IC14 REGULATION OF INSURANCE BUSINESS – 06

Q1.To whom will the appeal against the orders of GRA be automatically transferred?
 The High Court
 The District Court
 Consumer council
 Consumer group
 Insurance Appellate Tribunal

 

Q2.The full form of LI Council is ____.
 Lead Insurer Council
 Legal Insurance Council
 Loan Insurance Council
 Loss Insurance Council
 Life Insurance Council

 

Q3.When the shippers use better methods of packing, the rates charged for marine insurance will be ____.
Top-end rates
Somewhat higher rates
 Medium rates
 Specific rates
 Lower rates

 

Q4.What will a life insurance policy state?
 The policy term
 The policy premium amount payable
 The age and occupation of the insured
 The documents required to be submitted in support of a claim
 All of the above

 

Q5.If the premiums have been paid for 11 and 12 years since inception, the maximum reduction in yield (difference between Gross and Net yield % pa ) is _ %.
 4
 3.75
 2.75
 2.25
 1

 

Q6.What do claims refer to?
Claim refers to damages incurred by the policyholder
Claim refers to damages incurred by the insurance company
Claim refers to an amount paid by the policyholder
 Claim refers to a fixed amount paid to the nominees
 Claim refers to damages incurred by the insurer

 

Q7.Who has the choice to opt for mediation/conciliation so as to encourage Alternate Dispute Resolution (ADR)?
 Investigating officers
 Brokers
 Claimant
 Supervisor
 Chairman

 

Q8.In which cases will the GRA have no jurisdiction?
In cases relating to the original party
In cases relating to first-party
In cases relating to the second party
In cases relating to the third party
In cases relating to fourth party

 

Q9.A Micro Insurance agent shall ____.
also, distribute other insurance products apart from microinsurance products
 not be under the preview of IRDA rules and regulations
 employ specified persons with prior approval of the insurer
 work for more than one insurer carrying on life insurance business
 All of the above

 

Q10.____ accounts are used to transfer funds in the second stage of money laundering.
 Saving Accounts and Current Accounts
 CC Accounts and OD Accounts
 Home Accounts and Remote Accounts
Investment Accounts and Expense Accounts
 Capital Accounts and Revenue Accounts

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