axondendriteplus/IC38-Web-Aggregator-Questions

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1	In the olden days, Chinese traders used to keep their goods in different boats while sailing through treacherous waters. Analyse why?	{ "1": "Chinese boats were small and they carried heavy goods", "2": "The Chinese Government mandated that goods should be distributed among multiple shipping companies so that there is equal distribution of business", "3": "Chinese traders placed their goods in multiple boats because it provided insurance against total loss", "4": "Chinese traders placed their goods in multiple boats because it was cheap" }	3	IC- 38 -WA-Eng-Composite.md	Composite
2	What is the cost of risk directly proportional to?	{ "1": "Probability and impact of the loss", "2": "Impact of the loss alone", "3": "Probability of loss and object of insurance", "4": "Impact of loss and the object of insurance" }	1	IC- 38 -WA-Eng-Composite.md	Composite
3	Which of the below statement is incorrect?	{ "1": "Under mutuality, the funds of various individuals are combined", "2": "Mutuality is also known as pooling", "3": "Under mutuality we have funds flow from one source to many", "4": "Mutuality provides protection against the economic loss arising as a result of one’s untimely death. This loss is shouldered and addressed through having a fund that pools the contributions of many who have entered into the life insurance contract" }	3	IC- 38 -WA-Eng-Composite.md	Composite
4	The earliest type of modern insurance was in the form of protection by business guilds or societies in Europe especially _________ in the 14th century.	{ "1": "Spain", "2": "France", "3": "Germany", "4": "Italy" }	4	IC- 38 -WA-Eng-Composite.md	Composite
5	In terms of Breach of Utmost Good Faith, which of the following is not correct	{ "1": "Concealment is Intentional Non- Disclosure", "2": "Concealment is Innocent Non-Disclosure", "3": "Fraudulence is Intentional Misrepresentation", "4": "Hiding existence of a disease is intentional Non-Disclosure" }	2	IC- 38 -WA-Eng-Composite.md	Composite
6	Life Insurance Corporation of India(LIC) was set up under which of the following acts?	{ "1": "Life Insurance Corporation Act, 1956", "2": "The Insurance Act, 1938", "3": "Life Insurance Companies Act, 1912", "4": "Indian Insurance Companies Act, 1928" }	1	IC- 38 -WA-Eng-Composite.md	Composite
7	Which of the following social security scheme is a Health Insurance plan?	{ "1": "PMVVY", "2": "PMFBY", "3": "PMJAY", "4": "PMSBY" }	3	IC- 38 -WA-Eng-Composite.md	Composite
8	Explain difference between peril and hazard.	{ "1": "Peril is the cause of loss and hazard is the consequence of that loss", "2": "Peril is the direct cause of loss while hazard increases/decreases the probability of loss", "3": "Hazard is the direct cause of loss while peril increases/decreases the probability of loss", "4": "Peril is probability of loss while hazard is related to impact of loss" }	2	IC- 38 -WA-Eng-Composite.md	Composite
9	The IRDA was established in the year __________ under the IRDA Act, 1999.	{ "1": "1999", "2": "2000", "3": "2002", "4": "2003" }	2	IC- 38 -WA-Eng-Composite.md	Composite
10	Losses caused by an earthquake are ______	{ "1": "Critical", "2": "Collaborative", "3": "Corollary", "4": "Common" }	1	IC- 38 -WA-Eng-Composite.md	Composite
11	Who is protected under the In-Contestability Clause included under a Life Assurance Policy?	{ "1": "Insurer", "2": "Insured", "3": "Insurance Agent", "4": "Insurance Broker" }	2	IC- 38 -WA-Eng-Composite.md	Composite
12	Who among the Following, is Likely to be Exposed to Accidental Hazard, in His or Her Occupation? Choose the Most Appropriate Option.	{ "1": "Medical-Professional", "2": "Tourist-Guide", "3": "Demolition-Experts", "4": "Marketing-Executive, Who is regularly on the Field. " }	3	IC- 38 -WA-Eng-Composite.md	Composite
13	Who among the Following, is Likely to be Exposed to Health-Hazard, in His or Her Occupation?	{ "1": "Yoga-Instructor", "2": "Film-Stunt-Artist", "3": "Dancer in a Night-Club", "4": "Person, Exposed to Mining Dust" }	4	IC- 38 -WA-Eng-Composite.md	Composite
14	Why Do, Insurers need Material Information?	{ "1": "For Documentation Purposes. ", "2": "Decide on the Risk- Acceptance, and the Terms and Conditions, Associated. ", "3": "To Comply with the Regulatory Requirements. ", "4": "To Improve the Customer-Service. " }	2	IC- 38 -WA-Eng-Composite.md	Composite
15	Compare: Gambling and Insurance.	{ "1": "Gambling and Insurance, Both, are the Same. ", "2": "Gambling has No Insurable Interest involved, but Insurance does have. ", "3": "Insurance has Only Profitable Outcomes, while, Gambling could result in Losses. ", "4": "Gambling is Legally Enforceable, but, Insurance is Not. " }	2	IC- 38 -WA-Eng-Composite.md	Composite
16	Select a Scenario, that showcases the Principle of Uberrima Fides.	{ "1": "Timely Payment of Premium. ", "2": "Disclosing All Material Information on the Insurance Proposal- Form. ", "3": "Faking All Material Information on the Insurance Proposal- Form. ", "4": "Disclosing All Irrelevant Information on the Insurance Proposal- Form. " }	2	IC- 38 -WA-Eng-Composite.md	Composite
17	Label the Interest, that the Insured has, in the Subject-Matter of Life Assurance. Choose the Most Appropriate Option.	{ "1": "Speculative Interest", "2": "Wager Interest", "3": "Insurable Interest", "4": "Indemnity Interest" }	3	IC- 38 -WA-Eng-Composite.md	Composite
18	Which priciple of insurance implies if the same property is insured with more than one insurance company	{ "1": "Contribution", "2": "Uberrima fides", "3": "Subrogation", "4": "Proximate cause" }	1	IC- 38 -WA-Eng-Composite.md	Composite
19	____________________is a corollary principle of Indemnity	{ "1": "Insurable Interest", "2": "Uberrima fides", "3": "Subrogation", "4": "Proximate cause" }	3	IC- 38 -WA-Eng-Composite.md	Composite
20	Examine the conditions mentioned below and tell us which is not a valid condition for returning a policy during the free look period. I: Option must be exercised within 15 days of receiving the policy document II: Communication has to be in writing III: Communication can be verbal or written	{ "1": "I only", "2": "II only", "3": "III only", "4": "I and III" }	3	IC- 38 -WA-Eng-Composite.md	Composite
21	Section 45 (Indisputability Clause) of Insurance Act, protects the Insured, from Rejection of Claim, by the Insurer; provided the Policy has completed --. Choose the Most Appropriate Option.	{ "1": "One Year", "2": "Three Years", "3": "Five Years", "4": "Seven Years" }	2	IC- 38 -WA-Eng-Composite.md	Composite
22	As per the Suicide Clause, if the Life-Assured Dies, as a Result of Suicide, After 3 Years of the Issue of Policy, What Does the Beneficiary Receive as the Claim?	{ "1": "Nothing", "2": "Premium, Paid by the Life-Assured. ", "3": "(2 × Premium), Paid by the Life-Assured. ", "4": "Full Face-Amount of the Policy. " }	4	IC- 38 -WA-Eng-Composite.md	Composite
23	What Does, First Premium Receipt (F. P. R. ), signify?	{ "1": "Free-Look Period has ended. ", "2": "It is the Evidence, that the Policy-Contract has begun. ", "3": "Policy cannot be cancelled, Now. ", "4": "Policy has acquired a Certain Cash-Value. " }	2	IC- 38 -WA-Eng-Composite.md	Composite
24	Identify the Document, that evidences a Contract, between the Insurer and the Insured.	{ "1": "Proposal-Form", "2": "Claim-Form", "3": "Nomination-Form", "4": "Policy-Document" }	4	IC- 38 -WA-Eng-Composite.md	Composite
25	Expections stated under Section 59 of the Insurance Rules 1939 for advance payment of premium.	{ "1": "No risk to be assumed unless premium is received in advance", "2": "Insurance cannot be sold on credit basis in India", "3": "Accepting premiums in instalment in respect of Sickness Insurance, Group Personal Accident Insurance, Medical Benefits Insurance and Hospitalisation Insurance Schemes subject to certain conditions", "4": "None of the above" }	3	IC- 38 -WA-Eng-Composite.md	Composite
26	Which One of the Following Statements, isIn-Correct, with Regard to Numerical Rating Method of Underwriting?	{ "1": "Under this Method, Underwriters assign the Positive Rating-Points for All Negative or Adverse Factors. ", "2": "Under this Method, Underwriters assign the Positive Points for Any Positive or Favourable Factors. ", "3": "Under this Method, the Total Number of Points, so assigned, will decide How Much Extra- Mortality-Rating (E. M. R. ), it has been given. ", "4": "Under this Method, if the Extra-Mortality- Rating (E. M. R. ) is Very High, Insurance may even be declined. " }	2	IC- 38 -WA-Eng-Composite.md	Composite
