Chapter

No

Que
stio
n No

Question
What are the benefits of Endowment Plan? 1. Sum Assured to
be paid at the end of Maturity.2.Survival benefit payable at the
end of the Plan?
Amit an Agent is found guilty for being directly involved in
fradulent Activity. What will be the action Designated Person will
initiate here?
Preeti has agreed to Pay Rs. 15000/-to insurer. Insurer also
agreed to provide Benefit of 7Lakh to her nominee if she dies
within the contarct. What is the portion of consideration
accepted by the Insurer?

Chapter 5

Chapter
17

Chapter 3

Chapter
17

_________________ is the proportion of issued policy in E.O.Y

from the issued policy of B.O.Y by the Insurer

Chapter
18

According to LAPAC which is the most important portion for an

agent to understand the objection raised by the customer

Chapter
10

From the option below which one is indicating the transfer of

Risk from Insurer to Party?1. Ulip 2. Re Insurance 3. Loading

Chapter
17

Chapter 8

Chapter 5

Chapter
10
Chapter
13

10
11

Amit is suggesting one of his clients to withdraw 25% fund from

an Existing policy & investing in a newly launched Plan by the
Company. This activity indicates
Manish had taken one Health Insurance Policy , where at the
time of hospitalization Manish need not pay the hospital bills, will
be paid directly by the Insurer.
In a policy a maturity benefit payable is equivalent of Sum
Assured with Bonus. This is a
Which one from the options are not the factor to determine the
Premium for life Insurance policy?
Nomination in a insurance policy is mentioned in____________
of Insurance Act 1938
What is the interest of Insured with the subject Matter of
Insurance ?

Chapter 3

12

Chapter
20

13

Insured wants to register complaint in the National Commission.

What should be the criteria for the complaint value

Chapter 8

14

In OP Treatment which expenses will be covered ?

Chapter
19

15

If an Agent gifts a Insurance company's diary with the logo

printed on it, what kind of jesture is reflecting here?

Chapter 3

16

Insurable Interest applies to

Chapter 2

17

What is the subject matter of Life Insurance

Chapter 5

18

Through which category of Insurance Policy estate planning can

be done for wife?
Vivek applied for a 25 lakh value policy for 20 year term. At the
time of Maturity all his survival benefits were deducted. What
category of Plan is this
If a Company wants to apply for Insurance Agency to
designated person it needs to apply through which category of
Form?

Chapter 5

19

Chapter
16

20

Chapter 4

21

Which among the following is not an objective of tax planning

Chapter 5

22

In order to receive the reversionary bonus at the time of

surrender what will be the minimum critiria?

Chapter
15

23

Chapter 8

24

14

25

26

27

Ramesh applied for a Life Insurance policy where a condition

says that company will pay the specified amount if he is
hospitalized for illness.This is possible under which clause of the
policy?
In a town where the minimum population is 1000000 what will
be the minimum in-patient beds a hospital should have to be
registered ?
Which of the following individual is exposed to health hazard?
Which of the following is covered by OP expenses?

Which of the following is a secondary burden of risk?

2

28

29

18

30

31

14

32

Which of the following component is not needed for calculating

HLV?
Which of the below is an advantage of cash value insurance
contract?
In LAPAC, L indicates ____________ ?
Converting savings to usable cash is termed as ____________ ?

Which of the following individual is a good prospect?

7

33

34

Which one of the following component is not essential

component for life after retirement?
Ramesh has 20 years insurance plan. On maturity the insurance
company has given fund value of the plan to Ramesh. Then
which kind of plan Ramesh has taken?

10

35

17

36

37

38

10

39

10

40

17

41

17

42

12

43
44

45
46

47

48

49

19

ABC insurance company has asset of Rs. 10,000,000. The asset

valued at __________?
As per the IRDA guidlines how many training hours required to
get a licence for agency?

