Insurance Agents (Life) Question Bank PDF

Insurance Agents (LIFE) Question Bank - English S. Correct...

Insurance Agents (LIFE) Question Bank - English S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Who is protected under the In-Contestability Clause 1 Insurer Insured Insurance Agent Insurance Broker 2 included under a Life Assurance Policy? Section 45 (Indisputability Clause) of Insurance Act, protects the Insured, from Rejection of Claim, by the 2 One Year Three Years Five Years Seven Years 2 Insurer; provided the Policy has completed --. Choose the Most Appropriate Option. As per the Suicide Clause, if the Life-Assured Dies, as a Result of Suicide, After 3 Years of the Issue of Premium, Paid by the (2 × Premium), Paid by Full Face-Amount of the 3 Nothing 4 Policy, What Does the Beneficiary Receive as the Life-Assured. the Life-Assured. Policy. Claim? It is the Evidence, that Free-Look Period has Policy cannot be Policy has acquired a 4 What Does, First Premium Receipt (F.P.R.), signify? the Policy-Contract has 2 ended. cancelled, Now. Certain Cash-Value. begun. Identify the Document, that evidences a Contract, 5 Proposal-Form Claim-Form Nomination-Form Policy-Document 4 between the Insurer and the Insured. The Policy will be The Policy will be declared as Void, and declared as Void, and If Complex Language is used to word a Certain Policy- the Insurer will be the Insurer will be 6 Document, and it has given Rise to an Ambiguity, How In Favour of the Insured. In Favour of the Insurer. asked to Return the 1 asked to Return the Will it generally be construed? Premium, to the Premium, With Interest, Insured, Without Any to the Insured. Interest. With Regards to Mis-Statement of Age, Select the Valid Option: I: An Under-Statement of Age, will result in the 7 I, Only. II, Only. I and II. Neither I, Nor II. 3 Original Policy being re-issued, for a Reduced Amount. II: An Over-Statement of Age, will, usually, result in a Refund of Premium-Payment. 1 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Which of the Following, is Not a Part of a Standard Policy Forfeiture 8 Policy Schedule Standard Provisions Policy-Specific Provisions 4 Policy-Document? Provisions Give us, the Proof of Contract between the Insurer 9 Proposal-Form Claim-Form Nomination-Form Policy Document 4 and the Insured. A Clause, Precluding the Death Due to A Clause, Granting Pregnancy, for a Lady, A Clause, Precluding 10 Gives us, an Example of a Standard Policy-Provision. Suicide Clause Certain Privileges to the 2 Who is Expecting at the Certain Illnesses. Policy-Holder. Time of Writing the Contract. A Clause, Precluding the Death Due to Pregnancy, for a Lady, 11 Gives us, an Example of a Policy-Specific Provision. Premium-Payment Mis-Statement of Age Claim-Provision 4 Who is Expecting, at the Time of Writing the Contract. Which One of the Following, forms the First Part of a 12 Policy-Schedule Standard Provisions Specific-Policy Provisions Claim-Procedure 1 Standard Insurance Policy-Document? The Policy Document The Policy Document The Policy Document The Policy Document has to be signed by a neither needs to be has to be signed by a need not be signed by a Competent Authority, signed by a Competent Competent Authority, Competent Authority, 13 Select the Correct Statement. but need not be Authority, nor it needs 2 and should be stamped but should be stamped compulsorily stamped to be compulsorily according to Indian according to Indian according to Indian stamped according to Stamp Act. Stamp Act. Stamp Act. Indian Stamp Act. 2 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative The Insurance Company will issue a Duplicate The Insurance Company The Insurance Company Policy, with the will issue a Duplicate will issue a Duplicate What Will Happen, if the Insured-Person loses the The Insurance Contract Renewed Terms and Policy, Without Making 14 Policy, Without Making 1 Original Life Assurance Policy-Document? will Come to an End. Conditions, Based on Any Changes to the Any Changes to the the Current Health- Contract; But, Only Contract. Declarations of the Life- After a Court-Order. Assured. Which One of the Following Documents, will be issued Restoration Premium Reinstatement Premium Renewal Premium 15 by the Insurance Company, on Receipt of Subsequent Revival Premium Receipt 4 Receipt Receipt Receipt Premiums, After the First