Ic33 Print Out 660 English PDF

Sr.
No.
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Chap
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underwriter
Linking third party
administrators
Promotional activities
Drafting new regulations
Linking buyers and sellers
12%
25%
40%
26%
Government Employees
people living in
Metro cities
Re Insurance
Banca assurance
NGO
RBI
what is the max level under which micro insurance can be done
5000
25000
50000
Who is the customer of a Re insurer
High Networth Individual
Insurance Companies
Licenced Insurance Agents
1 lac
Non Government
Organisation
Bancassurance
Reinsurance
TPAs
Actuaries
Tax benefit
10000
Savings
25000
Investment
50000
Protection
100000
Actuary
Underwriter
Claim Department
Accounts
The client represent the broker and the insurer

remunerate the broker
Insurer represent both client and broker

remuneration
Broker only service

the client
Life Insure
Reinsurer
Any Insurer
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1
1
1
1
1
1
1
1
1
Insurance company transfers the insurance which cannot bear by

them to
What is the main objective of taking the life insurance policy
What is the maximum sum assured under a micro insurance
Varun wishes to pursue a career in insurance and wishes to be in a
department which calculates the level of premium. In which
department should he join?
Insurance broker represent the client

According to Insurance Brokers Association of India, what is the most
and the insurer remunerate the broker
appropriate relationship between Insurer and Broker?
If a client needs Mediclaim to cover health insurance which insurer he
Non life insurer
needs to apply.
Insurance agents are
Any assets, which are no longer suitable or are earning fewer returns
than expected, should be
If a client wants to compare between all financial products then the
best person he can approach is
If the customer wants to seek information about all products, then he
can avail the services of
To identify suitable products their main features and their tax
treatments is the role of:
Who work only for insurance company
Who work for customers
Intermediaries
Who works for their

own interest.
Reviewed
Cashed in for investment into other assets
NA
NA
Individual agent
Corporate agent
Bank
Broker
Agent
Broker
NGO
Bank
Agent
Insured
Policy Holder
to develop the habit of savings
to obtain Income Tax benefits
for protection of financial security
Accident benefit and riders.
Pension and monthly income.
Death cover and maturity benefit.
Sales transactions
Relationship transactions
Monetary transactions
The main purpose of buying an insurance policy normally is

1
1
The basic elements of life insurance are:

Transactions of sale of life insurance products to the insurable
clients are viewed in the Insurance market mostly as
A Professional insurance market carries..
1. Need Based Selling
2. Product Based Selling
3. Commission Based Selling
Insurance Market divided into
1. Endowment and Money Back

Insurance
2. Life and General (non-life) Insurance
3. Government and Private Insurance Markets
What is Bancassurance?
1. Giving insurance policies to Banks.
2. Selling insurance policies through Banks.
3. Giving guarantee to policies by Banks.
Which of the following do not include the channel of indirect

marketing?
1. individual agents
2. bancassurance
3. insurance brokers
The business of Insurance is connected with................
1. physical values of assets
2. economic values of assets
3. metaphysical values of assets
Human beings need life insurance because..................
1. death is certain
2. death is uncertain
3. the timing of death is uncertain
The timing of death is uncertain, so when one should take life

insurance?
1. At the time of uncertainty
2. At an early age
3. Anytime in life
Insurance Protects which of the following?
1. The life of the person paying

compensation
2. The risk retained person 's family
3. The financial goal of the insured
Agent who is a licensed intermediary is actually is ?
1. A legal person to act on behalf of the

re-insurer
2. B.A legal person to act on behalf of the

insurer
3. C.A legal person to act on behalf of the

contract
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risk manager
What facility do the insurer use to cover Risk beyond their Limits ?
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loss adjuster
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an actuary
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Ans Option 4
People with Low Income
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Ans Option 3
People with large families
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Ans Option 2
Which market does the Micro Insurance Concentrate on ?
14
Sanjeev is an insurance expert who has rich experience in