Which of the following losses are covered under keyman

insurance?
Which of the below policy can provide protection to home loan
borrowers?
Which of the below is not a factor in determining Life Insurance
premiums?
With regards to valuation of assets by insurance companies,
_________ is the value at which the life insurer has purchased
or acquired its assets?
ABC Bank Pvt Ltd has large customer data base, if XYZ
insurance company uses the bank data to sell its insurance
policy then the marketing strategy is called as __________ ?
An organization which does not have any specific agreement. it
can sell insurance policies of more than one company is known
as _______________?
Which of the following prevents revival of policy?
Identify the first step to arrive at the Net Premium
Vishal has taken a policy where he will receive annuties for a
specified period, irrespective of he survives or dies. Which type
of annuity is this
In which type of Policy, Premiums have to be paid till the
Survival of the Life Assured
Priya has paid Rs15000 Premium for a Sum-Assured of Rs7 Lacs
where Company has assured Priya that her nominee will receive
full 7 Lacs if she prematuredely dies. Here what is the
Consideration to the Insurer?
Karan has purchased a policy where he receives only the Fund
Value at Maturity. Which type of Policy it denotes?
CEO of XYZ Life Insurance Company is found not to be
possessing the requisite qualifications and practical training for
possessing a Licence card. What action will the Insurer take
against this?

50

Why Young people are charged lower premiums in Life

Insurance as compared to old persons

51

Which of the following rights can a policyholder exercise with

the policy? (i) Assignment or Transfer of the policy rights, (ii)
Cancel the Policy, (iii) Change the premium schedule of the Plan

15

52
53
54

55

56

In LAPAC method which is the way for understanding the

objection?
Which of the following institutions gives the rights to surveyors
in Insurance?
Which of the following benefit would a nominee get under a
Policy?
Rajesh has purchased a Policy he has paid premiums for 4 years
and due to financial instability has stopped paying premiums and
the policy has lapsed for 6 months now. He cannot afford to pay
the premium arrears in Lump-Sum. Which type of revival
scheme should he opt for?
Which of the following risks are all insurance companies exposed
to? (i) Interest Rates, (ii) Market, (iii) Credit

57

What is the entry age for senior citizens in Health Insurance

Plans?

58

If a person commits suicide 3 years after the Policy

commencement date then the nominee is entitled to receive

59

Which of the following Insurance Policies has Pure Insurance

Element?

60

Ranjan has taken a ULIP Plan. What will be Payable if he

survives the entire term of the contract?

61

Risk Retention method is advisable in which of the following

cases?
Universal Life Policy was introduced in
Which of the following is the representative appointed under
Agent-Principal relationship to represent the Insurer
Which of the following promises to compensate in case of any
uncertainity
Which of the following benefits does a Nominee/Assignee
receive
Which of the following Policies provides only death benefit

62

16

63

64

13

65

66

67

Which of the following losses are covered under Key-Man

Insurance

13

68

What is the basic purpose of nomination

16

69

Parimal resides in a town which has less than 5000 Population

(As per the latest Census). What is the qualification required?

70

71

14

72

14

73

Who is the representative appointed under IRDA Regulations

2001 to Provide health related services in return for a fee?
Suresh has taken adequate Insurance to Provide protection to
his family against his premature death. This act of Suresh is
Called
Which is the receipt that the Insurer provides to the Insured
after payment of the First Premium, on the Payment of the
subsequent Premiums
People with extermely high Extra Mortality rate have a tendency
of taking Insurance. This can be termed as

74

What the advisor should do to get a first good impression of the

customer

75

The death benefit under a MWP Act policy goes to (a)Nominee,

(b)Trustee

76

In a health insurance policy the grace period for renewal is

77

The cashless facility under a health insurance means

78

What are the points mentioned in the Standard Provision section

of policy document

79

In India the death claim under a whole life policy is given

80

What informations are derived from MER report

19

81

Which of the following is not correct with regard to assignment

15

82

Who will get the the death claim if the assignee dies

83
84
85

Vishal died in a road accident . What document is required for

death claim
When a death claim will be regarded as an early death claim, If
the death occurs
Mr Dinesh retiered from service after 35 years. What is the
pension he will get if his last drawn salary is 35000 per month
and the rate is 1/60

