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2.
3.
4.
A.
Perils are medical factors which influence the risk of dying and hazards are lifestyle
activities which influence the risk of dying.
B.
Perils are risks that policyholders will die before a specified date and hazards are
factors which could influence that risk.
C.
Perils are factors which affect the risk being insured and hazards are the size of the risk
being insured.
D.
Perils are factors which could influence an insured event occurring and hazards are
the actual events which will trigger a payout
In the context of financial planning, how is the difference between real needs and perceived
needs best described?
A.
Real needs are financial needs and perceived needs are non-financial needs.
B.
Real needs are actual needs and perceived needs are based on a clients
thoughts and desires.
C.
Real needs are identified by the insurance agent and perceived needs are identified
by the client.
D.
Real needs are needs which satisfy an objective and perceived needs are needs
which do not satisfy an objective.
If a person is concentrating more on health plan and retirement plan then at which stage of
life is he in.
A.
Young unmarried
B.
Young married
C.
D.
Pre retirement
The Institute of insurance and risk management along with insurance education does what
more
A.
Regulation
5.
B.
Redressal
C.
Research
D.
Repository
If the client does not wish to proceed with the recommendations right at the moment the
agent should
A.
B.
Should ask for the reason for not going with the recommendation
C.
D.
7.
8.
Suresh has adequate reserve capital with him and he wishes to protect his income,
moreover he feels that if he does not die then he would need the amount. What type of plan
should he opt for?
A.
B.
Endowment plan
C.
D.
Pension plan
A claim was paid in a policy and it was advertised in the newspaper also. This indicates that
the policy was.
A.
It was assigned.
B.
C.
It was lost.
D.
It was surrendered.
An indemnity bond was signed in a policy when the claim was paid. This indicates that the
policy was.
A.
It was lost.
B.
9.
10.
11.
12.
C.
It was lapsed.
D.
It was surrendered.
Manish and Manisha is a married couple with one child. They want to plan for savings, child
education/marriage and their retirement and protection of income. Which should be their
lowest priority?
A.
Marriage.
B.
Savings.
C.
Education.
D.
Protection.
While calculating HLV along with future income, no of years of work, increments in salary
what is also to be taken in to account?
A.
Inflation.
B.
Interest.
C.
Discount rate
D.
Compounding.
If RBI increases the interest rates then what will be the effect on share prices.
A.
B.
C.
D.
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?
A.
Sandeep has taken another policy from XYZ Life Insurance Company
B.
C.
D.
13.
14.
15.
16.
During fact finding, What will be the next step after Identifying clients need
A.
B.
C.
Recommending Product
D.
Easy access
B.
Fixed income
C.
Tax Benefits
D.
Liquidity
Mr. shailsh has an endowment policy with 30 years policy term, he has paid for eight
years. The sum assured Rs.8,00,000/- and accumulated bonus Rs.60,000/-. What is the paid
up value?
A.
213333
B.
229333
C.
273333
D.
293333
What is the similarity between Recurring Deposits & cumulative deposits in a bank
A.
Guarantees
B.
Taxation
C.
Tenure
D.
Lock in periods
17.
18.
19.
20.
Mrs. Sheela received some amount out of her husbands death. In such a situation what
will be her prime focus?
A.
Savings
B.
Insurance
C.
Investment management
D.
Mr. Kunal used to participate in Car race. While taking up the Insurance policy he disclosed
this information. What kind of hazard does it refers to
A.
Physical hazard
B.
Fraudulent representation
C.
Moral hazard
D.
Peril
Misrepresentation
B.
C.
Fraud
D.
21.
Pooling of risk
B.
C.
D.
Randomness
If a client wants to compare between all financial products then the best person he can
approach is
A.
Individual agent
22.
23.
24.
25.
B.
Corporate agent
C.
Bank
D.
Broker
Equity market
B.
ULIP
C.
D.
FD
During a fact finding process the need analyzed were income replacement and childrens
education. But the customer insists on only a child plan for the time being and asks the agent
to give him a child plan. The agent should.
A.
B.
C.
D.
If a case is already before the consumer forum, then the ombudsman should
A.
Give a recommendation
B.
C.
D.
Give an award.
If the sum assured remains the same, what will be impact of net premium if the age of the
policyholder increases
A.
It rises
B.
It falls
26.
27.
28.
29.
C.
