#1
5th August 2014, 09:05 AM
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IRDA LIC Agent Question Paper
Will you provide the LIC Agent question paper of IRDA(Insurance Regulatory and Development Authority)?
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#2
5th August 2014, 11:56 AM
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Re: IRDA LIC Agent Question Paper
As you are looking for LIC Agent question paper of IRDA, here I am providing few questions for your idea. 1.A policy, in which payment to the annuitant begins five years after the policy has commenced, is called ___________annuity. a. Deferred b. Certain c. immediate d. five year 2.A duplicate policy may be issued when the original has been _______. a. Mutilated b. burnt c. Stolen d. All the above 3. What right does a consumer have? a. Right of redressal b. Right to information c. right to education c. all the above 4. What is required to pay the death claim if there is no will, nomination or Assignment? a. Probate b. Birth certificate c. proof of title d. Court order 5. When we agree to pay a claim, it is called _____________. a. Admission b. payment c. submission d. consideration 6. Which of the statement/s are True? A. Insurance helps one to be less dependent on others. B. Insurance is necessary to cover the risk of living too long. a. Only A b. only B c. Both d. Neither 7. Which of the following are true? A. The community of policyholders shares insurance claims. B. In insurance, every policyholder contributes to the losses incurred by others. a. Only A b. only B c. both d. neither 8. Which of the following are true? A. Insurance works on the law of averages. B. Insurance is possible only when there are many policyholders. a. Only A b. only B c. both d.neither 9. Annuity covers the risk of ______________ a. Death b. accident c. Living too long d. sickness 10. Which of the following are true? A. Accident Benefit is an option available on payment of additional amount. B. Accident Benefit cover is automatic in all life insurance policies. a. Only A b. only B c. both d. Neither 11. The reduction in the tabular premium for mode or sum assured is called _____________. a. Concession b. incentive c. Rebate d. reduction 12. Terminal Bonus is payable on _____________. a. Maturity b. surrender c. revival d. foreclosure 13. _______________ is the process of deciding on a proposal for insurance. a. Decision b. acceptance c. underwriting d. Consideration 14. In case of Moral Hazard _______________ a. Proposal is declined b. Extra premium is charged c. Sum assured is reduced d. lien is imposed 15. The principal is responsible for ________________acts of the agents. a. All acts of the agent b. None of the acts of the agents c. Some of the acts of the agent d. specified act on behalf of the principal 16. Which of the following is true? A. A wife can take on a policy on her husband. B. A person can take a policy on the life of a customer to whom he has lent money. a. Only A b. only B c. both d. neither 17. A business wherein persons facing same risks are brought together, to create a fund from which those suffering losses are compensated. a. Mutual fund b. insurance c. Banking d. security 18. If an immediate annuity is purchased on 10/12/2000 when will the first half-yearly annuity be paid? a. 10/12/200 b. 10/03/2001 c. 01/06/2001 d. 10/06/2001 19.The happening of risk in insurance should be a. Accidental b. Created c. Regular d. Deliberate 20. In LIC, social security fund is created as per instructions of __________. a. IRDA b. State Govt. c. Controller of Insurance d. Central Govt. 21. A policy cannot be called in question after 2 years on the grounds of false information under Section _____ of the Insurance Act. a. 45 b. 38 c. 44 d. 39 22. A prospect is one who has a. Need for insurance b. capacity to pay c. Need and capacity d. none of the above 23. Plans of life insurance are a. Only term insurance b. Only pure endowment c. Combination of term and pure endowment d. none of the above 24. Final Additional Bonus is payable on policies which are in full force for full sum assured for a minimum period of a. 10 yrs. b. 15 yrs. c. 20yrs. d. 25 yrs. 25. In case of convertible whole life plan, policyholder has to exercise the option of converting it into endowment assurance at the end of a. 2 yrs. b. 5 yrs. c. 7 yrs. d. 10 yrs. 26.In case of annuity policies, selection is made by a. Insurer b. agent c. Annuitant d. Development officer 27. Insurance premium charged depends on a. Sum assured b. term c. age d. all the above 28. A policy acquires paid up value after payment of premium for a. 3 yrs. b. 5 yrs. c. 1 yr. d. 7 yrs. 29. For yearly mode of payment of premium rebate allowed in tabular Premium is a. 3% b. 1.5% c. 5 % d. 1% 30. S.V. Factor depends on a. Sum assured b. Duration elapsed c. term d. Term and duration elapsed 31. The present rate of interest for delayed payment of premium is a. 6% b. 9% c. 7.5% d. 10.5% 32. _________ is the evidence of intimation of risk upto the next due date. a. FPR b. challan c. renewal receipt d. Deposit receipt 33. _____________ is the evidence of the policy contract. a. FPR b. Renewal receipt c. proposal form d. policy document 34. Alterations are effected in a policy by a. Separate endorsement b. correcting the document c. Issuing a new document d. none of the above 35. _______________ is the basic unit of growth and profit. a. Branch office b. divisional office c. zonal office d. Central office 36. _______________ Plan is designed to meet the outstanding loans of Individual