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29th July 2014, 09:51 AM
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| IRDA LIC Agent Latest question paper
Here I am looking for the IRDA LIC Agent Latest question paper, will you please provide me the same??????????
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#2
30th July 2014, 09:35 AM
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| Re: IRDA LIC Agent Latest question paper
69. ————- means the market in which an agent chooses to operate. a) Segment b) Target c) Area d) Section 70. Which of the approaches of the agent is appropriate ? Approach A : An agent insisted that all his policyholders should send the premium cheque to him, so that he could ensure that delays did not happen through oversight. Approach B : The agent had the habit of greeting all his policyholders in the same town, on their birthdays and give them attractive presents. a) only approach A b) only approach B c) both the approaches d) Neither of the approach 71. Approach A : An agent used to persuade his prospects, who were mainly salaried employees at the middle management level, that they should take out policies under the MWP act. Approach B : An agent selling mostly Salary Savings Scheme policies in the engineering factories used to canvass them on the basis of Income Tax advantages. a) only approach A b) only approach B c) both the approaches d) Neither of the approach 72. 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 that was a confidential matter. a) only approach A b) only approach B c) both the approaches d) Neither of the approach 73. Approach 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 that he need not mention it. Approach B : The agent suggested to the prospect not to mention the fact that the cause of death of one of his brother’s 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 approach 74. Calculate premium from following data Date of commencement : 1.1.1992 Date of birth : 15.4.1961 Tabular premium for endowment plan with profit For age 31 – Rs. 41.50 For age 32 – Rs. 41.65 For age 33 – Rs. 41.80 Sum assured – Rs. 1,00,000 Mode – Yearly Proposal is accepted at ordinary rates without accident benefits Rebate for sum assured is Rs. 2 per thousand perannum. Rebate for yearly mode is 3% and double accident benefit is available at Re.1 per thousand sum assured per annum a) Rs. 4,165 b) Rs. 3,825 c) Rs. 3,965 d) Rs. 3,840 75. From the following particulars, calculate paid up value : Sum assured : Rs. 50,000 Plan : Endowment without profit Term : 20 years Date of commencement : 19.02.1994 LPP – yearly : 14.02.2000 a) Rs. 50,000 b) Rs. 15,000 c) Rs. 18,000 d) Rs. 17,500 [formidable id=3 title=true description=true] Tags: how to bcome lic agent, ic 33 sample paper, new syllabus of IRDA, sample question paper of IRDA, [formidable id=3 title=true description=true] IRDA Sample Paper Posted in IRDA Sample Paper | No Comments » IRDA Sample Paper Wednesday, November 9th, 2011 Irda exam paper 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 [formidable id=3 title=true description=true] Tags: how to bcome lic agent, ic 33 sample paper, irda sample paper, new syllabus of IRDA, sample question paper of IRDA Posted in IRDA Sample Paper | No Comments » IRDA Sample Paper Tuesday, November 8th, 2011 IRDA Paper 1. What is required to pay the death claim if there is no will, nomination or assignment? a) Probate b) Affidavit c) Birth Certificate d) Legal evidence of Title 2. The ability to do is called ———— a) Action b) Skill c) Attitude d) Knowledge 3. Which of the following statements are ”TRUE” ? Statement A: A father can purchase 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 statement 4. A Duplicate policy is issued when the original policy is ———– a) lost b) with assignee c) pledged against loan d) all of the above 5. Which of the following statements are “TRUE”? Statement A: The maturity proceeds of an insurance policy are taxable as income Statement B: The premium paid under insurance is fully exempt under income tax a) Only statement A b) only statement B c) Both statements d) Neither of the statement 6. Which of the following statements are “TRUE”? Statement A: A department is a place where some specialized kind of work is done. Statement B: Agents are usually attached to branches of insurance offices a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 7. The questions in a proposal form and personal statement are ———– material and relevant. a) Without exception b) mostly c) only partly d) rarely 8. Loans under an insurance policy are repayable ———— a) In a lumpsum b) By adjustment with claim c) In installments d) any of the above 9. ———– is the person to whom the policy is transferred in lieu of some consideration received a) Assignee b) Nominee c) Mortgagor d) Beneficiary 10. ———– describes the behaviour of an agent who is willing to accept that a particular customer may not need life insurance a) Defeatist b) Timid c) Professional d) Non professional 11. ———– means the document produced to establish one’s age. a) Affidavit b) evidence c) certificate d) proof of age 12. Which of the following statements are “TRUE”? Statement A: Old age is a risk. Statement B: Dying too old is as much as dying too late. a) Only statement A b) only statement B c) Both statements d) Neither of the statement 13. How is an annuity paid by the insurer? a) In quarterly installments b) In annual installments c) In monthly installments d) all of these 14. In case a question in the proposal is vague, it should be ————- a) Left blank b) shown as ‘not applicable’ c) scratched out d) any one of the above 15. Which of the following statements are “TRUE” ? Statement A: A policyholder loses his right when he makes an assignment Statement B: When the policy matures the claim proceeds are paid to the nominee a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 16. ————- means