It remains constant
D.
Liquidity
B.
C.
Purity
D.
For which of the following reasons, the underwriter should ask beyond agents confidential
report.
A.
Physical Hazard
B.
Moral Hazard
C.
SA is too high
D.
Pure Risk
After doing the need analysis of the client, the agent advised the client to opt for TROP
product. But the client refused. According to ethical business practices what will the agent
do ?
A.
B.
C.
D.
Fraudulent claim
B.
Indisputability clause
C.
Redressal procedure
D.
30.
31.
32.
33.
34.
According to IRDA agents code of conduct, what is the best method of showing the
amount of commission earned by the advisor
A.
B.
Brochure
With pooling of risks an insurance company pools the premium collected from several
individuals to insure them against similar risks. At what circumstances will the insurance
companies pool the risk of a life insurance and health insurance together?
A.
Under no circumstances
B.
C.
As directed by actuary
D.
In case the customer has stopped making payment for the premium of the policy. What are
the two most important things required in order to reinstate the policy?
A.
B.
C.
D.
If the customer has invested money in a pension plan from company A and buys an annuity
from company B, what is the nature of transaction?
A.
B.
Open Market
C.
Reinsuring Annuity
If a policy holder buys a policy from the advisor and lodges a complaint, it should be
treated as :
A.
B.
35.
Same for all policies sold by the advisor except corporate clients
An investor holds a wide range of shares. If the Reserve Bank of India announces a series
of significant interest rate increases, the prices of these shares are most likely to
A.
Become volatile
B.
Decrease
C.
Increase
D.
36.
37.
38.
B.
C.
D.
In a life insurance policy it is later found that the person doesnt have insurable interest
then the contract is
A.
expired
B.
reviewed
C.
Void
D.
Valid
If both parents of proposer died in their thirties due to heart attack what is the kind of peril
or hazard the proposer has?
A.
Insurable hazard
B.
moral hazard
C.
D.
Physical hazard
39.
Raunak earns 80,000 per month as salary. He has taken a House loan of Rs. 500000.
What will be the maximum amount of EMI that can be charged by the Bank to recover the
loan amount?
A.
B.
C.
D.
[Chapter 6/13 - Care should be taken to ensure that EMIs do not exceed 40% of the monthly take home
salary.]
40.
41.
Investment Risk
B.
Risk of death
C.
Uncertainty of return
D.
Chances of lapse
B.
C.
D.
[Chapter 2/5 - If lung cancer is a peril then smoking can be a hazard that may increase the chance that the
peril (lung cancer) will occur.]
42.
An insurance agent sold two policies to two different persons having the same policy term.
He declares the commission to each of them. The commission of one of the policy is more
than the other. What should be the reasons for this difference?
A.
B.
C.
One has chosen Single premium policy and other has chosen regular premium
policy
D.
43.
44.
45.
Open market option under Annuity policy would extend which of the following benefit?
A.
B.
C.
Increase in return
D.
Switch of Funds
Akash is an Unmarried person and employed with company ABC and drawing a handsome
salary. He has no liabilities. What kind of plan can be suggested to him?
A.
Money Back
B.
Term Plan
C.
Endowment Plan
D.
ULIP
What should an agent do in order to understand the mental state of client in respect to his
investments in saving products
A.
Fact finding
B.
C.
D.
Section II
1.
2.
3.
4.
B.
C.
D.
B.
C.
D.
B.
C.
D.
Both the parties to a contract must agree and understand the same thing and in the same
sense which is called
A.
Consideration.
B.
Legality of an object.
C.
Consensus ad idem.
D.
Acceptance.
5.
At inception of policy
B.
Not needed
C.
D.
6.
With this type of deposit the bank pays the principal and the total interest at the end of the term.
A. Traditional deposits
B. Recurring deposits
C. Cumulative deposits
D. Term Deposits
7.
8.
9.
B.
C.
D.
B.
C.
Operative clause.
D.
A.
The daily amount paid is fixed and will never be more or less than the cost of
actual treatment.
B.
The insurance company may pay an additional amount on a daily basis if the
insured is admitted to the Intensive Care Unit (ICU).
C.
The insurance company will pay for doctor consultation fees incurred prior to
hospitalization
D.
10.
11.
12.
13.
B.
C.
D.
