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2.
3.
4.
How are perils and hazards normally distinguished under term insurance policies?
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
B.
Redressal
C.
Research
D.
5.
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.
9.
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.
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.
10.
11.
12.
13.
14.
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.
During fact finding, What will be the next step after Identifying clients need
A.
B.
C.
Recommending Product
D.
Easy access
15.
16.
17.
18.
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
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
19.
20.
Misrepresentation
B.
C.
Fraud
D.
21.
22.
23.
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
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.
24.
25.
26.
27.
28.
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
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.
29.
30.
31.
32.
33.
C.
D.
Fraudulent claim
B.
Indisputability clause
C.
Redressal procedure
D.
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
C.
D.
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?
34.
35.
36.
37.
38.
A.
B.
Open Market
C.
Reinsuring Annuity
D.
Guaranteed Annuity
If a policy holder buys a policy from the advisor and lodges a complaint, it should be
treated as :
A.
B.
Same for all policies sold by the advisor except corporate clients
C.
D.
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.
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
39.
A.
Insurable hazard
B.
moral hazard
C.
D.
Physical hazard
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.
D.
43.
44.
45.
46.
47.
One has chosen Single premium policy and other has chosen regular premium
policy
Both have chosen different kind of policies.
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.
B.
C.
D.
48.
49.
50.
A.
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.
At inception of policy
B.
Not needed
C.
D.