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Rap Exam Question Paper Model 2
Rap Exam Question Paper Model 2
QUESTION BANK
Created for
CSS VLE's
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would be compensated for any time loss due to power or system failure
subject to the direction of the Test Aministrator.
10. The candidates have been given “Practice Test Questions” for practice
purpose before they start answering the “Examination Questions”.
11. The candidates may ask the Test Administrator their doubts or questions
only before the commencement of the test. No query shall be entertained
after the commencement of the examination.
12. The candidates are requested to follow the instructions of the “Test
Administrator” carefully. If any candidate does not follow the
Instructions/rules, it would be treated as a case of misconduct/adoption of
unfair means and such candidate would be liable for debarment from
appearing at the examinations for a period as decided by the Institute.
START EXAM
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3. What facility do insurers use to cover risks beyond their exposure limits
(a) Bancassurance (b) Reinsurance (c) Both a & b (d) Neither a nor b
9. When was IRDA formed? (a) 2000 (b) 1999 (c) 2001 (d) 1998
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11. Sanjeev is an insurance expert who has rich experience in determining premium levels for
product, what is his profile like
(a) an actuary (b) loss adjuster (c) risk manager (d) underwriter
3. What is the death benefit if the person has multiple sums assured under different policies?
(a) Sum Assured will be paid as total of all insurance plans
(b) Sum Assured will be paid for only one plan with highest SA
(c) No SA will be Paid. (d) None of the above
5. Sahil & Vijay , both health status same, however Vijay was triggered with medicals. What are
the reasons?
(a) Difference in age (b) Difference in family health status
(c) Difference in hobbies (d) All of the above
7. In insurance terms, the risk of suffering a disability is best described as what type of risk?
(a) Financial. (b) Fundamental. (c) Homogenous. (d) Speculative.
8. Insurance is a mechanism of
(a) Retention of risk (b) Transfer of Risk (c) Avoidance of Risk (d) Reduction of risk
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1. A client has taken an endowment policy with SA- 800000 and vested bonuses- 60000. He
paid 8 annual premiums in the 30 year plan. Calculate paid-up SA?
(a) 89,333 (b) 273,333 (c) 289,333 (d) 219,333
4. A claim intimation leads to the publishing of an advertisement in the newspaper. This means
(a) Policy is assigned (b) Policy document is lost
(c) Policy is in lien (d) Any one of the above
5. A policy has two nominations. What amount should be given to the two nominees
(a) 10% to each nominee (b) 25% to each nominee
(c) Nominee one should not be paid more than nominee two
(d) There is no specified limit like that
6. Mr. X is illiterate and is buying insurance. Mr. Y fill up the proposal form on behalf of Mr. X
and also endorses and signs an attestation in the proposal form. In addition to all document what
else should be taken
(a) Mr. X photograph (b) Mr. Y photograph
(c) Mr. X thumb impression (d) Mr. Y thumb impression
7. On Maturity of an insurance policy only 25% of the amount can is paid. This is due to
(a) It is assigned (b) It is a money back policy (c) It is paid up (d) Any one of the
above
8. A person paying 1 lakh yearly premium discontinue the policy after the first year premium and
surrender the same on the second year what will be the surrender value
(a) Premium Return (b) Premium with Interest
(c) Premium less charges (d) Nothing as surrender is not allowed before 5 policy years
10. A Client can reject a policy after how many days of receiving the same.
(a) 30 (b) 15 (c) 50 (d) 20
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11. For Logging a policy which document is more preferable Baptism Certificate or Ration Card
as age proof?
(a) Ration Card (b) Baptism Certificate (c) Elder Declaration (d) Voter card
15. A & B in enters into a Contract & B accepts the Contract with a condition. Will this be
considered as a Contract Between A & B?
(a) "Contract is created only when the acceptance is unconditional."
(b) "Contract is created only when the acceptance is conditional."
(c) Both are Correct (d) Both are Incorrect
16. The condition that the policy holder should pay the premiums regularly is mentioned in
(a) Policy document (b) Prospectus (c) Proposal form (d) All of the above
18. Except Surrender, how one policy holder can transfer money to a third party , barring
Nominee?
