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EXAM RESULT FOR ENGLISH CHAPTER MOCK TEST 25

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Que. 1 :One way to get to a large number of prospects:-

Is by approaching one’s Natural market

By reaching out to people through cold calls.

By taking help of social networking sites

By taking assistance of COIs.

Que. 2 :An insurance Agent needs to be___________

A personal Financial Planner and an Advisor

An underwriter

A designer of a customized solutions and a relationship Builder.

All of the above

Que. 3 :Under ________________ policies in the case of claim notice has to be served on the railways.

Rail transit

Fire Insurance

Life insurance

Factory Insurance

Que. 4 :Which of the below is a query asked before settlement of a claim in General Insurance?

Did the loss really happen?

Did the loss making event really cause the damage?

What was the reason for the loss?

All of the above

Que. 5 :Ramesh, 16 years old has proposed for a Life insurance contract in ABC insurance company. He is a student and he has no income. His father was expired in 40
years of age. But the proposal has been declined by the insurance company. What is the major reason?

He has no income

His father was expired on 40 years of age

Ramesh is a minor

He is a student

Que. 6 :____________________means that after the occurrence of an event like fire, the insurer can assess the exact amount of loss that has occurred and pays compensation
only to the amount of loss – no more, no less.

Compensation

Assurance

Asset

Value

Que. 7 :There are certain duties/protocols that the Ombudsman is expected to follow:

Recommendations should be made within 2 month of the receipt of such a complaint

The copies should be sent to both the complainant and the insurance company

Recommendations have to be accepted in writing by the complainant within 30 days of receipt of such recommendation
 All of the above

Que. 8 :As per the _______________, an agent is one who is licensed under Section 42 of the Act, authorized to be a salesman for insurance.

Indian Contract Act

Insurance Act

Stamp Act

Income Tax

Que. 9 :Four major areas of unethical behaviour that have been identified in the insurance sector are as follows

Miscalculation, Illustrations, Replacement, Advice

Misrepresentation, Illustrations, Recharge, Advice

Misrepresentation, Illustrations, Replacement, Action

Misrepresentation, Illustrations, Replacement, Advice

Que. 10 :IRDA has prescribed regulations for protecting the interests of policyholders stipulating obligations on

Insurers

Intermediaries

All of the above

None of the above

Que. 11 :An Insurance agent, after applying for license can be disqualified under section__________________

Section 42, sub section (4)

Section 41

Section 44

None of the above

Que. 12 :___________________ :Life insurance policies that accumulate a cash value also have a provision to grant the policyholder the right to borrow money from the insurer
by using the cash value of the policy as a security for the loan. The policy loan is usually limited to a percentage of the policy’s surrender value (say 90%). Note that the
policyholder borrows from his own account. He or she would have been eligible to get the amount if the policy had been surrendered.

Surrender values

Policy loans

Nomination

All of the above

Que. 13 :Select the option that best describes a policy document.

It is evidence of the insurance contract

It is evidence of the interest expressed by the insured in buying an insurance policy from the company

It is evidence of the policy (procedures) followed by an insurance company when dealing with channel partners like banks, brokers and other entities

It is an acknowledgement slip issued by the insurance company on payment of the first premium

Que. 14 :Which of the below statement is correct?

The First Premium Receipt is the evidence that the policy contract has begun

The proposal form acceptance is the evidence that the policy contract has begun

The acceptance of premium is evidence that the policy has begun

The premium quote is evidence that the policy contract has begun

Que. 15 :Which of the below is not a valid address proof?

PAN Card

Voter ID Card

Bank passbook

Driving licence

Que. 16 :Which of the following documents is an evidence of the contract between insurer and insured?

Proposal form

Prospectus

Policy document

Claim form
Que. 17 :If complex language is used to word a certain policy document and it has given rise to an ambiguity, how will it generally be construed?