Premium? In Order for the Policy to acquire a Guaranteed 16 Surrender-Value (G.S.V.), For How Long, must, the 2 Consecutive Years 4 Consecutive Years 3 Consecutive Years 5 Consecutive Years 3 Premiums be Paid, as per the Regulations? For a Life Assurance Policy, Nomination is allowed 17 Section 10 Section 38 Section 39 Section 45 3 Under --- of Insurance Act, 1938. Identify the Circumstances, under which, the Policy- Policy-Holder is Not of Policy-Holder is Not 18 Insured is a Minor Nominee is a Minor 2 Holder would need to appoint an Appointee. Sound Mind Married It is a Period, within It provides a Period, It grants the Policy- It provides a Period, which, Policy-Holder within which, Policy- Holder, An Additional after which, Policy- 19 Illustrate the Purpose of Grace-Period. may cancel the Policy, Holder must raise a 2 Time, to Pay His or Her Holder must Pay His or if He or She Does Not Complaint, in Case of Premium. Her Over-Due Premium. Like the Same. Any Grievance. Policy-Nomination is Nomination can be Nomination can be Not Cancelled, if the A Nominee has Full All of the Following Statements, are True, with Regard Done, at the Time of Changed, by Making an 20 Policy is assigned to the Rights on the Whole of 4 to Nomination, Except --. Policy-Purchase or Endorsement in the Insurer, in Return for a the Claim. Subsequently. Policy. Loan. 3 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative If the Premiums are Not If the Premium has Not If the Premiums are Not If the Policy is 21 When is a Policy, Deemed to be Lapsed? paid, Before the Due- been paid, even After 3 Paid on the Due-Date. surrendered. Date. Expiry of Grace-Period. It has been a Week, Construct a Situation, that would require Evidence of Policy has been Lapsed, Policy has been In- Loan against Policy has 22 since the Policy has 2 Insurability, at Revival. for More Than a Year. Force, for a Year. been sought. been Lapsed. Insured can decide the There is No Legal A Loan of Any Amount, No Collateral is 23 Construct a Valid Argument in Favour of Policy-Loans. Terms and Conditions of Obligation to Re-Pay the 3 can be obtained, easily. required. the Loan. Loan. The Standard Length of The Standard Length of The Standard Length of The Standard Length of Select the Correct Statement, with Regard to Grace- 24 the Grace-Period is 1 the Grace-Period is One the Grace-Period is One the Grace-Period is One 1 Period. Choose the Most Appropriate Option. Month or 31 Days. Quarter. Week. Fort-Night. Change of the Policy Splitting-Up of the Which One of the Following Alterations, will be Extension of the from "With-Profits" Increase in the Sum- 25 Policy into Two or More 1 permitted, by an Insurance Company? Premium-Paying-Term. Policy to "Without- Assured. Policies. Profits" Policy. Cash-Value, Associated Compensation, Maximum with the Policy, in Case, Minimum Compensation, Available Under the 26 Explain the Concept of Surrender-Value. Compensation, the Premiums have Available Under the 2 Policy, At Any Given Available Under Policy. been Paid, for 3 Years, Policy. Point of Time. at least. How Many Persons, can be nominated under a Policy? 27 Exactly One Exactly Two Exactly Three One or More Than One 4 Choose the Most Appropriate Option. To Appoint a Person, to To Transfer the Rights Receive the Policy- 28 Describe the Purpose of Nomination. To Surrender the Policy. To Create an Estate. 2 of the Policy. Monies, in the Event of the Life-Assured's Death. 4 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative To Appoint a Person, to To Transfer the Rights Receive the Policy- 29 Describe the Purpose of Assignment. To Surrender the Policy. To Create an Estate. 1 of the Policy. Monies, in the Event of the Life-Assured's Death. Write a New Policy, whose Date-of- Get a Loan on the Commencement is Illustrate the Process involved in Ordinary Revival of Payment of Arrears, Lapsed Policy, as a Pay the Premium- 30 Within Two Years of the 2 Policy. With Interest. Consideration for Arrears, in Instalments. Original Date-of- Revival-Purposes. Commencement of the Lapsed Policy. Which One of the Following Documents, is not School-Leaving 31 Pass-Port Horoscope Employer's Certificate 3 accepted as a Standard Age-Proof Document? Certificate Anti-Selection is the Anti-Selection is the Anti-Selection is the Process, used by the Process, used by the Anti-Selection is