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Q.1
Which of the following information is not found in the Policy Schedule?
Plan and Term
Sum insured
Rights/Privileges
Policy Number
Q.2
Standard provisions of a policy contains which of the following information?
Rights/Privileges
Sum insured
Table and Term
Policy Number
Q.3
Specific policy provisions may contain –
Plan and Term
Clause
Rights/Privileges
Policy Number
Q.4
Which is evidence of commencement of contract/risk cover?
Policy document
Prospectus
Proposal form
FPR
Q.5
Which is a Premium receipt?
First Premium Receipt
Renewal Premium Receipt
Both A & B
None of the three
Q.6
Which will act as a proof of premium payment should any dispute arise as to premium payment?
F.P.R.
R.P.R
Proposal form
Policy document
Q.7
Which of the following information is not contained in a Medical Examiner’s Report?
Previous policy particulars
Height, weight, BP of the proponent
Both A & B
None of the above
Q.8
When medical report of the life insured is essential?
Sum proposed or age is high
Medical characteristics of the proposer
Both A & B
None of the above
Q.9
As per PML Act, 2002, which came into effect from 2005, money laundering is punishable by
Rigorous imprisonment for 3 - 7 years
Fine of Rs.5 lakhs
Both A & B
None of the above
Q.10
What are the KYC documents?
Photo
Address proof
Proof of Identify
All of the above
Q.11
Objective of KYC guidelines is to prevent –
Identity theft
Financial fraud
Money laundering
All of the above
Q.12
If Assets are undervalued it would result in –
More surplus
Less surplus
More or less surplus
No effect on surplus
Q.13
What does moral hazard indicate?
The possibility that client would undertake dangerous expeditions after taking a policy
The possibility of ending own life or the life of another
Both the above instances
None of the three
Q.14
Moral Hazard Report is completed by _________
Official of the Company
Agent
Medical Examiner
Proposer
Q.15
The first part of the policy document deals with
Policy claim settlement procedure
Policy schedule
Standard provisions
Specific policy provisions
Q.16
Where was the Universal Life Policy introduced first?
USA
Great Britain
Germany
France
Q.17
If liabilities are overvalued, it would result in –
More bonuses to the policyholders
Less bonuses to the present policyholders
More bonuses to the future policyholders
Less bonuses to the future policyholders
Q.18
If Assets/Liabilities are liberally valued, it would benefit –
Current policyholders
Future policyholders
Neither/nor current/future policyholders
No impact at all on policyholder community
Q.19
Free assets of a company are –
Distributed bonuses
Unallocated surpluses
Dividends
Encumbered assets
Q.20
To ascertain which of the following Age proof is not required:
Assessment of Risk profile
Premium paying capacity
Fixing the premium
All of the above
Q.21
For the subsequent premiums received by the insurance company after the first premium, the company will issue _________.
Revival premium receipt
Restoration premium receipt
Reinstatement premium receipt
Renewal premium receipt
Q.22
When an applicant is seeking license for the first time, he / she is supposed to undergo _________of practical training (from an approved institution) in life insurance.
25 hours
50 hours
75 hours
100 hours
Q.23
Which of the below forms first part of a standard insurance policy document?
Policy schedule
Standard provisions
Specific policy provisions
Claim procedure
Q.24
In respect of Bonuses, which of the following is incorrect?
Bonuses once declared, get attached to the policy and can’t be taken away
Bonuses form part of liability of a company
Premiums need not have been paid for a specified no. of years
All of the above
Q.25
Which is a bonus?
Simple reversionary bonus
Compound reversionary bonus
Terminal bonus
Any of the above
Q.26
Terminal Bonus would _________ with the duration/term of the policy.
Increase
Decrease
Either increase/decrease
Bear no connection
Q.27
What does the letter 'S' denote in the term IFSC?
Subscriber
State
System
Source
Q.28
A method of valuing insured property or the value computed by that method is known as
Actual cost validity
Actual cash value
Replacement cash value
Normal cost value
Q.29
What is the expanded form of the term ALM used in the banking sector?
Asset Liability Maintenance
Asset Liability Management
Asset Liability Manipulation
Asset Liability Maximisation
Q.30
Which of the following is not a part of India's Money Market?
Banks
Bill Markets
Call Money Market
Indian Gold Council
Q.31
An insurance company needs free assets for –
Financing new business
Generating more competitive returns
Greater leverage in investment
All of the above
Q.32
Prospectus is a document which is _________
Basis of the contract
Contract
Evidence of contract
Providing details about product
Q.33
Which is not provided in a Prospectus?
Terms & conditions
Scope of benefits
Documents required for claim
Entitlements
Q.34
SEF is abbreviated as _________
Standard Endorsement Form
Secure Endorsement Form
Standard Envelope Form
Standard Endorsement Fair
Q.35
Which one of the following does not belong to regulatory bodies in India?
FMC
IRDA
PFRDA
SEBI
Q.36
Which one of the following is the special drawing rights given by the International Monetary Fund to its member countries?
Cold money
Hot money
Paper gold
None of the three
Q.37
Which was the first Indian bank started solely with Indian Capital?
Punjab National Bank
Andhra Bank
Indian Overseas Bank
Syndicate Bank
Q.38
Fiscal policy is related with which of the following?
Public Revenue and Expenditure
Education for All
Import and Export
Import and Export
Q.39
As per Section 45 of Insurance Act, 1938, an insurance company can reject a claim within 2 years from issuance of policy if the material facts in the proposal are proved _________
True
False
Not worthy
Irrelevant
Q.40
Which of the following is a combination of insurance as well as an investment?
Money back policy
Endowment plan
Unit Link Insurance Plan
Mutual Funds
Q.41
Investment in ULIPs is related to which section of the Income Tax Act?
58C
65B
78A
80C
Q.42
In pursuance of which one of the following was the General Insurance Corporation of India was formed?
General Insurance Business (Nationalization) Act, 1972
Insurance Act, 1938
Insurance Amendment Act, 2002
IRDA Act 1999
Q.43
Repudiation of death claim means –
Acceptance of full sum insured
Accepting without any pre-condition
Rejection of a claim
Acceptance with health extra
Q.44
Which bank has started as a private shareholders bank, mostly by European shareholders?
Bank of India
Bank of Baroda
Dena Bank
Imperial Bank of India
Q.45
In which city the head office of Corporation Bank is situated?
Bengaluru
Mumbai
Mangalore
Kolkata
Q.46
Which of the following organization decides Repo Rate?
SEBI
IMF
AMFI
RBI
Q.47
What are true about IMF?
It's headquarter is situated at Washington, D.C
It works to foster economic stability and global growth by providing policy, advice and financing to members
It negotiates conditions on lending and loans under their policy
It oversees the fixed exchange rate arrangements between countries
All of these
Q.48
A person can be presumed to be dead if he has not been heard about for
5 years
6 years
7 years
10 years
Q.49
What is the time limit set for an insurer by IRDA Regulations for calling for documents from the date of receipt of claim intimation?
5 days
10 days
15 days
30 days
Q.50
What is the time limit set for an insurer by IRDA Regulations for settling non-early claims from date of receipt of all documents.
5 days
10 days
15 days
30 days
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