IC88 Mock Test Sample 17
Insurance and service businesses rely heavily on trust, ethical behavior, and customer satisfaction. Agents strengthen customer confidence by ensuring smooth claim settlement without delays. Customer satisfaction in insurance depends mainly on the interaction with insurer representatives. Cooperative societies at mandi levels help farmers with finance, seeds, manure, and technology support. Growth in the farm sector reduces poverty faster than many other sectors. Ethics in business focus on satisfying oneself and others while maintaining fairness and responsibility. Insurance protects assets against losses caused by risks and perils. Logistics involves material management and physical distribution. Insurance products are generally categorized as unsought goods in marketing.
1. How does an agent strengthen trust with customers at the claim stage?
a) Completing formalities independently
b) Ignoring procedures
c) Being perceived as incompetent
d) Ensuring legitimate claims are paid without delays
2. What is crucial for customer satisfaction in insurance business management?
a) Financial resources
b) Technological advancements
c) Nature of interaction with insurer representatives
d) Physical facilities
3. What is the primary role of cooperative societies at mandi level?
a) Selling essential commodities
b) Providing insurance services
c) Assisting producers with finance and technology
d) Conducting fairs and melas
4. Which factor reduces poverty faster than other sectors?
a) Multiple cropping
b) Growth in the farm sector
c) Broadband connectivity
d) Micro ATMs
5. What is the essence of ethical behavior in business?
a) Following safety standards
b) Compliance with legal norms
c) Satisfaction of oneself and others
d) Improving public image
6. What does the passage suggest about ethics and effectiveness?
a) No conflict exists between them
b) Ethics may conflict with effectiveness
c) Laws must be violated for growth
d) Malfeasance is necessary
7. What is the primary focus of insurance regarding perils and risks?
a) Ensuring asset longevity
b) Generating direct income
c) Mitigating damage caused by perils
d) Eliminating all uncertainties
8. Who identified four levels of acceptable service: Good, Very Good, Near Perfect, and WOW?
a) John Humble
b) Robert Galvin
c) Malcolm Balridge
d) David Aaker
9. Quality is measured by the extent of ________ of customers.
a) Experience
b) Behaviour
c) Satisfaction
d) Requirement
10. When was the National Agriculture Market (NAM) inaugurated?
a) 14 April 2015
b) 15 March 2016
c) 14 April 2016
d) 15 August 2017
11. Why is market segmentation carried out?
a) To maximize production
b) To assign sales agents
c) To group customers with similar needs
d) To group customers by education
12. On which principle does insurance business operate?
a) Principle of contribution
b) Principle of protection
c) Principle of promise
d) Principle of indemnity
13. Which sector is NOT included in economic activities?
a) Tertiary sector
b) Quaternary sector
c) Temporary sector
d) Primary sector
14. In distribution, people handling product movement are called-
a) Points of sale
b) Points of contact
c) Moments of truth
d) Intermediaries
15. Which practices involve procuring and processing resources in an organization?
a) Ancillaries
b) Vendors
c) Personnel
d) All of the above
16. Which pre-sale and post-sale service constitutes the insurance product?
a) Customer support / presales people
b) Repairs
c) Maintenance
d) Replacements
17. Why did private insurers neglect rural markets before nationalization?
a) Poor connectivity
b) Spread-out population
c) Poor incomes
d) All of the above
18. What are the two major operations of logistics?
a) Material management and physical distribution
b) Supply chain management only
c) Material management only
d) Physical distribution only
19. Economic activities in the Secondary Sector are referred to as-
a) Services
b) Goods
c) Supporting activities
d) Intangible products
20. Insurance products fall under which category of consumer goods?
a) Convenience goods
b) Unsought goods
c) Shopping goods
d) Specialty goods