the Tendency of People, Insurance Company, to Insurance Company, to Process, used by the Who suspect or know ensure, it does not end- ensure, it does not end- Which One of the Following Statements, is Correct, Insurance Company, to that, their Chance of 32 up launching the up selecting the Wrong 2 with Regard to 'Anti-Selection'? ensure, it does not end- Experiencing a Loss is Insurance Products, that Investment-Products, up selecting Un-Ethical High, to seek-out the are Not Suitable for the for deploying the Agents. Insurance, Eagerly; and Prospective Policy- Premiums, collected to gain in the Process. Holders. from the Policy-Holders. Individuals, who are Individuals, who Who among the Following Individuals, are considered Individuals, who, Under the Influence of consume Non- 33 as High-Risk by Insurance Companies? Choose the Most regularly consume 'Paan Teetotaller 3 Sedatives and Other Vegetarian Food, Appropriate Option. Masala (पान मसाला)'. Stimulants. Regularly. 5 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Who among the Following, is Likely to be Exposed to Person, Exposed to 34 Yoga-Instructor Film-Stunt-Artist Dancer in a Night-Club 4 Health-Hazard, in His or Her Occupation? Mining Dust Who among the Following, is Likely to be Exposed to Marketing-Executive, 35 Accidental Hazard, in His or Her Occupation? Choose Medical-Professional Tourist-Guide Demolition-Experts Who is regularly on the 3 the Most Appropriate Option. Field. --- implies that if the Life-Assured dies from a 36 Specified Cause, within a Given Period, Only a Mortality-Rate Lien Anti-Selection Mortgage 2 Decreased Amount of Death-Benefit may be Payable. Under this Method, the Under this Method, Under this Method, Total Number of Points, Under this Method, if Which One of the Following Statements, is In-Correct, Underwriters assign the Underwriters assign the so assigned, will decide the Extra-Mortality- 37 with Regard to Numerical Rating Method of Positive Rating-Points Positive Points for Any How Much Extra- Rating (E.M.R.) is Very 2 Underwriting? for All Negative or Positive or Favourable Mortality-Rating High, Insurance may Adverse Factors. Factors. (E.M.R.), it has been even be declined. given. In this Method, the In this Method, the Under this Method, This Method is Underwriter assign Which One of the Following Statements, is In-Correct, Company may seek 38 Subjective Judgement is especially used in Case Positive or Negative 4 with Regard to Judgement Method of Underwriting? Expert Opinion of used. of Complex Cases. Rating-Points to the Medical Doctor. Adverse Factors. Mr. Vimal is a 32-Years' Old, Healthy, Non-Smoker, Risk will be Accepted Teetotaller Individual; Who applies for Life Assurance Risk will be Accepted, Risk will be Accepted, Risk will be Accepted at With an Extra, Over the 39 from ABC Limited Insurance Company. Which One of With a Lien on Sum- With a Restrictive 1 Ordinary Rates. Tabular Rate of the Following Statements, will Hold True, with Regard Assured. Clause. Premium. to Risk-Acceptance by the Insurance Company? 6 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative If, Mr. Brijesh, a 40-Years' Old Individual, is perceived Risk will be Accepted as a 'Sub-Standard Risk', by the Insurance Company, Risk will be Accepted at Risk will be Accepted at With an Extra, Over the 40 then, Which One of the Following Statements, will Risk will be Declined. 3 Ordinary Rates. Lower Rates. Tabular Rate of Hold True, with Regard to Risk-Acceptance by the Premium. Insurance Company? The Process of Evaluating Each The Process, in which, The Tendency of Proposal for Life- The Process, in which, Individual Lives are People, Who suspect or Assurance in Terms of the Applicants, Who are Categorised and know that, their Chance What is meant by 'Risk-Classification'? Choose the Most the Degree of Risk, it Exposed to Similar 41 Assigned to Different of Experiencing a Loss is 1 Appropriate Option. represents; and then Degrees of Risk, are Risk-Classes, Depending High, to seek-out the Deciding: Whether or Placed in the Same on the Degree of Risks, Insurance, Eagerly; and Not to Grant the Premium-Class. they Pose. to gain in the Process. Insurance, and on What Terms. --- means that, the Applicants, Who are exposed to 42 Similar Degrees of Risk, must be placed in the Same Selection of Risk Anti-Selection Moral Hazard Equity 4 