IC14 Mock Test Sample 6
This set of questions focuses on regulatory frameworks, grievance redressal mechanisms, and operational guidelines in insurance under IC14. It covers institutions like AMFI, IRDAI, and GRA, along with laws such as PMLA and Administrative Tribunals Act. Key topics include free look period, ULIP disclosures, premium structures, and top-up premiums. It also highlights risk assessment, AML/CFT guidelines, and documentation requirements like policy bonds. Consumer protection aspects include appeal procedures and complaint handling systems. Additionally, it addresses investment reporting, aviation and marine insurance coverage, and regulatory oversight to ensure policyholder protection, transparency, and effective functioning of the insurance sector.
1. The full form of AMFI is ______.
A. Association of Mutual Funds in 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 from the date of receipt of the policy document under a term insurance policy.
A. 5
B. 7
C. 15
D. 30
3. Who will have to make an express declaration that no similar claim has been made before any other forum?
A. Ombudsman
B. Insurance Company
C. Collector
D. Policy holder
4. Revisiting of all charges and limits will not be affected by which behavior of the policy holder?
A. Surrender
B. Lapsation
C. Discontinuance
D. Retirement
5. ______ not be entitled to take either the Sum Assured (SA) or the premium?
A. Nominee
B. Insurer
C. Claimant
D. Brokers
6. Which are the set of rules to address complaints and grievances of policy holders?
A. Grievance redressal procedure
B. Complaints redressal procedure
C. Complaints handling procedure
D. Risk grievance procedure
7. ________ would be referred to for servicing interaction and required at claim settlement?
A. Proposal Form
B. Policy bond
C. Cover note
D. Policy document
8. As per IRDAI Act 1999, Central Government can supersede the ______.
A. LIC
B. SEBI
C. IRDAI
D. RBI
9. PMLA rules empower institutions to issue ______ on AML/CFT.
A. Country specific guidance
B. Source specific guidance
C. Subject specific guidance
D. Sector specific guidance
10. _______ is not a disclosure norm for ULIP documentation.
A. Forex remittance on funds
B. Investment strategy and risk control
C. Investment percentage limits
D. Definition of charges
11. Risk assessment comprises understanding risks in ______ and ______.
A. Customer profile and Agent profile
B. Insured profile and Product profile
C. Customer profile and Product profile
D. Insured profile and Agent profile
12. Which act prescribes rules for state level insurance appellate tribunal?
A. Contract Act
B. Administrative Tribunals Act
C. SEBI Act
D. IRDAI Act
13. The prime objective of ______ is protection of policyholders’ interests.
A. Consumer Affairs Division
B. LIC
C. AMFI
D. IGMS
14. GRA refers disputes for mediation when there is no ______.
A. Trust
B. Agreement
C. Contract
D. Mutual bond
15. The full form of CARE is ______.
A. Central Aeronautical Research Enterprise
B. Credit And Revenue Exchange
C. Commission of Aided Research and Engineering
D. Credit Analysis & Research Ltd
16. Additional payments in ULIPs are treated as ______.
A. Rider premium
B. Top Up premium
C. New premium
D. Single premium
17. Top-up premiums offer life insurance coverage ______.
A. One fourth proportion
B. Half proportion
C. Same proportion
D. Double proportion
18. Appeal to State Commission requires deposit of ______.
A. 50%, ₹10,000
B. 50%, ₹15,000
C. 50%, ₹20,000
D. 50%, ₹25,000
19. ______ risks are covered under annual insurance for aircraft and marine hulls.
A. Personal accident
B. Legal liability to passengers
C. Marine hulls
D. All of the above
20. Statement of Investments Compliance Report is submitted ______.
A. Monthly
B. Quarterly
C. Six monthly
D. Yearly