86

What term is best described under the future value method

87

Insurance agent licence for the 1st time is valid for

The advisor advices the customer to surrender his existing
policies. This will be treated as

88

89

In a sales process at what stage the LAPAC system can be used

90

At what stage the Advisor should initiate for the 2nd policy to
the customer

91

Which is not a disadvantage with regard to the cash value in an

endowment policy

92

What is not a disadvantage of whole life policy

93

The agreement between the insurer and policyholder is

94

The flip side of term insurance is

95

Both the party has agreed to the contract comes under

96

Expand the term MRI

18

97

At what stage of LAPAC the agent should affirm aloud so that

the policyholder and agent stay on the same page

16

98

What is the amount of fees payble in case of a composite licence

13

99

Which of the following is not true in case of nomination

10

100
101

Which of the following items are sold in a MALL?

Non payment of premium will lead to

102

Vidya assigned her policy to Dinesh. She went under heart

surgery afterwards and the policy had a critical illness rider of
Rs50000. Who will get the benefit of the rider money.

103

Harish purchased a family floater policy. He is married with two

child and his brother Ramesh stays with him.The policy will
cover

15

104

In a accidental death claim what extra document is required

105

Which among the following can be termed as a physical asset?

20

106

Who launched an Integrated Grievance Management System

13

15

16

Mahesh has bought a life insurance policy with a critical illness

rider. He has
made absolute assignment of the policy in favour of Karan.
Mahesh suffers a
107
heart attack and there is a claim of Rs. 50,000 under the critical
illness rider.
To whom will the payment be made in this case?
108

Applicant shall complete ______ hours training to become an

insurance agent.

109

In OP Treatment which expenses can be covered

110

111

112

16

113

Preeti is aggreed to Pay Rs. 15000/-to insurer. Insurer also

agreed to provide Benefit of 7Lakh to her nominee if she dies
within the contarct.What is the portion of consideration accepted
by the Insurer?
Ramesh is taking insurance for his financial security and for the
benefit of his dependents. This is an example of
In the case of uninsured pension schemes who decides to
manage the fund.
Ramesh as an Insurance Agent will represent

114

Example of credit life insurance is

115

Who will bear the investment risk in case of ULIP plan

116

At the time of selling insurance policy Ramesh did not disclose

the Charges of ULIP plan to his customer this is example of

17

117

Good people proceed while considering that what is best for

others is best for them, too is the golden rule of.

118

Which one of the following is the Oldest Insurance Company in

India

119

Which one of the following is not an essential element of a valid

contract
120
Consent is not said to be free when it is done through

121

Under Married Women Properties Act' 1874 who can't be the

beneficiaries under sec 6

10

122

What one of the following is not a component while determining

premiums for Life insurance policies

12

123 First Premium Receipt (FPR) denotes which one of the following

12

124

13
13
13

A Typical policy document will have the following sections

except
Ramesh has already done quite a few policies. Now that he
125 requires liquidity, what is the best option that should be advised
to him by a comepetent advisor
Vikram transferred all his policy rights to Vivek.. This is a typical
126
example of
A claim was paid under a policy but simulteneously an
127
advertisement in the local newspaper was asked for before
settling the claim.. This indicates

14

128

As far as risk classification in underwriting is concerned, which

one of the folowing Lives does not become a part of the Risk.

15

129

Any query or additional documents to be raised by the insurer

before settling claims has to be raised within

16
17

Prohibition of Rebates in Insurance as an inducement to take up

130 Insurance policies is laid down under which section of Insurance
Act??
Under which model of Bancassurance, the Bank helps the
131
Insurer by providing databse of the Client's from the Bank

132

Which of the below action showcases the principle of Uberrima

Fides?
___________involves pressure applied through criminal
means.