Premium-Class. Sub-Standard Lives Sub-Standard Lives Sub-Standard Lives Sub-Standard Lives consist of those consist of those consist of those consist of those Individuals, whose Individuals, whose Individuals, whose Individuals, whose Impairments and Which One of the Following Statements, is Correct, Anticipated Mortality is Anticipated Mortality is Anticipated Mortality Anticipated Extra 43 with Regard to 'Sub-Standard Lives', under Risk- Significantly Lower Higher Than the 3 corresponds to the Mortality are So Great, Classification? Choose the Most Appropriate Option. Than the Standard Average Lives or Standard Lives, that, they could not be Lives, and hence, could Standard Lives, but, are represented by the provided the Insurance- be charged a Lower still considered to be Mortality-Table. Coverage, at an Premium. Insurable. Affordable Cost. 7 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative 'Declined Lives' consist 'Declined Lives' consist 'Declined Lives' consist 'Declined Lives' consist of those Individuals, of those Individuals, of those Individuals, of those Individuals, whose Impairments and whose Anticipated whose Anticipated Which One of the Following Statements, is Correct, whose Anticipated Anticipated Extra Mortality is Higher Than Mortality is Significantly 44 with Regard to 'Declined Lives', under Risk- Mortality corresponds to Mortality are So Great, 2 the Average Lives or Lower Than Standard Classification? the Standard Lives, that they could not be Standard Lives, but are Lives, and hence, could represented by the provided Insurance- still considered to be be charged a Lower Mortality-Table. Coverage, at an Insurable. Premium. Affordable Cost. Lien implies that, if the Lien implies that, the Life-Assured Dies from a Lien implies that, the Insurance Company is Lien implies that, the Specified Cause, Within If an Insurance Company accepts a Risk, with a Lien on Risk is Being Accepted, Accepting the Risk, at Insurance-Proposal is 45 a Given Period, Only a 1 Sum-Assured, then What Does this imply? by the Company, for a Lower Rate of Premium, Postponed, till a Decreased Amount of Limited Period. as compared to the Specified Period. Death-Benefit may be Tabular-Rate. Payable. When the Insurer promises to pay the Insured, a Specified Amount at the End of the Term, if the Survival-Benefit 46 Surrender of Policy Death-Claim Maturity-Claim 4 Insured survives the Plan’s Entire Term, then the Payment Claim will be known as --. If Insurance Company makes Periodical Payments, to the Insured, at Specified Intervals, During the Term of Survival-Benefit 47 Surrender-Value Rider-Benefit Conditional Assignment 1 the Policy, then, these Payments are being made as Payments per --. A Life Assurance Company paid the Treatment Costs to the Insured, During the Event of Hospitalisation of the Survival-Benefit 48 Surrender-Value Rider-Benefit Conditional Assignment 3 Insured, During the Policy-Term. This is an Example of Payments --. 8 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Claim will be Claims will be ABC Insurance Company has offered an Insurance-Plan Claim will be ascertained, based on Claim will occur, when ascertained, based on to Mr. Krishna, with a Provision of Survival-Claim. How ascertained, as per the the Dates, which are the Policy-Holder the Medical and Other 49 1 will the Company ascertain the Survival-Claim? Choose Conditions, stipulated in determined, at the decides to cancel the Records, provided by the Most Appropriate Option. the Policy. Beginning of the Contract. the Policy-Holder, in Contract, it-self. Support of His Claim. Claim will be Claims will be Ms. Kavita purchases a Critical Illness (C.I.) Rider, Claim will be ascertained, based on Claim will occur, when ascertained, based on along with, a Term Assurance Plan, from ABC ascertained, as per the the Dates, which are the Policy-Holder the Medical and Other 50 Insurance Company. How Will, the Company ascertain 4 Conditions, stipulated in determined, at the decides to cancel the Records, provided by the Claim for the Critical Illness (C.I.) Rider? Choose the Policy. Beginning of the Contract. the Policy-Holder, in the Most Appropriate Option. Contract, it-self. Support of Her Claim. A --- is a Demand, that, the Insurer should Make Good 51 Claim Repudiation Fore-Closure Grievance 1 the Promise, Specified in the