Customer has opted for a 5 yrs guaranteed annuity option. What will happen to annuity, if
the customer survives for 5 years after the end of guarantee period?
A.
paid up to 75 Yrs
B.
C.
till he die
D.
not remembered
In term insurance if Critical illness rider claim happens then what will happen to existing
policy
A.
B.
C.
CI benefit continues
D.
No change in policy.
Tax benefit
14.
15.
16.
17.
18.
B.
Savings
C.
Investment
D.
Protection
Moral
B.
Physical
employee- employer
B.
husband-wife
C.
family members
D.
society members
IRDA
B.
Consumer Forum
Young
B.
Pre- retirement
C.
Retirement
D.
children
Where annually increasing flexible premiums operate under a life insurance policy, what
rate of increase will generally apply?
A.
2.5%
19.
20.
21.
22.
B.
3.0%
C.
5.0%
D.
7.5%
Kamal is willing to pay 60000/- per annum for his ULIP policy. What should be the SA in
case he wants to avail the tax benefits?
A.
1 lacs
B.
3 lacs
C.
2 lacs
D.
1.50 lacs
The regulations issued by the IRDA, require that the decision on the proposal must be
conveyed to the proposer within
A.
B.
C.
D.
B.
C.
Parents only
D.
Children Only
According to IRDA guidelines, how long does an insurance company have to complete its
investigation of a claim?
A.
30 days
B.
90 days
23.
24.
25.
26.
C.
120 days
D.
180 days
How the Daily hospitalization cash benefit will provide benefits to policyholder who is
hospitalized?
A.
B.
C.
A fixed amount on a daily basis is paid irrespective of the actual cost of treatment
D.
Who is a regulator, supervisor and monetary authority of the financial system in India?
A.
IRDA
B.
SEBI
C.
RBI
D.
SBI
B.
C.
Claim
D.
To ensure that the premiums are paid out of a legitimate source of funds cash is accepted
A.
Up to 50000
B.
Up to 99990
C.
Up to 100000
D.
27.
28.
29.
30.
31.
If there is no claim in a year than what will be the benefit to the customer as NO CLAIM
BONUS
A.
B.
C.
Loans facility
D.
No benefit
18 year old
B.
21 year old
C.
23 year old
D.
25 year old
1 month
B.
2 months
C.
3 months
D.
6 months
The Ombudsmans powers are restricted to insurance contracts of value not exceeding?
A.
50 lakhs
B.
30 lakhs
C.
25 lakhs
D.
20 lakhs
In which section of Policy document, Information about the location of the insurance
Ombudsman had written?
A.
Operative clause
32.
33.
34.
35.
B.
Attestation
C.
Information statement
D.
Endorsements
In Cumulative bank deposit the interest that in normally compounded on what basis.
A.
Monthly
B.
Quarterly
C.
Half Yearly
D.
Annually
The premium for accidental death benefit rider must not exceed
A.
B.
C.
D.
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.
A.
8000
B.
8320
C.
9456
D.
9240
What amount of insurable interest does an individual have in his own life?
A.
20,000
B.
50,000
36.
37.
38.
C.
D.
Unlimited
1 month
B.
2 months
C.
3 months
D.
6 months
If the license of an agent has been disqualified by a designated authority in 2010 then the
person can apply for a license in which year.
A.
2013
B.
2015
C.
2017
D.
2020
39.
If the agent recommends the client to terminate an endowment plan and take a whole life in order to
earn higher commission its termed as
A.
Switching
B.
C.
Churning
40.
Mr. Denny is married and has 2 children and his parents are alive. He has taken a family floater plan.
Under the plan who all will be covered.
A.
Denny
B.
41.
42.
43.
44.
45.
C.
D.
Amit has taken a G-Sec and has parted with it mid way as he required the money with the intention of
not getting the interest. What will he get?
A.
Discounted Value
B.
Principle amount
C.
D.
Loading
B.
Investment
C.
Frequency
One person
B.
Two persons
C.
Three persons
D.
Suresh is suffering from Asthma and the policy in been done on joint life basis and the need for
nomination under the plan is less as
A.
B.
B.
46.
47.
48.
49.
C.
D.
Within how many days will the underwriter needs to inform the policyholder regarding the
status of the policy.
A.
10 days
B.
15 days
C.
30 days
D.
45 days
B.
C.
10000
B.
25000
C.
50000
D.
100000
Actuary
B.
