IC14 Mock Test Sample 16
These questions focus on core insurance concepts such as AMFI, ULIP rules, grievance redressal, and regulatory frameworks under IRDAI and PMLA. Key areas include free-look period, nomination rights, policy documentation, and risk assessment. It highlights complaint handling procedures, appellate mechanisms, and disclosure norms in ULIPs. Important institutional roles like IGMS and GRA are covered along with investment reporting requirements. Concepts like top-up premiums, aviation and marine risks, and compliance frequency are also included. Overall, the set provides a strong understanding of operational, legal, and regulatory aspects of insurance, useful for professional exams like III and NISM.
1. The full form of AMFI is ______.
a) Association of Mutual Funds of India
b) Association of Money lenders and Financiers of India
c) Association of Micro-finance Institutions
d) Association of Mutual Fund Investors
2. The Free look period is for ______ days.
a) 5
b) 7
c) 15
d) 30
3. Who must declare that no similar claim is made elsewhere?
a) Ombudsman
b) Insurance Company
c) Collector
d) Policy holder
4. Who is entitled to receive the sum assured?
a) Nominee
b) Insurer
c) Claimant
d) Broker
5. Revisiting of charges is not affected by:
a) Surrender
b) Lapsation
c) Discontinuance
d) Retirement
6. Document referred for servicing and claims is:
a) Proposal form
b) Policy bond
c) Cover note
d) Policy document
7. Central Government can supersede:
a) LIC
b) SEBI
c) IRDAI
d) RBI
8. Rules for addressing complaints are called:
a) Grievance redressal procedure
b) Complaints redressal procedure
c) Complaints handling procedure
d) Risk grievance procedure
9. PMLA empowers institutions to issue:
a) Country specific guidance
b) Source specific guidance
c) Subject specific guidance
d) Sector specific guidance
10. Not a ULIP disclosure norm:
a) Forex remittance
b) Investment strategy
c) Investment limits
d) Charges definition
11. Risk assessment involves:
a) Customer & agent profile
b) Insured & product profile
c) Customer & product profile
d) Insured & agent profile
12. Act for state insurance appellate tribunal:
a) Contract Act
b) Administrative Tribunals Act
c) SEBI Act
d) IRDAI Act
13. Objective of ______ is policyholder protection:
a) Consumer Affairs Division
b) LIC
c) AMFI
d) IGMS
14. GRA refers disputes when there is no:
a) Trust
b) Agreement
c) Contract
d) Mutual bond
15. Full form of CARE:
a) Central Aeronautical Research Enterprise
b) Credit And Revenue Exchange
c) Commission of Aided Research
d) Credit Analysis and Research Ltd
16. Additional ULIP payments are treated as:
a) Rider premium
b) Top Up premium
c) New premium
d) Single premium
17. Appeal to State Commission requires deposit of:
a) 50% or Rs 10000
b) 50% or Rs 15000
c) 50% or Rs 20000
d) 50% or Rs 25000
18. Annual aviation & marine policies cover:
a) Personal accident
b) Passenger liability
c) Marine hull
d) All of the above
19. Top-up premiums give cover:
a) One fourth proportion
b) Half proportion
c) Same proportion
d) Double proportion
20. Investment compliance report is submitted:
a) Monthly
b) Quarterly
c) Six monthly
d) Yearly