In favour of insurer

The policy will be declared as void and the insurer will be asked to return the premium with interest to the insured

The policy will be declared as void and the insurer will be asked to return the premium to the insured without any interest

In favour of insured

Que. 18 :During cooling period, if the policyholder has bought a policy and does not want it, he/she can return it and get a refund subject to the following conditions:

He/she can exercise this option within 25 days of receiving the policy document

He/she has to communicate to the company in verbal

The insurance company will refund the premium after adjusting for proportionate risk premium for the period on cover, medical examination expenses and stamp duty charges

All of the above

Que. 19 :The act which provides for presumption of death is ___________________________

IRDA Regulaton 2000

IRDA Act 1999

Indian Evidence Act

Insurance Act 1938

Que. 20 :The following forms are to be submitted by the beneficiary with the insurer to facilitate processing of the claim:

Employer’s certificate

Certified court copies of police reports like First Information Report (FIR), Inquest Report, Post-Mortem Report, Final Report which are required in case of death by accident.

All of the above

None of the Above

Que. 21 :Which of the below statement is correct with regards to endowment assurance plan?

It has both a death benefit as well as a survival component

It has a death benefit component only

It has a survival benefit component only

It is similar to a term plan

Que. 22 :Which are regulatory bodies in economic sector to regulate various economic organizations?

RBI

SEBI

IRDA

All of the above

Que. 23 :Which of the below statement is incorrect with regards to decreasing term assurance?

Death benefit amount decreases with the term of coverage

Premium remains level throughout the term

Premium amount decreases with the term of coverage

Mortgage redemption plans are an example of decreasing term assurance plans

Que. 24 :____________________________:Life insurers normally have a chart that lists the surrender values at various times and also the method that will be used for
calculating the surrender values. The formula takes into account the type and plan of insurance, age of the policy and the length of the policy premium-paying period. The
actual amount of cash one gets in hand on surrender may be different from the surrender value amount prescribed in the policy. This is because paid up additions, bonuses
or dividend accumulations, advance premium payments or gaps in premiums, policy loans etc. may result in additions or subtractions from the cash surrender value
accrued. What the policyholder ultimately receives is a net surrender value.Surrender Value is a percentage of paid-up value. Surrender Value arrived as a percentage of
premiums paid is called Guaranteed Surrender Value.

Surrender values

Policy loans

Nomination

All of the above

Que. 25 :To usher equity, the underwriter engages in a process known as risk classification i.e. individual lives are categorised and assigned to different risk classes
depending on the degree of risks they pose. The risk classes are:

Standard lives

Preferred risks

Declined lives

All of the above

Que. 26 :What are the rating factors in underwriting?

Female insurance

Moral hazard

Age

All of the above

Que. 27 :_________ is the fees payable to the Authority for issue / renewal of license to Act as an insurance agent or composite insurance agent.

250

370

120

100

Que. 28 :The Authority may issue duplicate license in case it is ____________.

Lost

Destroyed

Mutilated

All of the above

Que. 29 :As per IRDAI norms, an insurance company can provide which of the below non-traditional savings life insurance products are permitted in India? Choice I: Unit
Linked Insurance Plans Choice II: Variable Insurance Plans

I only

II only

Both of the above

None of the above

Que. 30 :Ram has taken a plan of 10 Lacs from ABC Ltd. On 1st June 2010. He died on 20th June 2014 without paying the due premiums of Rs. 30,000. Bonus
accumulated during the period was 50,000. Death benefit payable is?

10,20,000

10,00,000

10,50,000

10,80,000

Que. 31 :As per IRDA insurer should bear atleast ________________ of pre hpolicy health checkup expenses.

100%

80%

70%

50%

Que. 32 :________________________________ claims are easily established as they are based on dates which are determined at the beginning of the contract itself.

Death Claim

Rider Claim

Surrender Value Payments

Maturity & Money Back installment

Que. 33 :For the subsequent premiums received by the insurance company after the first premium, the company will issue __________.