27	Which One of the Following Statements, isIn-Correct, with Regard to Judgement Method of Underwriting?	{ "1": "Under this Method, Subjective Judgement is used. ", "2": "This Method is especially used in Case of Complex Cases. ", "3": "In this Method, the Company may seek Expert Opinion of Medical Doctor. ", "4": "In this Method, the Underwriter assign Positive or Negative Rating-Points to the Adverse Factors. " }	4	IC- 38 -WA-Eng-Composite.md	Composite
28	Mr. Vimal is a 32-Years' Old, Healthy, Non-Smoker, Teetotaller Individual; Who applies for Life Assurance from ABC Limited Insurance Company. Which One of the Following Statements, will Hold True, with Regard to Risk- Acceptance by the Insurance Company?	{ "1": "Risk will be Accepted at Ordinary Rates. ", "2": "Risk will be Accepted With an Extra, Over the Tabular Rate of Premium. ", "3": "Risk will be Accepted, With a Lien on Sum- Assured. ", "4": "Risk will be Accepted, With a Restrictive Clause. " }	1	IC- 38 -WA-Eng-Composite.md	Composite
29	If, Mr. Brijesh, a 40-Years' Old Individual, is perceived as a 'Sub-Standard Risk', by the Insurance Company, then, Which One of the Following Statements, will Hold True, with Regard to Risk-Acceptance by the Insurance Company?	{ "1": "Risk will be Accepted at Ordinary Rates. ", "2": "Risk will be Accepted at Lower Rates. ", "3": "Risk will be Accepted With an Extra, Over the Tabular Rate of Premium. ", "4": "Risk will be Declined. " }	3	IC- 38 -WA-Eng-Composite.md	Composite
30	What is meant by 'Risk-Classification'? Choose the Most Appropriate Option.	{ "1": "The Process, in which, Individual Lives are Categorised and Assigned to Different Risk-Classes, Depending on the Degree of Risks, they Pose. ", "2": "The Tendency of People, Who suspect or know that, their Chance of Experiencing a Loss is High, to seek-out the Insurance, Eagerly; and to gain in the Process. ", "3": "The Process of Evaluating Each Proposal for Life- Assurance in Terms of the Degree of Risk, it represents; and then Deciding: Whether or Not to Grant the Insurance, and on What Terms. ", "4": "The Process, in which, the Applicants, Who are Exposed to Similar Degrees of Risk, are Placed in the Same Premium- Class. " }	1	IC- 38 -WA-Eng-Composite.md	Composite
31	Mr. Nimesh bought a 20-Years' Unit-Linked Insurance Plan (U. L. I. P. ). In the Event: Mr. Nimesh dies, Within the Policy-Term, Which of the Following, will be paid?	{ "1": "Surrender-Value will be paid. ", "2": "Premiums paid will be Returned, After Deducting the Dues. ", "3": "Lower of Sum-Assured or Fund-Value, will be paid. ", "4": "Higher of Sum-Assured or Fund-Value, will be paid. " }	4	IC- 38 -WA-Eng-Composite.md	Composite
32	In Case of Presumption of Death of Life-Assured, Which One of the Following Documents, needs to be submitted, by the Nominee?	{ "1": "Death-Certificate from Municipal Corporation. ", "2": "Decree from a Competent Court. ", "3": "Employer's Certificate", "4": "Inquest-Report" }	2	IC- 38 -WA-Eng-Composite.md	Composite
33	Mr. Brijesh purchased a 20-Years' Unit-Linked Insurance- Plan (U. L. I. P. ), from ABC Insurance Company. If Mr. Brijesh Dies, Before the Maturity of the Policy, then Insurance Company will have to pay --.	{ "1": "Surrender-Value", "2": "Premiums, After Deducting the Dues. ", "3": "Lower of Sum-Assured or Fund-Value. ", "4": "Higher of Sum-Assured or Fund-Value. " }	4	IC- 38 -WA-Eng-Composite.md	Composite
34	Which One of the Following Claims, can be Payable, Only to the Assignee or Nominee?	{ "1": "Death-Claim", "2": "Maturity-Claim", "3": "Survival-Benefit", "4": "Surrender-Value" }	1	IC- 38 -WA-Eng-Composite.md	Composite
35	Which One of the Following Documents, needs to be submitted, by the Nominee, in the Event of Natural Death of the Life-Assured? Choose the Most Appropriate Option.	{ "1": "Inquest Report", "2": "Death-Certificate", "3": "Post-Mortem Report", "4": "First Information Report (F. I. R. )" }	2	IC- 38 -WA-Eng-Composite.md	Composite
36	On payment of claim, the life insurance policy-	{ "1": "Can be reinstated on payment of pro-rata premium", "2": "Stands cancelled", "3": "Automatically terminates", "4": "Continues till the end of the policy period" }	3	IC- 38 -WA-Eng-Composite.md	Composite
37	On payment of claim, the individual fidelity guarantee policy-	{ "1": "Can be reinstated on payment of pro-rata premium", "2": "Stands cancelled", "3": "Automatically terminates", "4": "Continues till the end of the policy period" }	3	IC- 38 -WA-Eng-Composite.md	Composite
38	Arbitrators appoint ________________who presides the meeting.	{ "1": "A President", "2": "A Chairman", "3": "An Umpire", "4": "A Judge" }	3	IC- 38 -WA-Eng-Composite.md	Composite
39	Dispute relating to question of liability are to be settled through __________________.	{ "1": "Arbitration", "2": "Communication", "3": "Litigation", "4": "Understanding" }	3	IC- 38 -WA-Eng-Composite.md	Composite
40	You are an insurance agent. Mr. Mahesh has approached you as a customer to buy some insurance. You hear from friends that Mr. Mahesh is involved in sale of pirated goods and all the resultant cash is invested in buying life insurance. What should you do?	{ "1": "Concentrate on completing the sale and securing commission", "2": "Report suspicious transaction along with all the information you have about Mr. Mahesh", "3": "Blackmail Mr. Mahesh and try to get some monetary benefits out of him", "4": "Keep mum about the transaction" }	2	IC- 38 -WA-Eng-Composite.md	Composite
41	Important information that a prospectus discloses includes: I. Any incentives to reward policyholders for early entry II. Any incentives to reward policyholders for continued renewals III. Any incentives to reward policyholders for favourable claims experience	{ "1": "Only I", "2": "I and II", "3": "II and III", "4": "I, II and III" }	1	IC- 38 -WA-Eng-Composite.md	Composite
42	If Complex Language is used to word a Certain Policy- Document, and it has given Rise to an Ambiguity, How Will it generally be construed?	{ "1": "In Favour of the Insured. ", "2": "In Favour of the Insurer. ", "3": "The Policy will be declared as Void, and the Insurer will be asked to Return the Premium, With Interest, to the Insured. ", "4": "The Policy will be declared as Void, and the Insurer will be asked to Return the Premium, to the Insured, Without Any Interest. " }	1	IC- 38 -WA-Eng-Composite.md	Composite
43	Which of the Following, isNota Part of a Standard Policy- Document?	{ "1": "Policy Schedule", "2": "Standard Provisions", "3": "Policy-Specific Provisions", "4": "Policy Forfeiture Provisions" }	4	IC- 38 -WA-Eng-Composite.md	Composite
44	Gives us, an Example of a Standard Policy-Provision.	{ "1": "A Clause, Precluding the Death Due to Pregnancy, for a Lady, Who is Expecting at the Time of Writing the Contract. ", "2": "Suicide Clause", "3": "A Clause, Precluding Certain Illnesses. ", "4": "A Clause, Granting Certain Privileges to the Policy-Holder. " }	2	IC- 38 -WA-Eng-Composite.md	Composite
45	Which of the below statement/statements is/are true with regard to a proposal form? A) The proposal form can be filled in by the proposer in written or electronic format. B) The proposal form contains the details of imsurance cover, warranties, terms and conditions. C) The insurer can decide whether to accept or reject the proposal for insurance based on the information in proposal form.	{ "1": "A & B", "2": "A & C", "3": "Only C", "4": "All of them" }	2	IC- 38 -WA-Eng-Composite.md	Composite
46	Declaration of the proposer in the proposal form converts _____________________________of Utmost Good Faith to __________________________ of Utmost Good Faith.	{ "1": "Legal Duty, Common Law Principle", "2": "Contractual Duty, Common Law Principle", "3": "Common Law Principle, Contractual Duty", "4": "Common Law Principle, Legal Duty" }	3	IC- 38 -WA-Eng-Composite.md	Composite
47	Which of the following is not a contributor towards Customer Lifetime value	{ "1": "Historical", "2": "Present", "3": "Potential", "4": "Speculated" }	4	IC- 38 -WA-Eng-Composite.md	Composite
48	Which of the following is NOT an example of non verbal communication?	{ "1": "Signaling okay with a hand gesture", "2": "Gesturing in an empty room", "3": "Wearing jewelry", "4": "Raising your voice" }	2	IC- 38 -WA-Eng-Composite.md	Composite
