Ic14 Mock Test Sample 17
These questions cover key insurance concepts including regulatory frameworks, ULIPs, grievance mechanisms, and consumer protection. Important areas include IRDAI functions, GRA structure, appeal procedures, and policyholder rights. ULIP-related rules like minimum death benefit (105%) and disclosure norms are crucial. Concepts like Human Life Value help determine insurance needs, while FATF and money laundering highlight financial compliance. Regulatory acts are amended as needed, ensuring adaptability. Insurance coverage limits, rural obligations, and policy terms reflect industry standards. Understanding these topics is essential for insurance exams like LIC, III, and NISM, as they form the foundation of insurance operations, compliance, and customer protection.
1. ______ have to be deposited to make an appeal in Supreme Court.
a) Rs 25000
b) Rs 50000
c) Rs 75000
d) Rs 100000
2. The Grievance Redressal Authority (GRA) selection committee consists of members of _______.
a) National Councils
b) State Councils
c) Consumer Councils
d) Insurance Councils
3. What is the core aspect to determine the extent of required insurance coverage called?
a) Human life value element
b) Human life period element
c) Human life productivity element
d) Net asset life element
4. The minimum amount of cover in a Term Insurance is _________.
a) Rs 2000
b) Rs 3000
c) Rs 5000
d) Rs 7500
5. In _______ policy, risk can be assumed if at least the premium calculated on 75% of the sum assured is received.
a) Term Insurance Policy
b) Declaration insurance policy
c) Marine insurance policy
d) Life insurance policy
6. What will an ULIP contract clearly specify?
a) All statements are correct
b) Only statement iii is correct
c) Only statement i is correct
d) Both statement i and ii are correct
7. Employee State Insurance policy is applicable to _______.
a) All Employees
b) Functional Employees
c) Industrial Employees
d) Workmen
8. The minimum policy term is fixed as ____ years of a life insurance contract.
a) 1
b) 3
c) 5
d) 7.5
9. When are the insurance regulating acts amended?
a) Every six months
b) Every year
c) When new schemes are introduced
d) As and when required
10. ______ non-official members are allowed in the executive committee for General Insurance Council.
a) 1
b) 2
c) 3
d) 4
11. Where and when was FATF established?
a) Geneva - 1989
b) New York - 1985
c) Sydney - 1985
d) Paris - 1989
12. The appellate authority was wound up due to the constitution of ________.
a) IRDAI
b) SEBI
c) Insurance Appellate Tribunal
d) Grievance Redressal Authorities
13. Which statement is INCORRECT about IRDAI?
a) IRDAI removes competition in the insurance industry
b) IRDAI ensures competence in the insurance industry
c) IRDAI makes and amends laws
d) IRDAI protects policyholders
14. In the Rural Sector, IRDAI regulates percentage of _________.
a) Life insurance and General insurance businesses
b) Life and Motor insurance
c) Property and General insurance
d) Vehicle and General insurance
15. The death benefit at no time will be _________ of total premium including top-ups.
a) Less than 105%
b) Less than 115%
c) More than 105%
d) More than 115%
16. Insurance GRA will have no jurisdiction in ______.
a) Health insurance
b) Life insurance
c) Mediclaim insurance
d) Marine insurance
17. The minimum amount of cover for health insurance is _________.
a) Rs 5 lakhs
b) Rs 2 lakhs
c) Rs 1 lakh
d) Rs 50000
18. As per which act can the Central Government issue grants to IRDAI?
a) Contract Act
b) PFRDA Act
c) IRDAI Act
d) Insurance Act
19. When a nomination is cancelled, the rights of the nominee are affected by _______.
a) Interest of policyholders
b) Interest of nominees
c) Interest of insurers
d) Interest of claimants
20. Money launderers tend to seek out ______ and ______.
a) Inventiveness and jointness
b) Institutes and judiciary
c) Instances and junctures
d) Institutions and jurisdiction
