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July 22, 2017

LIC Agent Exam – IRDA Agent Exam Question Paper




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 Test 1


Multiple Choice
Identify the choice that best completes the statement or answers the question.
 1. 
Both the parties t6 'a contract must agree and understand the same thing and in the same sense which is called
a.
Consideration
c.
Consensus ad idem
b.
Legality of object.
d.
Acceptance

 2. 
According to Insurance broker association of India, what is the most appropriate relationship between insurer and broker
a.
Insurance broker represents the client and insurer, remunerate the broker
c.
Insurer represent both client and broker remuneration
b.
The client represents broker and insurer remunerate broker
d.
Broker only .service the client

 3. 
Reasons for surrender of the policy
a.
SA
c.
no commission
b.
advisor induced
d.
Has Financial Problems 

 4. 
Which section deals with the licencing of an agent?
a.
Section 42 of insurance Act 1938
c.
Licence section of Insurance Act 1938
b.
Section 42of insurance Act l936
d.
Licence section of Insurance agent act 1938

 5. 
During fact finding the need revealed requirement for margin money and retirement fund. Which of these assumes higher priority will be determined on the basis of
a.
Margin money
c.
Tenure left for retirement and corpus needed
b.
Retirementfund
d.
Quantum of investment

 6. 
In which of the recognised life stages an indivlducl does not required any protection cover
a.
Childhood
c.
Pre retirement
b.
Young married
d.
Retirement

 7. 
A customer while investing in a recurring deposit or cumulative deposit what are the key factors which will matter
a.
Taxation
c.
Interest rates
b.
Frequency of payment
d.
Tenures

 8. 
Prashant buys an endowment plan with a SA Rs. I lac an to make use of tax benefit under the policy for whole S. much premium would help him avail this benefit-
a.
Less than Rs. 10,000
c.
Less than Rs. 20,000
b.
More than Rs. 10,000
d.
More than Rs. 20,000

 9. 
In a fact find, a couple discovered their need to be estate planning? In what life stage will they be in?
a.
Married
c.
Married with older children
b.
Married with children
d.
Retirement

 10. 
.Jay buys a policy on the life of Nazia. Who is Jay?
a.
Life Assured
c.
Proposer
b.
Nominee
d.
Appointee

 11. 
Insurance benefits
a.
Individuals
c.
The society
b.
The country
d.
All the three

 12. 
Breach of duty of utmost good faith
a.
Nondisclosure of material facts
c.
Fraudulent presentation
b.
concealment of material facts
d.
All above

 13. 
After maturity in a ULIP customer does not get maturity amoUntk. lump sum. What is the possibility of receiving it in instalments ifI is not  annuity plan?
a.
He has switched his fund
c.
He hasredirected his past premium
b.
He has opted for settlement option
d.
Policy was lapsed at the time of maturity

 14. 
Insurable interest on one's own life limited upto
a.
20 times of Gross Annual income
c.
Assets
b.
Liabilities
d.
Unlimited

 15. 
a Policy holder takes a insurance contract for 30 years and the SA reduces after 25 years what could be  the likely reason
a.
No bonus accumulated 
c.
Policy has become paid up 
b.
Age proof was substantially wrong
d.
Its a ULIP Plan

 16. 
A person retiring within 3 months need return as pension. What kind of investment plan he need to choose.
a.
Immediate Annuity
c.
Anticipated Endowment
b.
Deferred Annuity
d.
ULIP

 17. 
The amount payable under a life Insurance policy depends on
a.
The income pf the insured person at the time of the claim
c.
The amount of the sum assured
b.
The income of the insured person When he took the insured
d.
None of the above

 18. 
Payment/investments in Kisan Vikas Patra under post office scheme is done
a.
Regularly with no fixed term
c.
Lump sum for fixed period of time
b.
Lump sum with no fixed term
d.
Regularly for fixed period of time

 19. 
Two endowment policies A and B are issued in the same time on the quarterly mode. In both the policies 22 quarterly installments are paid. Both are surrendered immediately after paying 22nd installment. But in policy A surrender value is significantly hig
a.
Term of A policy is higher than B policy
c.
Policy A is assigned and B is not assigned
b.
Term of B policy is higher than A policy
d.
Policy B is assigned and A is not assigned

 20. 
An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission, what is the limits
a.
0.1
c.
He cannot offer any commission
b.
0.2
d.
He can offer up to 50%