49	The ability to perform the promised service dependably and accurately, can be termed as _________	{ "1": "Tangible", "2": "Reliability", "3": "Assurance", "4": "Responsiveness" }	2	IC- 38 -WA-Eng-Composite.md	Composite
50	The knowledge, competence and courtesy of service providers and their ability to convey trust and confidence, can be termed as _________	{ "1": "Reliability", "2": "Assurance", "3": "Responsiveness", "4": "Tangible" }	2	IC- 38 -WA-Eng-Composite.md	Composite
51	Select the Correct Statement, with Regard to Grace- Period. Choose the Most Appropriate Option.	{ "1": "The Standard Length of the Grace-Period is 1 Month or 31 Days. ", "2": "The Standard Length of the Grace-Period is One Quarter. ", "3": "The Standard Length of the Grace-Period is One Week. ", "4": "The Standard Length of the Grace-Period is One Fort-Night. " }	1	IC- 38 -WA-Eng-Composite.md	Composite
52	Potential Value means-	{ "1": "The value of premiums that is arrived at by persuading the customer to buy additional products", "2": "Future premiums that may be expected to be received if existing business is retained", "3": "The value of premiums that could be derived by persuading the customer to buy additional products", "4": "Future premiums that is expected to be received if existing business is retained" }	3	IC- 38 -WA-Eng-Composite.md	Composite
53	Elements of Trust are A) Communication, B) Attraction, C) Belief, D) Presence	{ "1": "A & B", "2": "A, B & C", "3": "A, C & D", "4": "A, B & D" }	4	IC- 38 -WA-Eng-Composite.md	Composite
54	____________ is the most important step in sales process.	{ "1": "Interview", "2": "Prospecting", "3": "Handling objections", "4": "Closing the sale" }	2	IC- 38 -WA-Eng-Composite.md	Composite
55	An agent need not recommend insurance in certain situations. One of the situation can be-	{ "1": "Where the prospect is interested in reducing the cost of handling the risk. ", "2": "When the risk involved is non-insurable. ", "3": "Where the risk involved can be managed by means other than insurance. ", "4": "All of the above" }	3	IC- 38 -WA-Eng-Composite.md	Composite
56	When is a cover note issued to proposer?	{ "1": "When the underwriting process is complete and policy is issued", "2": "When the negotiations for insurance are in progress and policy document is prepared", "3": "When the underwriting process is complete and policy not is issued", "4": "When the negotiations for insurance are in progress and policy document is issued" }	3	IC- 38 -WA-Eng-Composite.md	Composite
57	During which period, insurance policy can be returned and refund of premium obtained?	{ "1": "Coverage period", "2": "Free Look Period", "3": "Waiting Period", "4": "Grace Period" }	2	IC- 38 -WA-Eng-Composite.md	Composite
58	If the policy is being purchased electronically, it is agent's duty to-	{ "1": "Help the customer to open e-Insutance Account through registered insurance repository", "2": "Help the customer to register for e- Insurance Policy with OTP through registered insurance repository", "3": "Help the customer to open e-vault for Insurance Policy through registered insurance repository", "4": "Help the customer to generate e- Insurance Policy through registered insurance repository" }	1	IC- 38 -WA-Eng-Composite.md	Composite
59	The customer has choice to continue with same insurer or to switch to another insurance company in following kind of policies:	{ "1": "Term Insurance Policy", "2": "Motor Third Party Policy", "3": "Endowment Policy", "4": "Unit Linked Insurance Policy" }	2	IC- 38 -WA-Eng-Composite.md	Composite
60	Consumer protection Act. comprises of_________ quasi- judicial machinery	{ "1": "One-tier", "2": "Three-tier", "3": "Two-tier", "4": "Four-tier" }	2	IC- 38 -WA-Eng-Composite.md	Composite
61	Which of the following statement is incorrect with regard to process of filing a complaint with a Consumer Court?	{ "1": "No one else other than the complainant himself / herself can file a complaint with the State or National Commission", "2": "There is no fee for filing a complaint with State Commission or National Commission", "3": "The complaint can be filed personally or can even be sent by post", "4": "No advocate is necessary for the purpose of filing a complaint" }	1	IC- 38 -WA-Eng-Composite.md	Composite
62	If a policyholder wishes to file a complaint against any insurance company directly with State Commission, then in which of the following cases can he / she do so?	{ "1": "Where the value of goods/services and compensation claimed is up to Rs 20 lakh", "2": "Where the value of goods/services and compensation claimed exceeds Rs. 20 lakh but does not exceed Rs. 100 lakh. ", "3": "Where the value of goods/services and compensation claimed exceeds Rs. 100 lakh. ", "4": "Where the value of goods/services and compensation claimed exceeds Rs. 10 crores" }	2	IC- 38 -WA-Eng-Composite.md	Composite
63	Which of the following statement is incorrect with regard to the State Commission?	{ "1": "This redressal authority has original, appellate and supervisory jurisdiction", "2": "It entertains appeals from the National Commission", "3": "It has original jurisdiction to entertain complaints where the value of goods/service and compensation, if any claimed exceeds Rs. 1Crore but does not exceed Rs. 10 Crore", "4": "No fees is charged to file a complaint with state commission" }	2	IC- 38 -WA-Eng-Composite.md	Composite
64	Which of the following rules is incorrect with regards to the Award that can be passed by the Ombudsman?	{ "1": "The Award should be more than Rs. 50 lakh", "2": "The Award should be made within a period of 3 months from the date of receipt of complaint", "3": "The insurer shall comply with the Award and send a written intimation to the Ombudsman within 15 days of the receipt of such acceptance letter", "4": "If the insured does not intimate in writing the acceptance of such Award, the insurer may not implement the Award" }	1	IC- 38 -WA-Eng-Composite.md	Composite
65	No one else in the insurance company has _____________ the client's problems as much as an agent does.	{ "1": "ownership of", "2": "responsibility towards", "3": "duty towards", "4": "role in resolving" }	1	IC- 38 -WA-Eng-Composite.md	Composite
66	In case where the complaint of a customer is not satisfatorily resolved, the complaint may be raised with-	{ "1": "Insurance Grievance Redressal Mechanism", "2": "Grievance Redressal Officer", "3": "Consumer Complaints Registration System", "4": "Integrated Grievance Management System" }	4	IC- 38 -WA-Eng-Composite.md	Composite
67	IGMS stands for-	{ "1": "Insurance Grievance Management System", "2": "Integrated Grievance Management System", "3": "IRDAI Grievance Management System", "4": "Initial Grievance Management System" }	2	IC- 38 -WA-Eng-Composite.md	Composite
68	Defect means-	{ "1": "Imperfection in the quality of product / service", "2": "deficiency in the nature of product / service", "3": "inadequacy in the manner of performance of the product", "4": "All of the above" }	4	IC- 38 -WA-Eng-Composite.md	Composite
69	Consumer dispute redressal agencies are not established at-	{ "1": "National level", "2": "District level", "3": "City level", "4": "State level" }	3	IC- 38 -WA-Eng-Composite.md	Composite
70	District Commission has the powers of ________________.	{ "1": "High Court", "2": "Supreme Court of India", "3": "Small Causes Court", "4": "Civil Court" }	4	IC- 38 -WA-Eng-Composite.md	Composite
71	Appeals against orders passed by State Consumer Disputes Redressal Commission are accepted for hearing at ______________.	{ "1": "High Court", "2": "State Commission", "3": "Civil Court", "4": "National Commission" }	4	IC- 38 -WA-Eng-Composite.md	Composite
72	Which Consumer dispute redressal agency is established by the Central Government?	{ "1": "State Commission", "2": "National Commission", "3": "District Commission", "4": "Both District & State Commission" }	2	IC- 38 -WA-Eng-Composite.md	Composite
73	A complaint can be filed with the Consumer Dispute Redressal Agencies by-	{ "1": "The advocate", "2": "The agent authorised by the consumer", "3": "The Consumer or his authorised agent", "4": "Only the consumer" }	3	IC- 38 -WA-Eng-Composite.md	Composite
74	The Ombudsman passes an award to insured within _________ from the date of receipt of all the requirements from the insured and insurer.	{ "1": "2 months", "2": "15 days", "3": "3 months", "4": "1 month" }	3	IC- 38 -WA-Eng-Composite.md	Composite
