IC24 Mock Test Sample 16
These questions cover important concepts in insurance, law, and financial regulations. They include roles of agents in the US insurance system, features of critical illness policies, and revival of lapsed policies. Key principles like insurable interest and types of claims are tested, along with legal aspects such as Supreme Court jurisdiction and sources of law. Topics also include ULIP maturity benefits, IRDA regulations, reinsurance requirements, and tax provisions under the Income Tax Act. Additionally, concepts like deficiency in service, SAT jurisdiction, and appeal timelines are included, focusing on practical and regulatory knowledge relevant for insurance and financial exams.
1. In US, who have authority to act within specified limits and may even offer modified contracts to certain extent?
a) Soliciting agents
b) General agents
c) Brokers
d) None of these
2. Which of the following statements about Critical Illness products is False?
a) They provide insurance against diseases like cancer, heart attack, renal failure
b) They cover the actual cost of treatment
c) They are available as standalone or packaged products
d) They provide high sum insured with lump sum payouts
3. When a lapsed policy is brought back to full force; it is known as ________
a) Revival
b) Recovery
c) Restoration
d) Reinstatement
4. In which insurance scheme the policy evidencing the contract is issued to the assured by the insurer?
a) Individual insurance
b) Group insurance
5. Critical Illness policy eases financial pressure by providing _______ on diagnosis.
a) Reimbursement of actual cost
b) Lumpsum payment
c) Daily cash allowance
d) Health care services
6. Claims are mainly classified into how many types?
a) One
b) Two
c) Three
d) Four
7. Disputes between Government of India and states fall under which power of Supreme Court?
a) Appellate jurisdiction
b) Power to review
c) Original jurisdiction
d) None of these
8. In life insurance, insurable interest should exist?
a) At inception
b) At claim time
c) At renewal
d) All of the above
9. Under insurable interest which can be insured?
a) Own property
b) Own life and spouse
c) Potential liability
d) All of the above
10. Which is true regarding MWP Act cases?
a) Statement I is true
b) Statement II is true
c) Both are true
d) Neither is true
11. Rules derived from legal textbooks are classified as?
a) Formal source
b) Historical source
c) Legal source
d) Literary source
12. Annual reinsurance programme details must be submitted at least ______ before financial year.
a) 15 days
b) 30 days
c) 45 days
d) 75 days
13. On maturity of ULIP, what is paid?
a) Fund value
b) Sum assured
c) Higher of fund value or sum assured
d) Lower of fund value or sum assured
14. Who appoints an adjudicating officer for contraventions?
a) State Government
b) Central Government
c) IRDA
d) RBI
15. Proposal for life insurance must be evidenced by written document under ______
a) Regulation 4
b) Regulation 6
c) Regulation 8
d) Regulation 10
16. Employer contribution to group life insurance qualifies under ______
a) Section 36(1)(iv)
b) Section 80C
c) Section 10(10D)
d) Section 24
17. In group life insurance, assignment or nomination is allowed.
a) True
b) False
18. Fault or inadequacy in service is called ______
a) Weakness
b) Shortage
c) Deficiency
d) Bug
19. SAT handles disputes related to ______
a) Telecom
b) Tax
c) Capital market
d) None
20. Appeal against estate officer order must be made within ______
a) 10 days
b) 11 days
c) 12 days
d) 13 days