Contract. Surrender-Value is Surrender-Value, that is A Policy can be Actual Surrender-Value, Payable on Voluntary Which One of the Following Statements, is In-Correct, Payable to Insured, is, surrendered, only if, it Paid to the Insured, is 52 Termination of the 3 with Regard to 'Surrender' of the Policy? Usually, a Percentage of has acquired the Paid- Always Less Than the Policy-Contract by the the Premiums-Paid. Up Value. Gross Surrender-Value. Insured. A Specified Amount is The Illness should have Critical Illness (C.I.) The Life Assurance Which One of the Following Statements, is In-Correct, Paid, as per the Policy- been covered in the List Rider is an Example of Policy Contract 53 with Regard to Critical Illness (C.I.) Rider? Choose the Terms, in the Event of of Critical Illnesses, the Claims, that may Terminates, After the 4 Most Appropriate Option. Diagnosis of a Critical specified by the occur, during the Policy- Rider-Payments are Illness. Insurance Company. Term. Made. Mr. Nimesh bought a 20-Years' Unit-Linked Insurance Premiums paid will be Lower of Sum-Assured Higher of Sum-Assured Surrender-Value will be 54 Plan (U.L.I.P.). In the Event: Mr. Nimesh dies, Within Returned, After or Fund-Value, will be or Fund-Value, will be 4 paid. the Policy-Term, Which of the Following, will be paid? Deducting the Dues. paid. paid. 9 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative What is the Period, up to which, a Policy can be repudiated, by the Insurance Company, if, Material 55 Up To 15 Days Up To 6 Months Up To 1 Year Up To 3 Years 4 Facts presented by the Insured, in the Proposal, are False? As per Insurance Regulatory and Development Authority of India (I.R.D.A.I.) (Protection of Policy- Holders' Interests) Regulations, 2017, What is the 56 Stipulated Period, within which, Claim under a Life Within 15 Days Within 20 Days Within 30 Days Within 3 Months 3 Assurance Policy, shall be paid or shall be disputed, provided that, the Company has received All Relevant Papers? In Case of Presumption of Death of Life-Assured, Death-Certificate from Decree from a 57 Which One of the Following Documents, needs to be Employer's Certificate Inquest-Report 2 Municipal Corporation. Competent Court. submitted, by the Nominee? Mr. Brijesh purchased a 20-Years' Unit-Linked Insurance-Plan (U.L.I.P.), from ABC Insurance Premiums, After Lower of Sum-Assured Higher of Sum-Assured 58 Surrender-Value 4 Company. If Mr. Brijesh Dies, Before the Maturity of Deducting the Dues. or Fund-Value. or Fund-Value. the Policy, then Insurance Company will have to pay --. Which One of the Following Claims, can be Payable, 59 Death-Claim Maturity-Claim Survival-Benefit Surrender-Value 1 Only to the Assignee or Nominee? Which One of the Following Documents, is an Additional Document, required to be submitted for Certificate of Burial or Treating Physician’s 60 Post-Mortem Report Employer’s Certificate 3 Claim, in Case of Accidental Death, as compared to Cremation Certificate Natural Death? Which One of the Following Documents, needs to be submitted, by the Nominee, in the Event of Natural First Information Report 61 Inquest Report Death-Certificate Post-Mortem Report 2 Death of the Life-Assured? Choose the Most (F.I.R.) Appropriate Option. 10 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Mr. Rahul had purchased an Insurance-Cover, from ABC Insurance Company, for a Period of 20 Years. On Return of Premium(s) Unit-Linked Insurance Money-Back Assurance 62 Completion of 20 Years, the Company pays Fund-Value Participating Plan 3 Plan Plan (U.L.I.P.) Plan to Mr. Rahul, as the Maturity-Claim. Which Type of Plan, was taken, by Mr. Rahul? Mr. Vishal had taken an Insurance of Rupees 50 Lakhs, for a Period of 25 Years. On Maturity, the Insurer pays Return of Premium(s) Unit-Linked Insurance Money-Back Assurance 63 the Maturity-Claim Minus the Survival-Benefits, Participating Plan 4 Plan Plan (U.L.I.P.) Plan Received During the Term of the Policy. Which Type of Plan, was taken, by Mr. Vishal? Mr. Sudhir had taken an Insurance-Cover of Rupees 25 Lakhs, from ABC Insurance Company, 20 Years Back. On Maturity, the Company pays the Sum-Assured Plus Return of Premium(s) Unit-Linked Insurance Money-Back Assurance 64 Participating Plan 1 Accumulated Bonuses, Less the Dues (Outstanding Plan Plan (U.L.I.P.) Plan Premium(s)), as the Maturity-Claim, to