133

134

Which of the below is not correct with regards to insurable

interest?

135

Which among the following can be categorised under

contingency products?

136

_________________life insurance pays off a policyholder's

mortgage in the event of the person's death.

137 What is the basic contingency associated with pensions?

10

138

12

A clause precluding death due to pregnancy for a lady who is

139 expecting at the time of writing the contract will be included in
which section of a standard policy document?

13

140

15
16

In case of_______________ a company expresses the bonus as

a percentage of basic benefit and already attached bonuses.

For an insurance policy nomination is allowed under of the

Insurance Act, 1938.
Given below is a list of policies. Identify under which type of
141 policy, the claim payment is made in the form of periodic
payments?
Applicant shall complete hours training to become an insurance
142
agent?

18

143 Which of the below statement is correct?

18

144 In insurance, need-gap analysis involves______________?

19

145

Which of the following refers to the ability to perform the

promised service dependably and accurately.

20

146

Which of the below statement is correct with regards to

the territorial jurisdiction of the Insurance Ombudsman?
More than 3 Days treatment done at home which should have
been done in Hospital. Such a feature of Health plans is termed
as __________
As per Consumer Protection Act 1986 _________ is the person
who buys the goods for consideration

147

20

148

16

149

Surveyors in India are regulated by

150

Categorize the below as a Variable Insurance Product

151

Priya purchased a Life Insurance Policy of Rs 7 Lacs SumAssured by paying Rs 15000 Premium Annually. Here what is
the consideration given by Priya to the Insurer?

13

152

What is the Basic purpose of Nomination?

153

Which of the following is one of the major innovations of

Universal Life Insurance plans?

15

154

If a person commits suicide after 3 Policy years, what will be the

claim payable?

155

Who is the target for a Pharma Company?

14

156

Vinay is a healthy tetotler & Non-Smoker. Such a selection can

be categorized as ?

13

157

Which of the following is false with respect to nomination?

158

In which type of annuity, annuity is continued to be paid for a

certain/specific period, irrespective of the annuitant survives or
dies?

159

What is the difference between Peril & Hazard ?

18

160

During Sales Presentation verbal comments like "ah", 'uh hum'

from the client to the agent demonstrates

An Insurer wants to apply for a License of an Insurance Agent to

161
the designated person. Which Form should be used in this
regard?
162
Which of the following is an intangible product?

163

Which of the following is the Subject matter of Life Insurance?

16

164

Who amongst the following is not governed by IRDA ACT?

16

14
8

Varun is a scafaholding worker. Which of the following

occupational hazards he is exposed to?
Samara wants to claim for the expenses incurred on diagonostic
166
tests done by the doctor in a hospital. Which of the following
she should opt for?
165

17

167 Which of the following is not correct with regards to Persistency?

18

168

The Act of initiating a commercial transaction in return for a

remuneration is called__________

169

Which of the following refers to Transfer of Risk from Insurer to

other parties ?, (i) ULIP's, (ii) Re-Insurance, (iii) Life Insurance

10

170

Which of the following is the Basic Purpose of Valuation?

Option 1

Option 2

Option 3

Option 1

Option 2

Both the options are

correct

Lisence will be suspended for 6months

Lisence will be
cancelled

Amit will be
Transferred to other
Department

Rs.15000/-

Rs. 700000

Rs.6,80000

Competency

Continuity

Persistancy

Listen

acknowledgment

Probe

Option 1

Option 2

Option 3

False Illustraion

Mis represenation

Replacement

Free Hospitalization Benefit

Credit Benefit

Cashless Benefit

Return of Premium Policy

Money Back Policy

With Profit Policy

Expenses

Mortality

Rebate

Section 38

Section 39

Section 42

Insurable Interest

Indemnity Interest

Replacement

Claim should be within 5 Lakh

Claim should be
within 5-10Lakh

Claim should not

exceed 100 Lakh

Operation Theature
Surgury Cost
cost
Wants to have some
Wants to keep continous contact with the
wants to resell other
reference from the
customer
products
customer
Only General
Life & General
Only Life Insurance
Insurance
Insurance both
Diagonisis cost