Revival premium receipt

Restoration premium receipt

Renewal premium receipt

Reinstatement premium receipt

Que. 34 :All of the following is true regarding ULIP's EXCEPT:

Unit holder can choose between different kind of funds

Life insurer provides guarantee for unit values

Units may be purchased by payment of a single premium or via regular premium payments.

ULIP policy structure is transparent with regards to the insurance expenses component

Que. 35 :The life assured can nominate ______________ person as nominees.

Only one
 Two

One or more than one

Always more than one

Que. 36 :Which of the below is a type of revisionary bonus?

Simple Reversionary Bonus

Compound Bonus

Terminal Bonus

All of the above

Que. 37 :The dividends that are declared may be used in one of the following way :

It may be paid in the form of dividends in cash

In the form of adjustment to, and reduction in future premiums

A third method is to allow purchase of non-forfeitable paid up additions to the policy

All of the above

Que. 38 :Which of the below is correct with regards to universal life insurance? Statement I: It allows policy owner to vary payments Statement II: Policy owner can earn
market based rate of return on cash value

I is true

II is true

I and II are true

I and II are false

Que. 39 :Which of the below is a part of policy schedule?

Premium paying term

Whether policy is with or without profits

Date of commencement, date of maturity and due date of last premium

All of the above

Que. 40 :The first premium receipt contains which of the following information?

Date of final maturity of the policy

Date of commencement of the risk

Next due date of premium payment

All of the above

Que. 41 :Which of the below is not a part of policy schedule?

Premium paying term

Total nos. of policies assigned by the insured

Sum assured

Date of commencement, date of maturity and due date of last premium

Que. 42 :____________________ :The charges for insurance protection and expenses component of a unit linked product are clearly specified. Once these charges are deducted
from the premium the balance of the account and income from it is invested in units. The value of these units is fixed with reference to a pre-determined index of
performance.

Transparent structure

Pricing

Unitising

The bearing of investment risk

Que. 43 :What will happen if the insured person loses the original life insurance policy document?

The insurance contract will come to an end

The insurance company will issue a duplicate policy without making any changes to the contract

The insurance company will issue a duplicate policy with renewed terms and conditions based on the current health declarations of the life insured

The insurance company will issue a duplicate policy without making any changes to the contract, but only after a Court order.

Que. 44 :Which of the below statement is correct?

The policy document has to be signed by a competent authority but need not be compulsorily stamped according to the Indian Stamp Act.

The policy document has to be signed by a competent authority and should be stamped according to the Indian Stamp Act.

The policy document need not be signed by a competent authority but should be stamped according to the Indian Stamp Act.
 The policy document neither needs to be signed by a competent authority nor it needs to be compulsorily stamped according to the Indian Stamp Act.

Que. 45 :Which of the below forms the first part of a standard insurance policy document?

Standard provisions

Sub-standard provisions

Policy schedule

Claim procedure

Que. 46 :All of the following are characteristics of variable life insurance EXCEPT:

Flexible premium payments

Cash value is not guaranteed

Policy owner selects where savings reserve is invested

Minimum Death benefit is guaranteed

Que. 47 :Which of the below statement is correct?

Business strain arises because of excess expenses at the new business stage .

Business strain is the difficulty faced by the companies in securing new business

Business strain arises at the end of the policy term.

Business strain arises because of excess premium

Que. 48 :Which of the below is the full form of ESIS?

Employees' State Insurance Scheme

Employers' State Insurance SchemeEmployees' Social Insurance Scheme

Employers' Social Insurance Scheme

None of the above

Que. 49 :What are the contingency related to pension?

Replacement income risk

Longevity risk

Investment risk

All of the above

Que. 50 :Which of the below features will be checked in a medical examiner‟s report?

Emotional behaviour of the proposer

Height, weight and blood pressure

Social status

✔ Truthfulness

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