IC14 Mock Test Sample 11
These questions highlight key aspects of insurance regulations, consumer protection, and IRDAI guidelines. Topics include policyholder protection, grievance mechanisms, ULIP features, micro insurance norms, and legal provisions like Section 14 of IRDAI Act. Concepts such as switching charges, claim procedures, and nominee rights are essential for understanding policy servicing. Regulatory aspects like prudential reporting, foreign exchange rules, and complaint handling emphasize compliance and transparency. The focus is on safeguarding policyholder interests, ensuring fair practices, and maintaining accountability in the insurance sector. These concepts are crucial for competitive exams like LIC, IRDAI, and III certification.
1. To protect the interest of _______ , the Law commission has recommended that after the expiry of five years, no policy of life insurance can be repudiated on any ground.
a) Agent who sold the policy
b) Collector
c) Nominee
d) Policy holder
2. Any refund of premium which may become due will be paid directly to the ______ .
a) Insurer
b) Insured
c) Policy Holder
d) Company
3. A micro insurance agent shall:
a) Have at least worked for 10 years in insurance
b) Employ specified persons with prior approval of insurer
c) Be males only
d) Not be bound by IRDAI rules
4. The value of services and compensation claimed under National Commission is _______ .
a) Up to Rs. 20 lakhs
b) More than Rs. 20 lakhs but less than Rs. 1 crore
c) More than Rs. 1 crore but less than Rs. 2 crores
d) More than Rs. 1 crore
5. In India, the foreign exchange regulations apply only if the ________ and the ________ are non-resident.
a) Life insurer, Life insured
b) Applicant, Life insurer
c) Life insured, Claimant
d) Applicant, Claimant
6. The switching charge is ___________.
a) 0.5% of annualized premium
b) 1% of annualized premium
c) A flat amount per movement
d) Percentage of money moved
7. Who shall have no jurisdiction in cases relating to third party motor vehicle insurance and marine insurance?
a) Consumer authority
b) Grievance Redressal Authority
c) Consumer commission
d) Consumer councils
8. The 'Prudential Investment Norms - Compliance Report is to be submitted on a ______ basis.
a) As and when demanded
b) Half yearly
c) Yearly
d) Quarterly
9. What does the Consumer Protection (Amendment) Act cover?
a) Covers all goods and services
b) Covers all services but no goods
c) Covers all goods but no services
d) Covers only goods made in India
10. _______ section of IRDAI Act lays down its duties, powers and functions.
a) Section 14
b) Section 24
c) Section 34
d) Section 44
11. Returns on ULIPs are tax free in France, if duration of policy is at least ____ years.
a) 3
b) 5
c) 8
d) 10
12. Which caption should be prominently seen on all micro insurance products?
a) General insurance product
b) Property insurance product
c) Micro insurance product
d) Non-life insurance product
13. On what grounds is the repudiation of the policy not permitted?
a) Mis-statement
b) Disloyalty
c) Distrust
d) Suppression of material fact
14. Those nominees who are alive on the date of the death of the life assured only will get the _______.
a) Gross money
b) Policy money
c) Whole money
d) Net money
15. It is the duty of every insurer to inform the insured regarding lodging of a _______.
a) Question
b) Query
c) Claim
d) Complaint
16. The cover premium charges in case of ULIPs is dependent on _______.
a) Policy plan agreement
b) Unit
c) Premium
d) Age
17. Who can file the complaint under the pre-requisite conditions?
a) The Insurer
b) An aggrieved individual who has taken an insurance policy
c) Proposer
d) Policy holder’s collector
18. As per policyholder protection guidelines, maximum TAT for post policy issue service requests (mistakes/refund) is _____ .
a) 2 days
b) 5 days
c) 7 days
d) 10 days
19. ________ does not come under the preview of IRDAI.
a) Adequate information about products and services
b) Setting minimum and maximum service charges
c) Funding long term growth of insurance industry
d) Enforcing transparency and efficiency
20. The full form of ACR is ______ .
a) Annual CA's Reports
b) Annually Collected Revenue
c) Alternate Conflict Resolution
d) Annual Confidential Reports
