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Category: IC14 REGULATION OF INSURANCE BUSINESS – 06

IC14 REGULATION OF INSURANCE BUSINESS – 06

Que. 1 : Q1) Section 64 VB will advise the insured of that

   1.  a) Insurance will not be effective unless the premium is paid before cover is to commence

   2.  b) Insurance will not be effective unless the insured reaffirms the declaration relating to material facts

   3.  c) Insurance will not be effective if the cover is amended from that the renewal is based on

   4.  d) Insurance will not be effective if there is any change in the agent or broker

Que. 2 : Q2) The following are the stages of a typical money laundering process.What is the right sequence of the process? (1) Conducting Layers of Financial Transactions (2) Breaking of large amount of cash into smaller sums and placing them into Financial System (3) Placing the money into economic system as if it comes from legitimate sources.

   1.  a) (1) (2) and (3)

   2.  b) (1) (3) and (2)

   3.  c) (2) (1) and (3)

   4.  d) (3) (1) and (2)

Que. 3 : Q3) _______ is a specialised type of contract that is unconditional and capable of transfer by negotiation

   1.  a) Insurance Contract

   2.  b) Wagering Contract

   3.  c) Negotiable Instrument

   4.  d) Gambling Contract

Que. 4 : Q4) Which of the following describes a Reinsurance broker?

   1.  a) He or She is licenced by the authority to act as such for a remuneration carries out the functions as specified under regulation 3 either in the field of Life Insurance or in General Insurance or both on behalf of the clients

   2.  b) An Insurance broker who for remuneration arranges reinsurance for direct insurers with Insurance and reinsurance companies

   3.  c) An Insurance broker who for the time being licenced by the authority to act as such for a remuneration arranges insurance for its clients with insurance companies and / or reinsurance for clients

   4.  d) All of the above

Que. 5 : Q5) What is the maximum term coverage in case of Endowment Insurance?

   1.  a) 7 years

   2.  b) 15 years

   3.  c) 10 years

   4.  d) 14 years