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Category: IC14 REGULATION OF INSURANCE BUSINESS – 16

IC14 REGULATION OF INSURANCE BUSINESS – 16

Que. 1 : Q1) How to arrive at the decision that certain transaction is suspicious one or not and to be reported accordingly?

   1.  a) Any transactions which appears to be not according to the type of activity may be reported without further enquiries

   2.  b) When a transaction looks suspicious, the officials may examine the purpose through discussion with the customer and if no satisfactory explanation is forthcoming such transactions should be considered

   3.  c) An auditor or investigating officials are necessary before considering a transaction to be of suspicious nature

   4.  d) Only such transactions which are not according to the type of activity and more than Rs.10 Lakh or equivalent to its foreign exchange are to be considered

Que. 2 : Q2) Micro Insurance products need prior approval of the authority under the File and Use procedure and every such product shall prominantly carry the caption ________

   1.  a) Insurance Product

   2.  b) Micro Insurance Product

   3.  c) Life Insurance Product

   4.  d) Non Life Insurance Product

Que. 3 : Q3) The President of state Commission should be a ________.

   1.  a) Retired IRDA Chairman

   2.  b) Retired SEBI Chairman

   3.  c) District Judge

   4.  d) High Court Judge

Que. 4 : Q4) What is known as Settlement Option in ULIP

   1.  a) Death Claim is known as Settlement option in ULIP

   2.  b) Maturity claim is known as settlement option in ULIP

   3.  c) Option in which maturity claim may be payable not on the date of maturity as chosen by the policyholder but later and in instalments.

   4.  d) Option in which maturity claim may be payable not on the date of maturity as chosen by the policyholder but later and in lumpsum

Que. 5 : Q5) Repudiation of life policy will result in forfeiting the policy amount by_______________.

   1.  a) Nominee

   2.  b) Actuary

   3.  c) Insurer

   4.  d) Agent