IC01 (LICENTIATE) Principles of Insurance -12
| Q1.Who regulates the remuneration paid to agents, brokers, and other intermediaries? |
| Central Govt - Ministry of Finance |
| RBI |
| IRDA |
| SEBI |
| Insurance Ombudsman |
| Q2.Which of these statements is INCORRECT with respect to Insurance Regulatory and Development Authority (IRDA)? |
| IRDA is the authority to administer the Insurance Act and to regulate, promote and ensure orderly growth of the insurance industry. |
| IRDA can, issue guidelines and directions to insurance companies that are to be followed by them on operational matters. |
| IRDA has the authority to issue licenses to insurers as well as to intermediaries like agents, brokers, TPAs, etc. |
| IRDA was constituted by an Act of Parliament in 1999 as a regulator for the insurance sector. |
| None of the above |
| Q3.Who are mainly responsible to keep customers happy ? |
| Brokers |
| Underwriters |
| Agents |
| Only options 2 and 3 |
| All of the above |
| Q 4.Which act provides for the transfer of property, who may transfer, what may be transferred, rights and liabilities of the buyers and sellers etc? |
| The Transfer of Property Act |
| The Indian Registration Act |
| The Indian Stamp Act |
| The Indian partnership Act |
| The Negotiable Instruments Act |
| Q 5. In India, the insurer has to be a Corporation or a Company incorporated under the ____. |
| The SEBI Act |
| The Companies Act |
| The RBI Act |
| The IRDAI |
| The Insurance Act |
| Q6.Fill in the blanks: An insurance contract is a contract under which __ accepts significant insurance risk from ___ by agreeing to compensate the policyholder by __if a specified uncertain future event (the insured event) adversely affects the policyholder in consideration of money called ____. A) The Sum Assured B) The Insured C) The Premium D) The Insurer. |
| B, D, C, A |
| D, B, A, C |
| A, B, D, C |
| D, C, A, B |
| C, A, D, B |
| Q7.The premiums which are paid subsequent to the first premium are known as __. |
| Repeat Premiums |
| Future Premiums |
| Renewal Premiums |
| Revival Premiums |
| Reinstatement Premiums |
| Q8.Apart from Insurance, how can one reduce costs and retain/transfer risks? |
| Expenses on maintenance, servicing of the subject matter |
| Implementing security measures at each step |
| Expenses on backups, sponsorship, support and standby systems |
| All of the above |
| None of the above |
| Q9.Who checks the advertisements of insurance companies to ensure that they do not misguide the customers? |
| RBI |
| Finance Ministry |
| Insurance Council |
| Insurance Regulatory and Development Authority (IRDA) |
| Insurance Institute of India (3i) |
| Q10.Mr. Ramesh works in the IT department of a private bank. His job is to check all systems and servers of the branch where he is placed. In this case, the internal customers of Mr. Ramesh are ____. |
| The Managing Director of the bank |
| The customers of the bank branch |
| The employees of the branch who are dependent on the systems |
| The fixed deposit holders of the bank branch |
| All of the above |
