IC14 Mock Test Sample 18
These questions focus on insurance laws, regulatory bodies, and operational practices in India. Key concepts include nomination (Section 39), assignment, and claim settlement through insurers. IRDAI plays a central role in regulating premiums, micro insurance, and intermediaries like brokers (IBAI). ULIPs provide liquidity through partial withdrawals, while rider premiums are capped to control costs. Consumer protection is highlighted through appeal timelines and jurisdiction of commissions. Group policies include schedules of members, and micro insurance products must be clearly labeled. Legal frameworks like the Insurance Act 1938 and IRDAI Act 1999 ensure transparency, fairness, and protection of policyholders in the insurance ecosystem.
1. The life assured can appoint an appointee to receive policy money on behalf of the _________.
a) Minor
b) Major
c) Disabled
d) Sub agent
2. The provision be amended to indicate that except where the endorsement of assignment or transfer is __________.
a) Conditional
b) Unconditional
c) Contractual
d) Non-Contractual
3. In which type of policy/contract does the policy document contain a schedule showing details of individuals covered?
a) Aviation passenger insurance
b) Group pension schemes
c) Marine insurance contracts
d) Group policies
4. Nominations matters were amended under which section of Insurance Act?
a) Section 38
b) Section 39
c) Section 40
d) Section 41
5. Which is the IRDAI recognized apex body for all licensed insurance brokers in India?
a) CRDEAI
b) LIC
c) UTI
d) IBAI
6. To register a claim, the claimant has to avail the in-house mechanism of the _______.
a) Insurer
b) Actuary
c) Managing director
d) Underwriter
7. Premium related to all riders together cannot exceed _____ of the main product premium.
a) 10%
b) 20%
c) 30%
d) 40%
8. As per IRDAI, how many Micro Insurance schemes are operational in India?
a) 26
b) 28
c) 35
d) 37
9. Which of these statements is inappropriate?
a) Statement A
b) Statement B
c) Statement C
d) Statement B & C
10. What is the value of services and compensation claimed under National Commission?
a) More than 2 crore
b) More than 1 crore but less than 2 crore
c) Upto 20 lakh
d) More than 20 lakh but less than 1 crore
11. Which agent will not distribute any product other than a micro insurance product?
a) LIC Agent
b) General Insurance Agent
c) Co-insurer agent
d) Micro insurance agent
12. The full form of NCLT is ________.
a) National Council for Legal Tests
b) Non circulating legal tender
c) National center for learning and teaching
d) National Company Law Tribunal
13. What does partial withdrawal from ULIP provide?
a) Profit booking
b) Assets
c) Returns
d) Liquidity
14. What caption is prominently carried on every micro insurance product?
a) Micro life product
b) Micro insurance product
c) Micro safe product
d) General insurance product
15. If rebates are allowed on life insurance premium, it has to be according to the ______.
a) SEBI Rules
b) Terms and conditions under Sec 41
c) Published prospectus
d) Tables of the insurer
16. To whom will the amount secured by the policy be payable?
a) Survivors
b) Policy holder
c) Assignor
d) Assignee
17. Appeals before the National Commission can be made within ______ days.
a) 7
b) 15
c) 30
d) 45
18. Insurance in India is regulated by Acts passed in which years?
a) 1939 and 1999
b) 1938 and 1999
c) 1938 and 1998
d) 1937 and 1998
19. What is a Micro insurance agent generally paid?
a) Fixed Salary
b) Remuneration
c) Commission
d) Bonus
20. _________ has the power to issue regulations specifying the manner of receipt of premium by the insurer.
a) LIC
b) IRDA
c) Consumer Forums
d) National Commission