Underwriter
C.
Claim Department
D.
Accounts
50.
51.
52.
53.
54.
If Naresh wishes to take the tax benefit of the full premium paid which is 60000, what
amount of sum assured should he avail in a ULIP plan.
A.
2 lacs
B.
3 lacs
C.
5 lacs
D.
6 lacs
Ashish is looking at different plans of insurance for protection at the lowest premium.
Which is the best plan for him?
A.
Term plan
B.
Endowment plan
C.
D.
IRDA
B.
C.
D.
LIC
Ashu is an illiterate person and his proposal form was filled by Nishu, then what is the
additional requirement to be taken along with the documents.
A.
B.
C.
D.
Harshs policy matured, however he was paid only 25% of the sum insured in spite of all
his premiums been paid on time. This indicates that his policy is a
A.
Term plan.
55.
56.
57.
58.
B.
Endowment plan.
C.
D.
Wholelife plan.
10,00,000.
B.
20,00,000.
C.
50,00,000
D.
1,00,00,000.
In case of a term plan the maximum premium of the accidental rider can be.
A.
B.
C.
D.
Insurance contract.
B.
Indemnity contract.
C.
Value contract.
D.
In the personal statement, Harish declares that he consumes alcohol twice every week.
This is a
A.
Moral hazard.
B.
Moral peril.
C.
Physical hazard.
D.
59.
60.
61.
62.
63.
Physical peril.
High income.
B.
Middle class.
C.
Low income.
D.
Affluent class.
Charges.
B.
Mortality.
C.
Interest.
D.
Inflation.
If Insurable interest does not exists at the time of inception of the life insurance policy then,
life insurance contract is
A.
Voidable
B.
Invalid
C.
Valid
D.
B.
Invalid
C.
Voidable
D.
Valid
Proviso
64.
65.
66.
67.
B.
Schedule
C.
D.
Endorsement
B.
Sum Assured
C.
Surrender value
D.
Paid up value
Rises
B.
Decreases
C.
D.
As per Regulation for protection of Policyholders interest 2002 (IRDA), Which insurer will
have a grievance redressal System
A.
B.
C.
All insurer
D.
It is optional
B.
IRDA
C.
Insurance Association
D.
68.
69.
70.
71.
72.
B.
To be an active link between Global market & Indian Life Insurance Industry
C.
D.
After maturity In a Unit Linked Life Insurance Policy, customer does not get received
Maturity in a lump sum. What is the possibility of receiving it in installments if it is not a
annuity plan
A.
B.
C.
D.
Gautam wants to purchase a Kisan Vikas Patra. What is the most suitable place to
purchase it
A.
Bank
B.
Insurance Company
C.
Post Office
D.
Share Market
Anand received post taxation 5% return on his fixed deposit in a bank. If his net return is
3%, what can be the reason
A.
Administrative charge
B.
Inflation
C.
Interest rate
D.
Market Risk
73.
74.
B.
C.
Commitment to need
D.
Willingness to pay
Raunak wants to purchase a cheapest plan which can provide financial security to his
dependent. Which plan should be offered
A.
Term Plan
B.
C.
D.
For tax Saving Someone wants to fixed deposit in bank. What duration is required for it?
A.
3 years
B.
5 years
C.
7 years
D.
2 years
E.
75.
76.
B.
C.
If insured gets the two advance payment in the 5yrs and in the maturity he gets rest of sum
assured. What type of policy it is
A.
B.
Convertible plan
C.
Term plan
D.
77.
Endowment policy
78.
79.
80.
81.
Shailesh and ankit want to retire in the age of 65yrs. But shailesh pays more monthly
payment than ankit. Why?
A.
B.
What will be lien amount in 3rd year as compared to the 4th year of lien.
A.
It is higher
B.
Decrease
C.
Slightly higher
D.
Slightly lower
Within how many years a complaint can be made through consumer protection act.
A.
One year
B.
Two years
C.
Three years
D.
Five years
Health Insurance
B.
Group Insurance
C.
Micro Insurance
82.
83.
84.
85.
86.
87.
One person wants to take term plan for 20 lakh and wants to take ADB rider, he is not sure
of how much sum assured he needs to take for ADB rider. What is your suggestion?
A.
B.
B.
Domicile status
Which tax rate is applicable, in case of Client pays the premium of 5000/- and suffers
illness before maturity?
