IC88 Mock Test Sample 16
Insurance companies collect premiums in advance to provide financial protection against risks. The tertiary sector includes activities such as entertainment, advertising, and services that support the economy. Consumer buying decisions are often influenced by inertia, urgency, and lack of information. Perception plays an important role in relationships and service evaluation. Fintech has disrupted traditional banking and insurance business models through technology-driven innovation. Reliability and credibility are essential in service interactions, especially in insurance claims. Public Relations aims to build understanding and goodwill. Middle managers in service organizations focus on improving customer satisfaction. In life insurance, augmentation includes innovative features like inflation-linked sum assured benefits.
1. Insurance company collects the share in advance. What does “share” mean here?
a) Claims
b) Premium
c) Equity contribution
d) Sum assured
2. Which activity is included under the tertiary sector?
a) Manufacturing
b) Entertainment
c) Construction
d) Packaging
3. What is the fourth reason for low-level search in buying decisions?
a) Ignorance about information
b) Lack of awareness
c) Inertia or indifference
d) Excessive information
4. How does perception influence relationships?
a) No impact on relationships
b) Creates and resolves conflicts
c) Influenced only by past information
d) Limited to conscious awareness
5. In general insurance, who may be the claimant?
a) Insurer
b) Policyholder
c) Nominee
d) Representative of insurer
6. How is perception described in the passage?
a) Cognitive phenomenon only
b) Visual phenomenon only
c) Both visual and cognitive phenomenon
d) Tangible process
7. On which continuum does intangibility lie?
a) Cost continuum
b) Quality continuum
c) Intangibility continuum
d) Tangibility continuum
8. What impact does Fintech have on banking and insurance business models?
a) Decrease in competition
b) Radical disruption
c) Limited impact
d) Focus on high-cost models
9. What is the consequence of focusing sharply on costs without customers?
a) Improved satisfaction
b) Efficient utilization
c) Blur focus on customers
d) Reduced demands
10. What is the key role of managing strategies according to Mintzberg?
a) Preconceiving strategies
b) Cultivating patterns
c) Recognizing emergence and intervention
d) Following systematic plans
11. How do others present influence service experiences?
a) No impact
b) Only service providers matter
c) Others may create pleasure or irritation
d) Minimal impact overall
12. What role does reliability play in service interactions?
a) Unrelated to trustworthiness
b) Documentation improves reliability
c) Reliability unnecessary in services
d) Availability during claims enhances reliability
13. What does training for an insurance agent include?
a) Providing inaccurate proposal details
b) Denigrating other agents
c) Sharing commissions
d) Feeling proud of the profession and insurer
14. What is crucial for monitoring customer needs?
a) Clear articulation of wants
b) Frequent advertising
c) Observation of customer behavior and responses
d) Benchmarking only
15. What term describes doubts after purchasing insurance?
a) Confidence
b) Satisfaction
c) Dissonance
d) Assurance
16. What is the relationship between price and demand?
a) Direct correlation
b) Inverse correlation
c) No correlation
d) Non-linear correlation
17. What is the primary goal of Public Relations (PR)?
a) Creating hostility
b) Generating prejudice
c) Building understanding
d) Encouraging ignorance
18. What term is used for workers employed for six months and considered “main” workers?
a) Marginal workers
b) Casual workers
c) Permanent workers
d) Main workers
19. What is the main focus of a middle manager in a service organization?
a) Managing subordinates
b) Maximizing communication
c) Improving small aspects for customer satisfaction
d) Ensuring employee competition
20. In life insurance, what is an example of augmentation?
a) Collection of premium
b) Deduction from salaries
c) Inflation-linked sum assured
d) Fixed sum assured only