a. Endowment b. Jeevan Griha c. Bima Sandesh d. Mortgage redemption assurance 37. Life insurance business was nationalised in ___________. a. 1947 b. 1956 c. 1950 d. 1981 38. An annuity payable for a fixed period is called _____________. a. Annuity certain b. immediate annuity c. life annuity d. deferred annuity 39. __________ is the price paid by the insured for a life insurance policy. a. Sum assured b. premium c. Maturity value d. Surrender value 40. Main advantages of group schemes a. High sum assured b. low cost c. graded cover d. no age proof 41. Premiums paid under Jeevan Suraksha plan are exempt under Sec. _______ of IT Act. a. 88 b. 80CCC c. 80D d. 80 G 42. LICI Act has been amended by ______________. a. IRDA Act, 1998 b. IRDA Act, 1999 c. IRDA Act, 2000 d. None 43. Licence to an insurance agent is issued by ____________. a. Controller of insurance b. IRDA c. Marketing Manager d. Branch Manager 44. A composite insurance agent is one who _______________. a. Works for life insurance b. Works for general insurance c. Works for life and general insurance d. works for UTI 43. The insurer before claim in case of ______________ can send a discharge voucher. a. Death claim b. surrender c. maturity claim d. none 47. Behavioral aspects include a. Communication b. morale c. motivation d. all the above 48. Ideally the plan to be sold to the prospect is ____________ a. Endowment b. Money back c. plan that suits the needs of the proposer d. multipurpose 49. Maximum commission payable on first year premium is a. 35% b. 50% c. 15% d. 25% 50. Minimum business required for an agent every year is __________. a. 15 policies b. 12 policies c.12 lives d. 15 lives 51. Purchase price in case of a deferred annuity can be paid in a. Lump sum b. quarterly installments c. yearly installments d. any of these 52. Extended claim concession is applicable to policies where premiums have been paid for _______________. a. 3 years b. 10 years c. 5 years d. 2 years 52. If the proposer does not fully disclose fully all the material facts at the time of proposal , the principle violated is a. Caveat emptor b. insurable interest c. utmost good faith d. Sharing of risk 54. A plan of life insurance, which provides for payment of sum assured in the event of death only during the selected term and nothing payable in the event of survival is known as a. Pure endowment b. term assurance c. Immediate annuity d. Deferred annuity 55. A document required to pay the death claim a. Birth certificate b. death certificate c. court order d.evidence of relationship to deceased. 56.The decision not to accept the life proposed to be insured is known as a. Declining b. Negative c. rejection d. Refusal 54. Surplus in a valuation arises because of Favourable experience in a. Mortality b. cost of management c. Interest earned d. all the above 59.The amount paid by the insurer when the policyholder decides that he does not want to continue with the policy a. Forfeiture amount b. final claim c. lapse amount d. surrender value 60. The process of recording the correct age of a person insured is Called ______________. a. Certification b. age admission c. verification d. Proof of age 61. Infirmities are caused by _______________. a. Old age b. sickness c. loss of limb d. all of these 62. Doctors appointed by the insurers will be ______________. a. General physicians b. Specialists c. Surgeons d. All of these 63. To be eligible for bonus, ____________ year’s premiums have to be paid under an insurance policy a. 2 years b. 3 years c. 4 years d.5 years 64. A contract, which provides for regular periodic payments for a specified period which, is fixed without regard to the duration of any life a. Life annuity b. Deferred annuity c. Fixed annuity d. Annuity certain 65. Licence for life insurance business is granted for _____ years. a. 3 years b. 5 years c. 6 years d. 4 years 66. ______________ is bringing the policy back to life. a. Renewal b. Revival c. restart d. Lapsation 67. Payment of claim amount to claimants who are non-residents of India are governed by a. Passport b. Foreign Exchange Control Regulations c. Evidence Act d. Income Tax Act 68. Trust deed in a Group Insurance has to be approved a. Chairman of LIC b. Commissioner of Income- Tax c. Marketing manager d. Branch Manager 69. Guaranteed surrender value is 30% of the total amount of premiums excluding a. First year’s premium b. extra premiums, if any c. Accident benefit premium d. all of these 70. The primary component of the distribution channel in life insurance a. Branch Manager b. agent c. Assistant d. development officer 71. Calculate the half-yearly installment premium given that: Date of birth 10/01/1976 Date of proposal 10/01/2001 Sum Assured Rs. 10000 Assume that the proposal is without accident benefit and occupational extra Rs. 4%o is chargeable. The tabular premium for the plan and term is given below: For age: 24 years Rs. 75.00 25 years Rs. 76.00 26 years Rs. 77.00 Also assume that there is no mode or sum assured rebate a. 450 b. 400 c. 800 d. 760 71. Date of commencement : 13/7/1984 Endowment with profits 25 years Sum Assured Rs.50000 Last premium paid was due on 13/01/2001 Mode: Qly Premium: Rs.450 S.V. Factor 46% Bonus 1985 - 2000 – 960 /- per thousand 2001-75 /- per thousand Calculate loan value as on 12.02.2002 a. 33528 b. 33530 c.35500 d.35501 |
#3
29th December 2015, 03:09 PM
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Re: IRDA LIC Agent Question Paper
Hello sir I want to prepare for IRDA LIC Agent so here can you please give me qus paper for practice ?
