Q 1. Free cover limit is ________ .
Q 2. Date of birth of Ramesh is 2nd February 1978. The date of commencement of the insurance policy is 12th January 2010. What will be the age of Ramesh based on AGE NEXT BIRTHDAY method ?
Q 3. The main function of an insurance agent is to _______ .
Q 4. On the death of the annuitant, 50% of the pension will be paid to the spouse. This option is available under which type of annuity ?
Q 5. ULIP's are market-linked insurance plans and combine the features of _______ .
Q 6. In a ULIP after how many policy completion years does the surrender penalty become zero ?
Q 7. If there are two nominees, how will the policy money be paid ?
Q 8. For which of the following insurance plans will the surrender value factor be the highest after three years from inception (if the sum assured of all the four policies is the same)?
Q 9. What is the signature on behalf of the insurer called?
Q 10. The preamble includes the proviso and ________ .
Q 11. In the case of L.I.C., _________ year is the period from the date of the agent's appointment to the end of the month in which they complete twelve months as agent and every successive period of twelve months thereafter.
Q 12. Which insurance policy is exempt from stamp duty payments ?
Q 13. In which way can a policy holder lodge complaints with IRDAI ?
Q 14. ___________ means instructing the insurance company to start the periodic payments.
Q 15. Only if _____ is authorized to draw a loan, then only a loan can be granted on a policy taken under the Married Women's Property Act.
Q 16. Money Market is a market for instruments having a maturity period of ______ .
Q 17. ________ principle applies to both Life and Non Life insurance.
Q 18. In insurance parlance, the Risk of Suffering a disability can be ideally described as what type of risk ?
Q 19. If the mortality rate changes, ______ will be affected.
Q 20. When Madhu turned 18, she received the title of the insurance. It was a contract in force between the insurer and Madhu. The date of contract will be referred as ______ .
Q 21. ________ is the process where annuitant can withdraw a certain portion of money from accumulated fund on vesting date.
Q 22. Whose primary job is to ensure that an inordinate number of Poorer than average risks are not accepted and the insurance company should not lose money ?
Q 23. Who is responsible for certifying new plans of life insurance , studying the mortality and other experiences ?
Q 24. What type of claim requires a post mortem report ?
Q 25. Mr. Deven purchased an endowment policy for himself and nominated his 2 year old daughter but was unable to get the signature of the appointee because his wife was unavailable at that time. Four year later Mr. Deven dies in an accident. If the claim
Q 26. Insurance is a mechanism to reduce impact of adverse events on __________.
Q 27. What kind of payment mode involves less administrative work?
Q 28. Under Married Woman#39;s Property Act 1874, a Life Insurance Policy can taken out by
Q 29. Which of the following terms is dissimilar to the other four in the context of insurable interest in life insurance?
Q 30. Which of the foil statement(s) is/are correct? 1. Underwriting is a process which ensures that all insured share the same risk 2. The amount of bonus that vests is the same for all policies issued by an insurer 3. In an immediate annuity policy th
Q 31. The opening statement of paragraph of an insurance policy clari?es the______________placed on it, therefore it is also called_____________.
Q 32. Which of the following statements is False withrespect to policies under MWP Act?
Q 33. Interest at____________above the saving bank interest rate will be payable by the insurer for delays in settling claims.
Q 34. The mechanism of insurance is to_____________.
Q 35. If the investment gives lower return than expected then there can be a deficit and the burden of that will have to be borne by the
Q 36. Rajan took life insurance for his 2 year old son. Rajan and his wife died in an accident. He has taken Waiver of Premium Rider. What will the insurers do ?
Q 37. Mr. Jayant takes a life policy of tenure 30 years but stops paying the premium after 16th year. In such a case the insurance cover will be reduced to a lower amount. This re-calculated value of sum assured is based on the concept of ________.
Q 38. A policy holder can lodge complaint with the insurance regulator IRDA through_______________. a) Telegram b) Newspaper c) Toll Free Number d) E mail
Q 39. Mr. Shirish had purchased a life insurance policy and in a few days he felt he was not satis?ed with the policy bene?ts. What option is available to him ?
Q 40. In case of LIC, to continue holding the agency for the next year, what is the minimum number of lives that the agent should insure ?
Q 41. The value of an individual's investment is the______________.
Q 42. Which clause is added on to a basic policy providing an additional bene?t at the choice of the proposer ?
Q 43. Maximum Insurance Coverage under Employees Deposit Linked Insurance EDLI Scheme is
Q 44. Which of the following is/ are important activities of an organisation's Accounts Department?
Q 45. Pick the True Statement from the following
Q 46. Which of these statements is/are TRUE ?
Q 47. Which one of the following is not one of the principles governing insurance contracts?
Q 48. Which of the following statements is True? (1) In cargo losses, the survey fees are paid by the claimant initially. (2) Survey fees are reimbursed by insurers, if the claim is admitted.
Q 49. What is the risk managed by a life annuity?
Q 50. The share of each policyholder in the life fund is a notional ?gure which is a result of____________.
Q 51. Which insurance plan gives cover only in the event of death during a speci?c term ?
Q 52. What is the excess in the life fund called as ?
Q 53. _________ is not a way to pay insurance premiums.
