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Old 22nd July 2014, 09:43 AM
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Default Re: LIC Agent Exam Solved Question Papers

Here I am giving you question paper for the LIC Agent Examination in word files attached with it so you can get it easily..

LIC agent exam paper

1. The process of determining if the claim can be paid is called ————

a) admission b) acceptance c) consideration d) decision


2. What criteria are relevant to compare different savings plan?

a) Safety b) Liquidity c) Yield d) All of the above


3. The limits of doctors for medical examination are decided by ————-

a) Insurer b) Medical Council c) Government d) IRDA


4. The questions in the proposal form and personal statement are material and relevant

a) without exception b) mostly c) only partly d) rarely


5. Which of the following statements are “TRUE” ?
Statement A : A paid up policy can be revived.

Statement B : The insurer may refuse to issue a new policy if an earlier one is paid up.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


6. To whom should license be paid ?

a) Controller of Insurance b) The insurer c) The IRDA d) Any of the above


7. A proposal is dated 10.11.2000. The premium was paid on the same day. The decision to accept with extra was made on 15.11.2000. The extra premium was paid on 17.11.2000. The letter of consent was received in the office on 21.11.2000. When does the risk on this policy commence ?

a) 10.11.2000 b) 17.11.2000 c) 20.11.2000 d) 15.11.2000
8. 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


9. ————– are statements made by the prospect raising doubts about the usefulness of the insurance.

a) Objections b) Refusals c) Queries d) Disagreements


10. In what plan of insurance is medical examination never required, whatever be the amount of Sum assured?

a) Endowment b) Pure endowment c) Term assurance d) Group insurance


11. The limits of authority of an agent are laid down by the ————-

a) Insurance Act b) Contract Act c) Appointment Letter d) None of the above


12. Which of the following statements are “TRUE” ?
Statement A : The necessity for a medical examination depends only on the Sum assured.

Statement B : The nature of employment may be a factor to dispense with medical examination.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


13. ———– 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


14. Section 45 of the Insurance Act is relevant for policies which are at least ——— years old.

a) Two b) Four c) Both statements d) Neither of the statements

15. 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


16. Infimities are caused by ————–
a) Rs. 3 lakhs b) Rs. 10 lakhs c) Rs. 13 lakhs d) None of the above
17. If a person’s annual income is Rs. 3 lakhs and he has assets (proper and share) worth 10 lakhs he can be given a maximum insurance cover of ————-
a) Rs. 3 lakhs b) Rs. 10 lakhs c) Rs. 13 lakhs d) None of the above
18. Which of the following statements are “TRUE” ? Statement A : When a policy matures, the claim proceeds are paid to the assured.

Statement B : In insurance, the principle of buyer beware applies.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


19. The behaviour of an agent who makes critical marks about his company is ————-

a) Clever b) Non-professional c) Professional d) Efficient


20. Bringing a policy, which has lapsed , back to force is called ————–

a) Recovery b) Revival c) Renewal d) Elapse


21. Which of the following statements are “TRUE” ?
Statement A : The proposal form should be written by the agent himself.

Statement B : The proposal form should be filled by the proponent himself, unless he is illiterate.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement

22. Disablity benefits may arise because of ————-

a) Sickness b) Old age c) Loss of limbs d) Any of the above


23. ———– is the person to whom the policy is transferred in lieu of some consideration received.

a) Nominee b) Mortgagor c) Beneficiary d) Assignee


24. Which of the following statements are “TRUE” ?
Statement A : In case of corporate agent, only the Chief Executive has to pass the prescribed examination.

Statement B : A person who is convicted of cheating can get an agency license as soon as he is released from jail.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


25. A person’s insurable interest interest in his own life is ————-

a) Unlimited b) 10 times his salary c) Agents manual d) All of the above


26. An agent is subject to ————-

a) IRDA regulation b) Terms of appointment c) Agents manual d) All of above


27. ———– describes the behaviour of an agent who is in the presence of outsiders, covers up the mistakes made by his collegues.

a) self confident b) protective c) arrogant d) professional


28. What is paid by the insurer when the policyholder decides to discontinue the policy ?

a) Surrender value b) Intermediate claim c) Lapse d) Forfeiture


29. Which of the following skill is required to influence the other person to do something ?

a) Salesmanship b) Communication c) Analytical d) Persuasiveness


30. ———– is the professional who is the technical expert on life insurance matters.

a) Underwriter b) Accountant c) Evaluator d) Actuary


31. 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) accept with reduced Sum assured


32. The deduction allowed in income tax because of amounts paid towards life insurance premium Profident fund, etc is called ————–

a) Concession b) Decuction c) Reduction d) Rebate


33. Which of the following statements are “TRUE” ?
Statement A : The underwriter tries to prevent any undue advantage being taken by prospect

Statement B : The underwriter is a trustee of all policyholders

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


34. ———– describes an agent who keeps records of his activities and examines them periodically.