75	Lead Management System (LMS) refers to the Software implemented by the Web Aggregator for --------------------- -----------------------------------------leads from the enquiries received on the website of the Web Aggregator.	{ "1": "Recording, filtering & validating", "2": "Grading & Distribution", "3": "follow up & closure of", "4": "All of the above" }	4	IC- 38 -WA-Eng-Composite.md	Composite
76	Principal Officer of a Web Aggregator means	{ "1": "A director / partner, who is responsible for the activities of the Web Aggregator in the case of a body corporate", "2": "The chief executive officer appointed exclusively to carry out the functions of a Web Aggregator", "3": "Either A or B", "4": "Neither A nor B" }	3	IC- 38 -WA-Eng-Composite.md	Composite
77	For the grant of License / Renewal of license of the web aggregator, the applicant shall ensure the fulfilment of the following conditions except	{ "1": "The applicant is not engaged in any other business other than the Web Aggregation of Insurance Products. ", "2": "The applicant shall not be licensed / registered as an insurance agent, corporate agent, micro-insurance agent, TPA, surveyor, Loss assessor or any other Insurance Intermediary. ", "3": "The applicant shall have a referral arrangement with an Insurer", "4": "The applicant shall not be a related party of an insurer, insurance broker, corporate agent, micro-insurance agent, TPA, Surveyor or a loss assessor or other insurance intermediary at any time. " }	3	IC- 38 -WA-Eng-Composite.md	Composite
78	The Principal Officer of the Web Aggregator should have undergone --------- of training initially and --------- of renewal training	{ "1": "50 hours, 25 hours", "2": "75 hours, 25 hours", "3": "50 hours, 20 hours", "4": "40 hours, 20 hours" }	1	IC- 38 -WA-Eng-Composite.md	Composite
79	A license issued to a Web Aggregator shall be valid for a period of	{ "1": "One Year", "2": "Two Years", "3": "Three Years", "4": "Five Years" }	3	IC- 38 -WA-Eng-Composite.md	Composite
80	Compare the probability of a contingent event with regards to life and general insurance.	{ "1": "The probability of the event happening stays constant through time with regards to both life and general insurance", "2": "The probability of the event happening increases in case of general insurance and decreases in case of life insurance", "3": "The probability of the event happening increases in case of life insurance and decreases in case of general insurance", "4": "The probability of the event happening increases in case of life insurance and stays constant in case of general insurance over a period of time" }	4	IC- 38 -WA-Eng-Composite.md	Composite
81	Analyse the two statements below and determine the true one(s) Statement I: The contingent event occurs certainly in case of general insurance Statement II: The contingent event occurs certainly in case of life insurance	{ "1": "Only Statement I is true", "2": "Only Statement II is true", "3": "Statements I and II are true", "4": "Statements I and II are false" }	2	IC- 38 -WA-Eng-Composite.md	Composite
82	Suggest a class of insurance that will provide protection against loss of goodwill.	{ "1": "Life insurance", "2": "Property insurance", "3": "Liability insurance", "4": "Personal insurance" }	3	IC- 38 -WA-Eng-Composite.md	Composite
83	Analyse the Following Two Statements, and Determine the True One(s): Statement-I: The Contingent-Event occurs Certainly, in Case of General Insurance. Statement-II: The Contingent-Event occurs Certainly, in Case of Life Assurance.	{ "1": "Statement-I is True. ", "2": "Statement-II is True. ", "3": "Statement-I and Statement-II are True. ", "4": "Statement-I and Statement-II are False. " }	2	IC- 38 -WA-Eng-Composite.md	Composite
84	Explain: 'Risk-Tolerance'. Choose the Most Appropriate Option.	{ "1": "Types of Risks, One Can Take. ", "2": "Amount of Risk, One is Willing to Bear, while Investing. ", "3": "Instruments of Risk- Management. ", "4": "Period, for which, One is willing to risk His or Her Investments. " }	2	IC- 38 -WA-Eng-Composite.md	Composite
85	Which of the following insurances does not cover personal risks?	{ "1": "Life Insurance", "2": "Personal Accident Insurance", "3": "Fire Insurance", "4": "Motor Own Damage Insurance" }	3	IC- 38 -WA-Eng-Composite.md	Composite
86	In case of life insurance, the event of risk covered is:	{ "1": "Uncertain", "2": "Certain", "3": "Uncertain but the time occurance of event is certain", "4": "Certain but the time occurance of event is uncertain" }	4	IC- 38 -WA-Eng-Composite.md	Composite
87	In the policies where level premiums are charged -	{ "1": "Excess premiums for later years compensate for deficit premiums for earlier years", "2": "Excess premiums for earlier years compensate for deficit premiums for later years", "3": "Deficit premiums for earlier years compensate for excess premiums for later years", "4": "Deficit premiums for earlier years compensate for deficit premiums for later years" }	2	IC- 38 -WA-Eng-Composite.md	Composite
88	Life insurance contratcs are often compared with financial products as they involve -	{ "1": "Both risk cover and savings", "2": "Risk cover against the untimely death", "3": "Risk cover and financial benefits", "4": "Risk cover and bonuses" }	1	IC- 38 -WA-Eng-Composite.md	Composite
89	Many life insurance products have _______________________ which can form a significant part of an individual's savings.	{ "1": "Low cash value", "2": "Saving component", "3": "Risk premium", "4": "Savings premium" }	2	IC- 38 -WA-Eng-Composite.md	Composite
90	The traditional cash value life insurance contratcs are safe and secured investment offering a minimum guaranteed rate of return which _____________________________________.	{ "1": "May increase with the contract duraion. ", "2": "May decrease with the contract duration. ", "3": "May increase with the age of the insured. ", "4": "May decrease with the age of the insured. " }	1	IC- 38 -WA-Eng-Composite.md	Composite
91	Life insurance policy provides liquidity to the policyholder, which means that the policyholder can avail ________________ against the policy.	{ "1": "Cash", "2": "Loan", "3": "Surrender value", "4": "Any of them" }	4	IC- 38 -WA-Eng-Composite.md	Composite
92	An opinion about the traditional life insurance policies is that the guaranteed yield may be:	{ "1": "More that other financial products", "2": "Lower than other financial products", "3": "Equivalent to other financial products", "4": "Similar to other financial products" }	2	IC- 38 -WA-Eng-Composite.md	Composite
93	Assess the impact of inflation on your investment returns.	{ "1": "Inflation has no impact on the investment returns", "2": "Inflation has a positive impact on the investment returns", "3": "Inflation has a corroding impact on the investment returns", "4": "Inflation boosts investment returns" }	3	IC- 38 -WA-Eng-Composite.md	Composite
94	Identify the stage of life when an individual will appreciate his long term savings the most.	{ "1": "Childhood", "2": "Just married", "3": "Teen age", "4": "Post retirement" }	4	IC- 38 -WA-Eng-Composite.md	Composite
95	Describe the purpose of tax planning. Choose the most appropriate option.	{ "1": "Tax evasion", "2": "Planning your investments in a manner such that maximum Tax benefits become applicable", "3": "Provide for taxes", "4": "Pay tax on time" }	2	IC- 38 -WA-Eng-Composite.md	Composite
96	Explain risk tolerance. Choose the most appropriate option.	{ "1": "Types of risks one can take", "2": "Amount of risk one is willing to bear while investing", "3": "Instruments of risk management", "4": "Period for which one is willing to risk his investments" }	2	IC- 38 -WA-Eng-Composite.md	Composite
97	Identify a Insurance product that can be categorised under contingency products. Choose the most appropriate option.	{ "1": "Bank deposits", "2": "Shares", "3": "Bonds", "4": "Life Insurance" }	4	IC- 38 -WA-Eng-Composite.md	Composite
98	Amounts set aside from current consumption without being earmarked for any specific purposes is termed as	{ "1": "Current Consumption", "2": "Parting with Liquidity", "3": "Future Provision", "4": "Wealth Accumulation" }	3	IC- 38 -WA-Eng-Composite.md	Composite
99	When is the best time to start Financial Planning	{ "1": "Post Retirement", "2": "As soon as one gets his first salary", "3": "After marriage", "4": "Only after one gets rich" }	2	IC- 38 -WA-Eng-Composite.md	Composite
100	What is Financial Planning	{ "1": "Identifying one's life goals", "2": "Translating goals into financial goals", "3": "Managing one's finances", "4": "All of the above. " }	4	IC- 38 -WA-Eng-Composite.md	Composite