a process through which a product is carried to the customer. a) Promotion b) Marketing c) Sales d) Distribution Channel 17. How is the purchase price of deferred annuity payable? a) In a lump sum b) In quarterly installments c) In annual installments d) any of the above 18. A policy which has run for 5 years can be called into question by the insurer if there is suspicion of ————– a) Misrepresentation b) Fraud c) Mistake d) None of the above 19. If a person is born on 02.02.1979, his age last birthday on 5.11.2000 will be ———- a) 23 b) 21 c) 20 d) 22 20. A policy in which the payment to the annuitant begins after one year and is payable thereafter annually is called ———– annuity. a) Immediate b) annual c) deferred d) one-year 21. The Attachment to a policy to indicate that a standard terms and conditions are modified is called ————- a) Clause b) condition c) rider d) endorsement 22. A claim payable after the life assured has survived the term of the policy is called ————- a) Maturity b) Survival c) Death d) Terminal 23. If an immediate annuity is purchased on 10.11.2000, when will the first quarterly annuity be paid ? a) 01.02.2001 b) 10.02.2001 c) 10.11.2000 d) 28.02.2001 24. A policy in which the payment to the annuitant begins after the policy has commenced, is called ———– Annuity. a) Deferred b) Delayed c) Immediate d) Five year 25. The kind of policy an employer can take for the benefit of all his employees is called a ———- policy. a) Super-annuation b) Collective c) Group d) Employee benefit 26) An annuity purchased on 10.11.1984 provides for an immediate annuity for 20 years and life thereafter. If the annuitant dies on 20.12.2000, when will the last quarterly annuity be paid ? a) 10.11.2000 b) 10.08.2004 c) 10.02.2001 d) 10.11.2004 27. Which of the following statements are “TRUE” ? Statement A: Insurance is possible only if the event concerned happens by random Statement B: The cause of loss is called a peril a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 28. The limits of doctors for medical examination is fixed by the ————– a) Insurer b) Medical Council c) Government d) IRDA 29. In case of a policy under MWP Act, who can make a death claim? a) Beneficiaries b) Life Insured’s heirs c) Trustee d) Nominee 30. Which of the following statements are “TRUE”? Statement A: The law of average works when there are many risks of similar nature Statement B: When a calamity hits an insured the loss is met from the premium paid by him a) Only statement A b) only statement B c) Both statements d) Neither of the statement 31. What criteria are relevant to compare different savings plan? a) Safety b) Liquidity c) Yield d) All of the above 32. What does ‘days of grace’ mean? a) Time allowed for paying premium b) Period during which premium is paid at discounted rate c) Time taken to reply letters d) Period after which only risks begins 33. An officer of an Insurance Company authorized by the IRDA to issue agency license is called ——– a) Licensing Officer b) Authorised Person c) Delegated Authority d) Designated Person 34. Who arranges for a customer to get the necessary insurance ? a) Broker b) Retailer c) Agent d) Intermediary 35. Which of the following statement(s) are “TRUE” ? Statement A : Insurance works on the law of averages Statement B : Insurance is possible only when there are many policyholders. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 36. Which of the following statements are “TRUE” ? Statement A : By mixing term and pure endowment any number of plans of insurance can be developed Statement B : A money back policy is a kind of endowment product. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 37. Doctors appointed by the insurers will be ———– a) General Physicians b) Specialists c) Surgeons d) All the above 38. Which of the following statements are “TRUE” ? Statement A : Any two persons can take a joint life policy Statement B : Two business partners can take a joint life policy a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 39. The authority of the agent is specified by ————- a) appointment letter b) by his actions c) verbally communicated d) all the above 40. Term assurance is not suitable when the need is to provide for ———– a) old age b) repayment of loan c) mortgage redemption d) dying too young 41. Which of the following statements are “TRUE” ? Statement A :The agent is expected to carry the identity card with him while meeting the clients. Statement B : A prospect is entitled to ask to see the license of the agent. a) Only statement A b) Only statement B c) Both statements d) Neither statements 42. Which of the following statement(s) are “TRUE” ? Statement A : Fire is a peril, not a loss. Statement B : The essence of insurance is sharing of losses. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 43. The limits of authority of the agents was laid down by ———— a) Insurance Act b) Contracts Act c) Appointment Letter d) None of the above 44. Which of the following statements are “TRUE” ? Statement A : The principle of utmost good faith is the same as the principle of Buyers beware Statement B : The existence of high blood pressure need not be disclosed as the doctor can find this out during the medical examination. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 45. An underwriter ————– a) Calculates premium b) Assesses the risk c) Issues the policy d) Does all the above 46. Which of these policies does not cover the risk of death ? a) Term b) Endowment c) Pure endowment d) Whole life 47. Which of the following statements are “TRUE” ? Statement A : In a group policy each person is free to choose the amount of insurance cover Statement B : A person normally uninsurable can be covered under a group insurance policy a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 48. What risk is covered by an annuity ? a) sickness b) accident c)dying too young d) living too long 49. Which of the following statements are “TRUE” ? Statement A : The rates of commission are a secret Statement B : A prospect has a right to know the commission being received by the agent. