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EXAM RESULT FOR ENGLISH CHAPTER MOCK TEST 04

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Que. 1 :Which of the following entities is not regulated by IRDAI?

Insurance Agent

Employee s of Insurance company

Broker

Insurance company

Que. 2 :Insurance agent represents the

Insurance company

Sub-agent

Co-agent

Broker

Que. 3 :The agency appointment letter is given by _______________

Government of India

IRDAI

General Insurance Corporation

Insurer

Que. 4 :What is not prohibited in the latest insurance regulations?

Commission

Sharing of commision

Multilevel marketing

Rebates

Que. 5 :Identify the statement which is not correct. Insurance agent should_____________

Indicate the scale of commission if asked by the customer

Share the commission by way of rebate

Disclose his licence on demand

Indicate the premium to be charged

Que. 6 :Which of the following is incorrect?

An agent is expected to inform the insurer all relevant facts about the prospectus.

Offer rates different than those offered by insurer

Advice the prospectus on nomination

Render assistance in claim settlement

Que. 7 :Which of the following acts is insurance business in India not linked to?

ESIC Act, 1948

Income Tax Act, 1961

ECGC Act
 LIC Act, 1956

Que. 8 :IRDAI regulations prescribe insurers obligations. Which of the following is incorrect?

At point of sale

Towards policy servicing

Customer relationship management

Towards control of expenses

Que. 9 :Minimum qualification required for insurance agent is ____________ pass.

Graduate

Post-graduate

7th

10th

Que. 10 :Appointment of Insurance Agent regulations came into force with effect from 1st _____________ 2016.

March

April

June

September

Que. 11 :___________________ means an individual appointed by an insurer for the purpose of soliciting or procuring insurance business including business relating to the
continuance, renewal or revival of policies of insurance.

Broker

Insurance Agent

Insured

Insurer

Que. 12 :_____________________ means an individual who is appointed as an insurance agent by two or more insurers subject to the condition that he/she shall not act as
insurance agent for more than one life insurer, one general insurer, one health insurer and one each of the mono-line insurers.

Broker

Insurance Agent

Composite Insurance Agent

Insurer

Que. 13 :Appointment of Insurance Agent regulations came into force with effect from 1st April _______________.

2012

2002

2014

2016

Que. 14 :_____________________ means a list of agents maintained by the Authority, which contains all details of agents appointed by all insurers

Broker

Insurance Agent

Composite Insurance Agent

Centralised list of Agents

Que. 15 :____________________ means an officer authorised by the Insurer to make Appointment of an individual as an Insurance Agent

Designated Official

Insurance Agent

Composite Insurance Agent

Centralised list of Agents

Que. 16 :First time applicant of agency license shall have completed from an IRDA approved institution, at least ____________

55 hrs practical training

60 hrs practical training

50 hrs practical training

No training

Que. 17 :Mr. A, holds a license as an Insurance Advisor, what are the points he must always adhere to ______________________
 Disclose his license to the prospect on demand

Explain carefully the requisite information in respect of insurance products offered

Disclose the commission in respect to the insurance product, if asked by the prospect

All of the above

Que. 18 :________ is the fees payable to the Authority for issue renewal of license to Act as an insurance agent or composite insurance agent.

150

520

250

100

Que. 19 :Which of the below statements is correct?

The prime purpose of insurance regulation is to protect the insurance companies

The prime purpose of insurance regulation is to protect the insurance intermediaries

The prime purpose of insurance regulation is to protect the Government

The prime purpose of insurance regulation is to protect the policyholder

Que. 20 :Which Act govern the insurance business in India?

Insurance Act 1938

IRDA Act 1999

Consumer Protection Act 1956

None of the above

Que. 21 :_____________ may deal with more than one life insurance company or general insurance company or both.

Composite agent

Agent

Surveyor

None of the above

Que. 22 :For seeking license to act as a composite agent one has to complete from an IRDA approved institution at least ____________________

75 hrs practical training

100 hrs practical training

60 hrs practical training

65 hrs practical training

Que. 23 :“Soliciting or procuring only new insurance business is my duty” says Ram, an agent of XYZ ins co, which is a wrong statement. According to sec 42 of insurance
act 1938, find which one is correct?

Agent need not do renewal service or revival of policies

Soliciting or procuring insurance business including new and renewals and not revival

Soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance

All the above are wrong

Que. 24 :Applicant shall complete ______ hours training to become an insurance agent.

50

25

75

100

Que. 25 :License to work as an insurance agent is issued by __________.

Insurance Regulatory & Development Authority (IRDA)

General Insurance Corporation (GIC)

State Bank of India (SBI)

Post office

Que. 26 :__________ 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. 27 :The Authority may issue duplicate license in case it is ____________.