1

In the olden days, Chinese traders used to keep their goods in different boats while sailing through treacherous waters. Analyse why?

{ "1": "Chinese boats were small and they carried heavy goods", "2": "The Chinese Government mandated that goods should be distributed among multiple shipping companies so that there is equal distribution of business", "3": "Chinese traders placed their goods in multiple boats because it provided insurance against total loss", "4": "Chinese traders placed their goods in multiple boats because it was cheap" }

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2

What is the cost of risk directly proportional to?

{ "1": "Probability and impact of the loss", "2": "Impact of the loss alone", "3": "Probability of loss and object of insurance", "4": "Impact of loss and the object of insurance" }

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3

Which of the below statement is incorrect?

{ "1": "Under mutuality, the funds of various individuals are combined", "2": "Mutuality is also known as pooling", "3": "Under mutuality we have funds flow from one source to many", "4": "Mutuality provides protection against the economic loss arising as a result of one’s untimely death. This loss is shouldered and addressed through having a fund that pools the contributions of many who have entered into the life insurance contract" }

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4

The earliest type of modern insurance was in the form of protection by business guilds or societies in Europe especially _________ in the 14th century.

{ "1": "Spain", "2": "France", "3": "Germany", "4": "Italy" }

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5

In terms of Breach of Utmost Good Faith, which of the following is not correct

{ "1": "Concealment is Intentional Non- Disclosure", "2": "Concealment is Innocent Non-Disclosure", "3": "Fraudulence is Intentional Misrepresentation", "4": "Hiding existence of a disease is intentional Non-Disclosure" }

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6

Life Insurance Corporation of India(LIC) was set up under which of the following acts?

{ "1": "Life Insurance Corporation Act, 1956", "2": "The Insurance Act, 1938", "3": "Life Insurance Companies Act, 1912", "4": "Indian Insurance Companies Act, 1928" }

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7

Which of the following social security scheme is a Health Insurance plan?

{ "1": "PMVVY", "2": "PMFBY", "3": "PMJAY", "4": "PMSBY" }

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8

Explain difference between peril and hazard.

{ "1": "Peril is the cause of loss and hazard is the consequence of that loss", "2": "Peril is the direct cause of loss while hazard increases/decreases the probability of loss", "3": "Hazard is the direct cause of loss while peril increases/decreases the probability of loss", "4": "Peril is probability of loss while hazard is related to impact of loss" }

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9

The IRDA was established in the year __________ under the IRDA Act, 1999.

{ "1": "1999", "2": "2000", "3": "2002", "4": "2003" }

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10

Losses caused by an earthquake are ______

{ "1": "Critical", "2": "Collaborative", "3": "Corollary", "4": "Common" }

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11

Who is protected under the In-Contestability Clause included under a Life Assurance Policy?

{ "1": "Insurer", "2": "Insured", "3": "Insurance Agent", "4": "Insurance Broker" }

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12

Who among the Following, is Likely to be Exposed to Accidental Hazard, in His or Her Occupation? Choose the Most Appropriate Option.

{ "1": "Medical-Professional", "2": "Tourist-Guide", "3": "Demolition-Experts", "4": "Marketing-Executive, Who is regularly on the Field. " }

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13

Who among the Following, is Likely to be Exposed to Health-Hazard, in His or Her Occupation?

{ "1": "Yoga-Instructor", "2": "Film-Stunt-Artist", "3": "Dancer in a Night-Club", "4": "Person, Exposed to Mining Dust" }

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14

Why Do, Insurers need Material Information?

{ "1": "For Documentation Purposes. ", "2": "Decide on the Risk- Acceptance, and the Terms and Conditions, Associated. ", "3": "To Comply with the Regulatory Requirements. ", "4": "To Improve the Customer-Service. " }

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15

Compare: Gambling and Insurance.

{ "1": "Gambling and Insurance, Both, are the Same. ", "2": "Gambling has No Insurable Interest involved, but Insurance does have. ", "3": "Insurance has Only Profitable Outcomes, while, Gambling could result in Losses. ", "4": "Gambling is Legally Enforceable, but, Insurance is Not. " }

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16

Select a Scenario, that showcases the Principle of Uberrima Fides.

{ "1": "Timely Payment of Premium. ", "2": "Disclosing All Material Information on the Insurance Proposal- Form. ", "3": "Faking All Material Information on the Insurance Proposal- Form. ", "4": "Disclosing All Irrelevant Information on the Insurance Proposal- Form. " }

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17

Label the Interest, that the Insured has, in the Subject-Matter of Life Assurance. Choose the Most Appropriate Option.