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 50. If the proponent has no insurable interest in the insured, the underwriter will ———– a) accept the lien b) accept with extra premium c) decline the proposal d) none of these 51. ———– describes an agent who keeps records of his activities and examines them periodically. a) Analyst b) Professional c) Non professional d) Meticulous 52. ———- is a document issued under the law authorizing the person to act as an insurance agent. a) Mandate b) Contract c) Appointment letter d) License 53. The person appointed to attend the grievances of the policyholders is called ———– a) Grievances Officer b) Complaints Officer c) Designated person d) Ombudsman 54. The agent who tries to canvass insurance business by offering temptations of sharing the commission is ————- a) Corrupt b) Professional c) Incompetant d) Non professional 55. Which of the following statements are “TRUE” ? Statement A : An insurance agent may be sued under 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 statement 56. The maturity proceeds in case of a policy financed by HUF will be paid to ———- a) karta b) life assured c) nominee d) none of these 57. If a person is born on 2.2.79 his age nearer birthday on 5.11.2000 will be ———– a) 21 b) 22 c) 23 d) 19 58. Which of the following statements are “TRUE” ? Statement A : Duplicate policies are issued to enable policyholders make assignments. Statement B : Duplicate policies are not necessary to claim maturity proceeds. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 59. If a person is born on 2.2.1979, his age next birthday on 5.11.2000 will be a) 20 b) 23 c) 21 d) 22 60. Which of the following statements are “TRUE” ? Statement A : If there is a nomination, the claim can be paid without further legal proof of title. Statement B : A nomination becomes invalid if an heir raises a dispute a) Only statement A b) Only statement B c) Both statements d) Neither statements 61. Surplus is an indication that ————- a) targets have been set b) premiums are high c) neither of the above d) both of the above 62. The reduced sum assured payable when the premium due is in default is called ———– a) ex-gratia b) default value c) bonus d) paid up value 63. Which of the following statements are “TRUE” ? Statement A : Insurance can be made to start from previous year Statement B : The policyholder loses his right when makes the nomination a) Only statement A b) Only statement B c) Both statements d) Neither statements 64. After how many years is a missing person presumed to be dead ? a) eight b) five c) six d) seven 65. Which kind of policies are not entitled to bonus ? a) participating b) children’s c) non participating d) whole life 66. Surplus declared in a valuation arises out of good ———– a) Management b) Underwriting c) Investment d) All of these 67. The insurer must transact at least 15% of the business in the fifth financial year in the ——– market. a) Farmer b) Social c) Rural d) Poorer 68. Which of the following statements are “TRUE” ? Statement A : When a policy matures the claim is 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 statements 69. An agent is concerned with ————- a) IRDA act b) Insurance Act c) Contracts Act d) All of these 70. When are maturity intimations sent by insurers? a) before the date of maturity b) after the date of maturity c) on the date of maturity d) one year before maturity date 71. Surplus is a valuation which arises because of favourable experience in ————- a) Mortality b) Expenses c) Interest yield d) All of these 72. Which of the approaches of the agent is appropriate ? Approach A : When the prospect wanted to know the details about various plans so that he could make a choice, the agent told him that the details were too 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 invariably make the prospect fill up the particulars himself. a) only approach A b) only approach B c) both the approaches d) Neither of the approach 73. Which of the approaches of the agents is appropriate ? Approach A : The agent advices that the client simply sign on the proposal form and that he would get the form all filled up from the information we have here Approach B : An agent used to tell his prospects that there was no better Investments than Life Insurance. a) only approach A b) only approach B c) both the approaches d) Neither of the approach 74. Which of the approaches of the agent is appropriate ? Approach A : The agent knew about the death of the client only when he received the copy of the letter written by the office to the wife of the insured, forwarding the forms. Approach B : The agent had the habit of greeting all his policyholders in the same town, on their birthdays and give them attractive presents. a) only approach A b) only approach B c) both the approaches d) Neither of the approach 75. Which of the approaches of the agent is appropriate ? Approach A : An agent left his identity card at home when visiting a prospect Approach B : An agent would insist that all his policyholders should sent him the premium cheques so that he could ensure there was no delays due to oversight. a) only approach A b) only approach B c) both the approaches d) Neither of the approach 76. Approach 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 that he need not mention it. Approach B : The agent suggested to the prospect not to mention the fact that the cause of death of one of his brother’s 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 approach 77. Approach A : An agent had advertised in the Telephone Directory that his services were available for advice on all personal financial matters, including insurance Approach B : An agent advertised in the Telephone