A.
Nil
B.
10%
C.
20%
D.
30%
A customer surrenders his policy on Feb 2011. As per Agents code of conduct, an agent can get a new policy from
this customer from Feb which year
A.
2011
B.
2012
C.
2013
D.
2014
If we hold 100 units in gold ETF, It means that how much grams we have in physical
A.
5 or 10 grams
B.
10 or 15 grams
C.
15 or 25 grams
D.
50 or 100 grams
88.
89.
90.
91.
A.
B.
C.
D.
B.
C.
D.
Insurance companies are required to honor the awards passed by the Insurance Ombudsman within how may
days
A.
10 days
B.
15 days
C.
20 days
D.
25 days
B.
C.
D.
An elderly person wants to use tax efficient investment and invests in senior citizen saving scheme. Its the impact
in his taxation
A.
B.
C.
D.
92.
93.
94.
95.
What are the benefits to the policyholder Under Surgical care rider?
A.
B.
C.
D.
Health insurance policy holder takes treatment in a hospital which doesnt have cashless facility. How the policy
holder will get benefited
A.
B.
C.
D.
During financial planning session if the agent finds out the following needs, which one
should be given the top priority. Needs: Income protection, Childs education, marriage and
emergency funds.
A.
Childs education
B.
Marriage
C.
Emergency funds
D.
Income protection
Calculating premium
B.
C.
Training
D.
Mortality assumptions
96.
97.
98.
99.
B.
C.
D.
Economic risk
B.
Speculative risk
C.
Financial risk
D.
Insurable risk
If a valid claim is delayed by the insurer then the interest for the same will have to be paid
by the insurance after how many days from the date of admission of the claim?
A.
10 days
B.
20days
C.
30 days
D.
60 days
B.
C.
D.
By all insurers.
100.
If a customer has mentioned he is a drinker in the proposal form, the insurance company
can exclude this hazard and mention it in which part of the policy document?
A.
Provisio
101.
B.
Endorsements
C.
Operative clause
D.
When can an insurance company give more than 35% first year commission?
A.
B.
If the agent has worked with the company for more than 5 years
C.
If the agent has worked with the company for more than 10 years
D.
102.
When should an agent disclose the commission which he will earn from the product which
he is going to sell
103.
A.
B.
C.
D.
In a pension plan illustration what are the parts which shows the benefit for an annuitant.
A.
Insurance coverage
B.
Annuity part
C.
D.
Vesting age
104.
Mr. shailsh has an endowment policy with 30 years policy term, he has paid for eight
years. The sum assured Rs.8,00,000/- and accumulated bonus Rs.60,000/-. What is the paid
up value if bonus accumulated and if not bonus accumulated?
A.
B.
C.
D.
105.
The consequences of these risks which will affect specific individuals or local
communities in nature is called as
106.
A.
Pure risk
B.
Financial risk
C.
Particular risk
D.
Physical hazard
Lower profits
B.
Higher profits
107.
For the customer whose claim has been refused by the company, the three places where
he/she should follow up are Ombudsman, IRDA Customer Grievance Cell and
..
A.
Consumer Forum
B.
COPA
C.
Sebi
D.
108.
If a policy with premium of Rs 5000 has matured, how much will be deducted when the
maturity claim arises
109.
A.
Nil
B.
1%
C.
5%
D.
10%
When a person is investing in Debt Mutual Fund, what is the primary objective
A.
Good Returns
B.
Regular Income
C.
Safety
D.
Liquidity
110.
If the employer has insurable interest in the life of an employee, what kind of policy is
this?
111.
A.
Surety insurance
B.
Keyman Insurance
C.
Partnership Insurance
D.
Debtor Insurance
In the sales illustration, the reduction of the actual benefit amount is mainly due to
deduction of
A.
Commission
B.
Charges
C.
D.
Reversionary Bonus
112.
The concept of indemnity is based on the key principle that policyholders should be
prevented from
113.
A.
B.
C.
D.
Insurance companies
B.
Banks
C.
114.
A customer gets periodic benefits without any claim and then when he dies during the
term of the policy, his nominees gets the sum insured. What type of policy is this ?
A.
Endowment
B.
Term
C.
Money Back
D.
Whole of Life
115.
For assessing the risk of a group health insurance policy, which of the following
information is the most critical
A.
Group lifestyle
B.
