MCQGeeks
0 : 0 : 1
CBSE
JEE
NTSE
NEET
English
UK Quiz
Quiz
Driving Test
Practice
Games
Quiz
Commerce
Insurance
Quiz 18
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Q.1
In Unit Linked policies, the risk cover is a multiple of _________
Fund Value
Accumulations
Net Asset Value
Premiums
Q.2
Type of Occupational pension scheme -
Uninsured pension scheme
Insured Pension scheme
Both A & B
None of the above
Q.3
Identify the correct option out of the following.
Licence for agency is issued by the Insurance company
Licence for a non-life insurance agency is issued by SEBI
Life Insurance agency licence is issued by Life Insurance Council
Agency licence in all cases is issued by the IRDA through the Designated Parson of the Insurer
Q.4
Identify the correct statement.
Closing a sale is the art of persuading the prospect to buy now based on the recommendation of the agent
Offering alternatives as to mode of payments will quicken the closing
Undue pressure tactics on the prospect are to be always avoided in a close of sales interview
All of the above
Q.5
IRDA stand for _________
International Regulatory & development Authority
Indian Regulatory & development Authority
Insurance Regulatory & development Authority
Income Regulatory & development Authority
Q.6
Identify the term of insurance that is depicted in the following scenario. Scenario: patient pays the health provider and is subsequently reimbursed by the health insurance company.
Service Benefit
Direct Contracting
Indemnity
Casualty
Q.7
What is defined an early claim?
Whenever the claim arises before the end of the policy term it is an early claim
If the claim arises after 5 years, it is an early claim
All death claims are early claims
A claim by death within three years of commencement
Q.8
State the incorrect sentence
No Maturity claim is paid on the close of Term insurance
In Money Back policy interim payments are made after certain frequencies
In Money back policy on death within the policy duration full sum assured is payable without deducting the interim instalments already paid
There is no such thing as rider benefit in a policy contract
Q.9
Which of the following is incorrect?
Many developed countries provide pension to alleviate poverty
These pensions are sufficient to maintain a modest life style
A & B are correct
None of the above
Q.10
Which of the following is not a tangible good?
Life Insurance
A television set
Iphone
A farmhouse
Q.11
In Need Analysis the steps followed are
Analysis of present and future needs of the client
Financial value of the above needs
Gap between funds needed for goals fulfilment and the available funds with the client
All of the above
Q.12
Identify the incorrect statements.
Consumer Disputes involving private insurance companies can be heard by Consumer Forum or commission
Life Insurance does not come under Consumer Protection Act 1986
Complaints can be lodged against private insurers as also public sector companies/corporation like LIC
Complaints can be lodged only life insurance companies as also non-life insurance companies
Q.13
Identify the incorrect statement out of the following ones.
There is a bar on appointment of a minor as agent of an insurance company
A person found guilty of fraud or any criminal offence is ineligible for appointment as agent of an insurer
A minor can be appointed agent of a life insurance company
No applicant is exempt from mandatory training before appointment as agent
Q.14
_________ relates of inaccurate statements, which are made without any fraudulent intention.
Misrepresentation
Contribution
Offer
Representation
Q.15
During which stage of life an individual appreciate past savings the most?
Post retirement
Earner
Learner
Just Married
Q.16
A policy is affected under the MWP Act. If the policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy become payable to the _________
Next of kin
Official trustee of the State
Insurer
Insured
Q.17
In a ULIP claim before the date of maturity will give
Higher of the sum assured or the fund value
Lower of the sum assured or the fund value
Return of premiums with savings bank rate of interest
Surrender value
Q.18
State which is correct.
There is no difference between an individual agent and a corporate agent as both of them represent an insurance company
An agent can work for a life insurer as also a non-life insurer, either individually or together
A composite agent means an agent working for one life and one non-life insurer
All of the above
Q.19
Which is incorrect statement?
Complainant has to approach a consumer forum before moving the Ombudsman
The complaint has to be lodged with in two year of the insurer rejecting the compliant
There is no separate financial limit of various forum and commissions
All of the above
Q.20
What is the duration of grace period in a policy?
30 days
One month
One month or 30 days
31 days
Q.21
Pick out the correct ones.
Nomination can be changed at will by the assured during the course of the policy
Assignment can also be changed at will by the assured without referring to the assignee
Witness for an assignment is not mandatorily required
Like nomination, assignment can also be effected in the proposal
Q.22
Who of the following may not qualify for a nonmedical underwriting?
An IT manager in TCS
A bank officer for a large sum proposed
A worker aged 50 in an underground coal mine
A manager in a shopping mall
Q.23
What is correct?
Agency licence is to be renewed once in 3 years
An agent’s licence has to be renewed after 5 years of issue
A licence has to be renewed once in 10 years
There is provision for life time licence, once issued
Q.24
Identify the correct options.
Life insurance selling is different from selling of other items
Life insurance involves concept selling and hence challenging
An agent has to create in his client’s mind need for life insurance
All of the above
Q.25
State the incorrect statement
In the event of loss of policy document, no fresh proposal needed
The insurer will in such an event issue a duplicate policy without making any change in the contract
No fresh underwriting is involved for issue of a duplicate policy
The assured has to approach a competent court of law and obtain an order directing the insurer to issue a duplicate policy
Q.26
State the incorrect of the following.
Amount of premium need not be shown; only sum assured is to be shown
There is no provision for name of the nominee in the policy
Mode of payment of claim is also shown in the policy
Date of birth of the assured has to be shown in the policy
Q.27
What are the factors in determining premium in a life policy?