Directory, that he represented such company and that he was the best in the country. a) only approach A b) only approach B c) both the approaches d) Neither of the approach 78. Approach A : An agent had advertised in the Telephone Directory that his services were available for advice on all personal financial matters, including insurance Approach B : An agent advertised in the Telephone Directory that he specialized in Annuity policies, which he said were best for persons aged over 50 a) only approach A b) only approach B c) both the approaches d) Neither of the approach 79. Which of the approaches of the agent is appropriate ? Approach A : An agent selling mostly Salary Savings Scheme policies in the engineering factories used to canvass them on the basis of Income Tax advantages. Approach B : To a query from a prospect about the tax advantages, the agent replied ‘why do you worry ? You just tell me how much money you can spare and I will work out a policy for you.’ a) only approach A b) only approach B c) both the approaches d) Neither of the approach 80. Which of the approaches of the agent is appropriate ? Approach A : When a policyholder complaint that nobody in the Insurance Company was answering the telephone, the agent said that the office was in a mess and that the managers were incompetant Approach B : Going through the records of the prospect, who he was meeting for the first time the agent suggested that he make nominations on the policies and undertook to have them registered by the office. a) only approach A b) only approach B c) both the approaches d) Neither of the approach 81. Approach A : When a prospect wanted to know what the agent would get out of the sale of insurance, he just gave the photocopy of the appointment letter. Approach B : When the prospect wanted to know what the agent would get out of the sale of insurance, the agent said it was a very confidential matter. a) only approach A b) only approach B c) both the approaches d) Neither of the approach 82. From the following information, calculate the premium payable SA – 1,00,000 Plan money back 20 years Mode Half Yearly Age nearer birthday 36 years. Proposal accepted at normal rates with DAB. Tabular Premium is 69.25, with rebate for half yearly mode 1.5 %. Rebate for large sum assured is Rs.2/- and Premium for double accident benefits is Re.1/- per thousand per annum. a) Rs.3,261/- b) Rs.3,461/- c) Rs.3,463/- d) Rs.3,361/- 83. Given that sum assured Rs. 1,00,000/- mode yearly-endowment policy 30 years without profits. Date of commencement 25/10/1993 first unpaid premium 25/10/2001 the paid up value will be ——— a) Rs.25,666 b) Rs.26,667 c) Rs.30 d) Rs.25,667 [formidable id=3 title=true description=true] Tags: how to bcome lic agent, ic 33 sample paper, irda sample paper, new syllabus of IRDA, sample question paper of IRDA Posted in IRDA Sample Paper | No Comments » IRDA Sample Paper Monday, November 7th, 2011 2007 IRDA Agent Licensing Question paper 1) The principle to be followed by both the parties in an insurance contract, with reference to disclosure of all the relevant facts, is known as ———————————————— —-. 2) The life insurance scheme, which allows an employer to insure the lives of important employees in the organization, in order to cover the risk arising out of their premature death is known as ———————————————— ——. 3) The Insurance Act was passed in the year a) 1928 b) 1938 c) 1939 d) 1942 4) In life insurance, the ___________ is authorized to collect the claim amount after the death of the policyholder. 5) How is, the person appointed by the Government to settle disputes between the insurers and the insured, better known as? __________________ 6) Assignment usually effected for consideration of natural love and affection is: __________ . 7) A process whereby the beneficial interest, right and title under a policy gets transferred is called __________ . 8) Fill in the blanks. a. To sell insurance an agent must understand the prospect’s insurance ______. b. An agent has to ensure that without a lapse, the new policy issued should continue till it becomes a __________. c. The ______________ is also accompanied by the agent’s _____________ report. d. In nomination the policyholder ____________ all rights under the policy. e. The two types of assignments are _________________ and ________________. f. A lapsed policy can be revived in _______ ways. g. The __________ should help the prospect in revival process. h. Maturity claim can be done after filling up the _______________ voucher. i. Indemnity bond is executed by the policy holder in case the policy is ___________ or _____________. 9) The capability to function as an agent would be measured partly by the business that is done and the commission that is earned.(T/F) 10) An agent’s reputation must be such in the market that will help him to collect more references from his policyholders.(T/F) 11) Product knowledge ends with knowing the broad terms and conditions of the policy and the extent of cover.(T/F) 12) Good product knowledge will help one to be aware of the possible drawbacks in the policy, the tax implications, the fit with the client’s need, the extent to which the client has to take precautions so that the benefits may not be lost.(T/F) 13) An agent is a professional and a businessman.(T/F) 14) An agent is both a professional and a businessman and there is no conflict between the two.(T/F) 15) An agent’s revenue is in the nature of commission on premium. (T/F) 16) Professional agents must set aside both funds as well as time for their personal growth.(T/F) 17) Salesmanship is different from management.(T/F) 18) For an insurance agent the whole world is a potential market. (T/F) 19) The segment in which an agent operates is called his target market / segment. An agent must have only one target market. (T/F) 20) An agent sells himself before he sells his product.