(a) By Will (b) By doing Assignment (c) Claim (d) not possible to transfer
20. A Policy holder takes a insurance contract for 30 years and the SA reduces after 25 years
what could be the likely reason
(a) No bonus accumulated (b) Age proof was substantially wrong
(c) Policy has become paid up (d) Its a ULIP Plan
21. Amit is illiterate. He wants to take policy his friend Surya help him in knowing the question
and filling the proposal form. What extra requirement is required in this case
(a) Amit photograph (b) Amit thump impression Only
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22. A life insurance policy can only be made paid up if what particular policy feature exists?
(a) Indexing contribution. (b) Nomination facility. (c) Rider benefits. (d) Savings element.
24. Harish takes a life insurance policy for Ramesh. Which of the following statement best
describes the principle of Insurable Interest.
(a) Ramesh declares all his liabilities (b) Ramesh is elder than Harish
(c) Ramesh owes money form Harish
(d) Harish suffers financial loss incase of death of Ramesh
27. Mr. ABC buying Term insurance policy, insurer should mention Ombudsman address in
which part of policy document?
(a) operative clause (b) Preamble (c) Information statement (d) schedule
31. what is the min age to enter into the contract of insurance (a) 16 (b) 18 (c) 20 (d) 21
33. A policy document for a money-back policy includes the statement ‘the proposal and
declaration signed by the proposer form the basis of the contract’. In which main section of the
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35. If someone of age group 15 /16 having a contract with insurance companies that contract
would fall under which category
(a) Valid (b) Invalid (c) Void (d) Illegal
36. The obligation of the insurer for the whole life policy is mentioned in
(a) operative clause (b) Preamble (c) Provison (d) Endorsement
37. Husband and wife jointly taking insurance policy what is the reason that they need not
mention nominee under this insurance policy
(a) Whole life (b) Return of premium (c) Joint Life Policy (d)Endowment policy
38. In which kind of policy the insurable interest should exist at the time of claim only
(a) Motor insurance (b) Marine insurance (c) Liability insurance (d)Travel insurance
41. Two endowment policies A and B are issued in the same time on the quarterly mode. In both
the policies 22 quarterly installments are paid. Both are surrendered immediately after paying
22nd installment. But in policy A surrender value is significantly higher than policy B because
(a) Term of A policy is higher than B policy (b)Term of B policy is higher than A policy
(c) Policy A is assigned and B is not assigned (d)Policy B is assigned and A is not assigned
42. What is the minimum age of the customer for entering the Insurance contract?
(a) 16 years (b) 17 years (c) 18 years (d) 21 years
43. When will the Principle of Utmost Good faith apply in Term insurance plan?
(a) Throughout the policy contract (b) before premium deposit
(c) before receiving policy document (d) After receiving the policy document
44. A policy was earlier issued with premium extra, where are the details of the customer
available
(a) Proposal form (b) Medical reports
(c)Client confidential reports (d)Medical referees report
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45. An agent surrendered the policy of a client on 10 Feb. 2011, when can this client buy new
plan? (a) 2014 (b) 2012 (c) 2013 (d) Anytime
3. While calculating Human life value (HLV) two components need to be kept in mind , the one
is take home salary and other is
(a) Bank Fixed deposit rate (b) discount rate
(c) Estimated life expectancy (d) Estimated amount at retirement
4. Two People with same term, one person had more premium than others because
(a) Married (b) Wife Younger (c) Health deterioration (d) Dirrerence in caste
5. Two friends have taken same policy but their premiums are different . Why ?
(a) Age (b) Medical (c) SA (d) ALL THE ABOVE
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10. As per the norms of risk assessment by U/W both the parents of a policy holder died in their
early 30s due to Heart disease, what is the risk assessed
(a) Moral Hazard (b) Medical Hazard (c)Occupational Hazard (d)Physical Hazard
12. Mr.Sunil is doing premium calculation for his company, as per which authority is his
profession related to
(a) Council of Actuaries (b) Insurance council of India
(c) Insurance institute of India (d) IRDA
13. what is the special report that is asked by the underwriter from the officer of the insurer
(a) HLV report (b) Client confidentiality report
(c) moral hazard report (d) medical report
16. Claim was settled however full Sum assured not paid though the policy was in force due to
(a) Lien (b)Bonus (c)Surrender (d)Accidental death
17. Mr. A wants insurance cover . But he is drinks alcohol frequently . What kind of hazard you
may categorize?
