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July 22, 2017

IRDA Agent Licensing Question paper - 1




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IRDA Agent Licensing Question paper - 1

IRDA  exam paper

1          Insurance works on the principle of     
a          Trust   
b          Sharing
c          Randomness    
d          All of the above

2          Insurance is legitimate
a          when an adverse happening is likely
b          When an adverse happening is unlikely
c          When an adverse happening is certain
d          In all the above three situations

3          Insurance benefits replace
a          All physical losses, in full
b          All physical losses, partly
c          All monetary losses, in full
d          The monetary losses, but only to some extent

4          Which one of the following statements is correct?
a          People hesitate to buy life insurance because they are not aware of their needs
b          People hesitate to buy life insurance because they prefer to enjoy the present
c          Both the statements are correct
d          Both the statements are wrong

5          Which is the right time for taking life insurance?
a          When you are about to get married
b          Soon after you have got married
c          Just when you are joined a new job
d          All the three ‘times’ are right

6          Retention of risk may be done conveniently by
a          Large corporations
b          Small companies
c          Single individuals
d          None of the three

7          A valuation is done by a life insurer because
a          It is a statutory requirement
b          It is necessary to be able to declare dividends to shareholders
c          It tells the insurer how well it is managing the business
d          All of the above

8          The reason for charging level premiums is
a          Risk increases as age increases
b          It is convenient to the policyholder
c          It is convenient to the insurer
d          All the above reasons

9          What does a premium depend upon?
a          The place of worship visited by the person to be insured
b          The state of health of the policyholder
c          The decision of the underwriter
d          The report of the agent

10        State which one of the following statements is correct?
a          In group insurance, a single policy is issued covering many persons
b          A master policy covers servants of a master
c          Both the statements above are correct
d          Both the statements above are wrong

11        Which one of the following statements is correct?
a          In a limited payment policy, there is a maximum limit to the SA
b          In a limited payment policy, there is a maximum limit to the term
c          Both the statements above are wrong
d          Both the statements above are correct

12        Which one of the following statements is true with regard to Children’s policies?
a          On vesting, the insured person has an option to change the term of the policy
b          On vesting the insured person has an option to increase the SA
c          Both the statements above are wrong
d          Both the statements above are correct

13        Which of the following could be the basis of the cover in a group policy?
a          Height of the life insured
b          Age of the life insured
c          Size of the insured’s family
d          All the three above

14        Which one of the following statements is true with regard to Children’s policies?
a          On vesting, the insured person has an option to change the term of the policy
b          On vesting the insured person has an option to increase the SA
c          Both the statements above are wrong
d          Both the statements above are correct

15        Which one of the following statements is correct?
a          Every plan of insurance is a combination of two basic plans
b          The name given to a plan indicates the benefits available under the plan
c          Both the statements above are correct
d          Both the statement s above are wrong

16        Which one of the following statements is correct?
a          Underwriting is done only when there is a medical examination
b          Medical examination is necessary before a policy can be issued
c          Both the statements above are correct
d          Both the statements above are wrong

17        Which one of the following statements is correct?
a          The underwriter determines the premium to be charged
b          The underwriter is an employee of the insurer
c          Both the statements above are correct
d          Both the statements above are wrong

18        Which one of the following statements is correct?
a          If the underwriter feels that the risk is more, he will accept at OR
b          If the underwriter feels that the risk is more, he may impose a lien
c          Both the statements above are correct
d          Both the statements above are wrong

19        Which one of the following statements is correct?
a          The schedule of a policy is not altered after the policy is issued
b          Changes in the terms of the policy are made through endorsements
c          Both the statements above are correct
d          Both the statements above are wrong

20        The date of issue of the FPR indicates
a          The date when the risk effectively begins
b          The date when the next premium falls due
c          The date when the policy will commence
d          None of the above

21        Which one of the following statements is correct?
a          In the case of SSS policies, renewal premium receipts are issued
b          In the case of SSS policies, FPRs are issued
c          Both the statements above are correct
d          Both the statements above are wrong

22        Which one of the following statements is correct?
a          Assignee is free from the assignor’s obligations under the policy
b          A nomination is automatically cancelled when a loan is taken under the policy
c          Both the statements above are correct
d          Both the statements above are wrong

23        Which one of the following statements is correct?
a          The beneficiaries under the MWP Act can be any member of the family
b          A policy can be taken under the MMWP Act for the benefit of parents
c          Both the statements above are correct
d          Both the statements above are wrong

24        Which one of the following statements is correct?
a          Foreclosure can be done only with the consent of the policyholder
b          Foreclosure can be done only after informing the policyholder
c          Both the statements above are correct
d          Both the statements above are wrong

25        Which one of the following statements is correct?
a          Revivals are not done unless the entire outstanding premium is paid
b          Revivals are not done unless the underwriter agrees
c          Both the statements above are correct
d          Both the statements above are wrong

26        Which one of the following statements is correct?
a          Foreclosure action cannot be taken till a notice is served on the policyholder
b          When a foreclosure action is taken, nothing is payable to the policyholder
c          Both the statements above are correct
d          Both the statements above are wrong