Lost

Destroyed

Mutilated

All of the above

Que. 28 :As per the Insurance Act 1938 (section 42) the issuance of licenses is dealt by ______________________

Insurance institute of India

Central Govt.

Insurance Company

IRDA

Que. 29 :An insurance Agent receivers commission in consideration of soliciting insurance business under section ________________________

Section 42

Section 41

Life Insurance Corporation Act 1956

Section 45

Que. 30 :A composite insurance agent acts for ___________________

One Life insurance Co. and one General Insurance.

Two Life insurance companies

Two General insurance companies

Only one Life Insurance Co.

Que. 31 :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. 32 :If client asks the insurance agent to disclose his license and scale of commission, the agent should _________________

Disclose both

Not disclose to client

Run away

Ask the client to call at company.

Que. 33 :An insurance agent can________________ that the insurance company will pay a certain amount of money if ___________________occur.

Pay the premium; lapsation

Pay sum assured ; death

Promise ; misfortune

Not promise ; misfortune

Que. 34 :An insurance agent cannot after any rebates on premium under section ________________

41

24

42

14

Que. 35 :Which are regulatory bodies in economic sector to regulate various economic organizations?

RBI

SEBI

IRDA

All of the above

Que. 36 :Identify the statement which is not correct.

 All insurance policy wordings, rates and the documents issued by insurance companies are scrutinized and approved by IRDA.

The advertisements issued by insurers are also regulated by IRDA.

Insurance Regulatory and Development Authority (IRDA) Act, 1999, created the IRDA as an independent authority for the purpose of regulating the insurance industry.

The advertisements issued by insurers are also regulated by IRDA & RBI.

Que. 37 :IRDA has issued directions to ensure that the insurance company targets____________________

Rural areas of the country

Weaker sections of the population

Both of above

None of the above

Que. 38 :Entities regulated by IRDA are :

Agents, corporate agents, brokers,

Surveyors, third party administrators (TPAs)

Insurance companies

All of the above

Que. 39 :IRDA has prescribed regulations for protecting the interests of policyholders stipulating obligations on

Insurers

Intermediaries

All of the above

None of the above

Que. 40 :Composite insurance agents

Who hold licenses to act as agent for more than one non life insurance companies

Who hold license to act as agent for both a life insurer and a general insurer

Who hold licenses to act as agent for more than one life insurance companies

Who hold license to act as agent for reinsurance business

Que. 41 :Identify the statement which is correct.

The standalone health insurers can convert life insurance agents into composite agents based. On IC-33 certification, can do so after making such agents undergo an internal training

programme on health insurance for a minimum period of 50 hours.

Such composite agents shall not be allowed to transfer general part of their license to other non-life insurer without completing IC-34 certification.

Such composite agents shall be allowed to transfer general part of their license to other non-life insurer without completing IC-34 certification.

Such composite agents shall not be allowed to transfer life part of their license to other life insurer without completing IC-34 certification.

Que. 42 :Standalone health insurance companies can avail the services of __________________

Agents, corporate agents of only life insurance companies

Agents, corporate agents of only non life insurance companies

Agents, corporate agents of reinsurance companies

Agents, corporate agents of other life and / or non-life insurance companies

Que. 43 :Agriculture Insurance Corporation of India (AIC) is engaged in providing

Crop insurance

Cattle insurance

All of the above

None of the above

Que. 44 :Agents and corporate agents desiring to offer their services to AIC_______________________________________

Shall complete fifty hrs mandatory training for crop insurance

Shall submit "No Objection Certificate" obtained from their parent life insurer

Shall submit "No Objection Certificate" obtained from their parent general insurer

Must transfer their license form life insurer to non-life insurer

Que. 45 :A situation could arise wherein an agent or corporate agent works for maximum

Three non-life insurers.

Two non-life insurers.

 Four non-life insurers.

None of the above

Que. 46 :Which is the condition for transfer of license of agent from one insurer to other?

Agent must be active in last month before transfer

Agents shall achieve the minimum business requirements laid down by their respective parent insurance companies.

Agent must be inactive for last six months

None of the above

Que. 47 :The applicant for agent license is disqualified if she______________________

Is a minor

Is of unsound mind

Has been found guilty of criminal misappropriation

All of the above

Que. 48 :At least, twenty five hours’ practical training from an approved institution is required if ______________________

An Associate / Fellow of the Insurance Institute of India

An Associate / Fellow of the Institute of Chartered Accountants of India

An Associate / Fellow of the Actuarial Society of India

All of the above

Que. 49 :Identify the statement which is not correct.

If the applicant is a firm/company, application for license should be in Form IRDA-Agents-VF.

If the applicant is an individual, application for license should be in Form IRDA-Agents-VA.

If the applicant is a firm/company, application for license should be in Form IRDA-Agents-VC.

✔ To become a composite insurance agent, two separate applications for license have to be submitted.

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