(a) Physical hazard (b) Moral Hazard (c)financial risk (d)Pure risk
18. Insurer appoints a candidate of this professional qualification ,who decides the amount of
premium in insurance products
(a) Actuary (b) Underwriters (c) Sales Officer (d) Advisor
20 When an interim bonus is paid under with profit policy, This normally represents a bonus
covering what period
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(a)Policy start date to the 1st Anniversary (b)Policy start date to the end of the 1st calendar year
(c) Previous valuation date to claim date (d) claim date to next valuation date
2. What is maximum level of Insurance premium for which Income Tax benefit is available
(a) 25000 (b) 50000 (c) 100000 (d) 150000
4. Mr. X wants a life cover for the term of 20 Yrs. Also he wants a modest amount if he survives
through the term. Which plan should he buy
(a) Term Plan (b) Endowment plan (c) Convertible plan (d)ULIP
6. Which plan will suits a customer need who is just looking for protection of family.
(a) Term Insurance (b) ULIP (c) Endowment (d) Moneyback
7. If 50000 is invested in Single Premium ULIP than what will be the minimum SA applicable?
(a) 50000 (b) 75000 (c) 62500 (d) 100000
10. Mr. A has a son who is 5 yrs and he wants to save funds for his education. Both the parents
are risk adverse. Which plan is suitable for them?
(a) Convertible plan (b)Term Insurance (c)Endowment Plan (d)ULIP Plan
11. A Couple has 7 year kid & wants to Buy some Policy. Which is the best suitable policy for
his Son?
(a) Only ULIP Plans (b) Only Endowment Policies (c) only Term Plan
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(d) Child insurance plans can be taken out in the form of endowment plans, money-back
plans or ULIPs
12. Ajay is 35 years old and works for a multinational corporation (MNC). He has a ten-year-old
son, Vijay, whom he dreams will one day become a doctor. Ajay’s spouse is a housewife, and his
parents are retired and dependent on him. Ajay has a home loan of 40Lakhs. He has an
endowment plan with a cover of 2Lakhs only. What is most immediate need for Insurance
(a) term plan (b) health plan (c) endowment plan (d) traditional plan
13. Client has taken Joint Life Policy.. Whose responsible in the contract?
(a) Insurer (b)Proposer (c)Proposer & Wife (d)Insurer and both the Life Insured
14. If a person has taken a Pure Endowment Policy, then what will be the death benefit if he dies
during term of policy?
(a) No Death Benefit(b) Sum Assured will be paid (c) Both are correct (d) both are incorrect
15. Two People of the same policy Term, one person pays more premium because
(a) Married (b) Wife Younger (c) Health deterioration (d) Higher Age
18. If raju wants to accumulate a lump sum for 20 yrs but does not require life cover, which
policy will be suitable?
(a) Term insurance plan (b) Money back (c) pure endowment policy (d) Whole life
19. In a joint life plan for a husband & wife, where should the agent' principal loyalty lay?
(a) Insurance company (b) Husband only (c) Husband & wife
(d) Insurance company, husband & wife
20. Hari wants a constant life cover till his 31st birthday. But he cant afford to pay high
premiums. The best suited products for him would be
(a) Pure Endowment (b) Anticipated endowment (c) Term plan (d) ULIP
21. what is the special feature of ULIP that ensures customer risk profile for long time insurance
policies
(a) fund switching (b) partial with drawl (c) premium holiday (d) riders
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22. At the time of maturity , quarter of the SA is paid though the policy was in force
(a) Endowment (b) Lien (c) Money back (d) Surrender
23. Rahul has taken a joint life policy with his wife .Who is responsible for premium payment ?
(a) Rahul (b) His wife (c) children (d) Both a & b
24. Krishna and Laxmi are married having 7 years old child. Which policy will satisfy the long
term protection needs for both
(a) Endowment (b) Money back (c)Term Insurance (d)Child Investment policy
28. Which factor needs to be kept in mind before deciding a child policy ?
(a) Mode of the premium (b) Inflation (c) Maturity Value (d)Vesting Age
3. The advantage/disadvantages within cumulative and fixed traditional deposits pertain to-
(a) Returns (b) Taxation (c) Look-in Period (d)Investment Frequency
4. Ajay is 35 years old and works for a multinational corporation (MNC) Ajay salary is 80,000
he want home lone. what is maximum installment?