 21. 
Advisor motivate the client to surrender the existing Endowment plan and buy new Whole life policy for gaining higher commission, is the example of?
a.
switching
c.
Revisit the financial planning
b.
Building long term relations
d.
Churning

 22. 
Insurance is helps to
a.
Reduce the consequence of adverse situations
c.
Ensure that assets never breakdown
b.
Guarantee that assets are always procutive
d.
Do all of the above

 23. 
An insurer, as a trustee, has to ensure that
a.
The life fund is safe
c.
Both of the above
b.
The life fund earns the maximum interest
d.
Neither of the above

 24. 
Benefit illustrations given to a customer quantifies an amount by which investment return is reduced. This reduction reflect the impact of
a.
Charges
c.
Inflation
b.
Interest
d.
Taxation

 25. 
What period of time a client has to be invested to get tax benefit under postal scheme?
a.
10 Years
c.
6 years
b.
8 years
d.
5 years

 26. 
What is the period of award passed to the customer decided by ombudsman?
a.
2months
c.
5 months
b.
3 months
d.
6 months

 27. 
A human being
a.
Is an economic assest
c.
Is a perishable asset
b.
Is an income earning assets
d.
All the above

 28. 
The rates of assumed annual growth to be shared in the benefit illustration has been decided by which of the authority
a.
IRDA
c.
The Royal Bank
b.
Life insurance council
d.
SEBI

 29. 
Responsibility for classification and analysis of proposal form Iii with whom?
a.
Risk analysis department
c.
Underwriter
b.
Classification of risk deptt.
d.
Actuary who analysis the risk

 30. 
Life insurance is better than other avenues of saving in respect of
a.
Marketibility
c.
Trancsferability
b.
Liquidity
d.
All the three above

 31. 
Aman has taken a term plan for 20 years In the 3rd year he suffered financial crisia due to....whibh he' was'. unable to pay premium within grace period . and died after I month. The nominee files a claim and is rejected because
a.
Policy was not in force
c.
The claim is fraudulent
b.
This condition was excluded in policy
d.
The claim ian early claim

 32. 
Law of large number helps Insurer to analyse which key area
a.
Administrative expenses
c.
to remove adverse selection
b.
in fixing the correct premium
d.
Non of the above

 33. 
Mr. Feroz has taken a policy for critical illness worti. Rs. 1Ia health,policy. He.also has a term plan worth Rs 10 lac.Mr.. Fe was hospitalised after, hewas detected wthcancer. He died afl .3 dayséf treatment. How the claim will be settled?
a.
Claim of critical illness and 10 lac from term policy will settled
c.
Claim will not be settled as he died due to cancer
b.
Claimof hospital charges Rs 20,000 and I lac for death V be settled
d.
Claim will not be settled as per instruction of underwriter

 34. 
What is the minimum age of the customer for entering the  Insurance contract?
a.
16 years
c.
18 years
b.
17 years
d.
21 years

 35. 
Client died in 89th day from DOC. In which category he is not eligible for claim
a.
Murder
c.
Accident
b.
Deep Illness
d.
Suicide

 36. 
To avail the income tax benefit at investment stage,V
a.
10% of Cumassured
c.
30% of sumassured
b.
20% of sum assured
d.
40% of sum assured

 37. 
During claim insurer deduct Rs. 10,000 in spite of having  no Lien and all due premiums are paid. What are the other reason for deducting the same?
a.
Premium Rate increase
c.
Mode of Payment
b.
Loan facility
d.
Loading

 38. 
Relation between insurer and Broker means
a.
Client represents the broker and the insurer remunerate the broker
c.
Broker represent the client and insurer remunerate the broker
b.
Insurer represent both client and broker remuneration
d.
Brokerserve the client

 39. 
In case the customer has stopped making payment for U premium of the policy what are two most important thing requiri in order to reinstate the policy
a.
Reinstatement fee and proof of good health
c.
Only health certificate
b.
Premium cheque and health declaration
d.
Premium cheque with arrear

 40. 
In term Insurance how peril & Hazard are distinguished?
a.
Perils are risk that policyholders will die before in specified date and hazards are factors which could influence that risk
c.
Peril are factors which affects the risk being insured and hazards are the size of the risk being insured
b.
Perils are medical factors which influence the risk of dying and hazard are lifestyle activities which influence the risk of dying
d.
Peril are factors which could influence an insured event occuring and hazard are the actual events which will triger a payout