{ "1": "Speculative Interest", "2": "Wager Interest", "3": "Insurable Interest", "4": "Indemnity Interest" }

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18

Which priciple of insurance implies if the same property is insured with more than one insurance company

{ "1": "Contribution", "2": "Uberrima fides", "3": "Subrogation", "4": "Proximate cause" }

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19

____________________is a corollary principle of Indemnity

{ "1": "Insurable Interest", "2": "Uberrima fides", "3": "Subrogation", "4": "Proximate cause" }

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20

Examine the conditions mentioned below and tell us which is not a valid condition for returning a policy during the free look period. I: Option must be exercised within 15 days of receiving the policy document II: Communication has to be in writing III: Communication can be verbal or written

{ "1": "I only", "2": "II only", "3": "III only", "4": "I and III" }

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21

Section 45 (Indisputability Clause) of Insurance Act, protects the Insured, from Rejection of Claim, by the Insurer; provided the Policy has completed --. Choose the Most Appropriate Option.

{ "1": "One Year", "2": "Three Years", "3": "Five Years", "4": "Seven Years" }

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22

As per the Suicide Clause, if the Life-Assured Dies, as a Result of Suicide, After 3 Years of the Issue of Policy, What Does the Beneficiary Receive as the Claim?

{ "1": "Nothing", "2": "Premium, Paid by the Life-Assured. ", "3": "(2 × Premium), Paid by the Life-Assured. ", "4": "Full Face-Amount of the Policy. " }

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23

What Does, First Premium Receipt (F. P. R. ), signify?

{ "1": "Free-Look Period has ended. ", "2": "It is the Evidence, that the Policy-Contract has begun. ", "3": "Policy cannot be cancelled, Now. ", "4": "Policy has acquired a Certain Cash-Value. " }

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24

Identify the Document, that evidences a Contract, between the Insurer and the Insured.

{ "1": "Proposal-Form", "2": "Claim-Form", "3": "Nomination-Form", "4": "Policy-Document" }

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25

Expections stated under Section 59 of the Insurance Rules 1939 for advance payment of premium.

{ "1": "No risk to be assumed unless premium is received in advance", "2": "Insurance cannot be sold on credit basis in India", "3": "Accepting premiums in instalment in respect of Sickness Insurance, Group Personal Accident Insurance, Medical Benefits Insurance and Hospitalisation Insurance Schemes subject to certain conditions", "4": "None of the above" }

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26

Which One of the Following Statements, isIn-Correct, with Regard to Numerical Rating Method of Underwriting?

{ "1": "Under this Method, Underwriters assign the Positive Rating-Points for All Negative or Adverse Factors. ", "2": "Under this Method, Underwriters assign the Positive Points for Any Positive or Favourable Factors. ", "3": "Under this Method, the Total Number of Points, so assigned, will decide How Much Extra- Mortality-Rating (E. M. R. ), it has been given. ", "4": "Under this Method, if the Extra-Mortality- Rating (E. M. R. ) is Very High, Insurance may even be declined. " }

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27

Which One of the Following Statements, isIn-Correct, with Regard to Judgement Method of Underwriting?

{ "1": "Under this Method, Subjective Judgement is used. ", "2": "This Method is especially used in Case of Complex Cases. ", "3": "In this Method, the Company may seek Expert Opinion of Medical Doctor. ", "4": "In this Method, the Underwriter assign Positive or Negative Rating-Points to the Adverse Factors. " }

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28

Mr. Vimal is a 32-Years' Old, Healthy, Non-Smoker, Teetotaller Individual; Who applies for Life Assurance from ABC Limited Insurance Company. Which One of the Following Statements, will Hold True, with Regard to Risk- Acceptance by the Insurance Company?

{ "1": "Risk will be Accepted at Ordinary Rates. ", "2": "Risk will be Accepted With an Extra, Over the Tabular Rate of Premium. ", "3": "Risk will be Accepted, With a Lien on Sum- Assured. ", "4": "Risk will be Accepted, With a Restrictive Clause. " }

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29

If, Mr. Brijesh, a 40-Years' Old Individual, is perceived as a 'Sub-Standard Risk', by the Insurance Company, then, Which One of the Following Statements, will Hold True, with Regard to Risk-Acceptance by the Insurance Company?

{ "1": "Risk will be Accepted at Ordinary Rates. ", "2": "Risk will be Accepted at Lower Rates. ", "3": "Risk will be Accepted With an Extra, Over the Tabular Rate of Premium. ", "4": "Risk will be Declined. " }

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30

What is meant by 'Risk-Classification'? Choose the Most Appropriate Option.

{ "1": "The Process, in which, Individual Lives are Categorised and Assigned to Different Risk-Classes, Depending on the Degree of Risks, they Pose. ", "2": "The Tendency of People, Who suspect or know that, their Chance of Experiencing a Loss is High, to seek-out the Insurance, Eagerly; and to gain in the Process. ", "3": "The Process of Evaluating Each Proposal for Life- Assurance in Terms of the Degree of Risk, it represents; and then Deciding: Whether or Not to Grant the Insurance, and on What Terms. ", "4": "The Process, in which, the Applicants, Who are Exposed to Similar Degrees of Risk, are Placed in the Same Premium- Class. " }

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31

Mr. Nimesh bought a 20-Years' Unit-Linked Insurance Plan (U. L. I. P. ). In the Event: Mr. Nimesh dies, Within the Policy-Term, Which of the Following, will be paid?

{ "1": "Surrender-Value will be paid. ", "2": "Premiums paid will be Returned, After Deducting the Dues. ", "3": "Lower of Sum-Assured or Fund-Value, will be paid. ", "4": "Higher of Sum-Assured or Fund-Value, will be paid. " }

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32

In Case of Presumption of Death of Life-Assured, Which One of the Following Documents, needs to be submitted, by the Nominee?

{ "1": "Death-Certificate from Municipal Corporation. ", "2": "Decree from a Competent Court. ", "3": "Employer's Certificate", "4": "Inquest-Report" }

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33

Mr. Brijesh purchased a 20-Years' Unit-Linked Insurance- Plan (U. L. I. P. ), from ABC Insurance Company. If Mr. Brijesh Dies, Before the Maturity of the Policy, then Insurance Company will have to pay --.

{ "1": "Surrender-Value", "2": "Premiums, After Deducting the Dues. ", "3": "Lower of Sum-Assured or Fund-Value. ", "4": "Higher of Sum-Assured or Fund-Value. " }

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34

Which One of the Following Claims, can be Payable, Only to the Assignee or Nominee?

{ "1": "Death-Claim", "2": "Maturity-Claim", "3": "Survival-Benefit", "4": "Surrender-Value" }

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35

Which One of the Following Documents, needs to be submitted, by the Nominee, in the Event of Natural Death of the Life-Assured? Choose the Most Appropriate Option.

{ "1": "Inquest Report", "2": "Death-Certificate", "3": "Post-Mortem Report", "4": "First Information Report (F. I. R. )" }

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36

On payment of claim, the life insurance policy-

{ "1": "Can be reinstated on payment of pro-rata premium", "2": "Stands cancelled", "3": "Automatically terminates", "4": "Continues till the end of the policy period" }

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37

On payment of claim, the individual fidelity guarantee policy-

{ "1": "Can be reinstated on payment of pro-rata premium", "2": "Stands cancelled", "3": "Automatically terminates", "4": "Continues till the end of the policy period" }

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38

Arbitrators appoint ________________who presides the meeting.

{ "1": "A President", "2": "A Chairman", "3": "An Umpire", "4": "A Judge" }

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39

Dispute relating to question of liability are to be settled through __________________.

{ "1": "Arbitration", "2": "Communication", "3": "Litigation", "4": "Understanding" }

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40

You are an insurance agent. Mr. Mahesh has approached you as a customer to buy some insurance. You hear from friends that Mr. Mahesh is involved in sale of pirated goods and all the resultant cash is invested in buying life insurance. What should you do?

