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Category: IC01 PRINCIPLES OF INSURANCE – 23

IC01 PRINCIPLES OF INSURANCE – 23

Que. 1 : Q1) Which of these statements is INCORRECT with respect to Insurance Regulatory and Development Authority (IRDA) ?

   1.  a) IRDA is the authority to administer the Insurance Act and to regulate, promote and ensure orderly growth of the insurance industry

   2.  b) IRDA can, issue guidelines and directions to insurance companies which are to be followed by them on operational matters.

   3.  c) IRDA has the authority to issue licences to insurers as well as to intermediaries like agents, brokers, TPAs etc.

   4.  d) None of the above

Que. 2 : Q2) Which of the following statement is correct?

   1.  a) Insurance can prevent the occurrence of risks

   2.  b) Insurance can reduce the impact of risk financially

   3.  c) Both are correct

   4.  d) Both are wrong

Que. 3 : Q3) With reference to ‘Tenn insurance’, which is the correct answer ?

   1.  a) It creates equitable distribution of risks & losses

   2.  b) Reduces destitution

   3.  c) Promotes thrift

   4.  d) Helps in savings

Que. 4 : Q4) Which of the following statements is False?

   1.  a) An Insurance Broker is a Firm or an Individual whose full time occupation is Insurance Business with Insurance Companies

   2.  b) Individuals cannot become Insurance Brokers. Only Firms can become Insurance Brokers

   3.  c) The Insurance Institute of India provides courses and conducts examinations leading to Associate and Fellowship Diploma

   4.  d) All the above are False

Que. 5 : Q5) To be eligible for a TPA licence from IRDA, at least one of the directors of the Third Party Administrator must be a______________.

   1.  a) qualified pathologist

   2.  b) qualified cardiac specialist

   3.  c) qualified microbiologist

   4.  d) qualified medical practitioner