 41. 
Ramesh wants to buy 15 years pension plan for retirement while calculating gaps required at the end the gratuity amount was completely ignored because  he is
a.
self employed
c.
Savings are significantly higher
b.
Widower
d.
Govt employee

 42. 
What ever riding criteria an insurance, agent consider whil proposing a solution
a.
Risk
c.
Flexibility
b.
Suitability
d.
Cost

 43. 
Life insurance is better than other avenues of saving in respect of
a.
Appricaition
c.
userfulness in emergency
b.
Tax benefits
d.
All the above

 44. 
If insured gets two advance payment in 5 yrs and in mat gets rest of sum assured what type of policy it is
a.
Money back policy
c.
Term plan
b.
Corivertible plai
d.
Endowmentpol

 45. 
Mr. Santash is head master and is 52 yrs old. He wants insuran cover for Rs. I crore. He proposes his brother's son as nomin not his wife underwriter will verify
a.
A physical hazard, as he is old
c.
Moral hazard as coverage is high and brother's son nomwiee
b.
Moral hazard as he is 52 yrs and wife is not nominee
d.
Moral hazard as he is head master and 52 yrs oldj

 46. 
While calculating HLV with future income, number of years work, increments in salary what is also to be taken in to accouni
a.
Inflation
c.
Discount rate
b.
Interest
d.
Compounding

 47. 
E-Sales lefers to sales of insurance product through
a.
Insurance broker
c.
Individual agent
b.
Bancassurance
d.
Internet

 48. 
What will be maturity benefit under health insurance plan
a.
Fund value
c.
Paid premium with interest
b.
Paid premium
d.
No maturity benefit

 49. 
The best way to prove that customer of a ULIP policy is given awareness about the commission paid to the agent is
a.
Ask the insurer to give a policy endorsement letter
c.
From signed copy of benefit illustration
b.
From the fact details
d.
From ticked columns of proposal form

 50. 
An agent is intermediary between
a.
Client and insurance company
c.
Client and IRDA
b.
Insurance Company & IRDA
d.
Insurance and Reinsurance Company

Test 1
 

Test 1


Multiple Choice
Identify the choice that best completes the statement or answers the question.
 
 1. 
Both the parties t6 'a contract must agree and understand the same thing and in the same sense which is called
a.
Consideration
c.
Consensus ad idem
b.
Legality of object.
d.
Acceptance
 

 2. 
According to Insurance broker association of India, what is the most appropriate relationship between insurer and broker
a.
Insurance broker represents the client and insurer, remunerate the broker
c.
Insurer represent both client and broker remuneration
b.
The client represents broker and insurer remunerate broker
d.
Broker only .service the client
 

 3. 
Reasons for surrender of the policy
a.
SA
c.
no commission
b.
advisor induced
d.
Has Financial Problems 
 

 4. 
Which section deals with the licencing of an agent?
a.
Section 42 of insurance Act 1938
c.
Licence section of Insurance Act 1938
b.
Section 42of insurance Act l936
d.
Licence section of Insurance agent act 1938
 

 5. 
During fact finding the need revealed requirement for margin money and retirement fund. Which of these assumes higher priority will be determined on the basis of
a.
Margin money
c.
Tenure left for retirement and corpus needed
b.
Retirementfund
d.
Quantum of investment
 

 6. 
In which of the recognised life stages an indivlducl does not required any protection cover
a.
Childhood
c.
Pre retirement
b.
Young married
d.
Retirement
 

 7. 
A customer while investing in a recurring deposit or cumulative deposit what are the key factors which will matter
a.
Taxation
c.
Interest rates
b.
Frequency of payment
d.
Tenures
 

 8. 
Prashant buys an endowment plan with a SA Rs. I lac an to make use of tax benefit under the policy for whole S. much premium would help him avail this benefit-
a.
Less than Rs. 10,000
c.
Less than Rs. 20,000
b.
More than Rs. 10,000
d.
More than Rs. 20,000
 

 9. 
In a fact find, a couple discovered their need to be estate planning? In what life stage will they be in?
a.
Married
c.
Married with older children
b.
Married with children
d.
Retirement
 

 10. 
.Jay buys a policy on the life of Nazia. Who is Jay?
a.
Life Assured
c.
Proposer
b.
Nominee
d.
Appointee
 

