IC01 Mock Test Papers Sample 01
1. In which policy can Commutation be done?
- Health Insurance Policy
- Pension policy
- Endowment policy
- Unit linked saving policy
- Term insurance policy
2. Which of the following events are covered under a crop insurance scheme?
- Scanty or no rains
- Flooding
- Crop disease
- Only 1 and 2
- All of the above
3. In which of the following events will Subrogation not arise?
- Arun's vehicle is hit by a State Transport Bus which is not insured
- Ajay's consignment of imported goods is damaged during transit
- Ashok is killed by a State Transport Bus
- Anand's vehicle is stolen
- None of the above
4. How are Risks Classified?
- Based on Competition
- Based on Marketing Strategy
- Based on Hazards
- Based on Amount of Loss
- Based on Location
5. Which of the following is not a homogeneous group of risks?
- A group of people of different ages
- A group of cars used as taxis
- A group of containers containing textile goods
- A group of students in Class X
- All of the above
6. Expenses on _________ are not covered in a health insurance policy.
- Critical surgery
- Domiciliary hospitalization
- Child birth
- Hospitalization
- Dental treatment
7. Who issues licenses to the insurance third party administrators (TPAs)?
- Respective Insurance companies
- IRDA
- Insurance council
- Insurance association
- Insurance advisory
8. Which of the following statements is not correct?
- Contribution does not apply to Benefit Policies
- Contribution applies only if there is underinsurance
- Contribution condition is modified in Health Insurance Policies
- Contribution applies only if there is more than one Indemnity Policy
- All of the above are incorrect
9. Why are the Investors concerned about Profit?
- To know what is their return on the Capital Invested
- To comply with the law
- To assess the Company's ability to repay the loans
- To improve market share
- 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 for Rs. 120 Crores, how much would the Reinsurer pay?
- Rs. 20 Crores
- Rs. 24 Crores
- Rs. 100 Crores
- Rs. 120 Crores
- Rs. 230 Crores
11. 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 (III)