Mr. Sudhir. Which Type of Plan, was taken, by Mr. Sudhir? Mr. Kapil had taken Insurance-Cover of Rupees 50 Lakhs, for a Period of 25 Years. Mr. Kapil dies in a Car- Accident, during the Policy-Term, and the Company 65 Maturity-Claim Death-Claim Rider-Benefit Survival-Benefit 2 pays the Sum-Assured Plus Accumulated Bonuses, to His Nominee. Which Type of Claim, was paid by the Insurance Company? Decide on the Risk- To Comply with the For Documentation Acceptance, and the To Improve the 66 Why Do, Insurers need Material Information? Regulatory 2 Purposes. Terms and Conditions, Customer-Service. Requirements. Associated. Which Element of a Valid Contract, relates to Capacity of Parties-to- 67 Offer and Acceptance Free Consent Consideration 4 Insurance-Premium? Contract 11 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Identify the Choice, which relates to In-Accurate 68 Statements, which are made with Any Fraudulent Representation Mis-Representation Coercion Fraud 2 Intention. Mr. Ramesh buys a Mr. Ramesh enters into Mr. Ramesh provides Mr. Ramesh bribes an Identify the Option, that can be treated as a Valid Property, from His a Contract, when, He is False Information, to 69 Official, to get into a 1 Contract. Friend, for a Throw- Not in a Sound State of get Mr. Mahesh, to sign Contract. Away Price. Mind. a Contract. Gambling has No Insurance has Only Gambling and Gambling is Legally Insurable Interest Profitable Outcomes, 70 Compare: Gambling and Insurance. Insurance, Both, are the Enforceable, but, 2 involved, but Insurance while, Gambling could Same. Insurance is Not. does have. result in Losses. These Contracts are These Contracts are These Contracts are These Contracts are drafted by Both Parties, drafted by One Party, drafted by One Party, 71 Summarise "Contracts of Adhesion", for us. Binding on Both the 2 and have to be and the Other can only and the Other has to Parties. accepted by Both. Accept or Reject it. Accept it. Mr. Ramesh fudges His Company Balance-Sheet, 72 Before Selling-Out the Company. Categorise His Action Mistake Coercion Mis-Representation Fraud 4 into One of the Following Options. 73 What is the Subject-Matter of Life Assurance? Premium Human Life Property Goodwill 2 Disclosing All Material Faking All Material Disclosing All Irrelevant Select a Scenario, that showcases the Principle of Timely Payment of Information on the Information on the Information on the 74 2 Uberrima Fides. Premium. Insurance Proposal- Insurance Proposal- Insurance Proposal- Form. Form. Form. In Relation to Life Assurance, Look at the Following Two Statements, and Select the True One(s): I: Age is Material Information, and may affect the Only Statement-I is Only Statement-II is Both: Statement-I and Both: Statement-I and 75 1 Terms of Underwriting. True. True. Statement-II, are True. Statement-II, are False. II: If Age is Found to be Different, the Only Effect is on the Premium-Rate. 12 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Select a Reason, for Discharging a Contract, Under 76 Frustration Mistake Mis-Representation Concealment 3 Common Law. Label the Document, that is used, to lay-down the 77 Terms of the Insurance Contract, when it is bought. Policy Agreement Authorisation Endorsement 1 Choose the Most Appropriate Option. Label the Interest, that the Insured has, in the 78 Subject-Matter of Life Assurance. Choose the Most Speculative Interest Wager Interest Insurable Interest Indemnity Interest 3 Appropriate Option. How Would You Describe the Agreement between the 79 Insurer and the Insured? Choose the Most Appropriate Interim Agreement Provisional Agreement Constant Agreement Contingent Agreement 4 Option. Insurance Contracts are Insurance Contracts are Insurance Contracts are The Main Difference between Legal Contracts, in Insurance Contracts are Not Subject to Any 80 the Contracts of Legally Enforceable 1 General; and Insurance Contracts, is that --. Always Profitable. Regulation, What-So- Uberrima Fidei. Contracts. Ever. Advise Mr. Rajan, on the Point or Time, when At the Time of Taking a In Case of Life Only at the Time of Only at the Time of 81 Insurable Interest has to be Present, in Case of Life Policy, and at the Time Assurance, No Insurable 1 Taking the Policy. Making a Claim. Assurance. of Making a Claim. Interest is Required. Advise Miss Anita, on the Point or Time, when At the Time of