IC01 Licentiate Exam Mock Test
IC01 mock test
1. In which policy can Commutation be done?
A. Health Insurance Policy
B. Pension policy
C. Endowment policy
D. Unit linked saving policy
E. Term insurance policy
2. Which of the following events are covered under a crop insurance scheme?
A. Scanty or no rains
B. Flooding
C. Crop disease
D. Only 1 and 2
E. All of the above
3. In which of the following events will Subrogation not arise?
A. Arun's vehicle is hit by a State Transport Bus which is not insured
B. Ajay's consignment of imported goods is damaged during transit
C. Ashok is killed by a State Transport Bus
D. Anand's vehicle is stolen
E. None of the above
4. How are Risks Classified?
A. Based on Competition
B. Based on Marketing Strategy
C. Based on Hazards
D. Based on Amount of Loss
E. Based on Location
5. Which of the following is not a homogeneous group of risks?
A. A group of people of different ages
B. A group of cars used as taxis
C. A group of containers containing textile goods
D. A group of students in Class X
E. All of the above
6. Expenses on _________ are not covered in a health insurance policy.
A. Critical surgery
B. Domiciliary hospitalization
C. Child birth
D. Hospitalization
E. Dental treatment
7. Who issues licenses to the insurance third party administrators (TPAs)?
A. Respective Insurance companies
B. IRDA
C. Insurance council
D. Insurance association
E. Insurance advisory
8. Which of the following statements is not correct?
A. Contribution does not apply to Benefit Policies
B. Contribution applies only if there is underinsurance
C. Contribution condition is modified in Health Insurance Policies
D. Contribution applies only if there is more than one Indemnity Policy
E. All of the above are incorrect
9. Why are the Investors concerned about Profit?
A. To know what is their return on the Capital Invested
B. To comply with the law
C. To assess the Company's ability to repay the loans
D. To improve market share
E. None of the above
10. A risk with a Sum Insured of Rs. 600 Crores is ceded to the Reinsurer under a 20% Quota Share with a Treaty Limit of 500 Crores (100%). If the loss is Rs. 120 Crores, how much would the Reinsurer pay?
A. Rs. 20 Crores
B. Rs. 24 Crores
C. Rs. 100 Crores
D. Rs. 120 Crores
E. Rs. 230 Crores
