6/19/13

Reliance Life Insurance - Virtual Office

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Userid : 70171305 User Name : Ramachandra Rao Thota Syllabus: NEW Question Correct Answer Q1. A contract comes into existence when 1 1. One party makes an offer which the other party accepts unconditionally. 2. One party makes an offer which the other party put extra conditions. 3. One party makes an offer where other party gives counter offer. 4. One party makes an offer which the other party receives the offer. Q2. Human beings need life insurance because.................. 1. death is certain 2. death is uncertain 3. the timing of death is uncertain 4. Death is the solution. Q3. life insurance the risk is determined on the basis of .......... 1. future data 2. past data 3. statistical data 4. mathematical data

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Q4. How are perils and hazards normally distinguished under term insurance policies? 1. Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of dying. 2. Perils are risks that policyholders will die before a specified date and hazards are factors which could influence that risk. 3. Perils are factors which affect the risk being insured and hazards are the size of the risk being insured. 4. Perils are factors which could influence an insured event occurring and hazards are the actual events which will trigger a payout Q5. What is the main objective of taking the life insurance policy? 1. Tax benefit

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1. Tax benefit 2. Savings 3. Investment 4. Protection Q6. Ram works in a Fire cracker factory. He stocks the cracker in his house. He runs which type of risk. 1. Speculative. 2. Particular. 3. Financial. 4. Fundamental. Q7. If we hold 100 units in gold ETF, It means that how much grams we have in physical 1. 5 or 10 grams 2. 10 or 15 grams 3. 15 or 25 grams 4. 50 or 100 grams Q8. In a pension plan illustration what are the parts which shows the benefit for an annuitant. 1. Insurance coverage 2. Annuity part 3. Guaranteed and non guaranteed part 4. Vesting age Q9. What is the major reason for self employed to take insurance. 1. Save Tax 2. Fluctuating income 3. High Returns 4. Protection Q10.Total annual premium Rs 32000 quarterly loading done 4 % . Hence actual quarterly premium will be 1. 7680 2. 9320 3. 8320 4. 6600 Q11.In an insurance contract the insurable interest needs to be at the time of .... 1. claim 2. revival 3. inception 4. surrender Q12.In an insurance contract 'consideraton' means........ 1. proposal form 2. Advisors confidential report
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Reliance Life Insurance - Virtual Office

3. premium 4. claim Q13.Mr.Akash filled the proposal form but before submitting to the company he discussed with the agent that he is not sure whether he can pay for 15 years . This attitude affects which part of the contract? 1. Consideration in the contract 2. Capacity to contract 3. Consensus ad idem 4. Offer and Acceptance in the contract Q14.On foreclosure, if Death claim arises before the payment of the surrender value, the payment would be payable to: 1. Nominee 2. Legal heir of life Assured 3. Debotrs 4. forfeited the Premium Q15.Gaurav is working in MNC at the age of 32 bought an Endowment Plan. He had nominated his 1 year old daughter Saanvi, but not able to get the Signature of her appointee due to unavailability of his spouse .after 5 year. He died in road accident, now claim money would be payable to: 1. Nominee only 2. Legal heir of the life assured 3. Appointee Only 4. will be Payable to Saanvi (Nominee) at the age of 18th Q16.Kamal is willing to pay 60000/- per annum for his ULIP policy. What should be the SA in case he wants to avail the tax benefits? 1. 1 lacs 2. 3 lacs 3. 2 lacs 4. 1.50 lacs Q17.Within how many days will the underwriter needs to inform the policyholder regarding the status of the policy. 1. 10 days 2. 15 days 3. 30 days 4. 45 days Q18.Maximum Life cover 1. 20 times annual salary 2. 500000 3. 1500000 4. 4000000
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Reliance Life Insurance - Virtual Office

Q19.MPL abbreviates 1. Minimum Possible Loss. 2. Major Possible Loss. 3. Minor Possible Loss. 4. Maximum Possible Loss. Q20.Mr. Vinu got a job recently, he cant afford to pay to pay the higher premium as of now but in future once he settles down with his job he can pay higher premium. Which one will be the best plan? 1. Convertible Endowment plan 2. Convertible Term plan 3. Convertible pure Endowment 4. Convertible money back plan Q21.Mr. Kumar decides that his employees should have SSS scheme. What type of plan is SSS? 1. Salary saving Life plan 2. Not a specific plan 3. Salary insurance plan 4. Salary Specific plan

Q22.If a person want to maintain emergency funds the best place is a bank or 1. Equity market 2. ULIP 3. Debt mutual fund 4. FD Q23.Mr. Denny is married and has 2 children and his parents are alive. He has taken a family floater plan. Under the plan who all will be covered. 1. Denny 2. Denny and his wife 3. Denny, his wife and children 4. Denny, his wife, his children and his parents Q24.Under current regulations what is the maximum stake that the Foreign Partner in Insurance Company hold? 1. 0.48 2. 0.5 3. 0.6 4. 0.26 Q25.Who will maintain Mutual Fund Schemes? 1. Mutual Fund Management Societies 2. Mutual Fund Management Systems. 3. Asset Management Companies. 4. Asset Maintenance Company Limite4.