Property

money

Human Life

Life Insurance

Life Insurance under

section 6 of MWP Act

Property Insurance

Participating Policy

Endowment Plan

Term with ROP

FORM VZ

Form VA

FORM VB

Maximum tax benefit

Reduced tax burden

as a result of prudent
investments

Tax evasion

Premium should be paid for at least 3

years

Premium should be
paid for at least 5
years

Premium should be
paid for 1 years

Health Coverage

Rider benefit

special clause

10

15

50

Rickshaw puller

Circus performer

Celebrity superstar

Nurse service

Operation theatre
expense

Diagnostic test

You have fined Rs. 100 for drunken drive

Personal expenses
Returns subject to corroding effect of
inflation
Listen
Liquidity

You have anxiety for Roof for your house

having large cash
blown off due to
reserve at your home
hurricane
Working period from
present age to
Contribution to family
retirement age
Low accumulation in
Lower yields
earlier year
Learn
List
Diversification

Accumulation

A 65 year old retired person

A 15 year old student

A 32 year old
marketing
professional

Amount of life insurance coverage

Amount of saving
annually

Amount needed for

buying a car

Endowment

Term plan

ULIP

Discounted value asset

Cash value asset

Market value of asset

20 hours

150 hours

75 hours

Property theft

Losses related to the

extended period
when a key person is
unable to work

General Liability

Life insurance

Disability insurance

MRI

Mortality

Rebate

Reserves

Discounted future value

Discounted present
value

Market value

Bancassurance

Broker

Agency

Bank

Agency

Broker

Due premiums with

fine
Estimate the future
value of future claim
costs

Estimate the future

value of present
claim costs

Annuity Certain

Variable Annuity

Life Annuity

Whole-Life Policy

Money-Back Policy

Endowment Policy

Rs700000

Rs685000

Rs715000

ULIP's

Money-Back Policy

Endowment Policy

Suspend the agent for 6 months

Cancel the license

Charge a small
penalty from the CEO

Young persons cannot afford to purchase

costly Life Insurance plans

Young persons die

earlier than old
persons

Mortality Rate is
inversely proportional
to age

Option 1 is correct

Option 2 is correct

Option 3 is correct

Increased risk factor of the policy

Estimate the Present Value of Future
claim costs

Instalment revival

Listen

Confirm

Probe

Insurance Surveyors Association of India

IRDA

LIC

Maturity Benefit

Survival Benefit

Death Benefit

Special Revival

Installment Revival

Loan cum revival

method

Only I is correct

Only II is correct

Only III is correct

Age Sixty at the commencement or

renewal of the Policy

Age sixty-five at the

Age fifty at the
commencement or
commencement or
renewal of the health renewal of the Health
insurance policy
Insurance policy

The Entire Premium Paid

2*Premiums Paid

Nothing is Payable

Term Plan

Money-Back Plans

Whole-Life Policy

Sum-Assured plus Fund Value

Sum-Assured

Fund-Value

High Frequency Low Severity

Germany

High Frequency High Low Frequency Low

Severity
Severity
India
London

Agent

Broker

Composite Agent

Insurer

Insured

Employer

Survival Benefit Claim

Death Benefit

Maturity Benefit

Term Plan

Money-Back

Property Theft

General Liability

Whole-Life
Extended Period
during which the KeyMan is unable to
work

To create an estate

Post-Graduate

To appoint someone
to receive the Policy
To transfer the rights
monies in case of the
under the Policy
death of the Insured
Person
10th Pass

Graduate

TPA's

Principal Officer

Public Relations
Officer

Risk Reduction

Risk Transfer

Risk Management

Renewal Premium Receipt

Revival Premium
Receipt

Restoration Premuim
Receipt

Standard Risks

Adverse Selection

Moral Hazard

Should ask the customer to meet at

his/her place

Should visit the

customer with casual
outfit

Request the
customer to
postpone the meet

Both a & b

15 days

30 days

3 months

The customer make payment by credit

card

The customer need

not pay anything
and the insurer pays
directly to the
hospital .

