Which among the following is the regulator for the insurance industry in India? I. Insurance Authority of India Insurance Regulatory and Development Authority of India III. Life Insurance Corporation of India general Insurance Corporation of India.
2. Which among the following is a secondary burden of risk? I. Business interruption cost II. Goods damaged cost III. Setting aside reserves as a provision for meeting potential losses in the future IV. ospitalization costs as a result of heart attack.
3.Which among the following is a method of risk transfer? I. Bank FD II. Insurance III. Equity shares IV. real estate.
4. Which among the following scenarios warrants insurance? I. The sole bread winner of a family might die untimely II. A person may lose his wallet III. Stock prices may fall drastically IV. house may lose value due to natural wear and tear.
5.Which of the below insurance scheme is run by an insurer and not sponsored by the Government? I. Employees State Insurance Corporation II. Crop Insurance Scheme III. Jan Arogya IV. ll of the above.
6. Risk transfer through risk pooling is called . I. Savings II. Investments III. Insurance IV. risk mitigation.
7. The measures to reduce chances of occurrence of risk are known as . I. Risk retention II. Loss prevention III. Risk transfer IV. risk avoidance.
8.By transferring risk to insurer, it becomes possible . I. To become careless about our assets II. To make money from insurance in the event of a loss III. To ignore the potential risks facing our assets IV. o enjoy peace of mind and plan one‟s business more effectively.
9.Origins of modern insurance business can be traced to . I. Bottomry II. Lloyds III. Rhodes IV. alhotra Committee.
10. In insurance context „risk retention‟ indicates a situation where . I. Possibility of loss or damage is not there II. Loss producing event has no value III. Property is covered by insurance IV. ne decides to bear the risk and its effects.
11.Which of the following statement is true? I. Insurance protects the asset II. Insurance prevents its loss III. Insurance reduces possibilities of loss IV. Insurance pays when there is loss of asset.
12. Out of 400 houses, each valued at Rs. 20,000, on an average 4 houses get burnt every year resulting in a combined loss of Rs. 80,000. What should be the annual contribution of each house owner to make good this loss? I. Rs.100/- II. Rs.200/- III. Rs.80/- IV. s.400/-.
13.Which of the following statements is true? I. Insurance is a method of sharing the losses of a „few‟ by „many II. Insurance is a method of transferring the risk of an individual to another individual III. Insurance is a method of sharing the losses of a „many‟ by a few IV. Insurance is a method of transferring the gains of a few to the many.
14.Why do insurers arrange for survey and inspection of the property before acceptance of a risk? I. To assess the risk for rating purposes II. To find out how the insured purchased the property III. To find out whether other insurers have also inspected the property IV. o find out whether neighbouring property also can be insured.
15.Which of the below option best describes the process of insurance? I. Sharing the losses of many by a few II. Sharing the losses of few by many III. One sharing the losses of few IV. haring of losses through subsidy.
16. is not a tangible good. I. House II. Insurance III. Mobile Phone IV. pair of jeans .
is not an indicator of service quality. I. Cleverness II. Reliability III. Empathy IV. responsiveness .
In India insurance is mandatory. I. Motor third party liability II. Fire insurance for houses III. Travel insurance for domestic travel IV. personal accident .
One of the methods of reducing insurance cost of an insured is I. Reinsurance II. Deductible III. Co-insurance IV. rebate .
A customer having complaint regarding his insurance policy can approach IRDA through I. IGMS II. District Consumer Forum III. Ombudsman IV. IGMS or District Consumer Forum or Ombudsman .
Consumer Protection Act deals with: I. Complaint against insurance companies II. Complaint against shopkeepers III. Complaint against brand IV. complaint against insurance companies, brand and shopkeepers .
has jurisdiction to entertain matters where value of goods or services and the compensation claim is up to 20 lakhs I. High Court II. District Forum III. State Commission IV. national Commission .
In customer relationship the first impression is created: I. By being confident II. By being on time III. By showing interest IV. By being on time, showing interest and being confident .
Select the correct statement: I. Ethical behaviour is impossible while selling insurance II. Ethical behaviour is not necessary for insurance agents III. Ethical behaviour helps in developing trust between the agent and the insurer IV. ethical behaviour is expected from the top management only .
Active Listening involves: I. Paying attention to the speaker II. Giving an occasional nod and smile III. Providing feedback IV. paying attention to the speaker, giving an occasional nod and smile and providing feedback .
Expand the term IGMS I. Insurance General Management System II. Indian General Management System III. Integrated Grievance Management System IV. Intelligent Grievance Management System .
