CHAPTER 14

1) In the process of a sale, the insurer or its agent or any intermediary shall act according to the code of
conduct prescribed by A) The Authority B) The Life Insurance Council C) The recognised
professional body or association.
A)
A) B)
B) C)
A), B), C)
2) It is the duty of an insurer to provide the insurer with a complimentary copy of the proposal form
within ______ days of the acceptance of a proposal.
20
25
30
35
3) The policyholder can cancel policy in cooling off period in accordance with regulation _____ of
IRDA (Protection of Policyholders interests) Regulations 2002
6(1)
6(2)
6(3)
6(4)
4) The policyholder can cancel policy in cooling off period within _____ from the date of receipt
10
15
20
25
5) _______ are the face of the insurance company to its policyholder
Underwriters
IRDA
Actuary

Insurance agent

6) Lack of transparency and disclosures would lead into ______ customer

To increase
To loose
To maintain

To care

7) As an agent you should always place ______ interest above everything else
Customers
Insurance companys
IRDAs

Self

8) Non settlement of maturity payment is complaints registered under

Policy servicing related
Claim related
Agency related
Policy lapse related
9) Error in policy schedule is complaints registered under
Policy servicing related
Claim related
Agency related
Policy lapse related
10) Revival of lapsed policies is complaints registered under
Policy servicing related
Claim related
Agency related
Policy lapse related
11) The objectives of the Consumer Affairs Department are to A) To protect policyholders B)
Empower consumers by educating them.
A
B
A) B
None of the above
12) Every insurance company will have a grievance redressal system ________
To address the complaints of client
To serve client
To address the complaints of agent
To address the complaints of reinsurance
13) The Insurance company has to acknowledge receipt of the complaint within _____ working days
1
2
3
4

14) If the client wants to cancel the policy but the insurance company fails to do so, the IRDA has
stipulated _____ working days to respond such complaints.
5
10
15
20
15) _______ was created by the government of India with the purpose of resolving insured customer
grievance quickly and to mitigate the problems involved in redressing these grievances.
The Institution of Insurance Ombudsman
Chartered Insurance Institute
Institute of Insurance and Risk Management
Insurance Institute of India
16) The Institution of Insurance Ombudsman was created by the Government of India on_____
11th November 1998
11th November 1999
11th November 1997
11th November 1996
17) The governing body has set up ______ ombudsmen offices across the country
11
12
13

14

18) The Ombudsmans powers are restricted to insurance contracts of value not exceeding ______
Rs. 15 lacs
Rs.20 lacs
Rs.25 lacs
rs.30 lacs
19) It is the duty of the Ombudsman to promote a _____ between the complainant and the insurance
company through mediation concillation.
Recommendation
Award
Settlement
None of the above
20) If there is no any settlement between two parties with in an appropriate time frame, then the
Ombudsman may make a ____ to what is, in his opinion, fair to both the parties .
Recommendation
Award
Compulsion
Withdrawal
21) The ombudsman grants award within the period of _____ from the receipt of the complaint
One month
Three month
Two month
Four month
22) A complaint can be lodged by calling up the IGCC on the toll-free number ______
155211
155222
155244
155255
23) The complaints received by the Ombudsman are handled in the following manner. A) withdrawal
settlement, B) recommendation, C) award, D) non-acceptable complaints.
A), B), C), D)
A), C), D), B)
A), B), D), C)
A), D), B), C)