 11. 
Insurance benefits
a.
Individuals
c.
The society
b.
The country
d.
All the three
 

 12. 
Breach of duty of utmost good faith
a.
Nondisclosure of material facts
c.
Fraudulent presentation
b.
concealment of material facts
d.
All above
 

 13. 
After maturity in a ULIP customer does not get maturity amoUntk. lump sum. What is the possibility of receiving it in instalments ifI is not  annuity plan?
a.
He has switched his fund
c.
He hasredirected his past premium
b.
He has opted for settlement option
d.
Policy was lapsed at the time of maturity
 

 14. 
Insurable interest on one's own life limited upto
a.
20 times of Gross Annual income
c.
Assets
b.
Liabilities
d.
Unlimited
 

 15. 
a Policy holder takes a insurance contract for 30 years and the SA reduces after 25 years what could be  the likely reason
a.
No bonus accumulated 
c.
Policy has become paid up 
b.
Age proof was substantially wrong
d.
Its a ULIP Plan
 

 16. 
A person retiring within 3 months need return as pension. What kind of investment plan he need to choose.
a.
Immediate Annuity
c.
Anticipated Endowment
b.
Deferred Annuity
d.
ULIP
 

 17. 
The amount payable under a life Insurance policy depends on
a.
The income pf the insured person at the time of the claim
c.
The amount of the sum assured
b.
The income of the insured person When he took the insured
d.
None of the above
 

 18. 
Payment/investments in Kisan Vikas Patra under post office scheme is done
a.
Regularly with no fixed term
c.
Lump sum for fixed period of time
b.
Lump sum with no fixed term
d.
Regularly for fixed period of time
 

 19. 
Two endowment policies A and B are issued in the same time on the quarterly mode. In both the policies 22 quarterly installments are paid. Both are surrendered immediately after paying 22nd installment. But in policy A surrender value is significantly hig
a.
Term of A policy is higher than B policy
c.
Policy A is assigned and B is not assigned
b.
Term of B policy is higher than A policy
d.
Policy B is assigned and A is not assigned
 

 20. 
An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission, what is the limits
a.
0.1
c.
He cannot offer any commission
b.
0.2
d.
He can offer up to 50%
 

 21. 
Advisor motivate the client to surrender the existing Endowment plan and buy new Whole life policy for gaining higher commission, is the example of?
a.
switching
c.
Revisit the financial planning
b.
Building long term relations
d.
Churning
 

 22. 
Insurance is helps to
a.
Reduce the consequence of adverse situations
c.
Ensure that assets never breakdown
b.
Guarantee that assets are always procutive
d.
Do all of the above
 

 23. 
An insurer, as a trustee, has to ensure that
a.
The life fund is safe
c.
Both of the above
b.
The life fund earns the maximum interest
d.
Neither of the above
 

 24. 
Benefit illustrations given to a customer quantifies an amount by which investment return is reduced. This reduction reflect the impact of
a.
Charges
c.
Inflation
b.
Interest
d.
Taxation
 

 25. 
What period of time a client has to be invested to get tax benefit under postal scheme?
a.
10 Years
c.
6 years
b.
8 years
d.
5 years
 

 26. 
What is the period of award passed to the customer decided by ombudsman?
a.
2months
c.
5 months
b.
3 months
d.
6 months
 

 27. 
A human being
a.
Is an economic assest
c.
Is a perishable asset
b.
Is an income earning assets
d.
All the above
 

 28. 
The rates of assumed annual growth to be shared in the benefit illustration has been decided by which of the authority
a.
IRDA
c.
The Royal Bank
b.
Life insurance council
d.
SEBI
 

 29. 
Responsibility for classification and analysis of proposal form Iii with whom?
a.
Risk analysis department
c.
Underwriter
b.
Classification of risk deptt.
d.
Actuary who analysis the risk
 

 30. 
Life insurance is better than other avenues of saving in respect of
a.
Marketibility
c.
Trancsferability
b.
Liquidity
d.
All the three above
 

 31. 
Aman has taken a term plan for 20 years In the 3rd year he suffered financial crisia due to....whibh he' was'. unable to pay premium within grace period . and died after I month. The nominee files a claim and is rejected because
a.
Policy was not in force
c.
The claim is fraudulent
b.
This condition was excluded in policy
d.
The claim ian early claim
 

 32. 
Law of large number helps Insurer to analyse which key area
a.
Administrative expenses
c.
to remove adverse selection
b.
in fixing the correct premium
d.
Non of the above
 