(a) 8,000 (b) 16000 (c) 24000 (d) 32000
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6. Under which section of the Income Tax Act can an individual get a deduction from taxable
income for the (a) Sec. 80D (b) Sec. 80C (c) Sec. 80E (d) Sec. 80F
7. What period of time a client has to be invested to get tax benefit under postal scheme?
(a) 10 Years (b) 8 years (c) 6 years (d) 5 years
8. If a person is going to face jobless for a temporary period, then what is the ideal instrument to
invest money apart from Bank FD?
(a) Debt Funds of MF (b) NSC (c) Corporate bonds (d) Govt Bonds
9. Mr. X Invested in a Bank FD with 6% Return, However his actual returns deemed to be 4%
What are the reasons ?
(a) Inflation (b) Charges (c) Current Market Scenario (d) All of the above
11.A person Wants to invest in a FD for Tax benefit , How many years he has to take the term of
the FD ? (a) 5 year (b) 4 year (c) 3 Year (d) 2 Year
12. aditya wants to take home loan and his monthly take home is 80,000 what as a best practice
should be the maximum EMI
(a) 20000 (b) 24000 (c) 28000 (d) 32000
13. A customer while investing in to Recurring deposit or Cumulative deposit what are the
key factors which will matter
(a) Taxation (b) frequency of payment (c) interest rates (d) tenure
14. A person is holding 100 units of GOLD ETF certificates . How many grams of GOLD does
he Have ? (a) 10- 20 gms (b) 20- 50 gms (c) 50-100 gms (d) 10 gms
15. Manoj a 26 year old is having 7 years old son. What will happen to his monthly disposable
income after 15 years of job
(a) Marginally decrease (b) Significantly increase
(c) less than after 15 years (d) will remain same
16. Ramesh has invested in Post office Monthly Income Scheme. The interest rate was set at 6%.
What will be the effect of rate till the maturity.
(a) Increase gradually (b) Decrease gradually
(c) Remain Constant (d) Change as per market fluctuation
17. If a person chooses Cumulative deposit than Recurring deposit ,difference will be in
(a) frequency of interest calculation (b) Tax (c) Interest tax (d) Tenure
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19. RBI increased interest rates 2 times, then the stock prices will
(a) increase (b) decrease (c) volatile (d) same
20. Rahul switch from direct holding of shares to equity based mutual funds. The impact on risk
would be (a) Less transparent (b) More diversified (c) Less return (d) Steep rise
21. Raj and akshat of same age are paying the same annual premium for the health policy taken
on the same date for the same term. But raj is getting higher deduction for income tax as
compared to akshat
(a) Raj is married and akshat is single (b) Raj is above 65 years and Akshat is below 65 yrs
(c) Raj is in the good health and akshat is in poor health
(d) Raj is earning more and akshat is earning less
22. Raj is married with two children. Age 9 and 11 years. What should be the last priority for
him among the life, health , retirement and child investment policy
(a) Life Insurance (b) Health Insurance cover (c) Retirement plan
(d) Child Investment policy
2. Omkar Started a pension policy with provider A but ended up in taking the annuity payment
from provider B.The result directly reflect the which feature available with this policy
(a) Commutation Option (b) Differed Annuity Option
(c) Guaranteed period option (d) Open Market option
3. Denny is married and has 2 children age 6 and 10. His parents are alive and are 70 and 68.
Who all can be included under the family floater health plan
(a) Denny only (b) Denny and his wife
(c) Denny, His wife and children (d) Denny, His wife and children and parents
4. Critical illness rider was taken and the rider benefit has been claimed , the rider benefit now
gets (a) Reduced the base SA (b) terminated (c) continues as it is
(d) will discontinue for 1 months
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5. In a Guaranteed annuity option of 5 years , the policy holder will get annuity till
(a) entire life term (b) till 5 years and continue till annuitant lives
(c) annuity only for 5 years (d) None of the above
10. A person retiring within 3 months need return as pension. What kind of investment plan he
need to choose. (a) Immediate Annuity (b) Deferred Annuity
(c) Anticipated Endowment (d) ULIP
11. An individual need a lump sum at the age of retirement, the amount he need to invest
annually for the goal will depend on
(a) the deferment period (b) amount which required
(c) investment tools used for investment (d) All of the above
15. Claim Amount received under CIBR Rider ,can be spend for
(a) Health Expenses Only (b) Household expenses Only
(c) Unspecified reason (d) to pay the further premium of base plan
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16. What could be the percentage of guaranteed return in all ULIP pension plan.