{ "1": "Concentrate on completing the sale and securing commission", "2": "Report suspicious transaction along with all the information you have about Mr. Mahesh", "3": "Blackmail Mr. Mahesh and try to get some monetary benefits out of him", "4": "Keep mum about the transaction" }

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41

Important information that a prospectus discloses includes: I. Any incentives to reward policyholders for early entry II. Any incentives to reward policyholders for continued renewals III. Any incentives to reward policyholders for favourable claims experience

{ "1": "Only I", "2": "I and II", "3": "II and III", "4": "I, II and III" }

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42

If Complex Language is used to word a Certain Policy- Document, and it has given Rise to an Ambiguity, How Will it generally be construed?

{ "1": "In Favour of the Insured. ", "2": "In Favour of the Insurer. ", "3": "The Policy will be declared as Void, and the Insurer will be asked to Return the Premium, With Interest, to the Insured. ", "4": "The Policy will be declared as Void, and the Insurer will be asked to Return the Premium, to the Insured, Without Any Interest. " }

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43

Which of the Following, isNota Part of a Standard Policy- Document?

{ "1": "Policy Schedule", "2": "Standard Provisions", "3": "Policy-Specific Provisions", "4": "Policy Forfeiture Provisions" }

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44

Gives us, an Example of a Standard Policy-Provision.

{ "1": "A Clause, Precluding the Death Due to Pregnancy, for a Lady, Who is Expecting at the Time of Writing the Contract. ", "2": "Suicide Clause", "3": "A Clause, Precluding Certain Illnesses. ", "4": "A Clause, Granting Certain Privileges to the Policy-Holder. " }

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45

Which of the below statement/statements is/are true with regard to a proposal form? A) The proposal form can be filled in by the proposer in written or electronic format. B) The proposal form contains the details of imsurance cover, warranties, terms and conditions. C) The insurer can decide whether to accept or reject the proposal for insurance based on the information in proposal form.

{ "1": "A & B", "2": "A & C", "3": "Only C", "4": "All of them" }

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46

Declaration of the proposer in the proposal form converts _____________________________of Utmost Good Faith to __________________________ of Utmost Good Faith.

{ "1": "Legal Duty, Common Law Principle", "2": "Contractual Duty, Common Law Principle", "3": "Common Law Principle, Contractual Duty", "4": "Common Law Principle, Legal Duty" }

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47

Which of the following is not a contributor towards Customer Lifetime value

{ "1": "Historical", "2": "Present", "3": "Potential", "4": "Speculated" }

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48

Which of the following is NOT an example of non verbal communication?

{ "1": "Signaling okay with a hand gesture", "2": "Gesturing in an empty room", "3": "Wearing jewelry", "4": "Raising your voice" }

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49

The ability to perform the promised service dependably and accurately, can be termed as _________

{ "1": "Tangible", "2": "Reliability", "3": "Assurance", "4": "Responsiveness" }

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50

The knowledge, competence and courtesy of service providers and their ability to convey trust and confidence, can be termed as _________

{ "1": "Reliability", "2": "Assurance", "3": "Responsiveness", "4": "Tangible" }

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51

Select the Correct Statement, with Regard to Grace- Period. Choose the Most Appropriate Option.

{ "1": "The Standard Length of the Grace-Period is 1 Month or 31 Days. ", "2": "The Standard Length of the Grace-Period is One Quarter. ", "3": "The Standard Length of the Grace-Period is One Week. ", "4": "The Standard Length of the Grace-Period is One Fort-Night. " }

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52

Potential Value means-

{ "1": "The value of premiums that is arrived at by persuading the customer to buy additional products", "2": "Future premiums that may be expected to be received if existing business is retained", "3": "The value of premiums that could be derived by persuading the customer to buy additional products", "4": "Future premiums that is expected to be received if existing business is retained" }

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53

Elements of Trust are A) Communication, B) Attraction, C) Belief, D) Presence

{ "1": "A & B", "2": "A, B & C", "3": "A, C & D", "4": "A, B & D" }

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54

____________ is the most important step in sales process.

{ "1": "Interview", "2": "Prospecting", "3": "Handling objections", "4": "Closing the sale" }

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55

An agent need not recommend insurance in certain situations. One of the situation can be-

{ "1": "Where the prospect is interested in reducing the cost of handling the risk. ", "2": "When the risk involved is non-insurable. ", "3": "Where the risk involved can be managed by means other than insurance. ", "4": "All of the above" }

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56

When is a cover note issued to proposer?

{ "1": "When the underwriting process is complete and policy is issued", "2": "When the negotiations for insurance are in progress and policy document is prepared", "3": "When the underwriting process is complete and policy not is issued", "4": "When the negotiations for insurance are in progress and policy document is issued" }

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57

During which period, insurance policy can be returned and refund of premium obtained?

{ "1": "Coverage period", "2": "Free Look Period", "3": "Waiting Period", "4": "Grace Period" }

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If the policy is being purchased electronically, it is agent's duty to-

{ "1": "Help the customer to open e-Insutance Account through registered insurance repository", "2": "Help the customer to register for e- Insurance Policy with OTP through registered insurance repository", "3": "Help the customer to open e-vault for Insurance Policy through registered insurance repository", "4": "Help the customer to generate e- Insurance Policy through registered insurance repository" }

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The customer has choice to continue with same insurer or to switch to another insurance company in following kind of policies:

{ "1": "Term Insurance Policy", "2": "Motor Third Party Policy", "3": "Endowment Policy", "4": "Unit Linked Insurance Policy" }

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Consumer protection Act. comprises of_________ quasi- judicial machinery

{ "1": "One-tier", "2": "Three-tier", "3": "Two-tier", "4": "Four-tier" }

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61

Which of the following statement is incorrect with regard to process of filing a complaint with a Consumer Court?

{ "1": "No one else other than the complainant himself / herself can file a complaint with the State or National Commission", "2": "There is no fee for filing a complaint with State Commission or National Commission", "3": "The complaint can be filed personally or can even be sent by post", "4": "No advocate is necessary for the purpose of filing a complaint" }

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If a policyholder wishes to file a complaint against any insurance company directly with State Commission, then in which of the following cases can he / she do so?

{ "1": "Where the value of goods/services and compensation claimed is up to Rs 20 lakh", "2": "Where the value of goods/services and compensation claimed exceeds Rs. 20 lakh but does not exceed Rs. 100 lakh. ", "3": "Where the value of goods/services and compensation claimed exceeds Rs. 100 lakh. ", "4": "Where the value of goods/services and compensation claimed exceeds Rs. 10 crores" }

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Which of the following statement is incorrect with regard to the State Commission?

{ "1": "This redressal authority has original, appellate and supervisory jurisdiction", "2": "It entertains appeals from the National Commission", "3": "It has original jurisdiction to entertain complaints where the value of goods/service and compensation, if any claimed exceeds Rs. 1Crore but does not exceed Rs. 10 Crore", "4": "No fees is charged to file a complaint with state commission" }

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Which of the following rules is incorrect with regards to the Award that can be passed by the Ombudsman?

{ "1": "The Award should be more than Rs. 50 lakh", "2": "The Award should be made within a period of 3 months from the date of receipt of complaint", "3": "The insurer shall comply with the Award and send a written intimation to the Ombudsman within 15 days of the receipt of such acceptance letter", "4": "If the insured does not intimate in writing the acceptance of such Award, the insurer may not implement the Award" }

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No one else in the insurance company has _____________ the client's problems as much as an agent does.

{ "1": "ownership of", "2": "responsibility towards", "3": "duty towards", "4": "role in resolving" }

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In case where the complaint of a customer is not satisfatorily resolved, the complaint may be raised with-

{ "1": "Insurance Grievance Redressal Mechanism", "2": "Grievance Redressal Officer", "3": "Consumer Complaints Registration System", "4": "Integrated Grievance Management System" }

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IGMS stands for-

{ "1": "Insurance Grievance Management System", "2": "Integrated Grievance Management System", "3": "IRDAI Grievance Management System", "4": "Initial Grievance Management System" }

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Defect means-

{ "1": "Imperfection in the quality of product / service", "2": "deficiency in the nature of product / service", "3": "inadequacy in the manner of performance of the product", "4": "All of the above" }

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Consumer dispute redressal agencies are not established at-

{ "1": "National level", "2": "District level", "3": "City level", "4": "State level" }

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District Commission has the powers of ________________.