The treatment cost

will be paid later

The sum assured, first premium due date

and last premium due date

The facilities under

the plan

After paying 30 annual premium

After attaining the

age 80

Signature and seal of

authorised
signatories
Whenever death
occurs

The income details

Once the assignment
The assignee is not the true owner of the Assignment need to is done it can not be
policy
be witnessed
returned but can be
reassigned
The assignor

The assignor
nominee

The assignee
nominee

Inquest report

Death certificate

Physician report

Within 7 years

Within 5 years

Within 4 years

5000

10000

20000

IRR

Discount

Premium

2 years

5 years

3 years

undersale

oversale

withdraw

During presentation

At any stage

Appointment

Policy delivery

The investment is not that profitable

Cash value
Standard agreement

Presentation

There is no provision It is safe and secured

for inflation
in long run
coverage for entire
life

Low cost

Wagering agreement Contigent agreement

Chepest Insurance

Used for income

protection

No maturity value

Proximate Cause

Cosensus ad idem

Uberrima Fides

Maximium risk insurance

Mortgage redemption
insurance

Minimum risk
insurance

Listen

Aknowledge

Probe

250

500

750

Insurance
Forefeature

Nominee is just the

custodian of death
claim
FMCG
Lapsation

Vidya

Dinesh

Both of them

Harish and his wife

Harish alone

Harish ,his wife and

both children

Physician certificate

Employer certificate

Death certificate

Air

Name

Car

RBI

IRDA

The policy can not be attached if there is

a nominee

Nomination can be
changed
Car
Blacklisting

Mahesh

Karan

The payment will be

shared equally by
Mahesh and Karan

50

100

30

Diagonisis cost

Operation Theature
cost

Surgury Cost

Rs.15000/-

Rs. 700000

Rs.6,80000

Risk retention

Risk avoidance

Risk reduction

Employer

Employee

Insurance Company

Customer

Company

TERM

ROP

IRDA
Inceasing Term
Insurance

Customer

Company

Misrepresentation

Non disclosure

misselling

Hinduism

Judaism

Christianity

Triton Insurance Co Ltd

Offer & Acceptance
Mutual agreement
Wife Alone
Mortality
Insurance contract has begun

Bombay Mutual
Assurance Society
Ltd
Capacity of the
parties
Undue Influence

National Insurance
Co Ltd
Free Consent
Meeting of Minds

Wife & one or more

One or more children
children jointly
Expenses of
Management

Bonus Loading

Premium amount has Policy document has

been paid
been printed

Standard Provisions

Policy schedule

Specific Policy
Provisions

Stop paying future premiums allowing

the policy to lapse

Purchase money
back policy to avail
liquidity

purchase ULIP policy

to avail liquidity

Policy nomination

Policy assignment

Covertible insurance
policy

The policy was assigned

The policy was lost

Loan availed under

the policy

Preferred Lives

Substandard lives

Declined lives

30 days

15 days

3months

Sec 39

Sec 41

Sec 40-44

Worksite model

Telemarketing model

Referral Model

Not revealing known

Lying about known medical conditions on material facts on an
an insurance proposal form
insurance proposal
form

Disclosing known
material facts on an
insurance proposal
form

Fraud

Coercion

Undue influence

Spouses taking out

Father taking out insurance policy on his
insurance on one
son
another

Friends taking out

insurance on one
another

Bank deposits

Life insurance

Shares

Term

Mortgage

Whole

Mortality

Morbidity

Post-retirement
income security

Reversionary bonus

Compound bonus

Terminal bonus

Policy schedule

General provisions

Standard provisions

Section 10

Section 38

Section 39

Money-back policy

Unit linked insurance Return of premium

policy
policy

50

100

30

Life insurance is
bought, not sold

Life insurance is
neither bought nor
sold; it is a necessity
and hence should be
bought by every
individual.