(T/F) 21) An agent is a self-motivated individual. All his actions are goal oriented. (T/F) 22) Morale implies that the behavior of the agent has to be one that exudes confidence and positive thoughts about the company and its offerings. This is possible only if the agent feels good about his profession and business. (T/F) 23) Communication is normally understood to refer to the information that one has to send to another, through words or symbols or pictures, in writing or verbally.(T/F) 24) The seven C’s of communication are completeness, courtesy, consideration, clarity, conciseness, concreteness, and correctness. (T/F) 25) In insurance selling is more through use of persuasive skills than counseling skills. (T/F) 26) An agent must be able to analyze the various needs of the prospect and find the best plan to meet those needs. An agent can also make assumptions.(T/F) 27) An agent is bound under the terms and conditions of the appointment letter given to him by the insurer under the Licensing of Insurance agent’s regulations 2000.(T/F) 28) Non-compliance of the provisions of this regulation may lead to termination of the agency license.(T/F) Fill in the blanks using only one of the alternatives provided in bracket. 29) The definition of Rural area is where the total population is (over 5000/ over 10,000 / less than 5000) 30) Term Insurance product is useful for ________________________________ (providing for old age / for Children/cover in case of mortgage loans/ getting payments at regular intervals). 31) Age nearer to birthday as on 20.5.2000 of a person with date of birth 13.7.1974 is years (25/26/27). 32) The terminal bonus is paid to those policies which become claim after completing years as in force policies (10/15/20). 33) If a person is born on 15.03.1975 his age last birthday as on 12.03.2001 will be i) 23 yrs ii) 24 yrs iii) 25 yrs iv) 26 yrs 34) In mortgage redemption policies the sum assured will be paid a) At the end of the term b) ON death within the term c) Both of the above d) On default of the payments 35) Non forfeiture clause refers to a) Option to keep the policy running when it is about to lapse due to non payment of premiums b) Whatever the condition the premiums paid by the policy holder cannot be forfeited c) When the policy holder does not return the loan taken on a policy the policy is forfeited by the insurer d) In case of a moral hazard the sum assured is forfeited by the insurer 36) Statement A: An individual can take a Key man insurance on his own life Statement B: A husband is a Key man to his wife a) Only statement A is true b) Only statement B is true c) Both A & B are false d) Both A & B are true 37) Statement A: Agents are usually attached to branches of insurance offices Statement B: A department in an office is where some specialized type of work is carried out a) Only statement A is true b) Only statement B is true c) Both A & B are true d) Both A & B are false 38) The maximum limit for payment of commission prescribed for 2nd and 3rd year renewal premiums is fixed as per insurance act 1938 as a) 35% b) 40% c) 5% d) 7.5% 39) Three fundamentals of sound investment are : ____________, ____________, ________ , 40) The insurer makes guaranteed additions @ 7% of the S.A. for each completed policy year, for which premiums are paid, and these will payable at the end of the term of the policy or earlier death of the policyholder A. The insurer also puts an x amount as loyalty addition, if premium has been paid for 5 years. A has taken the policy for 15 years for Rs. 1,00,000 S.A. He has been paying his premiums regularly. How much would he get if he died after 4 years of taking the policy? How much would he get on maturity of the policy? 41) Mr. X buys a policy for Rs3, 00,000 S.A. at age 35 and pays a single premium. He dies at the age of 45 in a road accident. His wife gets RS. 3,00,000/- as death benefit. How much tax will she have to pay on this amount? 42) Life assured aged 35, for a policy of Rs.30000/- sum assured under Money Back policy for a term of 20 years. DAB & EPDB are not required. Tabular premium per thousand is given as Rs.68.70. If the policy is under Salary Saving Scheme what would be the monthly premium? 43) A. Calculate the half-yearly premium for a with-profit endowment assurance of Rs.30000/- for a term of 30 years issued to a scheduled commercial airline pilot aged 25 without D.A.B. & E.P.D.B. The occupation extra in this case is 12PER THOUSAND for 10 years. ANSWER 654 B. What will be the half-yearly instalment payable after 10 years, given that the tabular premium for 1000 S.A. is Rs.33.10? 44) Calculate the quarterly instalment premium under a whole life policy for Rs.50000/- sum assured, issued to a life whose age nearer birthday at entry is 45, with premium paying term limited to 25 years. D.A.B. (Double Accident Benefit) & E.P.D.B. (Extended Permanent Disability Benefit) benefit is allowed. Tabular premium is given as Rs.48.10 and D.A.B., E.P.D.B. as Rs.50. 45) Age 25 years, Term 26 years, Sum Assured Rs.200000/-, Mode half yearly. Calculate the instalment premium. Table premium is 40.25. 46) Calculate claim payable: Date of Death : 27 Nov 2000 Date of commencement: 13 Dec 1989 Sum Assured: 30,000 L. P. P. : 13/12/1999 Bonus: 3/85-3/99 600 per thousand, 3/2000 is 60 Half yearly premium of 400 47) The drive or urged to do something to achieve at end is called ________ a. willingness b. motivation c. need d. power 48) ____________ are statements made by the prospect raising doubts about the usefulness of the Insurance. (a) Refusals (b) Objections (c) Queries (d) Disagreement 49) _________ is helping the policy holder to make sure that the policy will not fail at the critical moment. (a) Sales (b) Service (c) Advice (d) Promise. 50) Describe the behavior of an Agent who exchanges experiences with other agents. (a) curious (b) Probing (c) Non Professional (d) Professional 51) An officer of insurance company authorized by IRDA to issue agency license is called a. Designated person b. Authorized person |