(a) 0.06 (b) 0.085 (c) 0.045 (d) 0.1
17.A person has taken a term insurance of 4 Lac. What is the maximum Critical Illness Rider he
can take (a) 1 Lac (b) 2 Lac (c) 3 Lac (d) 4 Lac
19. Mr. Sharma buy term insurance policy along with Accident and Disability benefits rider cost
restricted upto the base premium of the policy? (a) 20% (b) 30% (c) 40% (d) 50%
20. Mr.Ramesh invested Rs:50000 in pension policy, what is the percentage he can avail as
exemption in Income tax.
(a) 33.33% (b) Pension plan is not eligible for tax exemption
(c) 1 (d) will depend on his income slab
21. Mr.Sumesh takes a policy and pays premium of 20000 with a sum assured of 300000, what
will be the tax implication on his maturity amount
(a) Fully taxable (b) 10% (c) 20% (d) Tax fully exempted
22. Yash wants to take open market option in Pension plan. What is the benefit?
(a) save more tax (b) switch the underlying fund (c) improved annuity rate
(d) To continue life cover
23. In rising life expectancy the need for pension policy is increasing as retirement planning is
(a) Less expensive (b) Less Transparent (c) More necessary
(d) Tax efficient
24. Ramesh wants to buy 15 years pension plan for retirement while calculating gaps required at
the end the gratuity amount was completely ignored because he is
(a) self employed (b) Widower (c) Savings are significantly higher
(d) Govt employee
25. While calculating pension figures, required at the time of retirement, two factors should be
considered while planning, One is taxation and other is
(a) Health (b) Charges (c) Inflation (d) Interest rates
26. A invested money in Sr Citizen scheme. What is the tax benefit he receives?
(a) Amt will be deducted from taxable income upto 1 lakh
(b) Rs 1000 will be deducted (c) 10% of the amt will be deducted
(d) 20% of the amt will be deducted
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27. If Rs.30000/- has been invested in insurance for tax benefit than how many years does one
have to wait for maturity ? (a) 5 YRS (b) 10 YRS (c) 7 YRS (d) 3 YRS
28. Mr.Arvind has 2 children aged 13 & 15, he wants to buy 2 health plans, one for himself &
one for his wife, what will you recommend.
(a) Family floater (b) Health plan (c) Endowment plan (d) Term Plan
2. Mr. X fact find shows he need a term insurance for his future income protection, A family
health plan to cover medical needs, a children's plan to cover his son's education and a
endowment policy for his daughter's marriage. Which of these is the first priority
(a) Term Insurance (b) Medical Insurance (c) Children's Policy (d)Endowment Policy
5. A family consisting of husban,wife and two children aged 6 and 10 what kind of insurance
plan can be suggested ?
(a) Protection plan (b) child plan (c) Saving plan
(d) All of the above
6. Rajiv is married & has 4 year old son. Which insurance plan is suitable for him?
(a) Child plan (b) convertible plan (c) pension plan (d) ULIP Plan
8. Samir is married and he has only one partner, with dependant parents and no child, which
should be his priority
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9. The sole focus during a client’s fact-find session was healthcare requirements and estate
planning. Which main life stage is he most likely to fall into?
(a) Young married couple (b) Young married with children.
(c) Pre-retirement. (d) Retirement
5. In a fact find, a couple discovered their need to be estate planning? In what life stage will they
be in?
(a) Married (b) Married with children
(c) Married with older children (d) Retirement
6. Mr. Prasanth 25 Age Govt: job, Bachelor - how many years policy can be given
(a) Short term (b) long term (c) As per his goal (d) both b & c
7. Sanju & vikram are both 22 yrs old. Sanju has dependent parents and vikram has no
dependants. What will be sanju’s preference over vikram’s preference?
(a) Investment (b) Health Insurance cover
(c) Life insurance cover (d) No preference
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8. A Couple has 7 years old son, What solution would they be looking for
(a) Retiremen (b) health care (c) child education (d) life cover
10. An agent has recommended an investment product with non-guaranteed benefits. The benefit
illustration passed to his client will therefore use assumed annual growth rates of
(a) 5% and 8% (b) 5% and 10% (c) 6% and 8% (d) 6% and 10%
11. The rates of assumed annual growth to be shared in the benefit illustration has been decided
by which of the authority
(a) IRDA (b) Life insurance council (c) The Royal Bank (d) SEBI
12. While recommending a solution to the client, the advisor should, establish the link between,
client needs and
(a) Advisor need (b) Product feature (c) Client income (d) Client expenditure
13. A 38 year old married with 2 children, her husband dies and left huge legacy behind. What
should be top priority?