Life insurance is sold, not bought

Identifying people to Identifying how

Identifying the areas where the prospect
work as insurance
much assets a
needs insurance protection
agents
prospect has
Reliability

Responsiveness

Assurance

Insurance Ombudsman has National

jurisdiction

Insurance
Ombudsman has
State jurisdiction

Insurance
Ombudsman has
District jurisdiction

Inpatient

Outpatient

Day care Treatment

Buyer

Seller

TPA's

IRDA

RBI

SEBI

Whole-Life Plans

Increasing Term
Insurance

Decreasing Term
Iknsurance

700000

15000

685000

To transfer the rights under the Policy

To appoint someone
to receive the Policy
To create an estate
moneys on the death
of the assured

Guaranteed return
after the First year
premium payment

Policy Term is only for one year

Premiums need not

be paid after 3 Yrs

The Entire Premium is refunded

The Entire Face

Amount

End User

Doctor

Standard Lives

Sub-Standard Lives

Adverse Selection

Nomination is not cancelled when a

Policy is assigned to the Insurer against a
Loan

Nominee is the
absolute owner of
the whole claim

Nominbation can be
done at the
begginning or latter
through an
Endorsement

Annuity Certain

Variable Annuity

Life Annuity

Half the Premium

paid
Medicine
Representative

Peril is the direct

cause of loss &
Hazard
Hazard is the cause
Peril is the cause of loss & Hazard is the
increases/influences of loss & peril is the
consequence of Loss
the
consequence of loss
Possibility/Probability
of loss
The Client is actively listening

Provide Feed-Back

Empathetic Listening

Form VA

Form VB

Form VC

Soap

Car

House

Car

Gold

Human-Life

CASA Agents

Insurance Agents

Insurance Brokers

Health Hazard

Moral Hazard

Accidental Hazard

Life Insurance

Non-Life Insurance

Health Insurance

Persistency is calculated both on the

no.of Policies inforce & the amount of
Premiums retained

Higher the
Persistency, Higher
the Lapsation

Selling

Marketing

Petrsistency refers to
the total no. of
Policies remaining
inforce till the end of
the year out of the
Total no. of Policies
issued at the
begginning of the
year
Professionalism

Option I only

Option II only

Option II & III only

To Arrive at the Profit

To Arrive at the
Bonus

To determine the Net

Premium

Option 4

Correct
Answer

Both the options are

not correct

Amit will be provided

training on Ethics.

