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Q.1
Amrita is pregnant. She has applied for a term insurance cover. WHICH of the below option will be the best option to choose for an underwriter to offer insurance to Amrita? Choose the most likely option.
Acceptance at ordinary
Acceptance with extra premium
Decline the proposal
Acceptance with a restrictive clause
Q.2
Pick out the correct statement.
Educational qualification for becoming an agent in all circumstances is 12th STD pass
Educational qualification for becoming an agent in all cases is 10th STD pass
There is no minimum educational qualification for becoming an agent of an insurer
None of the above
Q.3
Mahesh has brought a life insurance policy with a critical illness rider. He has made absolute assignment of the policy in favor of khan. Mahesh suffers a heart attack and there is a claim of Rs.50,000 under the critical illness rider. To whom will the payment be made in this case?
Mahesh
Karan
The payment will be shared equally by Mahesh and Karan
Neither of the two because Mahesh has suffered the heart attack but the policy is assigned in the favor of Karan
Q.4
Given below is a list of document to be submitted for a normal death claim by all beneficiaries in the event of death of life insured. Pick the odd one out which is additionally required to be submitted only in case of death by accident.
Inquest report
Claim form
Certificate of burial cremation
Hospital’s certificate
Q.5
Agent’s license is to be renewed _________
Every Year
After 5 Year
After 3 year
After 15 year
Q.6
In Needs-analysis the following act is done
Location of areas where people need life insurance protection
Identifying people who may work as agents
Estimating assets of prospects
Estimating the net worth of prospects
Q.7
What is not a true index of service quality?
Reliability
Smartness
Empathy and understanding
Responsiveness
Q.8
Identify the incorrect statement.
In interview of the prospect agent is knowledge alone is not important
Listening is not important as the prospect may not know much about life insurance
The agent should avoid being judgmental. It is necessary for the agent to pay
Attention to what the prospect says as also to his body language
Q.9
_________ is the fees payable to the authority for issue / renewal of license to act as an insurance agent or composite insurance agent.
250
150
520
100
Q.10
If an agent is found guilty of criminal misappropriation the designated person will _________ ,_________
Cancel the license
Issue a duplicate license
Renew the existing license
Take some fees from the agent
Q.11
The key to successful closing lies helping the prospect to say _________
No
Yes
Don’t know
Maybe
Q.12
What is the jurisdictional limit of a District Forum in Consumer Disputes case?
Rs.20 lakhs
Rs.50 lakhs
Rs.100 lakhs
There is no limit
Q.13
Deficiency in service giving rise to a customer dispute arises in the following situations.
If the shopkeeper charges a price higher than MRP
Faulty products including expiry date crossed while selling
Allergy warning not stated clearly on the front of a drug bottle
All of the above
Q.14
State the correct position
In Money Back Claim on maturity the balance sum alone is payable along with attached bonus, if any
In the above case full sum assured is payable
Nothing more is payable after the instalments are paid to the assured
On death before the end of the policy in the above case the balance sum is payable
Q.15
As per IRDA Regulations 2002, a decision in a claim is to be taken by the insurer within how many days of submission of requirements by the claimant?
6 months
3 months
45 days
30 days
Q.16
State the correct position out of the following.
No licence is actually needed by the agent if he is authorised by the Insurer
No agent can do insurance business without a valid licence under sec.42 of the Insurance Act 1938
An agent of insurance works for salary in an Insurance company
A Director of an Insurance company can be an insurance Agent
Q.17
Three elements that promote trust are
Communication, assertiveness and punctuality
Attraction, communication and punctuality
Politeness, affirmation and ability to effectively communicate
Affirmation, assertiveness and attraction
Q.18
Identify the correct statement.
It is not always possible or even necessary for ethics in selling life insurance
Ethical behaviour will quite often conflict with business dealings
Ethical behaviour on the part of an agent will help in developing trust and confidence between an agent and his client
Ethics should matter to top management and not agents
Q.19
IGMS stands for
Individual Grievance Management Service
Integrated Grievance Management System
Indian Grievance Management System
Insurance Grievance Management System
Q.20
Identify the correct statement.
After sales service in insurance is more critical and necessary than in other marketing of products and services
Commitment to serving customers is the secret of success in life insurance selling and marketing
Customer lifetime value is the sum of economic benefits arising out of a long time sound and productive business relationship with customers
All of the above
Q.21
Fees payable to the IRDA for issue of licence to act as an agent of an insurance company are
Rs.500
Rs.100
Rs.250
Rs.1000
Q.22
What fee is payable by the aggrieved person to the District Consumer Forum while filing his complaint?
Rs.250
Rs.100
10% of the relief sought and given
No fee is payable
Q.23
Pick out the incorrect statement from the below mentioned statements.
Insurance agent represents his client in the first place
Insurance agent represents his company in the first place and always
There is a difference between an agent and a broker
Broker represents his client unlike an agent
Q.24
What are the correct statements?
