IC14 Mock Test Sample 7
These questions cover key insurance concepts, regulations, and practices. They focus on legal procedures like appeals to higher courts, deposit requirements, and roles of authorities such as GRA and Insurance Appellate Tribunal. Core insurance principles include premium payment, risk assumption, human life value, and policy details. Operational aspects like ULIP advertising, micro-insurance agent rules, and investment compliance reports are also highlighted. The importance of correct beneficiary (assignee), grievance handling, and consumer protection laws is emphasized. Additionally, topics like marine insurance rating, term insurance coverage limits, and yield reduction norms reflect practical and regulatory knowledge essential for insurance exams.
1. ______ have to be deposited to make an appeal in Supreme Court.
A. ₹25,000
B. ₹50,000
C. ₹75,000
D. ₹1,00,000
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. The minimum amount of cover in a Term Insurance is _______.
A. ₹2,000
B. ₹3,000
C. ₹5,000
D. ₹10,000
4. In _______ policy, risk can be assumed if at least 75% of premium is received before assumption of risk.
A. Term Insurance Policy
B. Declaration insurance policy
C. Marine insurance policy
D. Life insurance policy
5. The core aspect to determine required insurance coverage is called _______.
A. Human life value element
B. Human life period element
C. Human life productivity element
D. Net asset life element
6. The 'Prudential Investment Norms Compliance Report' is to be submitted _______.
A. Within 30 days of Board approval
B. Within 15 days of Board approval
C. Within 21 days of Board approval
D. Within 30 days after each quarter
7. _______ will be deemed to be the absolute assignee or transferee respectively.
A. Nominee
B. Assignor
C. Assignee
D. Transferee
8. Physical hazard is assessed _______.
A. On the basis of risks
B. On the basis of proposal form information
C. On the basis of product nature
D. On the basis of damages caused
9. Maximum imprisonment for not following consumer forum order is ______ years.
A. 1
B. 2
C. 3
D. 5
10. The policy money will have to be paid to the ______.
A. Surveyor
B. Assignee
C. Assignor
D. Legal heir
11. ______ can approach the GRA?
A. Surveyor
B. Policy holder
C. Insured
D. Claimant
12. ULIP advertisements can include past performance of _______.
A. Investments and projected figures
B. Allocation results
C. Fund performance
D. Investments and interest rate effects
13. To whom is the premium paid?
A. Agent
B. Banker
C. Company
D. Insurer
14. A micro insurance agent shall _______.
A. Work only for one life insurer
B. Work only for one general insurer
C. Sell only micro insurance products
D. Be appointed through agreement
15. Appeal in Supreme Court requires deposit of _______.
A. 10%, ₹50,000
B. 20%, ₹50,000
C. 30%, ₹50,000
D. 50%, ₹50,000
16. Appeal against GRA orders is transferred to _______.
A. High Court
B. District Court
C. Consumer council
D. Insurance Appellate Tribunal
17. The full form of LI Council is _______.
A. Lead Insurer Council
B. Legal Insurance Council
C. Loan Insurance Council
D. Life Insurance Council
18. Better packing by shippers results in _______ marine insurance rates.
A. Top end rates
B. Higher rates
C. Medium rates
D. Lower rates
19. A life insurance policy will state _______.
A. Policy term
B. Premium payable
C. Age and occupation
D. All of the above
20. For premiums paid for 11–12 years, maximum reduction in yield is ______%.
A. 4
B. 3.75
C. 2.75
D. 2.25
