1. Prospectus is a document which is …… A. basis of the contract B. Contract C. Evidence of contract D. providing details about product .
2. Which is not provided in a Prospectus? A. Terms & conditions B. Scope of benefits C. Documents required for claim. D. Entitlements.
3. Which of the following defines a proposal form? A. IRDA Act, 1999 B. IRDA (Licensing of Agents) Regulations, 2000 C. Insurance Act, 1938 D. IRDA (Protection of Policyholders’ interests) Regulations, 2002 .
4. IRDA has prescribed the design and content of a proposal form through – A. IRDA (Licensing of Agents) Regulations, 2000 B. IRDA (Protection of Policyholders’ interests) Regulations, 2002 C. IRDA (Standard Proposal Form for insurance) Regulations, 2013 D. All the above.
5. Who is the primary underwriter? A. Insurer B. Insured C. Proposer D. Agent.
6. Which of the following information is not contained in a Medical Examiner’s Report? A. Previous policy particulars B. Height, weight, BP of the proponent C. Both A and B D. Neither A nor B.
7. When medical report of the life insured is essential? A. Sum proposed or age is high B. Medical characteristics of the proposer C. Both A and B D. Neither A nor B.
8. What does moral hazard indicate? A. The possibility that client would undertake dangerous expeditions after taking a policy B. The possibility of ending own life or the life of another C.Both the above instances D.NOTA .
9. Moral Hazard Report is completed by …………. A. Official of the Company B. Agent C. Medical Examiner D. Proposer .
10. To ascertain which of the following Age proof is not required A. Assessment of Risk profile B. Premium paying capacity C. Fixing the premium D. All the above.
11. Which is a not a standard age proof? A. PAN card B. Baptism Certificate C. Service Register D. Ration card.
12. Which is a standard age proof? A. Horoscope B. Ration card C. PAN card D. Self declaration.
13. The term Money Laundering would mean – A. Process of hiding the origin of the money B. Turning illegal money into legal money C. Bringing illegal money into economy D. All of the above.
14. As per PML Act, 2002, which came into effect from 2005 money laundering is punishable by A. Rigorous imprisonment for 3 - 7 years B. Fine of Rs.5 lakhs C. None D. Both A or B.
15. AML programme of an ins. co. to include – A. Internal policies and controls B. Appointment of a Principal Compliance Officer C. Internal Audit/control D. All the above .
16. What are the KYC documents? A. Photo B. Address proof C. Proof of Identify D. All the above.
17. Objective of KYC guidelines is to prevent – A. Identity theft B. Financial fraud C. Money laundering D. All the above.
18. The free look period available to cancel a policy is – A.15 days B. 30 days C. 45 days D. 60 days.
19. When free look period under a policy would commence? A. Date of commencement B. Date of receipt of policy bond C. Date of FPR D. Any time.
20. Which is evidence of commencement of contract/risk cover? A. Policy document B. Prospectus C. Proposal form D. FPR .
21. Which is a Premium receipt? A. First Premium Receipt B. Renewal Premium Receipt C. Both D. NOTA .
22. Which will act as a proof of premium payment should any dispute arise as to premium payment? A. F.P.R. B. R.P.R. C. Proposal form D. Policy document.
23. Which is evidence of contract? A. Policy document B. Prospectus C. Proposal form D. FPR.
24. What are the parts of a policy bond? A.Policy schedule B. Standard provisions C. Specific provisions D. All the above.
25. Which of the following information is not found in the Policy Schedule? A. Plan and Term B. Sum insured C. Rights/Privileges D. Policy No.
26. Standard provisions of a policy contains which of the following information? A.Rights/Privileges B. Sum insured C. Table and Term D. Policy No.
27. Specific policy provisions may contain A. Plan and Term B. Clause C. Rights/Privileges D. Policy No.
28. ‘Clause’ under a life insurance policy means – A. Risk not covered B. Risk covered C. Surrender D. Loan facility.
29. What is the standard length of a grace period under a life insurance policy? A. One month not more than 30 days B. One month not less than 31 days C. One month not more than 31 days D. One month not less than 30 days .
30. When a policy is said to lapse? A. If premiums are paid within grace period B. If premiums are paid after grace period C. If premiums are not paid after grace period D. If premiums are not paid within grace period .
31. If the policyholder dies within grace period – A. Claim will be rejected B. Claim will be paid subject to policy conditions C. Claim is payable after deducting the prem. D. None of the above .
32. Revival of a life insurance policy means – A. Forcing a policy into lapse B. Reinstating a lapsed policy C. Not paying the premiums D. Non-settlement of claim monies .
33. Revival of a policy is not a ……… right of the insured. A. Conditional B. Unconditional C. Legal D. Fundamental.
34. Revival would be subject to – A. No increase in risk cover B. Creation of reserve C. Satisfactory evidence of insurability D. All the above .
35. Satisfactory evidence of insurability would mean – A. Satisfactory premium payment B. Satisfactory evidence of health C. Satisfactory proposal form D.Satisfactory terms and conditions.
36. If a policy is lapsed for a very short period of time only, what would be the requirement:- A. Medical Report B. Medical Underwriting C. Certificate of good health D. None .
38. It would be advantageous to Revive a lapsed policy rather than taking a new policy. Most apt reason is A. Fresh conditions may be imposed under a new policy B. Policyholder may not get the same policy benefits. C. That policy may longer be available for sale D. Premium under a new policy would be more based on his latest age. .
39. What is the way to revival a lapsed policy of life insurance? A. Ordinary revival B. Special Revival C. Instalment revival D. Any of the above.
37. When a medical report would be called at the time of revival? A. When the policy is in a lapsed condition for a long period B. If health problem is present C. If the sum assured is high D. All the above .
40. Which is the simplest form of revival? A. Ordinary revival B. Special Revival C.Instalment revival D. Any of the above.
41. Under special revival which is correct? A. It is as though a new policy is issued by altering DOC B. The maturity date also gets altered C. Difference between old and new premium is payable. D. All the above. .
42. What is the condition for special revival? A. The policy should have loan value B. The policy must not have acquired surrender value. C. Either A or B . D. Neither A nor B.
43. A loan-cum revival would mean – A. Granting a loan B. Revival of the policy C. Both D. None.
44. Under the loan cum revival which of the following is correct? A.The policyholder would pay full arrears of premium with interest like ordinary revival. B.The loan granted would be used as a consideration amount and balance only payable C.Both are correct D. Both are wrong.
45. When instalment revival can be availed? A. When policyholder is unable to pay full arrears of premium in lumpsum B. When the policy could not be revived under special revival scheme. C. Both D. None .
46. Who gets benefited if a policy is lapsed? A. Insurer B. Insured C. Both Insurer & Insured D. None .
47. Non-forfeiture provisions means accrual of certain benefits to policyholders if premiums are paid for at least A. One year. B. Two years C. Three years. D. Four years.
48. Loan value is a percentage of – A. Paid up value B. Surrender Value C. Revival Value D. None .
49. What is the maximum %age of surrender value that can be granted as loan? A. 50 percent B. 75 percent C. 80 percent D. 90 percent .
50. How policy loan is different from a commercial loan? A. There is no legal obligation to repay a policy loan B. In case of policy loan, there is no need for a credit check. C. Both the above are right D. None of the above is correct .
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