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#4
29th December 2015, 03:10 PM
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Re: IRDA LIC Agent Question Paper
Hey as IRDA may refer to: Insurance Regulatory and Development Authority of India, an agency of Government of India for insurance sector supervision Here I am giving you qus paper of English for IRDA LIC Agent Question 1 Amruta is pregnant. She has applied for a term insurance cover. Which of the below option will be the best option to choose for an underwriter to offer insurance to Amruta? Choose the most likely option. A Acceptance at ordinary rates B Acceptance with extra premium C Acceptance with a restrictive clause D Decline the proposal Question 2 Which among the following is a non-traditional life insurance product? A Endowment insurance B Universal life insurance C Whole life insurance D Term assurance Question 3 Mahesh has bought a life insurance policy with a critical illness rider. He has made absolute assignment of the policy in favour of Karan. Mahesh suffers a heart attack and there is a claim of Rs. 50,000 under the critical illness rider. To whom will the payment be made in this case? A Karan B Mahesh C The payment will be shared equally by Mahesh and Karan D Neither of the two because Mahesh has suffered the heart attack but the policy is assigned in favour of Karan Question 4 An insurance broker represents _______. A Insurance company B Community of people who have already taken insurance C Insured D Association of insurance companies Question 5 For an insurance policy nomination is allowed under _________ of the Insurance Act, 1938. A Section 10 B Section 45 C Section 39 D Section 38 Question 6 _____________ relates to inaccurate statements, which are made without any fraudulent intention. AOffer BRepresentation CContribution DMisrepresentation Question 7 For the subsequent premiums received by the insurance company after the first premium, the company will issue _________ Restoration premium receipt Revival premium receipt Renewal premium receipt Reinstatement premium receipt Question 8 What is the time limit for approaching an Insurance Ombudsman? Within two years of rejection of the complaint by the insurer Within one year of rejection of the complaint by the insurer Within three years of rejection of the complaint by the insure Within one month of rejection of the complaint by the insurer Question 9 Health insurance is designed to handle which of the following risks? Infinity Mortality Serendipity Morbidity Question 10 “Hurt not others with that which pains yourself”. This golden rule of ethics is given in the teaching of which religion? Christianity Buddhism Hinduism Judaism Question 11 Money laundering is the process of bringing _______ money into an economy by hiding its _______ origin so that it appears to be legally acquired. Illegal, illegal Legal, legal Illegal, legal Legal, illegal Question 12 Which of the below losses are covered under keyman insurance? General liability Losses caused due to errors and omission Losses related to the extended period when a key person is unable to work Property theft Question 13 Which of the following condition will affect a person’s insurability negativ Lazy nature Daily jogs Banned substance abuse Procrastination Question 14 Which among the following is an intangible product? Life insurance Car House Soap Question 15 Mortgage redemption insurance (MRI) can be categorised under ___ Universal life assurance Variable life assurance Decreasing term life assurance Increasing term life assurance Question 16 The term TPA refers to ________. (Answer with regards to health insurance) Third Party Assistance The Primary Associate Third Party Administrator To Provide Assistance Question 17 An individual with an aggressive risk profile is likely to follow wealth _______investment style. Spending Consolidation Accumulation Gifting Question 18 Who provides public pensions? Insurers Employers State NGO’s Question 19 In decreasing-term insurance, the premiums paid ____________ over time. Increase Remain constant Decrease Are returned Question 20 In decreasing-term insurance, the premiums paid ____________ over time. Remain constant Decrease Are returned Increase |
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