(a) estate plan (b) loan protection (c) pension (d) wealth creation
14. A young couple wants to invest for their daughter, and their income will increase with time
horizon and suggest investment plan?
(a) term plan (b)endowment (c) annuity (d) flexible plan
3. An agent reveals the commission received from Insurance sales to X and Y. Both are for the
same duration. Why is commission of X far higher than commission received for Y
(a) Only X has bought other product from the agent
(b) Only Y has a Single premium Product
(c) X is married and Y is Single (d) Y is young
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4. Nikhil explaining ULIP plan to a customer doesn't know answer of a doubt regarding the
product that the customer has. What should he do?
(a) Ask the customer to check it himself (b) tell him what ever he thinks
(c) Refer to the product brochure (d) must not shown any interest in the doubt
6. What is the reason , that an advisor is getting more than 35% Commission in the 1st Year?
(a) Not possible (b) Alternate channel
(c) Mis-selling (d) Higher charge products
9.Persistency =has increased from 82 % in previous year to 86 % this year . That means
(a) more lapsation (b) more attrition (c) less lapsation (d) No profits
11. An Agent can receive maximum of ________ %of the premium as commission in the first
year
(a) Thirty Percent (b) Twenty percent (c) Thirty Five Percent (d) None of this
12. Customer asks the agent to disclose the commission . The agent should
(a) disclose on demand (b) Not disclose
(c) Should call up the Insurer (d) Should avoid the topic
14. Advisor motivate the client to surrender the existing Endowment plan and buy new Whole
life policy for gaining higher commission, is the example of?
(a) switching (b) Building long term relations
(c) Revisit the financial planning (d) Churning
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16. What are the key aspects of advisors do for better persistency?
(a) Selling product as per need & policy servicing (b) Surrender
(c) Selling products having higher Commission (d) Not keeping in touch with client
CHAPTER – 11 Claims
1. If a person is missing then after how many years will he be considered as dead & SA paid to
the nominee. (a) 5 (b) 7 (c) 10 (d) 12
2. What is the death benefit if the person has multiple sums assured under different policies?
(a) Death Benefit will be the amount with highest SA policy (b) No amount will be paid
(c) Sum of all SA in different policies (d) Not more than 20 lacs
3. Client died in 89th day from DOC. In which category he is not eligible for claim
(a) Murder (b) Deep Illness (c) Accident (d) Suicide
4. Mr. Customer has taken a policy and died before receiving the document which was
dispatched by the insurer.
(a) Entitled for full claim (b) Entitled for partial claim
(c) Not entitled (d) Return of Premium
5. In a claim, the customer got much more than the Sum Assured. Why?
(a) Nature of payment (b) Investment Frequency
(c) Nature of Death (d) Survival Benefits
6. Without submitting any form of claim, a life insurance policy holder received payments of
maturity then what type of policy he is holding
(a) ULIP (b) Term (c) Money Back (d) Health
7. If a person is absconding then after how many years will he be considered as dead & SA paid
to the nominee. (a) 10 years (b) 20 years (c) 7 years (d) 12 years
8. No of days in which the death claim has to be paid after the necessary documents have been
received (a) 15 days (b) 30 days (c) 45 days (d) 60 days
9. Mr.Suresh dies one day before the grace period without paying the premium, what is the claim
payable
(a) No claims payable (b) All premiums paid
(c) Sum assured (d) Sum Assured less the undue premium
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10. The delay in settling claim by any insurance co, as per IRDA norms has to pay....% if the
present bank interest rate is 5.2%
(a) 7.00% (b) 8.50% (c) 7.20% (d) 8.20%
11. What is the maximum Time in which The insurer should settle a claim when all documents
are submitted (a) 3 days (b) 15 days (c) 30 days (d) 10 days
12. During claim insurer deduct Rs. 10,000 in spite of having no Lien and all due premiums are
paid. What are the other reason for deducting the same?