Taking a In Case of Property Only at the Time of Only at the Time of 82 Insurable Interest has to be Present, in Case of Policy, and at the Time Insurance, No Insurable 3 Taking the Policy. Making a Claim. Property-Insurance. of Making a Claim. Interest is Required. Mr. Mahesh takes out an Insurance Policy on His Yes, Because, Insurable Yes, if the Current Yes, if the Damage is No, Because, there is House. He sells His House, After a Couple of Months of Interest was Present at 83 Owner of the House, Within One Year of His No Insurable Interest, 4 taking the Policy. In Case, there is Some Damage to the Time of Taking-Out allows. Selling the House. Present. the House, can Mr. Mahesh receive the Claim? the Policy. 13 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Mr. Rajan fell-off a Horse, and landed in a Puddle. He had to lie in the Puddle for a Long-Time, because, the Fall had broken His Leg, this resulted in Him Leg-Injury, sustained as 84 contracting a Severe Pneumonia. Pneumonia. Negligence of Doctors. Hospital-Treatment. 2 a Result of the Fall. He was treated in a Near-By Hospital, where, He dies, as a Result of Pneumonia. What is the Proximate Cause of Death, in this Case? No, Mr. Ramesh cannot No, Mr. Ramesh cannot No, Mr. Ramesh cannot buy Life Assurance on Mr. Ramesh is Married, and wants to buy a Life Yes, Mr. Ramesh can buy Life Assurance on buy Life Assurance on His Friend's Life, 85 Assurance Cover on His Friend's Life. Find Out, if He buy Life Assurance on His Friend's Life, 3 His Friend's Life, because, there is No will be Able to do so. His Friend's Life. because of the Principle because, He is Married. Insurable Interest, of Caveat Emptor. Present. Securities and Exchange Insurance Regulatory Reserve Bank of India Board of India (S.E.B.I.) Which One of the Following Bodies, regulates the and Development 86 (R.B.I.) and Finance and Association of Finance Ministry 3 Insurance Companies in India? Authority of India Ministry, Together. Mutual Funds in India (I.R.D.A.I.) (A.M.F.I.), Together. Who among the Following, are Not Regulated by Current Account-Savings Third-Party 87 Insurance Regulatory and Development Authority of Insurance Brokers Account (C.A.-S.A.) Corporate Agents 3 Administrators (T.P.A.s) India (I.R.D.A.I.)? Agents 14 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Regulations, made by Insurance Regulatory Insurance Regulatory and Development and Development Insurance is an Authority of India Authority of India Absolutely Legal The Prime Purpose of (I.R.D.A.I.) regulates (I.R.D.A.I.), are, to Contract, in Compliance Insurance-Regulation, the Companies from 88 Which One of the Following Statements, is Correct? ensure that, Insurance- with the Provisions of 1 is, To Protect the Policy- their Registration on- Companies should exist, Indian Contract Act and Holders' Interests. wards, and monitors All Not as Financially Sound Other Laws of the their Major Activities, Organisations, but, as Country. like, Investments, Socially Responsible Accounting, etc. Organisations. To ensure that, To ensure that, Rural Insurance Companies To ensure that, Areas and Weaker What is the Prime Purpose of Insurance-Regulation? generate the Sufficient Insurance-Cover is To Protect the Policy- 89 Sections of Population 4 Choose the Most Appropriate Answer. Profits, so that, they extended to All the Holders' Interests. gets the Adequate can Survive in the Long- Citizens of India. Insurance-Coverage. Term. Life Insurance Insurance Regulatory Corporation (L.I.C.) of Which One of the Following Bodies, can issue the and Development 90 Finance Ministry Government of India India and General 4 License to work as Individual Agents, in India? Authority of India Insurance Corporation (I.R.D.A.I.) (G.I.C.) of India, Jointly. Insurance Regulatory Which One of the Following Bodies, regulates the Reserve Bank of India Securities and Exchange and Development Association of Mutual 91 2 Capital Market in India? (R.B.I.) Board of India (S.E.B.I.) Authority of India Funds in India (A.M.F.I.) (I.R.D.A.I.) 15 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Insurance Regulatory Which One of the Following Bodies regulates the Banks Reserve Bank of India Securities and Exchange and Development Association of Mutual 92 1 in India? (R.B.I.) Board of India (S.E.B.I.) Authority of India Funds in India (A.M.F.I.) (I.R.D.A.I.) Insurance Regulatory Life Insurance Council Third-Party Administrators (T.P.A.s) are Regulated, by and Development Insurance Brokers 93 and General Insurance Finance Ministry 2 Which of the Following Bodies? Authority of India Association of India Council, Jointly. (I.R.D.A.I.) Insurance Regulatory Which One of the Following, is the Basic Insurance Deposit Insurance and and Development Public Liability 94 Legislation of the Country, that governs Insurance Insurance Act, 1938. Credit Guarantee 2 Authority (I.R.D.A.) Act, Insurance Act, 1991. Business in India? Corporation Act, 1961. 