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52) A. The insured mentioned to the agent adviser while filling up the proposal form that some six years back white fluid had discharged from his right ear, but it stopped after that. The agent does not mention it in his report because it is not relevant now. B.The agent confirms from the insurer about the present situation and since it is ok, he does not mention in his report. a) Only A is true b) Only B is true c) Both are true d) Both are false Tags: how to bcome lic agent, ic 33 sample paper, irda sample paper, new syllabus of IRDA, sample question paper of IRDA Posted in IRDA Sample Paper | 684 Comments » IRDA Sample Paper Friday, October 14th, 2011 IRDA Agent Licensing Question paper (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. [formidable id=3 title=true description=true] Tags: how to bcome lic agent, ic 33 sample paper, irda sample paper, new syllabus of IRDA, sample question paper of IRDA Posted in IRDA Sample Paper | 104 Comments » IRDA Sample Paper Wednesday, October 12th, 2011 IRDA Agent Licensing Question paper 1. A policy in which the payments to the annuitant begins 5 years after the policy has commenced is called ———– a) 5 year b) Immediate c) Delayed d) Deferred 2. The ability to do is ———– a) Action b) Skill c) Attitude d) Knowledge 3. Which of the following statement(s) are “TRUE”? Statement A: A father can take a policy on the life of his own son who is 12 yrs old Statement B: One can take a policy on the life of a friend to whom has lent money a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 4. A duplicate policy can be issued when the original policy is a) Lost b) With assignee c) Pledged against a loan d) All the above 5. How is an annuity paid by the insurer? a) In installments b) In lump sum c) In annual installments d) In quarterly installments 6. In the case of moral hazard, ———– a) A lien is placed b) The sum assured is reduced c) The proposal is declined d) Extra premium is charged 7. Which of the following statement(s) 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 statement 8. Which of the following statements are “TRUE “ ? Statement A: A department in an office is a place where some specialized kind of work is done. Statement B: Agents are usually attached to branches of insurance offices. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 9. What is paid by the insurer when the policyholder decides to discontinue the policy ? a) Intermediate Claim b) Surrender Value c) Forfeiture d) Lapses 10. ———– describes an agent who does not take the objections of his prospect lightely. a) Non-professional b) Arrogant c) Professional d) Mechanical 11. A policy in which the payment to the annuitant begins after 1 year and is payable thereafter annually, is called ————- a) One year b) Immediate c) Annual d) Deferred 12. The questions in the proposal form and personal statement are ———- material and relevant a) Without exception b) Mostly c) Only partly d) Rarely 13. An agent is subject to ———– a) IRDA Regulations b) Terms of appointments c) Agents manual d) All of the above 14. The behaviour of an agents who tells his client that the advice given by another agent is wrong is ————- a) Dominating b) Interfering c) Childish d) Non-professional 15. ————– means the document produced to establish ones age. a) Affidavit b) Proof of age c) Certificate d) Evidence 16. ————- describes an agent who keeps records of his activities and examines them periodically. a) Analyst b) Meticulous c) Non-professional d) Professional 17. Loans under insurance policies can be repaid ————– a) In one lump sum b) By adjustment against claim c) In installments d) In any of the above ways 18. Surplus is an indication that ————- a) Premium is high b) Targets have been met c) Neither of the above d) Both of the above 19. Which of the following statements are “TRUE “? Statement A: Insurance can be made to begin from previous year Statement B: The policyholder loses his rights when he makes a nomination a) Only statement A b) Only statement B c) Both statements are false d) Both statements are true 20. ———— is the person to whom the policy is transferred in lieu of some consideration received a) Assignee b) Nominee c) Mortgagor d) Beneficiary 21. After how many years is a missing person presumed to be dead? a) Six b) Eight c) Seven d) Five 22. How is the purchase price of a deferred annuity payable ? a) In a lump sum b) In quarterly installments c) In annual installments d) Any of the above 23. 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 24. Which of the following statements 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 are false d) Both statements are true 25. The agent has ————— freedom to act on behalf of the principle. a) Full b) Limited c) Specified d) None of the above 26. ————– describes the behaviour of an agent who is willing to accept that a particular customer may not need life insurance. a) Defeatist b) Non-professional c) Timid d) Professional 27. The authority of an agent is ————— a) Specified in the appointment letter b) Inferred from his action c) Verbally communicated d) all of the above 28. Which of the following statements are “TRUE”? Statement A: A policyholder loses his rights when he makes an assignment Statement B: If the proposal matures, the claim proceeds are paid to the nominee a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 29. Which of the following statements are “TRUE”? Statement A: It is the agent’s responsibility to ensure that all material information is made available. Statement B: If the proposal papers are incomplete, the agent will be held accountable. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 30. 