Employees
C.
D.
116.
According to Insurance Brokers Association of India, what is the most appropriate
relationship between Insurer and Broker?
117.
A.
Insurance broker represent the client and the insurer remunerate the broker
B.
The client represent the broker and the insurer remunerate the broker
C.
D.
B.
C.
D.
118.
For annuity plans, before receiving regular/periodic annuity payments, the individual can
make a lump sum withdrawal. This is known as commutation. Up to what proportion of the
accumulated fund can be withdrawn?
119.
A.
B.
C.
D.
What is the stipulated time frame within which an insurer is supposed to respond after receiving any
communication from its policyholders?
120.
A.
24 hours
B.
1 day
C.
10 days
D.
30 days
B.
C.
Higher reputation
D.
121.
The proposer can withdraw from the contract, if they disagree with the terms and
conditions of the Policy, within a free look-in period of
122.
A.
B.
C.
D.
123.
B.
C.
D.
In which of the following plan remaining part of the Sum Assured is paid on maturity?
A.
Endowment Plan
B.
Convertible Plan
C.
D.
Term Plan
124.
Rakesh wants to buy a policy primarily for Risk Cover but at the end of the term he wants
to get at least some return. Under which policy he will get these benefits
125.
A.
Endowment plan
B.
ROP plan
C.
D.
Ulip
B.
C.
D.
126.
Prashant buys an Endowment Plan with a sum assured of Re. 100000 and wants to make
use of tax benefit under the policy for whole SA. How much premium would help him avail
this benefit
A.
B.
C.
D.
127.
Under the IRDA guidelines for Claim settlement, any queries or additional documents can
asked from the claimant within
128.
A.
B.
C.
D.
B.
C.
D.
129.
A person with a criminal background due to Financial fraud would come under which
hazard
130.
131.
A.
Physical
B.
Moral
C.
Occupation
Agent
B.
Policy holder
C.
D.
Proposer
1 lakh
B.
1.5 lakhs
C.
2 lakhs
D.
3 lakhs
If customer has applied for a policy with 1 Lac SA then what is maximum Premium on which he
can save Taxes
a.
2.
3.
15 days
When agents has made a recommendation to a client and clients rejects that recommendation
by giving reasons then agent should
a.
9.
After receiving Death intimation, in how many days insurer has to tell nominees about the
documentation required
a.
8.
Seema has made Geeta her nominee, in which circumstances she would be asked to make
appointee?
a.
7.
Seema & Ajay are young couple with regular monthly income; they want to save for their 5 year
old daughters education. Considering both of them are generally risk averse, Which plan would
be best suited for them
a.
6.
Rahul is 23 year old professional with no dependent & no liabilities, which would be a plan best
suited for him
a.
5.
Harish is a brother of Rakesh, in which circumstances Rakesh can propose a policy on Harishs
name
a.
4.
Maximum 20000
If agent is not aware of answer to a technical question asked by client while presenting a Unit
Linked product to him them what should be the first thing an agent should do
a.
10.
In which circumstances while discussing a term plan with the client an agent should disclose
his commission scale to the client
a.
11.
13.
Out of charges mentioned below, which should be disclosed to the client while pitching a unit
linked product
a.
12.
How would the principle of Indemnity effect on Health policies and Term Policies
a. Health policies are contract of indemnity but it does not apply on term policies
14.
NIA is set up to
a. impart training
15.
16.
17.
18.
Insurance Ombudsman has to pass its award within how many days
a.
19.
3 months
The Ombudsmans powers are restricted to insurance contracts of value not exceeding
a.
20.
Lien
Rs. 20 lakhs
Consumer dispute redressal forums district level will hear complaints up to the value
a.
21.
22.
When it occurs
If the client states that he wishes to purchase an expensive car even though he has limited
resources then on which category the need can be classified.
a.
30.
A void contract is invalid from inception and voidable contract is binding unless
and until one of the parties chooses to set it aside.
29.
273333
28.
Calculate Paid Up value Term 30 years. Premium paid for 8 years. SA 8 lacs. Bonus declared
60k.
a.
27.
Self employed are prone to higher risk, public sector get benefits from employer;
self employed are subject to health issues
26.
Health insurance is needed for self employed other than public sector employee because
a.
25.
24.
A couple ,has 2 children and his parents are aged in sixties opt for an family floater health plan,
who are all covered
a.