determining premium levels for product, what is his profile like
The Non Government organizations(NGO) helps the insurance
industry immensely in
Investment by foreign direct investors in to Insurance co's is
restricted to
Ans Option 1
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Question
Insured person
to obtain loan as
when required to
meet financial
obligations
Interest yield and
variable income
Assured
transactions
4. Company
Based Selling.
4. Health and
Saving Insurance
Markets
4. None of the
above.
4. through internet
4. market values of
assets
4. Death is the
solution.
4. At the time when
Advisor takes the
decision
4. The life of the
nominee
4. D. An authorized
agent to act on
behalf of the legal
company
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E-sales refers to sales of insurance products through
1. Insurance brokers.
2. Bancassurance.
3. Individual agents.
Insurance business is classified into three main types:
1. Life, Non life, Micro Insurance.
2. Life, Non Life, Miscellaneous
3. Life, Non life, Re-insurance.
lung cancer and smoking .
lung cancer is peril and smoking is

moral hazard
smoking is peril and lung cancer is hazard
Death is certain
The type of risk that can be insured against is
Speculative Risk
Pure Risk
Pure & Speculative risk
Non Financial Risk
The premium collected & deposited in

a pool
All similar risks are pooled together
Premium is pool to make claims
Contribution of
insurance company
Economic risk
Speculative risk
Financial risk
Insurable risk
Pure risk
Financial risk
Particular risk
Physical hazard
Calculate the premium
Increase the profitability
Ascertain the death ratio
Declare the bonus
Physical
Moral
Occupation
NA
Perils are factors which affect the risk being

insured and hazards are the size of the risk
being insured.
Perils are factors

which could
influence an
insured event
occurring and
hazards are the
actual events which
will trigger a payout
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2
2
2
2
Pooling of risk in insurance means

Pure risk is classified under
The consequences of these risks which will affect specific individuals
or local communities in nature is called as
Law of Large number helps the insures to
A person with a criminal background due to Financial fraud would
come under which hazard
Perils are medical factors which

Perils are risks that policyholders will die
influence the risk of dying and hazards
before a specified date and hazards are factors
are lifestyle activities which influence
which could influence that risk.
the risk of dying.
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2
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2
2
2
2
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How are perils and hazards normally distinguished under term

insurance policies?
Law of large numbers is worked out by which of the following?
With pooling of risks an insurance company pools the premium
collected from several individuals to insure them against similar
risks. At what circumstances will the insurance companies pool the
risk of a life insurance and health insurance together?
In life insurance industry which mechanism operates so as to enable
the individuals to reduce the impact of risks
Law of large numbers help in calculating the
Which is the best option to manage risk?
Vinay doesnt want to take insurance on himself. He feels that his
family will survive with the funds available in the bank and monthly
rentals received from village. This comes under Risk ______
Insurance is a mechanism through which risk of an individual can
normally be
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Pooling of risk
Maintaining insurable interest
With utmost good faith
Randomness
Under no circumstances
Under conditions of the reinsurer
As directed by actuary
As per company
policy
Pooling of risk
Transfer of risk
Prevention of risk
Sharing of risk
severity of risk
Retain
physical hazard
Transfer
moral hazard
Avoid
Probability of risk
None
Transfer
Control
Retaining
Avoidance
transferred
prevented
avoided
Peril, Risk and Hazard are of the same

meaning
2
In the context of Insurance terminology, how the meaning of Peril,
Risk and Hazard is best described?
Pooling of risks is one of the fundamental principles of insurance
where the Insurers pool the premium collected from
Peril is the event, Risk is the loss of event and

Peril is the event, Risk is the cause of event
Hazard is the wrongful even
and the Hazard is an event of dangerous nature
all types of financial risks
the homogeneous risks
the heterogeneous risks
reduced
Peril is the event,
Risk is the likely
occurrence of the
event and the
Hazard increases
the chances of
happening of the
event.
the speculative
risks
4. Only Non-life
insurance
Pooling of insurance applies to
1. all types insurance
2. All types of insurance except Motor insurance
3. Only life insurance
The Risk contains.
1. Peril and Hazard
2. Level
3. Uncertainty
4. All of the above.
Grouping the similar risks by Insurance Company is called as.
1. Grouping of Risk
2. Risk Grading
3. Risk Assessment
4. Pooling of Risk
The function of Insurance works on..
1. Risk Transfer
2. Risk avoid
3. Risk retention.
Mr. Mahesh is a software engineer. He has taken a term insurance for

