CHAPTER 13

1) The annual statement of accounts of the IRDA must be audited and certified by the
External Audit
Internal Audit
LIC
Comptroller and Auditor-General of India
2) ________ is to allow foreign investment in the insurance sector
Disinvestment
Capital Redemption
Foreign Direct Investment
None of the above
3) The Government allowed _____% foreign direct investment (FDI) in the insurance sector
26
49
51
74
4) The Government proposes to increase the FDI limit in the insurance sector to ____%
26
49
51
74
5) Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body
as per ______ committee report
Patel
Malhotra
Shrikrishna
Hegde
6) The Life Insurance Council was constituted under section _____ of the Insurance Act 1938
64A
64B
64C
64D
7) _______ represents the collective interests of the general (non-life) insurance companies in India
New India Assurance
Oriental Insurance Company
United India Assurance
General Insurance Council
8) The functions of ________ is to orgfnaise structured proactive discussions with Government,
lawnmakers regulators
General Insurance Council
Insurance Brokers Association of India
Life Insurance Council
Institute of Actuaries of India
9) _______ is the IRDA recognised apex body for all licensed insurance brokers in India
GIC
IBAI
LIC
IAI
10) The Institute of Actuaries of India was formed in _______
1943
1944
1945

1946

11) ______ is an expert who applies mathematical and statistical methods for assessing the risk
associated with certain events in insurance
Underwriter
Policyholder
Claimant
Actuary
12) The Tariff Advisory Committee (TAC) was established by section _____ of the Insurance Act 1938
64U
64W
64X
64Y
13) ______ is the process of freeing the pricing of insurance so that insurers can price their products on
the basis of their risk assessment
Underwriting
De-tariffication
Risk accessment
Risk Evaluation

14) _____ is the formed to promote insurance education and training in India
National Insurance Academy
Chartered Insurance Institute
Institute of Insurance and Risk Management
Insurance Institute of India
15) ______ is to design, implement and operate an insurance training architecture that will engage the
participating executives, faculty and staff in assisted learning, research, management and
communications.
National Insurance Academy
Chartered Insurance Institute
Institute of Insurance and Risk Management
Insurance Institute of India
16) _______ is an apex institution for research, training, education, consultancy, publication and
leadership development in Insurance and risk management.
General Insurance Council
National Insurance Academy
Institute of Actuaries of India
Chartered Insurance Institute
17) The Chartered Insurance Institute (CII) was formed in _______
1910
1911
1912

1913

18) ______ was set up jointly by the IRDA and the State Government of Andhra Pradesh 2002
NIA
CII
IIRM
IAI
19) The Institute of Insurance and Risk Management (IIRM) is setup as per the provisions of section
_____ of the IRDA Act 1999
14(b)
14(d)
14(e)
14(f)
20) The duties, powers and functions of the IRDA are laid down by section _____ of the
IRDA Act 1999
11
12
13
14
21) ______ specify a code of conduct for surveyors loss assessors
LIC
IIRM
IRDA

IAI

22) The Reserve Bank of India is the Central Bank of India was set up on _______
01st April 1935
01st April 1936
01st April 1937
01st April 1938
23) _____ is the regulator, supervisor and monetary authority of the financial system in India
IRDA
RBI
LIC
CII
24) A person who wishes to obtain a licence to act as an insurance agent must make an application with
application fee of Rs.
220
250
270
280
25) Insurnace Agent qualification is mentioned in regulation ______ of IRDA (Licensing of Insurance
Agents) Regulations 2000
1
2
3
4
26) Practical Training of Agent is mentioned in regulation _______ of IRDA (Licensing of Insurance
Agens) Regulations 2000
4
5
6
7

27) Agent Examination is mentioned in regulation ______ of IRDA (Licensing of Insurance Agents)
Regulations 2000
6
7
8
9
28) Agent Application form is mentioned in regulation ______ of IRDA (Licensing of Insurance
Agents) Regulations 2000
1
2
3
4
29) An application for insurance agent living in a place that has a population of 5,000 or more as per the
last census should have a minimum qualification of ______ pass
11tth
12th
10th
8th
30) If agent wants to take licence for life, he needs to undergo training for _______ hrs.
30
40
50
60
31) If agent wants to take licence for life general i.e. composite, he needs to undergo training for ____
hrs.
50
55
65
75
32) For renewal of license, the applicant needs to complete _____ hours of practical training
15
25
35
45
33) The designated person may cancel the licence of an insurance agent if the agent suffers from any
disqualifications mentioned insub-section ______ of section 42 of the Act
2
3
4
5
34) Duplicate licence fee is Rs.______
40
50

60

70

35) An individual who acts as an insurance agent without holding a licence will be fined up to Rs.____
200
300
400
500