Which of the below consumer grievance redressal agencies would handle consumer disputes amounting between Rs. 20 lakhs and Rs. 100 lakhs? I. District Forum II. State Commission III. National Commission IV. Zilla Parishad .
Which among the following cannot form the basis for a valid consumer complaint? I. Shopkeeper charging a price above the MRP for a product II. Shopkeeper not advising the customer on the best product in a category III. Allergy warning not provided on a drug bottle IV. Faulty products .
Which of the below will be the most appropriate option for a customer to lodge an insurance policy related complaint? I. Police II. Supreme Court III. Insurance Ombudsman IV. District Court .
Which of the below statement is correct with regards to the territorial jurisdiction of the Insurance Ombudsman? I. Insurance Ombudsman has National jurisdiction II. Insurance Ombudsman has State jurisdiction III. Insurance Ombudsman has District jurisdiction IV. Insurance Ombudsman operates only within the specified territorial limits.
How is the complaint to be launched with an insurance ombudsman? I. The complaint is to be made in writing II. The complaint is to be made orally over the phone III. The complaint is to be made orally in a face to face manner IV. he complaint is to be made through newspaper advertisement.
What is the time limit for approaching an Insurance Ombudsman? I. Within two years of rejection of the complaint by the insurer II. Within three years of rejection of the complaint by the insurer III. Within one year of rejection of the complaint by the insurer IV. Within one month of rejection of the complaint by the insurer .
Which among the following is not a pre-requisite for launching a complaint with the Ombudsman? I. The complaint must be by an individual on a „Personal Lines‟ insurance II. The complaint must be lodged within 1 year of the insurer rejecting the complaint III. Complainant has to approach a consumer forum prior to the Ombudsman IV. he total relief sought must be within an amount of Rs.20 lakhs. .
Are there any fee / charges that need to be paid for lodging the complaint with the Ombudsman? I. A fee of Rs 100 needs to be paid II. No fee or charges need to be paid III. 20% of the relief sought must be paid as fee IV. 0% of the relief sought must be paid as fee .
Can a complaint be launched against a private insurer? I. Complaints can be launched against public insurers only II. Yes, complaint can be launched against private insurers III. Complaint can be launched against private insurers only in the Life Sector IV. Complaint can be launched against private insurers only in the Non-Life Sector .
Which element of a valid contract deals with premium? I. Offer and acceptance II. Consideration III. Free consent IV. capacity of parties to contract
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-------------relates to inaccurate statements, which are made without any fraudulent intention I. Misrepresentation II. Contribution III. Offer IV. representation .
------involves pressure applied through criminal means. I. Fraud II. Undue influence III. Coercion IV. mistake .
Which among the following is true regarding life insurance contracts? I. They are verbal contracts not legally enforceable II. They are verbal which are legally enforceable III. They are contracts between two parties (insurer and insured) as per requirements of Indian Contract Act, 1872 IV. hey are similar to wager contracts .
Which of the below is not a valid consideration for a contract? I. Money II. Property III. Bribe IV. Jewellery .
Which of the below party is not eligible to enter into a life insurance contract? Business owner II. Minor III. House wife IV. government employee .
Which of the below action showcases the principle of “Uberrima Fides”? I. Lying about known medical conditions on an insurance proposal form II. Not revealing known material facts on an insurance proposal form III. Disclosing known material facts on an insurance proposal form IV. paying premium on time .
Which of the below is not correct with regards to insurable interest? I. Father taking out insurance policy on his son II. Spouses taking out insurance on one another III. Friends taking out insurance on one another IV. Employer taking out insurance on employees .
When is it essential for insurable interest to be present in case of life insurance? I. At the time of taking out insurance II. At the time of claim III. Insurable interest is not required in case of life insurance IV. Either at time of policy purchase or at the time of claim .
Find out the proximate cause for death in the following scenario?
Ajay falls off a horse and breaks his back. He lies there in a pool of water and contracts pneumonia. He is admitted to the hospital and dies because of pneumonia I. Pneumonia II. Broken back III. Falling off a horse IV. surgery .
Which of the below is not an element of the life insurance business? I. Asset II. Risk III. Principle of mutuality IV. Subsidy .
Who devised the concept of HLV? I. Dr. Martin Luther King II. Warren Buffet III. Prof. Hubener IV. George Soros .
Which of the below mentioned insurance plans has the least or no amount of savings element? I. Term insurance plan II. Endowment plan III. Whole life plan IV. Money back plan .
Which among the following cannot be termed as an asset? I. Car II. Human Life III. Air IV. House .
Which of the below cannot be categorised under risks? I. Dying too young II. Dying too early III. Natural wear and tear IV. Living with disability .
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