IC14 Mock Test Sample 15
These questions cover key insurance concepts including grievance redressal, consumer protection, ULIP regulations, and IRDAI functions. Important areas include ADR mechanisms, nomination purpose, disclosure obligations, and complaint timelines. The role of institutions like GRA, National Commission, and Insurance Ombudsman is emphasized. Topics such as mortality cover (PT), investment reporting, and advertisement norms for ULIPs are also highlighted. Regulatory aspects like appeal deposits, policyholder rights, and age limits of authorities are included. Overall, the set provides a comprehensive understanding of legal, operational, and compliance frameworks in insurance, useful for professional exams like III and NISM.
1. To whom can the GRA refer pending dispute cases?
a) APR
b) AWW
c) AZR
d) ADR
2. The policy holder is also known as the ________.
a) Beneficiary
b) Payee
c) Claimer
d) Insured
3. Who aids and advises life insurers in general functioning?
a) RBI
b) Advisory committee of IRDAI
c) Life insurance committee of IRDAI
d) Executive Committee of Life Insurance Council
4. Appeal before National Commission requires deposit of:
a) 50%, Rs 25000
b) 50%, Rs 35000
c) 50%, Rs 50000
d) 50%, Rs 75000
5. A person buying goods/services for consideration is called:
a) Buyer
b) Consumer
c) Seller
d) Agent
6. Service under Consumer Protection Act includes:
a) Banking and Insurance
b) Thoughts and ideas
c) Free services
d) All of the above
7. Main reason for nomination is:
a) Damage caution
b) Immediate payment of sum assured
c) Risk avoidance
d) Protection of policyholder interest
8. Statement of Downgraded Investments is submitted:
a) Within 5 days
b) Within 7 days
c) Within 10 days
d) Within 15 days
9. PT in mortality cover means:
a) Payment Tenure
b) Policy Term
c) Policy terminology
d) Policy termination
10. Consent of ______ is not required to deal with policy:
a) Officers
b) Agent
c) Insurer
d) Nominee
11. Ombudsman system was perceived by:
a) Insurance Ombudsman
b) Complainant
c) Collector
d) Insured person
12. Minimum age of entry in health insurance is:
a) 1 year
b) 2 years
c) 5 years
d) 18 years
13. Legal recourse can be taken against:
a) Insurer
b) Agents
c) Shareholders
d) All of the above
14. Complaint must be filed within 2 years from:
a) Cause of action
b) Cause of appeal
c) Cause of contract
d) Cause of legality
15. ______ member of GRA should be the President.
a) Chairman
b) Investigating officer
c) Judicial member
d) Director
16. Duty of disclosure continues till acceptance by:
a) IRDAI
b) Finance company
c) Insurance company
d) TPA
17. Net reduction in yield (≤10 years) should not be:
a) Equal to 3%
b) More than 5%
c) Less than 3%
d) More than 3%
18. ULIP advertisements may show:
a) Investment results & premium figures
b) Investment results & projections
c) Fund results & support figures
d) Allocation results & past figures
19. Functions of IRDAI include:
a) Regulating rates & TOC
b) Supervising TAC
c) Recruitment of intermediaries
d) Both 1 and 2
20. Age limit for President & members of IAT:
a) 50 years
b) 55 years
c) 58 years
d) 60 years