a) Analyst b) Professional c) Non professional d) Meticulous


35. ———– means the business wherein, persons facing the same risk are brought together to create a fund from which those suffering losses are compensated.

a) Insurance b) Mutual Fund c) Banking d) Security


36. Term assurance is not suitable when the need is to provide for ———–

a) old age b) repayment of outstanding loan c) mortgage redemption d) any of the above


37. Final or Terminal bonus is payable ————-

a) On death b) On surrender c) On maturity d) All of the above


38. 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


39. What is called the reverse of ‘Life Insurance’?

a) Loan b) Surrender value c) Annuity d) None of above


40. 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) deffered d) one-year


41. The process of recording the correct age of person insured is called ———-

a) Age admission b) Verifications c) Proof of age d) Certification


42. A policy which has run for 8 years can be called into question if there is ———–

a) Misrepresentation b) Fraud c) Mistake d) None of the above


43. What are the criteria of a good saving plan ?

a) Safety b) Liquidity c) Yield d) All of above



44. In case of policy under the provision of Married Women’s Property Act, who can make a death claim ?

a) Beneficiaries b) Life Insured HEIRS c) Trustee d) Any of the above


45. The skill required to explain in a manner that the other person understands is ———–

a) Persuasiveness b) Explanatory c) Convincing d) Communication


46. The reduction permitted in the tabular premium depending on the mode of premium or Sum assured is called ————-

a) Reduction b) Rebate c) Incentive d) Concession


47. Loans under an insurance policy are repayable ————

a) In a lumpsum b) By adjustment with claim c) In installments d) any of the above


48. Which of the following statements are “TRUE” ?
Statement A : Proof of age is necessary only for proposals for insurance, not for agency applications.

Statement B : After the business is complete, the agent has no further role.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement

49. 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


50. When does foreclosure action begin ?

a) When premium is not paid b) When policy is surrendered c) When loan and interest accumulate
d) All of the above


51. Which of the following statements are “TRUE” ?
Statement A : A paid up policy will be entitled to bonus.

Statement B : The life to be insured must be in perfect health.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


52. A duplicate policy may be issued, when original has been ————-

a) Burnt b) Stolen c) Mutiliated d) All of the above


53. The attachment to a policy to indicate that the standard policy terms and conditions have been modified is called ————–

a) clause b) endorsement c) rider d) condition


54. Which of the following statements is “TRUE” ?
Statement A : When a person dies, no expense is incurred on him.

Statement B : Life insurance helps to ensure a decent burial or cremation on death

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


55. If the claim in question is 23 lakhs, which consumer court will hear the application ?

a) State Level b) National Level c) District Level d) None of above


56. Which information, if not disclosed, can nullify the policy ?

a) Critical b) Valid c) Material d) Important


57. The agents report to the insurer should include ———- facts.

a) Favorable b) Unfavorable c) Neither of the above d) Both of the above



58. 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


59. Which of the following statements are “TRUE” ?
Statement A : A policy which has been in force for 10 years can be called into question for misrepresentation

Statement B : A policy which has been in force for 10 years can be called into question for fraud.

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 companies come under the purview of the Consumer Protection Act.

Statement B : The jurisdiction of consumer forum depends on the value of claim.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement
61. Which risk is covered by annuity ?

a) Accident b) Living too long c) Sickness d) Death


62. 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 peril.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


63. 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
64. Which of the following statements is “TRUE” ?
Statement A : The fact of having been on sick leave must be disclosed, even if there were no sickness and certificate of sickness was false.

Statement B : Most plans of insurance are a combination of two basic plans.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


65. The bonus which attaches to the policy immediately on declaration is called ———- bonus

a) Final b) Immediate c) Terminal d) Reversionry


66. Which of the following statements is “TRUE” ?
Statement A : The premium under a group insurance policy is constant for all time to come.

Statement B : Section 45 of the insurance act does not apply to a one year policy.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


67. Which of the following statements are “TRUE” ?
Statement A : Section 45 of the insurance act applies also to paid up policies.
Statement B : Section 45 of the insurance act does not apply to a one year policy.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement