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 statement 31. In the case of a policy under the provision of a Married Women’s Property Act, who can make a claim on maturity? a) Trustee b) Life insured c) Beneficiaries d) Life insured’s heirs 32. Which of the following statements are”TRUE”? Statement A: Any two persons can take a joint life policy. Statement B: Two business partners can take a joint life policy. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 33. Which of the following statements are “TRUE”? Statement A: The agent is at fault, if the policy sold does not meet the proponents 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 statement 34. The attachment to a policy to indicate that the standard policy terms and conditions have been modified is called ————– a) Clause b) Condition c) Rider d) Endorsement 35. What would be the paid up value of 25 year old endowment policy Rs.50,000 taken in October 1988, if the last half-yearly premium paid was in October 2000 ? a) Rs.26,000 b) Rs.27,000 c) Rs. 24,000 d) Rs. 25,000 36. Which of the following statements are “FALSE” ? Statement A: Policy decisions in an insurance organization mean decision relating to issue of specific insurance policies. Statement B: Policy decisions in an insurance organization mean decisions relating to the kind of plans of insurance to be offered to the public. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 37. If a person is born on 4.7.1981, his age next birthday on 25.11.2000 will be ————- a) 19 b) 21 c) 20 d) 18 38. Moral Hazard is a matter of —————- a) Fact b) Opinion c) Evidence d) None of them 39. Which of the following statement(s) are “TRUE” ? Statement A: A nomination is valid only if it is made on the policy document Statement B: When the insurance policy is the subject matter of a will, the nomination is automatically cancelled. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 40. To whom can a policyholder apply in case of bad service from an insurer ? a) IRDA b) Consumer forum c) Ombudsman d) All the above 41. The single policy issued as evidence of the contract of group coverage is called ———– policy. a) Master b) Overall c) Group d) Single 42. The process of determining if the claim can be paid is called a) Consideration b) Decision c) Acceptance d) Admission 43. Which of the following statement(s) are “TRUE” ? Statement A: Maturity proceeds under the insurance policy are subject to capital gains tax. Statement B: If the policy is lost, the claim will not be paid without a duplicate policy. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 44. What is the uniqueness of life insurance as a saving plan ? a) Tax benefits b) Liquidity c) Safety d) Guaranteed fulfillment of saving plan 45. The maturity proceeds of a policy financed by HUF will be paid to the ———– a) Karta of HUF b) Life assured c) Nominee d) None of the above 46. ————- is a document issued under the law authorizing a person to act as an insurance agent. a) Appointment b) License c) Certificate d) Mandate 47. ———— means the process through which a product is carried to the customer. a) Marketing b) Distribution channel c) Promotion d) Sales 48. The insurer must transact at least 15% of the business in the 5th financial year in ———- market. a) social b) Poorer c) Farmers d) Rural 49. Surplus declared in a valuation arises because of good ———–. a) Underwriting b) Management c) Investment d) all of the above 50. Which of the following statements are “TRUE”? Statement A: Insurance is necessary to cover the risk of living too long. Statement B: Insurance helps one to be less dependent on others. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 51. An agent is expected to report on the proponent’s ———— status. a) Financial b) Medical c) Both d) Neither of the statements 52. Which of the following skill is required to influence the other person to do something ? a) Salesmanship b) Analytical c) Communication d) Persuasiveness 53. Surplus in a valuation arises because of favorable experience in ———– a) Mortality b) Expenses c) Interest Yield d) All of the above 54. Which of the following statements are “TRUE”? Statement A: Duplicate policies are issued to enable policyholders make assignments. Statement B: Premium under a group insurance policy is constant for all time to come. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 55. Which of the statements are “TRUE”? Statement A: The premium under a group insurance policy is constant for all time to come. Statement B: Premium under a group insurance policy is recalculated every three months. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 56. To whom should an application for agency license be given ? a) The IRDA b) Controller of Insurance c) The insurer d) Any of the above 57. If a person is born on 2.2.1979, his age last birthday on 5.11.2000 will be a) 20 b) 23 c) 21 d) 22 58. What is the final stage in the selling process ? a) Approach b) Interview c) Convincing d) Close 59. Which of the following statements are “TRUE”? Statement A: If there is a nomination, the claim can be paid without further legal proof of title. Statement B: A nomination becomes invalid if an heir raises a dispute. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 60. Which of the following statements are “TRUE”? Statement A: Insurance is relevant only if there is possible economic loss. Statement B: An event, which will certainly happen, cannot be insured against. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 61. Which of the following approach (es) of the agent is appropriate? Approach A: The agent suggested to the prospect that he signs the proposal form and that he (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 prospect 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 approach 62. Section 45 of the insurance act is relevant for the policies which are at least ———- years old. a) three b) Two c) four d) five 63. 