IC14 Mock Test Sample 13
These questions cover key concepts in insurance such as ULIP lock-in period, consumer protection penalties, premium regulations, and GRA governance. They highlight important principles like human life value for coverage assessment, free-look period, and nomination procedures. Regulatory aspects like IRDAI rules, money laundering (APG), and insurance council structure are also included. Topics like policy repudiation, group insurance, inland vessel insurance, and ULIP charges provide practical understanding. Overall, the set focuses on legal provisions, compliance requirements, and operational aspects of insurance, helping learners prepare for professional exams like III and NISM with clarity on real-world insurance practices and regulations.
1. What is the lock-in period for ULIPs during which no partial withdrawals or surrenders are allowed?
a) 2 years
b) 5 years
c) 7 years
d) 10 years
2. What is the minimum fine in case of non-compliance with Consumer Forum orders?
a) Rs 2000
b) Rs 3000
c) Rs 5000
d) Rs 7500
3. No relaxation in premium issues is allowed for:
a) Aircraft hulls and aviation risks
b) National agriculture insurance scheme
c) Govt. and semi govt. bodies
d) Armed forces personnel
4. Who makes rules for investigation of misbehavior of GRA members?
a) National Government
b) Central Government
c) State Government
d) District Government
5. Which of the following statements is false?
a) Unorganized sector is not included in social sector
b) Agent’s trustworthiness not affected by claim repudiation
c) Agent works as per insurer schedule
d) Social sector is only urban
6. Core aspect to determine insurance coverage is called:
a) Net asset life element
b) Human asset value element
c) Net asset value element
d) Human life value element
7. ______ risks are covered under annual aviation & marine hull insurance:
a) Legal liability to passengers
b) Aviation risks
c) Aircraft hulls
d) All of the above
8. A life assured appoints an appointee for:
a) Shareholders
b) Sub agent
c) Company officers
d) Minor
9. A policy shall not be voided due to:
a) False statement
b) Fraudulent statement
c) Legal statement
d) Mis-statement
10. Premiums on repudiation due to misstatement are returned to:
a) Insurance agent
b) Nominee
c) Legal representatives
d) Policy holder
11. APG stands for:
a) Anti Peso Group
b) Asia Profiteering Group
c) Asia Pacific Group
d) Advanced Pentagon Group
12. Inland Steam Vessels Act provides insurance for:
a) Passenger ships
b) Cargo ships
c) Inland vessels
d) All inland water transport
13. Free Look option period is:
a) 5 days
b) 10 days
c) 12 days
d) 15 days
14. Which is NOT true about Life Insurance Council?
a) Chairman nominated by IRDAI
b) Five persons from insurance business
c) One non-insurance member
d) Supreme Court judge must be member
15. ULIP holder can safeguard:
a) Value in good times
b) Value in bad times
c) Equity value in bad times
d) Premium value
16. Policy document with schedule of individuals is used in:
a) Pension schemes
b) Group policy
c) Health insurance
d) Marine insurance
17. Max reduction in yield (after 11–12 years) is:
a) 2%
b) 2.25%
c) 2.50%
d) 2.75%
18. In ULIP, what can be changed as per need?
a) Premium
b) Nomination
c) Term
d) Assignment
19. Policy administration charges in ULIP are based on:
a) Sum assured
b) Premium
c) NAV growth
d) Either premium or sum assured
20. Creating a nominee requires:
a) Entry in proposal form
b) Entry in policy records
c) Changes in policy register
d) All of the above