68. In an insurance policy, the amount payable on death may be the amount payable on maturity

a) same as b) more than c) less than d) any of the above


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

LIC agent exam paper

Fill in the blanks using only one of the alternatives provided in bracket.
1. The definition of rural area is where the total population is __________ (over 5000/ over 10000 / less
than 5000)
2. Who in the insurance company is responsible for the solvency of the company_______________
3. The principal is responsible for _________ of the agents
a) all acts b) Some acts c) Specified acts d) Basic acts
4. An agent is expected to report on proponents ___________ status
a) Financial b) Medical c) Both d) None of the earlier
5. In case of corporate agents, the amount of commissions earned from a corporate / organization /
group / can not exceed ____ of total commissions
a) 30%, b) 40%, c) 50%, d) 60%
6. State true or false - The issue of licenses required u/s 42 of the Insurance Act, 1938, is regulated by
the IRDA Act of 2000 _______________.
7. The amount paid to an agent for procuring policies is called
a) Commission
b) Fees
c) Salary
d) Honorarium
8. _____________ is a document issued under the law authorizing a person to act as an insurance agent
a) Mandate
b) License
c) Certificate
d) Appointment
9. Which statement is Appropriate
A) Going through the existing policies of a prospect whom he is meeting for the first time, the agent
suggest that he should allow 3 of them to lapse & go in for a new policies
B) Going through the existing policy of a prospect whom he was meeting for first time, the agent suggest
that nomination be made & offered to get them registered by the office
a) A Statement
b) B Statement
c) Both Statement
d) Neither of Statement
10. True or False
a) Nomination can be changed any number of times.
b) Assignment can be effected at the proposal stage.
c) License fee for renewal of agent’s licence is Rs. 100/-.
d) Level premium creates reserves.
e) Agent is an employee of Insurance Company.
f) An employer has no insurable interest in the lives of his employees.
g) An agent can work for two life insurance companies at the same time.
h) Under deferred annuity system, the annuity begins within the first year.
i) For a sum assured of Rs.20, 000/- the rebate for large sum assured is Re.1/-.
j) Individual policies are issued in Group Insurance.
k) The bonus is declared under all plans.
l) Insurance can be granted to those women who observe purdah.
11. Under _______________ premium system the premium is the same throughout the policy term.
a) Level premium
b) Single Premium
c) Regular Premium
12. _______________ is the price paid to purchase an insurance product. premium
13. For half-yearly mode of premium rebate allowed is ______________ 1.5 %
14. Surrender means ___________ (Renewal /Termination / Revival) of the contract.
15. If a proposer does not disclose fully all the material facts at the time of proposal, the principle of
__________ (Indemnity / Insurable Interest / Utmost Good faith) is violated.
16. Commission on second year’s premium payable for Endowment policy for 15 years is
__________percent (5/7.5/101)
17. Age nearer birthday as on 20.5.2000 of a person with date of birth 13.7.1974 is ____________ years
(25/26/27)
18. Before a person decides to buy Life Insurance he is only a _______ and when he buys life Insurance
he becomes ________ ( proposer(1)/Life assured(2) / Nominee/ Assignee/Claimant)
19. The terminal bonus is paid to those policies which become claim after completing ___________
years as in force policies (10/15/20)
Mention ‘Appropriate ‘ or ‘Inappropriate’ against each of the following statements –
20. Agent interferes with the clients of other agents.
21. Agent advises to discontinue the earlier, policy of the policy holder taken by another agent.
22. Agent is more concerned with the commission he will earn then the benefit to the prospect.
23. Agent does not collect the premium at the time of sale.
24. Agent becomes argumentative when prospect raises objection.
Say True of False
25. Agent is an employee of insurance company.
26. If a policy document is lost, claim amount cannot be paid.
27. An absolute assignment executed by L.A can be altered by him.
28. Age proof is not important is L.A. Policies.
29. LIC investigates all those death claims which occur within the first 2 years from the date of issue of
first premium receipt.
30. LI is a short term contract.
31. Terminal and final additional bonus is the same
32. Employers have no insurable interest in the lives of their employees.
33. A person aged 17 years can be granted agency.
34. Renewal of license is not essential.
35. Disclosure of material facts by the proposer in not necessary
36. Proposal form is the basis of the contract.
37. Broker represents only one insurance company.
38. Assignment can be effected at the time of completion of proposal.
39. Assignment cancels the previous nomination effected on the policy.
40. Insurer is legally bound to remind policy holders about premium due.
41. The nominee must be a closer relation of L.A.
42. Revival of a lapsed policy is allowed.
43. The nominee becomes entitled to policy moneys on maturity of policy.
44. Age is a relevant factor in risk assessment.
45. Nomination can be cancelled by a will.
46. Contract of insurance comes into force only when insurance policy is issued.
50. A lapsed policy can be revived within a period of ------ years from the date of first unpaid premium.
a) Three
b) Four
c) Five
d) Six
51. Renewal receipts are not issued in respect of policies under
a) Salary Saving Scheme
b) Non Participatory Policies
c) Savings Plan
d) None of the above
52. Bonus notices are
a) Sent to individual policyholders
b) Not sent to individual policyholders
c) Sent in advance
d) Sent once in two years
53. L.I.C. allows a rebate of ----- and ------for yearly and half yearly mode
a) 1.5%, 3%
b) 3%, 1.5%
c) 3%, 5%
d) 1.5%, 5%
54. For monthly mode L.I.C.
a) Charges 1.5% extra
b) Charges 3% extra
c) Charges 5% extra
d) Does not charge extra
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  #3  
Old 24th February 2020, 09:16 PM
Aneesh kumar.p
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Default Pre degree certificate lost

Hello sir,I am Aneesh kumar.p .I am from kannur .I want you to help me by giving me some information about the procedure to get duplicate pre degree certificate \ marklist incase it has been lost.Can you help me?
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