IC14 REGULATION OF INSURANCE BUSINESS - DEMO
| Q1.The selection committee will recommend the name of ____ for selecting them in the GRA. |
| permanent members |
| judicial members |
| subordinate members |
| technical members |
| Chairman |
| Q2.Who is the most important element for a business entity? |
| The buyers |
| The Customers |
| The Shareholders |
| The Policyholder |
| The Insurer |
| Q3.In all cases, except in __ insurance, a proposal for grant of a cover, either for life business or for general business, must be evidenced by a WRITTEN document. |
| Fire |
| Life |
| Marine |
| Burglary |
| Health |
| Q4.The full form of LIMRA is ____. |
| Life Insurance Management Research Association |
| Life Insurance Monitoring and Reporting Authority |
| Life Insurance Marketing and Redressal Authority |
| Life Insurance Maintenance and Research Association |
| None of the above |
| Q5.Prudential Investment Norms Compliance Report is submitted on a __ basis. |
| Weekly |
| Monthly |
| Quarterly |
| Half Yearly |
| Annually |
| Q6.A ULIP policyholder can safeguard the _____. |
| Value of equity shares in bad times |
| Value of the fund in good times |
| Value of the fund in bad times |
| Value of the asset in good times |
| Value of the premium in bad times |
| Q7.In which type of insurance do we have the FREE-LOOK period? |
| Fire insurance |
| Life insurance |
| Marine insurance |
| Wealth insurance |
| Motor insurance |
| Q8.What shall be the death benefits as a % of the total premiums paid (including top-ups)? |
| Not less than 105% |
| Not less than 125% |
| Not more than 120% |
| Not more than 105% |
| Not less than 115% |
| Q9.Section 59(1) of the Insurance Rules 1939 states that risk may be assumed without referring to the specified authorities if there is a deposit made with the insurer at a suitable rate not less than ___ per mille. |
| 1 |
| 1.5 |
| 2 |
| 2.5 |
| 3 |
| Q10.A renewal application for an insurance broker's license is processed in the same manner as that done with a new application. This is as per Regulation _. |
| 10 |
| 13 |
| 34 |
| 35 |
| 19 |