(a) Premium Rate increase (b) Loan facility (c) Mode of Payment (d) Loading
13.In case of confirmed accidental death, the benefit is paid in the form of
(a) Life time annuity (b) Lumsum sum assured plus accidental sum assured
(c) Sum Assured (d) Lump Sum plus life time annuity
14. Under Indian Evidence Act 1872, after which year presumption clause will apply if the
person is not heard of (a) 6 years (b) 7 years (c) 10 years (d) 12 years
5. If the policy is endorsed under MWP Act - then the beneficiaries are wife and ?
(a) parents (b) ex wife (c) children (d) mother
7. Mr. ABC cleared the IRDA exam on 2010 got license but he did not work , In which of the
year again he will apply for insurance license?
(a) 2013 (b) 2014 (c) 2015 (d) 2016
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8. What is the Thresh hold limit of premium in cash insurance as per monetary policy?
(a) 10000 (b) 20000 (c) 50000 (d) 100000
2. What is the eligible age for Life Insurance Agent? (a) 16 (b) 15 (c) 18 (d) 17
2. When was Ombudsmen Created? (a) 1998 (b) 1986 (c) 1989 (d) 1990
3. Insurance companies are required to honor the awards passed by the Insurance Ombudsman
(a) 15 days (b) 10 days (c) 20 days (d) 3 days
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5. Client rejecting after taking a policy in how many days.When the insured disagrees with any
of the terms or conditions of the policy after the policy is issued, they have the option to return
the policy stating the reasons for their objection. Within how many days they can return the
poly? (a) 30 (b) 15 (c) 20 (d) 25
6. Consumer can call Toll free No. for any Grievance or he can also contact
(a) Consumer Affairs Department of the IRDA (b) Insurance Ombudsman
(c) Insurance Company (d) All of the above
7.What is the free look time available after receiving policy Documents?
(a) 30 (b) 15 (c) 20 (d) 45
9. Regulation issued by IRDA required that the decision on the proposal must be conveyed to the
proposer within (a) 15 days (b) 20 days (c) 1 month (d) no time bar
10. Whom should customer contact in case of any dispute for a claim more than 20 lakhs
(a) Forum at district level (b) Forum at state level
(c) National commission (d) Ombudsman
11. Complaint council bodies other than IRDA grievance readdress forum & COPA
(a) Ombudsman (b) Insurance Institute of India (c) Insurance Association
(d) FERA
12. What are the ways by which a policy holder can make complaints
(a) email (b) Toll free No. (c) Newspaper (d) Email or Toll free Number
13. what is the maximum level of complaint that can be considered and taken action by
ombudsmen (a) 20 lac (b) 25 lac (c) 30 lac (d) 50 lac
14. What is the period of award passed to the customer decided by ombudsman?
(a) 2months (b) 3 months (c) 5 months (d) 6 months
15. An Award is passed by Ombudsman .In how many days it should be honored by Insurance
Co (a) 15 days (b) 30 days (c) 60 days (d) 90 days
16. If the complainant is disagreeing with the decision of the company on the claim then he can
approach to ombudsman in
(a) 1 month (b) 6 weeks (c) 12 weeks (d) 2 months
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2. An advisor while explaining the policy and to sell he accepts to give a part of his Agents
commission, what is the limits
(a) 10% (b) 20% (c) He cannot offer any commission (d) He can offer up to 50%
3. Raju is a certified license holder under what circumstances he needs to hold his certified
license with him that is issued by IRDA
(a) when he sells term insurance (b) when he represents himself as another insurer
(c) when he sells pension policies (d) under all circumstances
4. ___________ has laid down the Code of Conduct for all agents
(a) Insurance Institute of India (b) Insurance Regulatory & Development Authority
(c) Indian penal code (d) Reserve bank of India
5. Sushil was under tremendous pressure to achieve his target. He suggested a newly launched
product to all his prospective clients, whether that product is suitable for them or not. He was
able to convince two of his clients by only highlighting some of the good benefits and hiding
certain vital details about the product. This behaviour of the agent could be described as
(a)ethical behavour (b) un ethical behavior (c) egostic behavior (d) aggressive behaviour
6. Which of the following will be considered as an unethical practice on the part of an agent?
(a) Reminding the policyholder well before the due date of renewal premium and ensuring
regular payment of premium by the policy holder.
(b) Suggesting to clients only products that will help the agent earn a high commission
irrespective of the fact that the product might not be suitable for the client.
(c) Advising the proposer to give correct and complete answer to all questions found in the
proposal form.
(d) Assisting the policyholder in getting a change of nomination registered with insurer.
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