IC14 Mock Test Sample 2
This set of questions covers key regulatory and operational aspects of insurance business under IC14. It includes procedural documents like policy acknowledgements, TPAs’ reporting timelines, and compliance filings. It highlights ULIP regulations, yield reduction limits, and governing authorities such as IRDAI. Topics also include insurance protection focus, claim settlement mechanisms like Hit and Run Fund, and roles of surveyors in loss assessment. It covers qualifications of agents, governance structure of grievance redressal authorities (GRA), and appellate bodies. Additional areas include investment classifications, grievance redressal rules, premium refunds, and regulatory frameworks governing intermediaries, ensuring transparency, consumer protection, and proper insurance market conduct.
1. __________ is issued immediately as a conclusive evidence that the insurer has received the assignment request by the policyholder.
a) Policy acknowledgement
b) Acknowledgement letter
c) Cover Note
d) Form 5A
2. The TPA has to submit the annual report within _____ days at the end of the financial year, to the insurance company.
a) 60
b) 75
c) 90
d) 45
3. If the premiums have been paid for 5 years since inception, the maximum reduction in yield is ____ %.
a) 2.25
b) 2.75
c) 3.5
d) 4
4. Insurance Association of India has ______ councils.
a) 2
b) 3
c) 4
d) 5
5. In case of Whole Life Plans, lower the age of entry, the minimum sum assured will be ___________.
a) Lower
b) Higher
c) SA does not depend on age of entry
d) Either 1 or 2
6. ULIPs are regulated by ______.
a) SEBI
b) LIC
c) UTI
d) IRDA
7. Insurance protects the ______ of the insured.
a) Physical well being
b) Financial well being
c) Moral well being
d) Life Style
8. In 'Hit and Run' cases, the claims are settled from ________.
a) Hit and Run Fund
b) Motor Insurance Fund
c) Personal Accident Fund
d) Solatium Fund
9. Who should be appointed for assessing the claim / loss?
a) Underwriter
b) Insurer
c) Insured
d) Surveyor
10. The minimum qualification required for an insurance agent in a place with population 5000 or more is _______.
a) 10th standard or equivalent
b) 12th standard or equivalent
c) Graduate or equivalent
d) Education is not a criteria
11. How many judicial members are there in the GRA?
a) 1
b) 2
c) 3
d) 4
12. ULIP contracts can provide protection against benefits being __________.
a) Diminished by profiteering
b) Depleted by recession
c) Eroded by inflation
d) Incremented by appreciation
13. Who accepts commission in connection with a policy of life insurance?
a) Agent
b) Insurance Agent
c) Underwriter
d) Nominee
14. Statement of Total Assets (General) Compliance report is submitted on a ______ basis.
a) Quarterly
b) Half yearly
c) Monthly
d) Yearly
15. Statement of down graded investments is also called ________.
a) Form 1
b) Form 2
c) Form 3
d) Form 2A
16. ________ is an objective of Redressal of Public Grievances rules.
a) Formation of GRA
b) Protection of consumers interest
c) Providing grievances to consumers
d) All of the above
17. Refund of premium paid to the insured is done by ________.
a) Demand Draft
b) Pay Order
c) Pay cheque
d) Crossed cheque
18. Who makes rules to regulate the procedure for investigation of misbehavior or incapacity of GRA members?
a) IRDAI
b) National Government
c) Central Government
d) State Government
19. Under IAT, the person should have at least 15 years’ experience in ________.
a) Aviation industry
b) IT industry
c) Telecom industry
d) Insurance industry
20. Which system was created by Redressal of Public Grievances Rules 1998?
a) Actuaries Society of India
b) Consumer Forums
c) Insurance Ombudsman
d) Online Grievances Lodging system