 33. 
Mr. Feroz has taken a policy for critical illness worti. Rs. 1Ia health,policy. He.also has a term plan worth Rs 10 lac.Mr.. Fe was hospitalised after, hewas detected wthcancer. He died afl .3 dayséf treatment. How the claim will be settled?
a.
Claim of critical illness and 10 lac from term policy will settled
c.
Claim will not be settled as he died due to cancer
b.
Claimof hospital charges Rs 20,000 and I lac for death V be settled
d.
Claim will not be settled as per instruction of underwriter
 

 34. 
What is the minimum age of the customer for entering the  Insurance contract?
a.
16 years
c.
18 years
b.
17 years
d.
21 years
 

 35. 
Client died in 89th day from DOC. In which category he is not eligible for claim
a.
Murder
c.
Accident
b.
Deep Illness
d.
Suicide
 

 36. 
To avail the income tax benefit at investment stage,V
a.
10% of Cumassured
c.
30% of sumassured
b.
20% of sum assured
d.
40% of sum assured
 

 37. 
During claim insurer deduct Rs. 10,000 in spite of having  no Lien and all due premiums are paid. What are the other reason for deducting the same?
a.
Premium Rate increase
c.
Mode of Payment
b.
Loan facility
d.
Loading
 

 38. 
Relation between insurer and Broker means
a.
Client represents the broker and the insurer remunerate the broker
c.
Broker represent the client and insurer remunerate the broker
b.
Insurer represent both client and broker remuneration
d.
Brokerserve the client
 

 39. 
In case the customer has stopped making payment for U premium of the policy what are two most important thing requiri in order to reinstate the policy
a.
Reinstatement fee and proof of good health
c.
Only health certificate
b.
Premium cheque and health declaration
d.
Premium cheque with arrear
 

 40. 
In term Insurance how peril & Hazard are distinguished?
a.
Perils are risk that policyholders will die before in specified date and hazards are factors which could influence that risk
c.
Peril are factors which affects the risk being insured and hazards are the size of the risk being insured
b.
Perils are medical factors which influence the risk of dying and hazard are lifestyle activities which influence the risk of dying
d.
Peril are factors which could influence an insured event occuring and hazard are the actual events which will triger a payout
 

 41. 
Ramesh wants to buy 15 years pension plan for retirement while calculating gaps required at the end the gratuity amount was completely ignored because  he is
a.
self employed
c.
Savings are significantly higher
b.
Widower
d.
Govt employee
 

 42. 
What ever riding criteria an insurance, agent consider whil proposing a solution
a.
Risk
c.
Flexibility
b.
Suitability
d.
Cost
 

 43. 
Life insurance is better than other avenues of saving in respect of
a.
Appricaition
c.
userfulness in emergency
b.
Tax benefits
d.
All the above
 

 44. 
If insured gets two advance payment in 5 yrs and in mat gets rest of sum assured what type of policy it is
a.
Money back policy
c.
Term plan
b.
Corivertible plai
d.
Endowmentpol
 

 45. 
Mr. Santash is head master and is 52 yrs old. He wants insuran cover for Rs. I crore. He proposes his brother's son as nomin not his wife underwriter will verify
a.
A physical hazard, as he is old
c.
Moral hazard as coverage is high and brother's son nomwiee
b.
Moral hazard as he is 52 yrs and wife is not nominee
d.
Moral hazard as he is head master and 52 yrs oldj
 

 46. 
While calculating HLV with future income, number of years work, increments in salary what is also to be taken in to accouni
a.
Inflation
c.
Discount rate
b.
Interest
d.
Compounding
 

 47. 
E-Sales lefers to sales of insurance product through
a.
Insurance broker
c.
Individual agent
b.
Bancassurance
d.
Internet
 

 48. 
What will be maturity benefit under health insurance plan
a.
Fund value
c.
Paid premium with interest
b.
Paid premium
d.
No maturity benefit
 

 49. 
The best way to prove that customer of a ULIP policy is given awareness about the commission paid to the agent is
a.
Ask the insurer to give a policy endorsement letter
c.
From signed copy of benefit illustration
b.
From the fact details
d.
From ticked columns of proposal form
 

 50. 
An agent is intermediary between
a.
Client and insurance company
c.
Client and IRDA
b.
Insurance Company & IRDA
d.
Insurance and Reinsurance Company



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