27        Which one of the following statements is correct?
a          The beneficiaries under the MWP Act can be any member of the family
b          A policy can be taken under the MMWP Act for the benefit of parents
c          Both the statements above are correct
d          Both the statements above are wrong

28        Which one of the following statements is correct?
a          A presumption of death is not the same as proof of death
b          Presumption of death allows inheritance of property
c          Both the statements above are correct
d          Both the statements above are wrong

29        When does a claim arise under an insurance policy?
a          Whenever the policyholder feels the need for money
b          When the insured events happen
c          When a premium is not paid
d          Whenever any of the three things mentioned above happen

30        Which one of the following statements is correct?
a          Maturity claim cheques are paid to the trustees in a MWP Act case
b          Maturity claim cheques are paid to the beneficiaries in a MWP Act case
c          Both the statements above are correct
d          Both the statements above are wrong

31        If a claim is made in January 2007 under a policy, which commenced in May 2002, stating that the life insured had died in April 2004,
a          Section 45 of the Act will not apply
b          The claim can be treated as an early claim
c          Foul play must be suspected
d          All the three statements above are correct

32        Which one of the following statements is correct?
a          A policy reported to be lost, may actually have been assigned
b          A policy has no value after the payment of survival benefits
c          Both the statements above are correct
d          Both the statements above are wrong

33        Which one of the following statements is correct?
a          The foreign exchange regulations apply if the life insured is a non-resident
b          The foreign exchange regulations apply if the claimant is a non-resident
c          Both the statements above are correct
d          Both the statements above are wrong

34        State which of the following statements is correct
a          ULIPs provide for flexibility
b          ULIPs are better than traditional policies
c          Both the above statements are correct
d          Both the above statements are wrong

35        State which of the following statements is correct
a          In ULIPs, the offer bid spread is the difference between the two prices
b          In ULIPs, the offer bid spread, will in some cases be zero
c          Both the above statements are correct
d          Both the above statements are wrong

36        State which of the following statements is correct
a          In ULIPs the insurance cover must be a minimum multiple of the premium
b          ULIPs can be surrendered after two years
c          Both the above statements are correct
d          Both the above statements are wrong

37        State which one of the following statements is correct
a          Life insurance is the best savings scheme for all persons
b          Life insurance is the best investment scheme for young persons
c          Both the statements above are correct
d          Both the statements above are wrong

38        Which of the following statements is correct?
a          An insurance agent has fixed working hours
b          An insurance agent has to mark his attendance in office every day
c          An insurance agent works according to his schedule
d          An insurance agent cannot do any other work  

39        State which one of the following statements is correct
a          When vital information is not disclosed, the policyholder is benefited    
b          When a claim is repudiated, the agent’s trustworthiness is affected
c          Both the statements above are correct
d          Both the statements above are wrong

40        State which one of the following statements is correct?           
a          The social sector is not only in the urban areas
b          The social sector includes the unorganized sector        
c          Both the statements above are correct
d          Both the statements above are wrong

41        State which one of the following statements is correct?
a          The Ombudsman’s authority is limited to claims matters only
b          The Ombudsman is not a judicial authority
c          Both the statements above are correct
d          Both the statements above are wrong

42        State which one of the following statements is correct?
a          The tax provisions are the same for all kinds of savings
b          The tax provisions are included in the Constitution
c          Both the statements above are correct
d          Both the statements above are wrong

43        A proposal for SA of Rs. 10 lakhs with DAB for monthly mode under SSS.
Proposer had a previous policy of Rs. 5 lakhs with DAB. Proposal was
accepted with health extra of Rs. 2.75 per thousand SA premium for DAB Re 1 per
thousand. 5% extra for monthly mode. large SA rebate of Rs 2/- per thousand for
1 lakh and above. Tabular premium Rs. 48.20 maximum total SA on which DAB is allowed is Rs. 10/- lakhs.
Find monthly (SSS) premium, rounded off to the next higher rupee
a          4102
b          4121
c          4183
d          4195

44        Find out surrender value on the basis of following data (the answer to
be rounded off to the next lower rupee). SA Rs.30, 000 DOC- 15.6.1992,
Endowment with profit - 30 years
Due date of last premium paid 15-06-2007 mode half yearly
Accrued bonus Rs.750/- per thousand SA. SV factor 23%
a          3670
b          3765
c          8740
d          None of these

45        A money back policy for SA. of Rs.50,000/- Matured after 25 years.
Survival benefits of 15% each had been paid at the end of 5th, 10th, 15th,
and 20th years. Bonus had accrued at Rs.965/- per Rs.1000/- SA. Interim bonus
@ Rs.25/- per thousand SA is payable. What is the maturity claim amount?
a          68250
b          69500
c          98250
d          99500

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


Sarkari Niyukti https://irda.modelexam.in Sarkari Niyukti - Government Jobs in India - सरकारी नियुक्ति | Image Courtesy - https://www.coachingkaro.com/img/institute_img/infra_img/57888c8a0b7f4_big.jpg Sarkari Niyukti https://irda.modelexam.in Sarkari Niyukti - Government Jobs in India - सरकारी नियुक्ति
For more information Visit https://irda.modelexam.in




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