Sample Paper – 1
answer is wrong and
answer is correct...
In insurance terms, the risk of suffering a disability is BEST DESCRIBED as what type of risk?
What tax rate,if any,will be applicable to a life insurance policy holder for the maturity proceeds of a Rs 5000 life insurance policy
Vishal and Sandeep applied for a health plan in XYZ Life Insurance Company. Vishal is asked to undergo a medical checkup but Sandeep is not asked to do so. What will be most possible reason?
Sandeep has taken another policy from XYZ Life Insurance Company
Vishal is older than Sandeep
Sandeep is earning more than Vishal
Vishal is working in a MNC
Which body has created a call center for logging a complaint
Life Insurance Council
Insurance Institute of India
The IRDA has the power to make regulations under section of _______ the Insurance Act 1938
A particular fact is material to the risk or not is decided by the -----------
Any of the above
Agent should guide their prospective investor:
With knowledge of various savings and investment products available in the market
To invest/save in a purposeful and needs based manner
To remain focused on maximizing returns
To buy a second home to take care of their pension needs
__________ define the manner in which premium can be paid by a policyholder for purchasing an insurance policy
IRDA Regulations 2000
IRDA Regulations 2001
IRDA Regulations 2002
IRDA Regulations 2003
Nomination gives the nominee the right to receive the policy monies in the event of the death of the life insured. Appointee is required in which condition
Nominee is a minor
Wife is the life assured
Life insured is divorced
Insured is not resident of India
Effective communication skills are required especially
at the beginning of the meeting
at the point when the client starts loosing interest
none of the above
both (1) and (2) above
What should an agent do in order to understand the mental state of client in respect to his investments in saving products
Consulting the client's parents
Consulting the family of the client
Reviewing his existing investments
For Insurance industry which association to take steps to Develop Education and research in insurance?
Life Insurance Council
Life Insurance Corporation
Insurance institute of India
Insurance Institute of India
Ethics can be defined as
Those values we commonly hold to be "good and right"
Behaviour that is based on the moral judgement of an individual
A study what makes one's own action right or wrong
All of the above
THE PURPOSE OF SAVINGS IS
To Meet unexpected contingencies
To avoid Income tax
To accumulate capital
All the above*
For his investment need, Ravi has parked funds in equity. The returns from this form of investment can be categorized as
Under what circumstances do the benefits under a long-term care policy become payable?
Once the insured is no longer able to work through sickness or ill-health.
Once the insured reaches the age agreed between himself and the provider at the outset of the policy.
Once the insured suffers certain levels of incapacity or inability to carry out normal daily tasks.
Once the insured reaches a qualifying age or on earlier diagnosis of a critical illness.
Payment/Investments in Kisan Vikas Patra under post office schemes is done
Regularly with no fixed term
Lumpsum with no fixed term
Lumpsum for fixed period of time
Regularly for fixed period of time
Insurance agents are
Who work only for insurance company
Who work for customers
Who works for their own interest.
A client has his investment in equity shares. Agent advises him to keep it in equity based mutual fund. This will make the risk
Where one can approach in case of dispute?
The main purpose of including commission details in the documentation to clients is to increase
This plan is ideal for married couples or partners in a business firm:
Partnership insurance plan
Joint life insurance plan
Wife and partner insurance plan
Low risk products give..
In 'Daily hospitalization cash benefit plan'......
all the expense incurred will be reimbursed by the insurance company
Some percentage of the expense will be reimbursed by the insurance company
a fixed amount on daily basis is paid by the insurance company
The insurance company will pay all the expense only after consulting hospital authority.
Pankaj want to save tax over and above the deduction allowed under section 80C of the income tax act 1961, which allow deduction from taxable income
Interest paid on education loan
Breach of Utmost Good Faith give the aggrieved party -------------------
The right to honor the contract
The right to avoid the contract
The right to non disclosure of breach
None of the above
How the Daily hospitalization cash benefit will provide benefits to policyholder who is hospitalized?
Entire charges are refunded.
Entire charges less bed charges will be paid
A fixed amount on a daily basis is paid irrespective of the actual cost of treatment
Only Hospital bill will be paid
A life insurance policy can only be made paid up if what particular policy feature exists
While calculating Human life value (HLV) two components need to be kept in mind , the one is take home salary and other is
Bank Fixed deposit rate
Estimated life expectancy
Estimated amount at retirement
Open market under Annuity policy would extend which of the following benefit?
Ensure better annuity rate
Increase in the range
Increase in the return
Switch of funds
Which one of the following is possible in retaining the risk?
Retaining the ownership in the policy
Not possible as life has many risks.
Is possible by transferring risk to the policy holder
Is possible by Re-insuring oneself
How is No Claim Bonus is given in a Health Insurance Policy
By way of Cash Discount
Discount in Renewal Premium
Free increase in Sum Assured
Benefit illustration documents, as per IRDA guidelines shows returns at
6 % & 8 %
6 % & 9 %
6 % & 10 %
6 % & 11 %
Insurable interest can exist between a member of parliament and his party workers-----------
If we hold 100 units in gold ETF, It means that how much grams we have in physical
5 or 10 grams
10 or 15 grams
15 or 25 grams
50 or 100 grams
An award made by the Insurance Ombudsman will only be binding on the insurer if the
complainant accepts this decision
Consumer Forum is involved in the case
insurer signs a disclaimer
value of the award is less than 2 lakhs
Insurer has rejected an insurance proposal with intimation along with reasons to client and with copy to agent. What should agent do
Explain to client the reasons of rejection
Arrange for refund of clients expenses
Intimate the client that the agency relationship has come to an end
Write about this to the registrar
What is the amount of money a client can take out as a lump-sum from a pension policy?
_____________ for their childrens future is an important need that every parent will want to give top priority to.
If the annual premium for a plan is 32000 and a frequency loading of 4% is added in a quarterly premium what is the amount that needs to be paid.
All ULIP pension plans have to give how much percentage as Guaranteed returns
If there is no claim in a year than what will be the benefit to the customer as NO CLAIM BONUS
Discount in next year premium
Increase in Sum Assured next year
Aman has taken a term plan for 20 years. In the 3rd year he suffered financial crisis due to which he was unable to pay premium within grace period and died after 1 month. The nominee files a claim and is rejected because
The policy was not in force.
This condition is excluded in the policy.
The claim is fraudulent.
The claim is an early claim.
A missing person is considered to be dead after
Apart from conducting a comprehensive fact find, the other MAIN action that an insurance agent can take at outset to minimize the risk of subsequently receiving a customer complaint is to
ask for referrals
offer commission rebates
provide detailed disclosures
register with the Insurance Ombudsman
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
Tax fully exempted
A contract should essentially have the following:
Offer & Acceptance,
All the above
Following are standard age proofs
Which of the statements are correct
Group insurance is relatively expensive than individual insurance
an annuity can be taken only on single life
both are correct
both are wrong
What additional information is required if all required forms are submitted for Life Ins. Policy?
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