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 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 business from them. a) Only approach A b) Only approach B c) Both the approaches d) Neither of the approach 64. Calculate premium from the following data : SA – Rs.1,00,000 Plan-Money Back-20 yrs Mode-half yearly Age nearer B’day-36 yrs Proposal accepted at ordinary rates with double accident benefit, TP – Rs.69.25 Rebate for half yearly premium is at 1.5% Rebate for large sum assured is Rs.2/- and Premium for double accident benefits is Re.1/- per thousand per annum. a) Rs.3,261/- b) Rs.3,461/- c) Rs.3,463/- d) Rs.3,361/- 65. Given that sum assured Rs. 1,00,000/- mode yearly-endowment policy 30 years without profits. Date of commencement 25/10/1993 first unpaid premium 25/10/2001 the paid up value will be ——— a) Rs.25,666 b) Rs.26,667 c) Rs.30 d) Rs.25,667 66. How is the purchase price of an immediate annuity payable? a) In installments b) In quarterly installments c) In annual installments d) In lump sum 67. Which of the following statement(s) are “TRUE”? Statement A: Fire is a peril, not a loss. Statement B: The essence of insurance is sharing of losses. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 68. A risk can be ————— a) Measured b) Calculated c) Assessed d) All the above 69. What does ‘days of grace’ mean? a) Time allowed for paying premium b) Period during which premium is paid at discounted rate c) Time taken to reply letters d) Period after which only risks begins 70. Who is the person who arranges for a customer to get the necessary insurance ? a) Broker b) Retailer c) Agent d) Intermediary 71. The person appointed to attend to grievances of policyholders is called ————– a) Grievance officer b) Complaints officer c) Ombudsman d) Designated officer 72. Bringing a policy, which has lapsed, back to force is called ———— a) Recovery b) Revival c) Relapse d) Renewal 73. Who is the potential purchaser of a product? a) customer b) Client c) Consumer d) Prospect 74. Which of the following statement(s) are “TRUE” ? Statement A: Insurance works on the law of averages Statement B: Insurance is possible only when there are many policyholders. a) Only statement A b) Only statement B c) Both statements d) Neither of the statement 75. Approach A: A proponent called up the agent to know why a particular medical test was being asked by the office and the agent said that he was not aware of the same and would revert to matter the next day. Approach B: A proponent called up the agent to know why a particular medical test was being asked by the office and the agent said that he was not aware of the same, the office always did such stupid things and then he would sort out the matters the next day. a) Only approach A b) Only approach B c) Both the approaches d) Neither of the approach 76. Approach A: An agent insisted that all his policyholders should sent the premium cheques to him, so that he could ensure that delays did not happen through oversight. Approach B: An agent being friendly with the assistant in the new business department, used to keep track of the new proposals coming in and try to get additional business from the same parties. a) Only approach A b) Only approach B c) Both the approaches d) Neither of the approach 77. Approach A: When a prospect wanted to know details about various plans so that he could make a choice, the agent told him that the details were too 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 invariably make the prospect fill up the particulars himself. a) Only approach A b) Only approach B c) Both the approaches d) Neither of the approach 78. Approach A: The agent knew about the death of the client only when he received the copy of the letter written by the office to the wife of the insured, forwarding the forms. Approach B: The agent had the habit of greeting all his policyholders in the same town, on their birthdays and give them attractive presents. a) Only approach A b) Only approach B c) Both the approaches d) Neither of the approach 79. 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 that was a confidential matter. a) Only approach A b) Only approach B c) Both the approaches d) Neither of the approach 80. Approach 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 that he need not mention it. Approach B: The agent suggested to the prospect not to mention the fact that the cause of death of one of his brother’s 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 approach 81. Approach A : Going through the existing policies of a prospect whom he is meeting for 1st time, the agent suggests that he should allow three of them to lapse and go in for new policies straightaway Approach B: Going through the existing policies of a prospect whom he was meeting for the 1st time, the agent suggests that nominations be made and offered to get them registered by the office a) Only approach A b) Only approach B c) Both the approaches d) Neither of the approach 82. Approach A: An agent had advertised in the Telephone Directory that his services were available for advice on all personal financial matters, including insurance Approach B: An agent advertised in the Telephone Directory that he specialized in Annuity policies, which he said were best for persons aged over 50 a) Only approach A b) Only approach B c) Both the approaches d) Neither of the approach [formidable id=3 title=true description=true] Tags: how to bcome lic agent, ic 33 sample paper, irda sample paper, new syllabus of IRDA, sample question paper of IRDA Posted in IRDA Sample Paper | No Comments » IRDA Sample Paper Tuesday, October 11th, 2011 IRDA Agent Licensing Question paper 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. [formidable id=3 title=true description=true] |
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| MSc 2 year assignment questions
I want MSc 2 year assignment questions
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