IC14 REGULATION OF INSURANCE BUSINESS -10

Q 1. The function of the Executive Committee of the Life Insurance Council is to intimate the IRDAI if any insurer shows prejudice to a ___.
 Intermediary
An employee of the insurance company
 Nominee
Policyholder
 None of above
 
Q2.Under section __ of the Insurance Act, life insurance policies are repudiated.
 Section 44
 Section 45
 Section 46
 Section 47
 Section 48
 
Q3.What is the minimum term of cover in health insurance?
 1 year
 2 years
 3 years
 5 years
 7.5 years
 
Q4.When a nomination is made specifically under Sec 39 of the Insurance Act, the Provision of Section 6 of M W P Act 1874 is not applicable to nomination in favor of __.
 Spouse
Grandparents
Wife and/or children
 Children
 Wife
 
Q5.Which of these products is not viable as a stand-alone insurance product.
Microinsurance
 Endowment
 Money back policy
 Group insurance
 Pension and Group schemes
 
Q6.If death happens during the contestable period, any claim based on the policy can be challenged on the grounds of __.
 Legal statement
 Mis-statement
 Fraudulent statement
 Incorrect statement
 False statement
 
Q 7. The minimum amount of cover in a Term Insurance is ___.
 Rs. 3500
 Rs. 5000
 Rs. 6200
 Rs. 7500
 Rs. 10000
 
Q 8. What is the lock-in period for ULIPs during which period no partial withdrawals or surrenders are allowed ?
 2 years
 5 years
 7 years
 10 years
 11 years
 
Q9.What is the minimum fine in case of a complaint filed against a person accused of deficiency of service by Consumer forums and not following their order?
 Rs 2000
 Rs 3000
 Rs 5000
 Rs 7500
 Rs 10000
 
Q10.No relaxation in premium issues is allowed for
 Aircraft hulls and other aviation risks
 National agriculture insurance scheme
 Issued to students availing Govt. scholarship
 Govt. and Semi Govt. bodies
 Issued to personnel of armed forces

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