Bancassurance model can either be a bank forming an insurance company on its own or acting as an agent for another Insurance company without capital participation
Such an agency of bank acting for an insurer is known as corporate agency
A commercial bank is not barred from acting as an agent for insurance companies
All of the above
Q.25
Which of the following statements is incorrect?
Money laundering is an illegal practice of bringing money into nation's economy by hiding its source and the true identity of the person involved
Life Insurance Company will return the entire premium under free look provisions
Moral hazard is not easily assessable unlike physical risk of the proposer
Standard and non-standard age proofs are not mutually interchangeable
Q.26
Which of the following could be termed as a transactional product?
Insurance
Shares
Real estate
Bank deposits
Q.27
Terminal bonus is payable at the time of
Surrender
Maturity/death
Loan
None of the three
Q.28
Success in life insurance agency career depends on
Self-motivation for accepting challenges in the profession with fire in his belly
Positive self-image with high morale
A spirit of entrepreneurial skill
All of the above
Q.29
Four major areas of unethical behaviour are
Misrepresentation
Illustrations without giving both optimistic and conservative estimation of returns
Replacement of an existing policy by a fresh policy without any specific need
All of the above
Q.30
Qualified prospects are those people who
Have a need for life insurance
Meet the underwriting requirements
Can be approached for this purpose
All of the above
Q.31
Restructuring of debts refers to
Swapping less interest loans with more interest loans
Modification of the terms of a loan to debtor who could default on payments
Closing all outstanding loans
Going for more and more borrowings
Q.32
An insurance agent is typically a representative of
Customer
Insurance company
Government
IRDA
Q.33
Prospecting in an insurance sale is
Gathering the names of people who may be interested in insurance
Preparing a list of all the persons in a city
Enlisting all the policyholders of a branch office
Preparing a list of all the agents in a neighborhood
Q.34
According to common law, when should insurable interest be present in a life insurance contract?
At the time of taking policy
At the time of claim
Both A & B
None of the above
Q.35
The dividends declared under contribution method can be
Paid by cash or by reducing future premiums
Allowed to purchase non-forfeitable paid up additions
Accumulated with interest to be withdrawn at the option of the policy holder
None of the three
Q.36
Which of the following options are correct?
Life insurance selling is different from selling other items
Life insurance involves concept of selling and hence, is challenging
An agent has to create, in his client's mind, a need for life insurance
All of the above
Q.37
Which of the following statements is correct
Ethical behavior is impossible while selling insurance
Ethical behavior is not necessary for insurance agents
Ethical behavior helps in developing trust between the agent and the insurer
Ethical behavior is expected from the top management only
Q.38
Which one of the following statements is correct?
In a limited payment policy, there is a maximum limit to the SA
In a limited payment policy, there is a maximum limit to the term
Both the statements above are wrong
Both the statements above are correct
Q.39
Which one of the following statements is true with regard to Children’s policies?
On vesting, the insured person has an option to change the term of the policy
On vesting the insured person has an option to increase the SA
Both the statements above are wrong
Both the statements above are correct
Q.40
Which one of the following statements is correct?
Every plan of insurance is a combination of two basic plans
The name given to a plan indicates the benefits available under the plan
Both the statements above are correct
Both the statement s above are wrong
Q.41
Which one of the following statements is correct?
Underwriting is done only when there is a medical examination
Medical examination is necessary before a policy can be issued
Both the statements above are correct
Both the statements above are wrong
Q.42
Which one of the following statements is correct?
The underwriter determines the premium to be charged
The underwriter is an employee of the insurer
Both the statements above are correct
Both the statements above are wrong
Q.43
Which of the following are correct?
If dispute is not settled through mediation, Ombudsman will pass an award within 3 months of receipt of the compliant
If the award is acceptable to the insured, it is binding on the insurer to implement the award
If the insured does not accept the award, it is not implementable at insurer's level
All of the above
Q.44
If there is any delay in settlement of claim within 30 days, other than an early claim, the insurer has to pay _________ rate of interest.
Savings bank account
Bank interest + 2%
5.00%
10%
Q.45
Which of the following are true?
I. Insurance is necessary to cover the risk of living too long.
II. Insurance helps one to be less dependent on others.
Only I
Only II
Both I and II
Neither I nor II
Q.46
When would special reports be necessary?
When high sum insured is proposed
When age is advanced
Both A & B
Special reports are not necessary in any case
Q.47
Identify the correct option(s).
Revival of a lapsed policy is subject to certain conditions as set out by the underwriter
Revival of a lapsed policy cannot increase the risk for the insurer
Fresh medical examination report is not always required for revival of a lapsed policy
All of the above
Q.48
Savings is a composite of which of the following decisions?
Postponement of consumption
Parting with liquidity
Both A & B
None of the three
Q.49
Which is the right time for taking life insurance?
When you are about to get married
Soon after you have got married
Just when you are joined a new job
All of the above
Q.50
Retention of risk may be done conveniently by
Large corporations
Small companies
Single individuals
None of the three
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