IC14 REGULATION OF INSURANCE BUSINESS - 05

Q1.Why have the transaction records to be retained for 10 years?
To answer any queries from policyholders
 To achieve 100% compliance
 To create data warehousing reports
 To enable best practices study
To establish the fairness of the insurer
 
Q2.As for ____, the assignment/transfer is not operative.
 Agents
 Brokers
 Insurers
Non-life Insurers
 Transferor
 
Q3.Past performance of ULIPs in advertisement can only contain __.
 Results of investments and projected figures
 Results of allocation and past figures
 Results of funds and supporting figures
 Results of units and interest rates
 Results of investments and premium
 
Q4.On which matter can the Executive Committee of Life Insurance Council advise the IRDAI?
 On the matters of staff selected by insurance companies
 On the matters of losses incurred by Life Insurance Companies
 On the matters of property acquired by Life Insurance Companies
 On the matters of taxes paid by Life Insurance Companies
 On the matters of expenses incurred by Life Insurance Companies
 
Q5.Pand GS means ___.
Punjab amp; amp; Gurudaspura Services
 Post and amp; Govt. schemes
 Promised & Guarantee schemes
 Promised and Guarantee schemes
 Private & Govt. Suppliers
 
Q6.As per Section 45 of the Insurance Act, no policy of life insurance effected before the commencement of this Act shall after the expiry of ____ years from the date of commencement of this Act.
 1
 2
 3
 4
 5
 
Q7.CBEC' means __ .
The central bureau of excise and customs
 Company board of excise and customs
 Central board of excise companies
The central bureau of excise commission
 Central board of excise and customs
 
Q8.SHG' stand s for ____.
 Sovereign Health Grade
 Society of home guards
 Self Help Groups
 Security Home Group
 None of the above
 
Q9.What is the minimum term of cover in Life Micro Insurance for a term insurance plan without return of premiums?
 1 year
 3 years
 5 years
 7.5 years
 10 years
 
Q10.When did IRDAI notify the Micro Insurance regulations?
 10th Nov 2001
 10th Nov 2002
 10th Nov 2003
 10th Nov 2004
 10th Nov 2005

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