Policy reserves
Mortality
Expenses
All of the above
Q.28
Surplus is defined as
Excess value of assets over liabilities
When turnover of the insurer is high
Excess value of liabilities over assets
Excess of liabilities
Q.29
Identify the correct statement
Bonus is not allowed on surrender of a policy
In compound reversionary bonus it is a percentage of basic benefit and already attached bonus
Terminal bonus and compound bonus are one and the same
Persistence bonus is allowed by the insurer at its discretion in certain cases
Q.30
Who among the following is most to buy variable life insurance?
People seeking fixed return
People who are risk averse and do not dabble in equity
Knowledgeable people comfortable with equity
Young people in General
Q.31
Who will issue licence to an applicant on his certification as per regulations?
Designated person in the insurer’s office as authorised by the IRDA
An officer of the IRDA
Controller of Insurance in the Ministry of Finance
An official of the Insurance Institute of India
Q.32
In which case is the moral hazard present?
A Bank manager with moderate occasional consumption of alcohol
A race goer with betting habits and usually a heavy consumer of alcohol
A university professor asking for a large cover on his life
Where in a proposal the nominee is a near dependant of the proposer
Q.33
Pick out the correct statement.
Personal history and family history of a proposer are equally important
In a non-medical proposal family history is not asked for
Large sum assured is not a factor to be considered in non-medical underwriting
Moral Hazard is not relevant in nonmedical underwriting
Q.34
Term Policy is ideally suited for
One who needs periodical sums of money in his life?
One who has a high insurance budget
One who has a low insurance budget
One who looks for high returns
Q.35
Which one of the below is not a case of annuity?
Payment of Rs.10, 000 received today last year on the same day and likely payment of a similar sum by the insurer next year
Electricity Bill
Car payments made by the loanee car owner
Periodical mortgage payments
Q.36
Identify two most important and basic qualities for a good and successful agent.
Self-respect and high knowledge
Empathy and ego drive
Wealth and desire to increase it through life insurance agency
Blessings of elders and help from bosses
Q.37
Pick out the incorrect statement.
Being open, confident and positive is not so important for an agent
Being punctual for appointments is important for an agent
Presenting oneself appropriately is important for an agent
Being fully prepared for the interview with facts and details is important
Q.38
What is correct
Loan is a privilege available only in some policies
If interest on loan is not paid, it becomes part of the loan
Nomination can be made by the proposer in the proposal itself
All of the above
Q.39
Pick out the correct statement.
Extension of premium paying period is normally allowed as an alteration in a policy
Increase in sum assured will be welcomed as a preferred alteration in a policy
Splitting of a policy into two or more is allowed as an alteration
Notice is not always necessary in an assignment to be given by the assured to the insurer
Q.40
State which is correct out of the following
Horoscope like a certificate of baptism is a standard age proof
Horoscope like certified extract from a family bible as to the date of birth is a standard age proof
Horoscope like a marriage certificate issued by a Roman catholic church is a standard age proof
Horoscope is a non-standard proof of age for life insurance purposes
Q.41
What is the incorrect statement out of the following ones?
Agent’s report is not always compulsory
Agent’s report should contain details of proposer’s health, habits, occupation, income, and family
An agent is a primary underwriter from the insurer’s point of view
Prospectus is a legal document
Q.42
Universal life policies are kept in force even if premiums are not paid, provided its cash value was sufficient to pay for the following items:-
Policy preparation & stamp charges
Agent commission & policy charges
Mortality charges and expenses
All of the above
Q.43
Universal Life plans provide for which of the following facility?
Payment of additional premiums over and above the target amount
Skipping of premiums
Both A & B
None of the above
Q.44
In keyman insurance policy the basis for issue of such a policy is
Income of the keyman
History of the business
Profitability of the business and the role of the keyman in that profitability
State of the national economy and rate of inflation
Q.45
Which is incorrect of the following?
Being judgmental is the opposite of listening
Sometimes prospect’s objection to accepting the agent’s recommendation may arise out of the past experience of hurt ego and unfair dealings by some others connected with insurance
Genuine interest in the other person is always respecting him in social relationships as also in insurance dealings
Prospect should feel obliged to the agent for being enlightened on life insurance
Q.46
State the correct statement out of the following ones.
Primary care means acute care to a patient in a hospital
It means extensive care provided to a patient in a acute setting
First point of contact for health care to a needy person
Care provided by experts to solve a medical problem faced by a patient
Q.47
Mortgage Redemption Insurance is nothing but
It is a constant term insurance
It is an increasing term insurance
It is savings insurance like universal life insurance
Decreasing Term Insurance
Q.48
Variable Life Insurance is a kind of _________ Insurance.
Whole life
Money back
Endowment
Term
Q.49
In Variable life insurance, the death benefit and cash value of the policy _________ according to the investment performance of a special investment account into which premiums are credited.
Went up
Went down
Remain Fixed
Fluctuate
Q.50
Under Variable life insurance, if the cash value became zero, the policy would _________
Continue
Converted into term ins
Surrender
Terminate
0 h : 0 m : 1 s
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Report Question
×
What's an issue?
Question is wrong
Answer is wrong
Other Reason
Want to elaborate a bit more? (optional)
Support mcqgeeks.com by disabling your adblocker.
×
Please disable the adBlock and continue.
Thank you.
Reload page