Rs. 715000

Replacement

Answer & Confirm

Otion 1 & 2

advice

Star card benefit

Without Pofit Policy

Reserves

Section 45

2
1

Claim should exceed

100lakh

nursing cost

All options are correct

Neither life ,nor

general Insurance

Premium

Assighnment of policy

Money Back

FORM VC

Full advantage of tax

breaks

Premium should be
paid for at least 2
years

Any of the three is

correct

30

Tele caller

Cost of room bed

2
Lumsum benefit
which he will get after
retirement

Secure investment

Lack

1
1

A 45 year old house

wife

Amount that will

require on retirement
for standard living

Money back

Economic value of
asset

50 hours

Losses caused due to

errors and omission

General insurance

Management
expenses

Book value

E Sales

E Sales

3
1

Estimate the past

value of future claim
costs

Fixed Benefit Annuity

ULIP's

Rs15000

Whole-Life Plans

Ignore the matter

Mortality Rate is
directly proportional
to age

Both 1 & 2 are correct

Acknowledge

General Insurance
Corporation

Surrender Benefit

Normal Revival

Option I, II & III are

correct

Age fifty five at the

commencement or
renewal of the Health
Insurance Policy

Entire Face Amount

ULIP's

Higher of SumAssured or Fund

Value
Low Frequency High
Severity cases
USA

Insurer

Trust

Surrender Benefit

Endowment Plan

Losses covered due to

any errors &
ommissions

All of the above

12th Pass

3
1

Broker

Risk Retention

Re-instatement
Premium Receipt

Preferred Risks

Should be open
minded, confident and
positive

Neither a nor b

6 months

Customer is treated
free of cost

Name and address of

the policy holder

When death occure

after the age 80
Height ,weight and
blood pressure

3
4

The ownership or title

of the policy get
transferred

The assignee Legal

heir

Postmortem report

Within 3 years

30000

Interest

1 year

unethical

2
Documentation

2
3
2

Special agreement

Can be converted into

a whole life plan

Caviet emptor

2
2

Answer

1250

Nomination can be
done at he beginning
or later
Property
Revival

2
2

None of them

Harish, wife, children

and Ramesh

Postmortem report

Goodwill

2
Neither of the two
because Mahesh has
suffered the heart
attack but the
policy is assigned in
favour of Karan.

25

nursing cost

Rs. 715000

Risk Transfer

Policyholder

Policyholder
Deceasing Term
Insurance

2
2
1
2

Buddhism

The Oriental Life

Insurance Co Ltd

Profit or Loss

True intension

Unmarried sister

Profits

Policy document has

been despatched

Policy brochure

surrender the highest

cash value policy

transfer of policy

Life insured died

without nomination

moral hazard lives

180 days

Sec 45

corporate agency
model

Paying premium on
time

Mistake

Employer taking out

insurance on
employees

Bonds

Endowment

Disability

Persistency bonus

Specific policy
provisions

Section 45

Term insurance policy

25

None of the above

Identifying the
poverty level of the
prospects

Empathy

Insurance
Ombudsman operates
only within the
specified territorial
limits

Cashless Facility

Outpatient

Other Intermediaries

Buyer

Insurance Surveyors
Association of India

Insurance
Surveyors
Association of
India

ULIP's

715000

15000

To appoint
someone to
To create a will for
receive the
someone
Policy moneys
on the detath
of the assured
Completely
flexible
Completely flexible
premium
premium payment
payment after
after the first
the first
premium payment is
premium
done
payment is
done
The Entire Face
Nothing is payable
Amount
Hospitals

Hospitals

Physical Hazard

Standard Lives

Nominee is the
Nomination can be
absolute owner
done under Sec39 of
of the whole
Insurance Act 1938
claim
Specific Period
Annuity

Annuity Certain

Peril
increases/influences
the
possibility/probability
of loss & hazard is the
direct cause of loss

Peril is the
direct cause of
loss & Hazard
increases/influe
nces the
Possibility/Prob
ability of loss

None of the Above

The Client is
actively
listening

Form VD

Form VB

Life Insurance
Hospitalization
expenses of the
Insured person

Life Insurance

TPA's

CASA Agents

Mental Hazard

Accidental
Hazard

Travel Insurance

Health
Insurance

Persistency also refers

to the total no. of
Policies retained till
the end without
causing lapsation

Higher the
Persistency,
Higher the
Lapsation

Persuading

Selling

None of the Above

Option II

Human-Life

To retain the lapsed To Arrive at the

Policies
Profit

SN

Correct Answer

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

3
2
1
3
1
4
3
3
3
3
2
1
4
1
1
3
3
2
4
4
3
1
2
1
1
2
2
4
3
1
1
3
3
3
2
4
2
3
2
4
1
3
1
3
1
1
4
1

49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98

2
3
4
3
1
3
2
4
2
4
1
3
3
4
1
1
2
1
3
3
2
1
2
2
2
4
3
2
2
2
3
4
1
4
4
4
3
2
3
4
2
2
3
2
3
3
2
2
2
1

99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146

1
2
2
4
3
4
3
2
2
1
1
1
4
1
2
4
1
3
1
3
4
2
4
4
1
4
4
2
2
4
2
2
2
3
3
3
2
2
3
2
4
3
1
1
1
1
1
4