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4th March 2016, 12:14 PM
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Join Date: Apr 2013
Re: IRDA Licentiate Exam- Question And Answers

As you want I am here giving you sample question paper with answer for Licentiate Exam of Insurance Regulatory and Development Authority (IRDA).

Licentiate Exam Sample Paper :

i. Insurance business is transacted in India primarily as per the provisions of:
a. Insurance Regulatory and Development Authority Act, 1999 b. Insurance Act, 1938 c. Life Insurance Corporation Act, 1956 d. Employees State Insurance Act, 1948 e. Motor Vehicles Act 1938

Ans: b. Insurance Act, 1938.

ii. Section 64 C of the Insurance Act, 1938 contains provisions relating to:
a. Insurance Regulatory and Development Authority b. Life Insurance Corporation of India c. The Life Insurance Council d. General Insurance Corporation of India e. Tariff Advisory Committee
Ans: c. The Life Insurance Council

II. State which of the statements is/are correct (Checking learning - Direct) i. Functions of the Executive Committee of the General Insurance Council includes:
a. To advise and assist general insurers b. To underwrite general insurance business c. To advise and assist life insurance companies d. To settle all complicated general insurance claims e. To audit all general insurance companies
Ans: a. To advise and assist general insurers

ii. As per IRDA Regulations, insurers should ensure that their advertisements present
a correct picture. This provision is most important in the case of: a. The Government b. Insurance Regulatory and Development Authority c. Auditors d. Policyholders e. Shareholders
Ans: d. Policyholders

III. Answer the questions below by selecting the correct answer: (Checking learning - Direct)
i. Which provision of the Insurance Act 1938 specifies about nomination by policyholder?
a. Section 38 b. Section 39 c. Section 40 d. Section 41 e. Section 45
Ans: b. Section 39

ii. Which Regulation of IRDA provides for a Grievance Redressal Procedure?
a. IRDA (Policyholders’ Interests) Regulations, 2002 b. IRDA (Meetings) Regulations, 2000 c. IRDA (Regulation of Indian Insurance Companies) Regulations, 2000 d. IRDA (Reinsurance Advisory Committee) Regulations, 2001 e. IRDA (Micro-insurance) Regulations, 2005
Ans: a. IRDA (Policyholders’ Interests) Regulations, 2002


Licentiate Exam Sample Paper : IRDA





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