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Q26.Which of the following cant be ducted under section 80 c from taxable income? 1. Pension Funds 2. Public Provident Fund 3. Employee Gratuity Fund 4. Infrastructure Bonds

Q27.The Premium on all riders put together should not exceed 1. 10% of the premium on the base policy 2. 20% of the premium on the base policy 3. 30% of the premium on the base policy 4. 40% of the premium on the base policy Q28.Which of the following is not a feature of WOP rider? 1. The rider waives future premiums in the event of the disability or death of the policy holder. 2. This rider is ideal for helping to prevent a policy lapsing due to non-payment of premiums due to death or disability 3. The main strength of WOP is the payment of full sum assured. 4. WOP rider can be offered with all plans Q29.The concept of Risk diversification is applicable in which of the following instrument ? 1. Mutual Fund 2. Risk Diversified Insurance 3. Shares 4. Risk Sharing insurance Q30.Which of the following is not featured and benefit of rider? 1. Providing additional cover 2. Maturity benefit 3. Nominal cost & flexibility 4. Customization and tax benefit. Q31.Under section 80C the maximum tax deduction that can be gained for premium paid is _______ in a financial year. 1. Rs. 75,000 2. Rs. 1, 10,000 3. Rs. 1, 20,000 4. Rs. 1, 00,000 Q32.A Professional insurance market carries..

1. Need Based Selling 2. Product Based Selling 3. Commission Based Selling 4. Company Based Selling. https://lifeline.reliancelife.com/wps/portal/agent/!ut/p/c1/04_SB8K8xLLM9MSSzPy8xBz9CP0os3hvz-BgQ09LYwMDA3NjA0_LIGMnQ18jIyBXPxykwyzeAAdwNND 5/8

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Reliance Life Insurance - Virtual Office

4. Company Based Selling. Q33.Mr. Shanth is in his early 20s and has just started earning. His risk appetite is expected to be..... 1. high 2. low 3. normal 4. Neutral. Q34.Akash is an Unmarried person and employed with company ABC and drawing a handsome salary. He has no liabilities. What kind of plan can be suggested to him? 1. Money Back 2. Term Plan 3. Endowment Plan 4. ULIP Q35.The objective of Fact Finding is to 1. Gather Clients Information only. 2. Identify only the clients needs. 3. To provide solution of companys choice. 4. Both identify clients needs & gather information. Q36.What is the stipulated time frame within which an insurer is supposed to respond after receiving any communication from its policyholders? 1. 24 hours 2. 1 day 3. 10 days 4. 30 days 4 4

Q37.What is the factor which has influence on persistency? 1. Role of Agent 2. Product Design. 3. Policy Servicing 4. All of the above. Q38.Agent who is a licensed intermediary is actually is ? 1. A legal person to act on behalf of the reinsurer 2. B.A legal person to act on behalf of the insurer 3. C.A legal person to act on behalf of the contract 4. D. An authorized agent to act on behalf of the legal company Q39.Which one of the following is not a benefit of persistency? 1. Helps the client in achieving goals

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1. Helps the client in achieving goals 2. Reduction in costs 3. Increased client satisfaction 4. Decreased revenues

Reliance Life Insurance - Virtual Office

Q40.For tax Saving Someone wants to fixed deposit in bank. What duration is required for it? 1. 3 years 2. 5 years 3. 7 years 4. 2 years

Q41.What is meant by a claim under insurance policy? 1. A demand to fulfill the policyholders obligations. 2. A demand to fulfill the insurers obligations. 3. Any demand made by the policyholder on the insurer. 4. All of the above. Q42.Who will take the initiation to settle the maturity claim process? 1. Client 2. IRDA 3. Advisor 4. Insurance company Q43.A missing person will be presumed to be dead only after. 1. Three years 2. Five years. 3. Seven years. 4. Nine years. Q44.Which is the 2nd stage in Money Laundering? 1. Layering 2. Placement 3. Integration 4. Amalgamation. Q45.During financial planning session if the agent finds out the following needs, which one should be given the top priority. Needs: Income protection, Childs education, marriage and emergency funds. 1. Childs education 2. Marriage 3. Emergency funds 4. Income protection

Q46.At what percentage FDI allowed in life 1 4 Insurance sector by Govt. https://lifeline.reliancelife.com/wps/portal/agent/!ut/p/c1/04_SB8K8xLLM9MSSzPy8xBz9CP0os3hvz-BgQ09LYwMDA3NjA0_LIGMnQ18jIyBXPxykwyzeAAdwNND 7/8

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Reliance Life Insurance - Virtual Office

Insurance sector by Govt. 1. 0.26 2. 0.24 3. 0.74 4. 0.49 Q47.If any consumer is dissatisfied with the customer care cell of any insurance company to whom they can escalate their grievances. 1. Nodal officer 2. Grievance call center 3. Compliance cell 4. Compliance officer Q48.To ensure that the customers complaints are handled effectively, IRDA has established 1. Integrated Grievance Management System. 2. Internal Grievance Redressal Cell of the Insurer. 3. Grievance Redressal Officer. 4. Consumer Affairs Department. Q49.Which tax rate is applicable, in case of Client pays the premium of 5000/- and suffers illness before maturity? 1. Nil 2. 0.1 3. 0.2 4. 0.3 Q50.Which is not unethical behavior in below statements? 1. Over selling of Insurance policies. 2. Under selling of Insurance policies. 3. Explaining all details of the policy to customer. 4. Churning.

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