancement in product choice.

B. An improvement in investment performance.

C. An increase in insurance cover.

D. A reduction in benefits.



40. Raju died 5 years before the end of his 30-year endowment insurance policy. What factor most likely caused the insurer to investigate the claim using the early death claim procedures?

A. He paid the most recent premium during the period of grace.

B. His cover was originally accepted with a premium loading on medical grounds.

C. His death resulted from a recently acquired sudden illness.

D. The policy had lapsed and was revived shortly before he died.



41. A claim under a term insurance policy is submitted by an individual who has substantially understated his age. As an alternative to paying out the full claim the insurer is most likely to take what action?

A. Deduct the underpaid premiums from the sum insured.

B. Make the policy paid up.

C. Pay out the surrender value.

D. Reject the claim on the grounds of misrepresentation.



42. On the maturity of an endowment policy, a reduced sum insured is paid out. What is the most likely reason for this?

A. The instalments were commuted by the policyholder.

B. The policyholders health seriously deteriorated during the policy term.

C. The policy was made paid up during the policy term.

D. The policy was subject to a lien.



43. What key event is most likely to prevent insurers from ensuring that each insured person brings a fair premium to the pool for the risk presented?

A. A fraudulent claim.

B. A policy assignment.

C. A steep rise in inflation.

D. A sudden illness.



44. An insurance agent served an insurer continually and exclusively for 20 years, after which he retired from work. In accordance with Section 44 of the Insurance Act 1938, renewal commission due to him after the termination of his agency can only be withheld if

A. he ceases to remain a resident of India for tax purposes.

B. he survives beyond the age of 75.

C. there has been a change in regulator.

D. there is fraud involved.



45. Legislation gives which body the power to specify a code of conduct for surveyors and loss assessors?

A. Institute of Insurance and Risk Management.

B. Insurance Regulatory and Development Authority.

C. Life Insurance Council.

D. Securities and Exchange Board of India.



46. What key legacy has been left by the activities of the Tariff Advisory Committee?

A. A central compensation fund.

B. Customer classification status.

C. Illustrative projection rates.

D. Standard policy wordings.



47. Apart from conducting a comprehensive fact-find, the other main action that an insurance agent can take at outset to minimise the risk of subsequently receiving a customer complaint is to

A. ask for referrals.

B. offer commission rebates.

C. provide detailed disclosures.

D. register with the Insurance Ombudsman.



48. An award made by the Insurance Ombudsman will only be binding on the insurer if the

A. complainant accepts this decision.

B. Consumer Forum is involved in the case.

C. insurer signs a disclaimer.

D. value of the award is less than 2 lakhs.



49. A policyholder asked his insurance agent for guidance on submitting a claim for the maturity benefit under his life insurance policy. Due to pressure of work, the agent declined to assist. Consequently, this action is deemed to be a breach of the

A. General Insurance Council’s guidelines.

B. Insurance Regulatory and Development Authority’s Code of Conduct.

C. Insurance Ombudsman’s protocols.

D. Insurance Brokers Association of India’s membership rules.



50. During the process of applying for life insurance, the customer discloses confidentially to the insurance agent that he had a mild stroke four months ago, however this was NOT mentioned on the application form. In accordance with the Insurance Regulatory and Development Authority’s Code of Conduct, how should the insurance agent deal with this information?

A. Ask the policyholder’s doctor to send details to the insurer.

B. Notify the insurer of this matter.

C. Refuse to act for the customer in this case.

D. Respect this confidentiality by not discussing it with anyone else.
  #5  
23rd November 2022, 09:22 PM
Unregistered
Guest
 

Quote:
Originally Posted by Unregistered View Post
Is Insurance Regulatory and Development Authority examination question available on English or not, if yes the please provide here IRDA Exam Question Paper In English???
May I have general insurance brokers exam questions and answers I.e previous question papers. My mail id is ggnanes1hwargg@gmail.com


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