IC14 REGULATION OF INSURANCE BUSINESS – 08

Q1.The minimum policy term in a life insurance contract is __ years.
 1
 2
 3
 4
 5

 

Q2.Which of the below transactions can be termed ‘suspicious’?
Cash payment of the big amount for insurance premium
 Use of third party cheque to buy an insurance policy
Non-disclosure of data by customers
 An incident of pre-payment of insurance premiums
 All of the above

 

Q3.Within how many days should the insurer take a decision regarding a proposal and convey it to the proposer?
 7 days
 15 days
 30 days
 45 days
 60 days

 

Q4.Which among the below mentioned entities are responsible for negotiated settlements that enables to save interest and administration charges?
 Lok Adalats
 Jald Rahat Yojana
 Claims Conciliation Committees
 None of the above
 All of the above

 

Q5.How can one assess if an insurance company will be able to meet its claims or not?
 Price Earning Ratio
 Profitability of the company
 Share Capital of the company
 EBITA %
 Solvency Ratio

 

Q6.What fee is charged by the authority to issue duplicate copies of the license to Corporate Agents?
 Rs 10
 Rs 50
 Rs 100
 Rs 250
 Rs 500

 

Q7.The minimum functional capital of a TPA shall not be less than ___.
 Rs. 25 lakh
 Rs. 50 lakh
 Rs. 1 crore
 Rs. 2.5 crore
 Rs. 5 crore

 

Q 8. The major difference between a ULIP and a traditional Endowment Plan is that under a ULIP, the investment risks are borne by the ____.
 Insurance Company
 Underwriter
 Agents
 IRDA
Policyholders

 

Q9.How many technical members are there in the GRA?
 1
 2
 3
 4
 5

 

Q10.In the full form of NDPS, ‘P’ stand s for ____.
 Psychosis
 Profiteering
 Psychotropic
Pharma
 Performance

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