1999. Insurance Agents, who hold the Licence to act as Agents for Both: Life Insurer, General Insurer, Health Third-Party Composite Insurance 95 Brokers Corporate Agents 4 Insurer, and Each of the Two Mono-Line Insurers, are Administrators (T.P.A.s) Agents called --. --- was established in the Year: 2000, as an In- Insurance Regulatory Reserve Bank of India Securities and Exchange Association of Mutual 96 Dependent Authority, to Regulate and Develop the and Development 3 (R.B.I.) Board of India (S.E.B.I.) Funds in India (A.M.F.I.) Insurance Industry. Authority (I.R.D.A.) Life Insurance Which One of the Following Bodies, has prescribed the Insurance Regulatory Life Insurance Council Policy-Holders' Corporation (L.I.C.) of Regulations for Protecting the Interests of Policy- and Development 97 and General Insurance Association of India India and General 3 Holders, stipulating the Obligations on Both: Insurers Authority of India Council, Jointly. (P.A.I.). Insurance Corporation as well as Intermediaries? (I.R.D.A.I.) (G.I.C.) of India, Jointly. Insurance Regulatory Which One of the Following Acts, has the Provisions Deposit Insurance and and Development Public Liability 98 for Monitoring and Control of Operations of Insurance Credit Guarantee Insurance Act, 1938. 1 Authority (I.R.D.A.) Act, Insurance Act, 1991. Companies? Corporation Act, 1961. 1999. 16 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative If Insurance Firm accepts such Applicants, Who are at a Greater Than Normal Risk or are Not Insurable, but conceal or falsify the Information about their Actual 99 Insurance-Screening Adverse Selection Underwriting-Lapse Proposal Re-View 3 Condition or Situation, so that, they get Insurance, then this will be known as --. Choose the Most Appropriate Option. 100 Insurance Act came into Effect, on --. 1st June, 1938 1st July, 1938 1st June, 1939 1st July, 1939 3 The Insurance Regulatory and Development Authority (I.R.D.A.) was established in the Year: --, under The 101 1999 2000 2002 2003 2 Insurance Regulatory and Development Authority (I.R.D.A.) Act, 1999. Insurance Act, 1938, prohibits the Use of Rebates, as 102 Section 38 Section 41 Section 45 Section 64-VB 2 an Inducement to take an Insurance Policy, under --. Insurance Act, 1938, specifies the Rules for 103 Section 39 Section 41 Section 45 Section 64-VB 1 Nomination of Insurance-Policies under --. Minimum Academic Qualification of a Sepcified Person 104 Class 10 Class 12 Graduate Post-Graduate 2 is --. An Applicant, seeking an Appointment as an Insurance 105 Agent of an Insurer, shall submit an Application in I-A, Designated Official A.I-A, Appellate Officer I-B, Designated Official I-B, Appellate Officer 1 Form: --, to the --- of the Insurer. Insurance Regulatory Integrated Grievance-Management-System (I.G.M.S.) Policy-Holders' and Development 106 Life Insurance Council Government of India 2 has been launched by --. Association of India Authority of India (I.R.D.A.I.) Price, Charged by Shop- Shop-Keeper, Not Giving Shop-Keeper fails to The Goods, Bought by Which One of the Following, can form the Basis for a Keeper, is as per 107 Any Discounts on the provide a Certain Consumer, suffers from 4 Valid Consumer-Complaint? Maximum Retail Price Product. Product. One or More Defects. (M.R.P.) on Package. 17 S. Correct Question Body Alternative-1 Alternative-2 Alternative-3 Alternative-4 No. Alternative Price, charged by Shop- An Un-Fair Trade- The Goods, Bought by Shop-Keeper fails to Which One of the Following, cannot form the Basis for Keeper, is in Excess of Practice or Restrictive 108 Consumer, suffers from provide a Certain 3 a Valid Consumer-Complaint? What is Displayed on Trade-Practice has been One or More Defects. Product. the Package. adopted. Integrated Grievanc