{ "1": "High Court", "2": "Supreme Court of India", "3": "Small Causes Court", "4": "Civil Court" }

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Appeals against orders passed by State Consumer Disputes Redressal Commission are accepted for hearing at ______________.

{ "1": "High Court", "2": "State Commission", "3": "Civil Court", "4": "National Commission" }

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Which Consumer dispute redressal agency is established by the Central Government?

{ "1": "State Commission", "2": "National Commission", "3": "District Commission", "4": "Both District & State Commission" }

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A complaint can be filed with the Consumer Dispute Redressal Agencies by-

{ "1": "The advocate", "2": "The agent authorised by the consumer", "3": "The Consumer or his authorised agent", "4": "Only the consumer" }

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The Ombudsman passes an award to insured within _________ from the date of receipt of all the requirements from the insured and insurer.

{ "1": "2 months", "2": "15 days", "3": "3 months", "4": "1 month" }

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Lead Management System (LMS) refers to the Software implemented by the Web Aggregator for --------------------- -----------------------------------------leads from the enquiries received on the website of the Web Aggregator.

{ "1": "Recording, filtering & validating", "2": "Grading & Distribution", "3": "follow up & closure of", "4": "All of the above" }

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Principal Officer of a Web Aggregator means

{ "1": "A director / partner, who is responsible for the activities of the Web Aggregator in the case of a body corporate", "2": "The chief executive officer appointed exclusively to carry out the functions of a Web Aggregator", "3": "Either A or B", "4": "Neither A nor B" }

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For the grant of License / Renewal of license of the web aggregator, the applicant shall ensure the fulfilment of the following conditions except

{ "1": "The applicant is not engaged in any other business other than the Web Aggregation of Insurance Products. ", "2": "The applicant shall not be licensed / registered as an insurance agent, corporate agent, micro-insurance agent, TPA, surveyor, Loss assessor or any other Insurance Intermediary. ", "3": "The applicant shall have a referral arrangement with an Insurer", "4": "The applicant shall not be a related party of an insurer, insurance broker, corporate agent, micro-insurance agent, TPA, Surveyor or a loss assessor or other insurance intermediary at any time. " }

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The Principal Officer of the Web Aggregator should have undergone --------- of training initially and --------- of renewal training

{ "1": "50 hours, 25 hours", "2": "75 hours, 25 hours", "3": "50 hours, 20 hours", "4": "40 hours, 20 hours" }

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A license issued to a Web Aggregator shall be valid for a period of

{ "1": "One Year", "2": "Two Years", "3": "Three Years", "4": "Five Years" }

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80

Compare the probability of a contingent event with regards to life and general insurance.

{ "1": "The probability of the event happening stays constant through time with regards to both life and general insurance", "2": "The probability of the event happening increases in case of general insurance and decreases in case of life insurance", "3": "The probability of the event happening increases in case of life insurance and decreases in case of general insurance", "4": "The probability of the event happening increases in case of life insurance and stays constant in case of general insurance over a period of time" }

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Analyse the two statements below and determine the true one(s) Statement I: The contingent event occurs certainly in case of general insurance Statement II: The contingent event occurs certainly in case of life insurance

{ "1": "Only Statement I is true", "2": "Only Statement II is true", "3": "Statements I and II are true", "4": "Statements I and II are false" }

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82

Suggest a class of insurance that will provide protection against loss of goodwill.

{ "1": "Life insurance", "2": "Property insurance", "3": "Liability insurance", "4": "Personal insurance" }

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Analyse the Following Two Statements, and Determine the True One(s): Statement-I: The Contingent-Event occurs Certainly, in Case of General Insurance. Statement-II: The Contingent-Event occurs Certainly, in Case of Life Assurance.

{ "1": "Statement-I is True. ", "2": "Statement-II is True. ", "3": "Statement-I and Statement-II are True. ", "4": "Statement-I and Statement-II are False. " }

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84

Explain: 'Risk-Tolerance'. Choose the Most Appropriate Option.

{ "1": "Types of Risks, One Can Take. ", "2": "Amount of Risk, One is Willing to Bear, while Investing. ", "3": "Instruments of Risk- Management. ", "4": "Period, for which, One is willing to risk His or Her Investments. " }

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Which of the following insurances does not cover personal risks?

{ "1": "Life Insurance", "2": "Personal Accident Insurance", "3": "Fire Insurance", "4": "Motor Own Damage Insurance" }

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In case of life insurance, the event of risk covered is:

{ "1": "Uncertain", "2": "Certain", "3": "Uncertain but the time occurance of event is certain", "4": "Certain but the time occurance of event is uncertain" }

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In the policies where level premiums are charged -

{ "1": "Excess premiums for later years compensate for deficit premiums for earlier years", "2": "Excess premiums for earlier years compensate for deficit premiums for later years", "3": "Deficit premiums for earlier years compensate for excess premiums for later years", "4": "Deficit premiums for earlier years compensate for deficit premiums for later years" }

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Life insurance contratcs are often compared with financial products as they involve -

{ "1": "Both risk cover and savings", "2": "Risk cover against the untimely death", "3": "Risk cover and financial benefits", "4": "Risk cover and bonuses" }

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Many life insurance products have _______________________ which can form a significant part of an individual's savings.

{ "1": "Low cash value", "2": "Saving component", "3": "Risk premium", "4": "Savings premium" }

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The traditional cash value life insurance contratcs are safe and secured investment offering a minimum guaranteed rate of return which _____________________________________.

{ "1": "May increase with the contract duraion. ", "2": "May decrease with the contract duration. ", "3": "May increase with the age of the insured. ", "4": "May decrease with the age of the insured. " }

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Life insurance policy provides liquidity to the policyholder, which means that the policyholder can avail ________________ against the policy.

{ "1": "Cash", "2": "Loan", "3": "Surrender value", "4": "Any of them" }

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92

An opinion about the traditional life insurance policies is that the guaranteed yield may be:

{ "1": "More that other financial products", "2": "Lower than other financial products", "3": "Equivalent to other financial products", "4": "Similar to other financial products" }

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93

Assess the impact of inflation on your investment returns.

{ "1": "Inflation has no impact on the investment returns", "2": "Inflation has a positive impact on the investment returns", "3": "Inflation has a corroding impact on the investment returns", "4": "Inflation boosts investment returns" }

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Identify the stage of life when an individual will appreciate his long term savings the most.

{ "1": "Childhood", "2": "Just married", "3": "Teen age", "4": "Post retirement" }

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Describe the purpose of tax planning. Choose the most appropriate option.

{ "1": "Tax evasion", "2": "Planning your investments in a manner such that maximum Tax benefits become applicable", "3": "Provide for taxes", "4": "Pay tax on time" }

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96

Explain risk tolerance. Choose the most appropriate option.

{ "1": "Types of risks one can take", "2": "Amount of risk one is willing to bear while investing", "3": "Instruments of risk management", "4": "Period for which one is willing to risk his investments" }

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Identify a Insurance product that can be categorised under contingency products. Choose the most appropriate option.

{ "1": "Bank deposits", "2": "Shares", "3": "Bonds", "4": "Life Insurance" }

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Amounts set aside from current consumption without being earmarked for any specific purposes is termed as

{ "1": "Current Consumption", "2": "Parting with Liquidity", "3": "Future Provision", "4": "Wealth Accumulation" }

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When is the best time to start Financial Planning

{ "1": "Post Retirement", "2": "As soon as one gets his first salary", "3": "After marriage", "4": "Only after one gets rich" }

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What is Financial Planning

{ "1": "Identifying one's life goals", "2": "Translating goals into financial goals", "3": "Managing one's finances", "4": "All of the above. " }

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