Q 54. If tabular premium for plan term 5-35 is Rs 36.75, calculate premium amount for half yearly mode with sum assured of Rs 10 lakhs.
Q 55. Insurance companies use Diversi?cation to protect themselves against_______________.
Q 56. Amars date of birth is 4th April 1981. The date of commencement of policy is 4th March 2010. Based on this data, what will be the age of the policyholder,as per AGE LAST BIRTHDAY method ?
Q 57. Whats the meaning of 'Consensus ad idem' ?
Q 58. An Individual wishes to invest Rs 16,000 in an Equity fund. NAV on that particular day for the fund is Rs 40. How many units will he be alloted?
Q 59. How is insurance premium calculated ?
Q 60. When a policy is lost, insurance companies take utmost care while settling maturity claims because
Q 61. Which are the basic elements of life insurance ?
Q 62. Which of the following statement(s) is/are TRUE ?
Q 63. The term used to refer an Increase in Net or Pure Premium for different reasons
Q 64. In which type of policy the premiums are paid for a stated number of years ?
Q 65. For which of the following insurance plans will be the surrender value factor be the highest after 3 years from inception assuming same Sum Assured for all the four policies?
Q 66. An individual wishes to invest Rs. 58000 in an equity fund. NAV on that particular day for the fund is Rs. 25. How many units will he be allotted? (Assume no entry load)
Q 67. As per the IRDAI act 1999, an insurance intermediary includes _________.
Q 68. The Married Women's Property Act 1874 is protected under section_____________of the Insurance Act 1938 ?
Q 69. Which of the following statement(s) is / are correct ? A - A lost policy may actually have been assigned B - Once the survival benefits are paid, the policy has no value C - A policy document should be kept safely even after maturity
Q 70. Date of Birth is 4th July 1982. Date of commencement of the Insurance Plan is 4th Dec 2010. Calculate AGE as per age next birth day method.
Q 71. What is Surrender Value?
Q 72. If the Company follows the Actual age method for determining the Age of an Individual then in this Case the Company will calculate the:
Q 73. Issues concerning delayed payment for any life insurance claim's settlement is covered under which clause of IRDAI (Protection of Policy Holders interests) Regulations, 2002 ?
Q 74. A policy lapses if the premium is not paid within
Q 75. The amount of human life value is calculated by properly discounting the
Q 76. Special revival scheme is available if the policy has not lapsed for more than _____ Years
Q 77. What kind of premium is charged for life insurance plans, to keep the premium constant throughout the policy term ?
Q 78. Which of the below fund invests in instruments with maturity period of less than one year ?
Q 79. In a child insurance plan, the date on which the risk is commenced is known as ______ .
Q 80. The additional loan amount generally granted should not exceed what percentage of the surrender value ?
Q 81. In industrial life insurance the __________ consists of the details of the policyholders from whom the premium needs to be collected.
Q 82. The value of an individual's investment is the ___________ .
Q 83. Who is entitled to the maturity claim?
Q 84. The Turnaround Time (TAT) as per IRDA stand ards for processing and communication of decisions including requirements / issue of policy / cancellations is _____ .
Q 85. An individual wishes to invest Rs. 58000 in an equity fund. NAV on that particular day for the fund is Rs. 25. How many units will he be allotted? ( Assume no entry load )
Q 86. In which of these relationships does 'Insurable Interest' exist ?
Q 87. _________ of LIC hand les the actuarial and investment functions and ________ hand les the activities relating to policy holders.
Q 88. Mr. Shah took a money back policy 15 years back. He took the survival benefits after 5 and 10 years after which he died. What amount will be paid to his son on his death under this policy ?
Q 89. _______ are used by insurance companies for calculating premiums for insurance products
Q 90. Due to which of the below mentioned reasons can a policy holder ask for a refund of premium during the free look period of 15 days in a term insurance ?
Q 91. The share of each policyholder in the life fund is a notional figure. It is the result of :
Q 92. An insurance company has to make payments to the annuitant in which of these intervals - A) Monthly B) Quarterly C) Six Monthly D) Annually
Q 93. In __________ annuity is paid to the annuitant for their entire life. On the death of the annuitant, 50% of the pension will be paid to the spouse for as long as the spouse lives.
Q 94. Most life insurance companies use the _________ method for age determination.
Q 95. Calculate the Gratuity payable to an employee if his basic salary is Rs 25000, DA is 6500 and years in service is 3.5 years.
Q 96. Which of these funds has the most risk ?
Q 97. Mr. Rawat took an annuity. He was survived by his wife who was entitled 50% of pension till she survives. What type of plan had Mr. Rawat taken ?
Q 98. Mitesh had taken a life insurance on 25 January 2014. He died of sickness on 20 Nov 2015. If Mitesh's heirs lodged a death claim with the insurance company on 2 Jan 2016, this case would be an example of ________ .
Q 99. When a policy holder does not pay the premium foe a year in a ULIP, no new limits are added to his funds. Some of the units are reduced to pay the administrative and fund management expenses. This is called as _______ .
Q 100. Mr. Rohit aspires to be an insurance agent. He is 20 years old and an honest man. He approaches a Development Officer of LIC. The DO finds Mr. Rohit suitable to become an insurance agent because ________ .
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