IC14 Mock Test Sample 14
These questions focus on regulatory and compliance aspects of insurance, including IRDAI functions, GRA, consumer forums, and appellate procedures. Key concepts include money laundering (origin and ownership concealment), FIU, and micro insurance limits. The role of insurance brokers, executive committees, and investment compliance reports is highlighted. Understanding timelines for appeals, reporting requirements, and nomination procedures is essential. The set also covers governance structures like National Commission and regulatory updates. Overall, it emphasizes legal frameworks, dispute resolution, and financial compliance in the insurance sector, which are crucial for exams like III and NISM and for practical industry knowledge.
1. In Money Laundering, criminals try to conceal the true _____ and _____ of profits from crime.
a) Quantity and quality
b) Ownership and objects
c) Origin and ownership
d) Obsessions and ownership
2. An appeal will lie from the decision of the _______.
a) Grievance Redressal Authorities (GRA)
b) State Government
c) Consumer commission
d) Consumer authority
3. ______ forum consists of a President (Supreme Court Judge) and at least four members including one lady member.
a) National Commission
b) State Commission
c) District Forum
d) All of the above
4. Adjudication fee is levied in respect of a claim before the _____.
a) Consumer group
b) Grievance Redressal Authorities
c) Consumer authority
d) Consumer commission
5. Which of these is NOT true about IRDAI?
a) Eliminates competition in the industry
b) Amends insurance laws
c) Ensures competence in the industry
d) Protects policyholders
6. Complaints against insurers are usually related to:
a) Policy lapse claims
b) Policy servicing
c) Claims
d) All of the above
7. Appeal against IAT order must be filed within:
a) 10 days
b) 30 days
c) 45 days
d) 60 days
8. Insurance acts are amended:
a) Quarterly
b) Yearly
c) When new schemes come
d) As and when needed
9. Statement of Investment of Controlled Fund (life) report is submitted:
a) Within 15 days after each quarter
b) Within 45 days after each quarter
c) Within 21 days of quarter end and 30 days after board approval
d) Within 2 months after each quarter
10. Who gives written acknowledgement of nomination?
a) Assignee
b) Assignor
c) IRDAI
d) Insurer
11. Who works on behalf of clients for remuneration in insurance?
a) Reinsurance agent
b) Direct broker
c) Insurance broker
d) Reinsurance broker
12. Prudential Investment Norms Compliance Report is also called:
a) Form 1
b) Form 2
c) Form 3
d) Form 4
13. Full form of IBAI is:
a) India Bangladesh Accreditation Institute
b) Investment Bankers Association of India
c) Insurance Bankers Association of India
d) Insurance Brokers Association of India
14. Minimum deposit rate when premium cannot be ascertained is:
a) 1.5 per mil
b) 2.5 per mil
c) 3.5 per mil
d) 4.5 per mil
15. Function of Executive Committee of General Insurance Council includes:
a) Advising insurers
b) Auditing companies
c) Settling claims
d) Underwriting business
16. MHR stands for:
a) Machine and Human Resources
b) Medical and Health Research
c) Modern Human Rights
d) Maximum Heart Rate
17. Deposit required for appeal in district forum:
a) 50% or Rs 25000 (whichever less)
b) 40% or Rs 25000 (whichever less)
c) 50% or Rs 50000 (whichever less)
d) 40% or Rs 50000 (whichever less)
18. FIU stands for:
a) Fraud Investigating Unit
b) Financial Intelligence Unit
c) Fiscal Incorporation Unit
d) Funding Integrity Unit
19. Maximum cover under Micro Insurance is:
a) Rs 20000
b) Rs 25000
c) Rs 50000
d) Rs 100000
20. Number of non-official members in Executive Committee of GIC:
a) NIL
b) 1
c) 2
d) 3
