IRDA IC33 MODEL TEST-3

ENGLISH

1) The benefits of a professional insurance market that focuses on needs-based selling and
disclosure include
Higher confidence among policy holder
Social benefits
Both
None of the above
2) The main products offered under life Insurance are
Term Assurance
Endowment Assurance
the above
3) The indirect marketing channels include
Individual Agents
Corporate Agents
Above

Both

Insurance Brokers

None of

All

4) Every licensed agent must adhere to the Code of Conduct specified by the IRDA in the
IRDA Regulations 2000
IRDA Regulations 2001
IRDA Regulations 2002
IRDA Regulations 2003
5) Against the transferred risk, the insured will have to pay a certain amount (consideration)
to the
insurer, which is known as the
Sum Assured
Claim
Bonus
Premium
6) The premium that is charged by the insurance company should be sufficient to meet
Administration and other expenses
Certain percentage of the profit
Both
None of the above
7) Insurance companies apply law of _________ to determine the cost of total annual
claims
Universe
Large numbers
Average
All
Above
8) Out of the 1000 individuals insured by an insurance company, if the probability of death
is 1% then the company will have to pay claims for
10 people
100 people
1 people
None of
the above
9) Level of risk is determined by
The probability of the occurrence of a certain event
The extent of losses suffered due to occurrence of that event
Both
None of the above

10) Following are standard age proofs

School Certificate
College Certificate

Passport

All Above

11) To prove identity in accountance with KYC process, the customer needs to submit
Age proof
Identity proof
Address proof
All
above
12) The insurance company issues ________________ after accepting proposal
First Premium Receipt
Renewal Premium Receipt
Deposit Receipt
None of the above
13) The Insurance company issues ________ after receiving further premium
First Premium Receipt
Renewal Premium Receipt
Deposit Receipt
None of the above
14) The amount of life insurance cover that a person should have should be equal to their
Present income
Income after retirement
HLV
None of the
above
15) The life insurance premiums collected by the insurance company are kept in a single
pool, known as the
Life fund
Uncommon fund
Premium pool
None of the above
16) The term master policy is used in . insurance policies
Annuity
Unit linked
Group
None of the above
17) are issued to raise money from the public by way of loan
Shares
Fixed deposit
Term deposit
18) Which of the following is not a post office savings product
Time deposit account
Kisan Vikas Patra
Bonds
Provident Fund
19) The full form of CBDT
Central Board of Direct Taxes
Controlling Board of Direct Taxes
Taxes

Bonds

Public

Central Board of Dependant Taxes

Central Board for Dependant

20) Under section .. a deduction from taxable income is allowed for the interest paid on
an education loan.
80E
80D
80DD
80C

21) Under which section of the Income Tax Act can an individual get a deduction from
taxable income for the
80C
80D
80DD
80F
22) Interest rates are . to increase the credit demand encourage consumers to spend
more increase demand for goods and services
Increased
Reduced
Balanced
23) ____________ can be used to enhance the death cover amount in a policy at a nominal
cost
DAB
TR
CIR
PWB
24) ______________ provides payment of a specified amount on the diagnosis of disease
DAB
TR
CIR
PWB
25) ________ rider waives future premiums in the event of the disability of the policyholder
due to
illness
DAB
TR
CIR
PWB
26) What is the most important need every parents would want to give top priority to
Investment towards their childrens future
expenses
Provision for good clothes for the child

Investment towards their travel

Provision for good food for the child

27) The main task of agent is

Identifying the amount for the needs of client
Identifying clients affordable contribution
Evaluating reviewing the performance
All above
28) The man advantage of investing in mutual fund is
Risk evasion
Risk surpass
management

Risk diversification

29) represent ownership of a company

Mutual funds
Debentures
Equity shares

30) Agent needs to locate product

That satisfy a given need
That satisfy a given need with lowest cost

That require low cost

None of the above

Risk

None of

31)Indian Evidence Act __________deal with presumption of deth in case of missing,

1871
1872
1873
1874
32)If Mr. Vikas took term Assurance of Rs.25 lac pays annual payment at every 1st
July. Due to financial problem he didnt pay premium for current year death took
place on 15th Sept. Nominee will get
Sum Assured
Sum Assured with Bonus
Reduced Sum Assured
Nothing is payable
33)Suicide clause is applicable for _______ year of the policy
1
2
3

34)The Life Insurance Corporation of India was formed in 1956 with the merger of
_____ Indian and foreign insurers in total
254
235
245
253
35)Section ________ of the LIC Act 1956 gave the LIC an exclusive
31
30
32

33

36)Section ___________ of the IRDA Act 1999 specifies the composition of the IRDA
1
2
3
4
37)Section __________ of the IRDA Act 1999 lays down the duties, powers and
functions of the IRDA
13
14
15
16
38)The prevention of Money Laundering Act (PMLA) 2002 came into effect in ______
to control money laundering activities
2002
2003
2004
2005
36)The complaints received by the Ombudsman are handled in the following manner. A)
withdrawal settlement, B) recommendation, C) award, D) non-acceptable complaints.
A), B), C), D)
A), C), D), B)
A), B), D), C)
A), D),
B), C)
37).. In insurance pertain to certain standards or principles that are follwed by
insurance agents and insurers in the course of their business, while maintaining the
profitability of the business
Mannerism
Ethics
Code of conduct
Discipline
38)What should an LIC agent should always put ahead of his own interest
Monetary gains
Profit to the client
Needs of the client
the client

Time of

39)The danger of overselling insurance policies

Difficult to collect premium
Results into lapsation if client cannot pay
the premium
Difficult to manage the clients accounts
All the above
40) Loan against policy is certain percentage of __________
Sum Assured
Paid up Value
Surrender Value

Bonus

41) Insurance policy can be surrendered by

Policyholder
Insurer
the above

Both

None of

42) When a policy is surrendered by insurer, its called

Maturity
Foreclosure
off

Paid-up

Cooling

43) If policyholder dies after policy forclosure action but before surrender payment, then
amount is payable to
Spouse
Assignee
Nominee
None of
the above
44) If policyholder dies within days of grace without paying premium then nminee will
receive
Refund of premium
Paid up Value
Surrender Value
Full
claim amount
45) _____________ are the dates on which the policyholder need to pay the premium
Maturity date
Commencement Date
Due Date
Accounting Date
46) Insurance companies provide compensation in case something happens to
Individual Insured
Agent
I.R.D.A.
Aobve

All

47) Insurance offers considerable tax benefits under the

Income Tax Act 1960
Income Tax Act 1961
Income Tax Act 1962
Income Tax Act 1963
48) Insurance Premium qualifies for deduction from taxable income under
Section 80C
Section 80D
Section 10D
10C

Section

49) The maturity benefit received by the nominee or the policy holder is tax-free under
Section 10 (10A) of the Act
Section 10 (10B) of the Act
Section 10 (10C) of the Act
Section 10 (10D) of the Act
50) A young person who has started earning can buy ___________ for Pure Protection
Endowment
ULIP
Term Assurance
Money
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