23.
Rs. 20,00,000
31.
Arun has taken two endowment policies and both of the policies are in maturing year. But Arun
has opted for conditional assignment in 1st policy & in second policy absolute assignment. What
should the insurer verify at the maturity claim
a.
32.
For assignment endorsed in the policy document through separate deed, the insurer should
verify
a.
33.
In case of conditional assignment, the title gets reverted to the assignor on the
happening of the event
2.
3.
4.
Duty to disclosure
5.
6.
Age proof( a certificate from panchayat , standard/non standard/ other 2 option with
case study)
7.
Information of insurance ombudsman details mention on which section-----endorsements/exclusion/policy information/operative clause.( conclusion to be drawn from
a case study)
8.
Question from underwriting---- case study given to find out the adequate designation of
a person.
9.
10.
Benefits of surrender value ( case study given for a sudden unemployed person)
Case study on moral hazard.
11.
On death company has given money to nominee after deduction 10 % but no
pending of premium payment and no lien is there. . Loan/ surrender/paid up..( case
study)
12.
Case study on married single income with dependent parent.find suitable product
13.
Case study on need of protection & if alive maturity . Find the suitable types of
plan.
14.
15.
Tax implication , if ULIP policy bought..amount calculating to be found, figure was
given.
16.
Case study on bank cumulative deposit .( monthly, quarterly, yearly, half- yearly)
17.
Question from ( g- sects) ----with case study-find out the maturity value in the form of
----principal/ with bonus/ with terminal bonus/ principal with interest
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
It is necessary that the premiums should be paid until the court decree in presumption
of death?
28.
Insurance broker is represents insurance buyer and remunerated by the insurance
company
29.
One took term plan for 20 lakh he wants ADB rider, he is not sure of how much sum
assured need to take in ADB rider. What is your best
suggestion?
30.
How you can sure your customer knows the commission payable to you.-by sign got in
the benefit illustration
31.
What is the important objective of the fact finding-identify the client needs.
32.
33.
in the group insurance which one is the criteria to segment.-similar age group
34.
apart from qualification to appointment an agent, which one is the other important
factor to decide to appointment -age
35.
within how many years complaint should be made in consumer protection act-2yrs
If A were purchasing a policy worth 30,000, then how much income tax rebate would he
qualify for?
2.
If A were purchasing policy of 20,000 pr with 3 lacs of insurance cover, then at maturity
what would be the income tax levied?
3.
4.
What is the maximum of premium rebate a person can claim from income tax?
A & B have bought same endowment plan from same insurer, A pays less income tax
than B, why?( in options it was suggested that A is senior citizen)
2.
A is young person with 3 yr kid, what should be the priority-protection cover, investment,
retirement?
3.
A works in private company and B works in PSU. Mediclaim product agent approaches
both but B is not keen on buying, why? ( was suggested that PSUs give medical cover
too)
4.
While giving retirement plan apart from his need, and pocket, what other factors should
be looked upon? ( inflation, cost of living)
5.
A wants to purchase mediclaim for his family consisting wife and 2 kids, what should he
approach for? ( floater was there as option)
6.
When suggesting the final solution to fact finding, what should the agent refer to as his
base for the solution? ( option was clients needs- he derived the solution based on clients
needs)
Relating to chapter 5:
1.
A man wants to buy protection plan for unspecified time period, what should he opt for?
( whole life)
2.
Relating to Claims:
1.
A and B have bought same plan from same insurer. Both pay quarterly premium , 22
timesboth surrender their plan post 22nd premiumA pays more surrender charge than
B. why? ( option had that term that A had applied for was greater than B-thats why the
surrender charge was more)
2.
A bought a plan, and dies 2 day before grace period is to expire (premium still not paid).
What would be the claim amount?
3.
An insurer is to pay claim @ 5.2% and delays the claim by 6 months. What should be
the new rate at which it would pay the claimant? ( 2% added to initial- 7.2% was given as
choice)
4.
Question about interim bonus- a mid bonus is given, what would it be calculated upon?
A.
B.
C.
D.
Money back policy- SA Payment on maturity Tax laws on maturity ( 20% of SA) Income
replacement method Terminal Bonus Moral Hazard Lien Utmost good faith Law of large
numbers Insurable interest Pure risk Fact finding Authentication NIA KVP-Post office