Rs. 30,000,00/- for 30 years. This is an example for-----------------
1. Risk retention
2. Risk transfer
3. Risk avoidance
4. Risk tolerance
Which of the following can be an example of moral hazard?
1. a family history of heart disease
2. a person working in a chemical factory
3. a person consuming alcohol
Life insurance the risk is determined on the basis of ..........
1. future data
2. past data
3. statistical data
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4. Internet.
4.Life, Health, Micro
Insurance
Is occupational
hazard
4. A teacher
working in a
primary school.
4. mathematical
data
Which one of the following is possible in retaining the risk?
1. Retaining the ownership in the

policy
2. Not possible as life has many risks.
3.Is possible by transferring risk to the policy

holder
On 6th August there was a typhoon. Mr.Augustin who had insurance

died in typhoon. Now how will the insurance company will categories
this particular risk ?
1. Under the category of Pure risk
2. Under the category of peril risk
3. Under the category of particular risk
Life insurance company determine the level of risk based on
1. Future expenses.
2. Claim experiences.
3. Present expenses.
Ram works in a Fire cracker factory. He stocks the cracker in his

house. He runs which type of risk.
1. Speculative.
2. Particular.
3. Financial.
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In Insurance terms, pooling of risk is
1. Using the same pool for paying

claims of car & life insurance.
2. Using different pool for paying claims of life 3. Using the same pool for paying claims of life
insurance.
& house insurance.
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2
2
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3:1
An Insurance company pools the premium collected from several

Individual to insure them against similar risk is called:
Which of the following Risk is associated with those events which
are not in control of an individual and also no possibility of making
profit:
which of the following refres to specific event which might cause a
loss ...
Harish takes a life insurance policy for Ramesh. Which of the
following statement best describes the principle of Insurable Interest.
what is the min age to enter into the contract of insurance
In a whole life plan - The policyholider's responsibility to give
disclosure
3:1
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3:1
An insurer can invoke indisputability clause in case of death only in

A proposer shows his age lesser than his actual age. This will be
termed as
Mr. Mehra wants to insure his wife. Previously his proposal was
rejected by another company, but this time he submits the proposal
form without showing this to a new company. This is
In which type of insurance Insurable Interest exists at the time of
claim?
3:1
A proposal of life insurance is not accepted in the absence of
Insurable interest which mainly depends on the
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3:1
Principle of utmost good faith is expected for max up to which stage
4. Fundamental.
4. Using the same
pool for paying
claims of life
insurance.
2. Pooling of Risk
3. Insuraable Risk
4. Sharing of Risk
1. Pure Risk.
2. Particular Risk.
3. Financial Risk.
4. Insurable Risk
1. Peril
2. Hazard
3. Physical hazards
4. Uncertinity
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at the beginning of the contract
Every time premium is paid
In case of life insurance, Insurable interest must exist

Group Insurance can be taken in following relationship
What amount of insurable interest does an individual have in his own
life
With reference to the principle of indemnity a life insurance policy is
a.
If Insurable interest does not exists at the time of inception of the life
insurance policy then, life insurance contract is
If a contract is signed by a 15 years old boy, this contract will be
1. If the employer has insurable interest in the life of an employee,
what kind of policy is this?
The concept of indemnity is based on the key principle that
policyholders should be prevented from
Employee has insurable interest in the life of their employer to the
extent of
Mr Rohan takes an insurance policy due to heavy Debt on his
business with an intention of committing suicide. This is an example
of the following Feature of a valid contract
4. Under the
category of Risk
Transfer
4. Targeted bonus
rates.
1. Pure Risk
Ramesh declares all his liabilities
Principle of utmost good faith will operate in existing policy

Both the parties to a contract must agree and understand the same
thing and in the same sense which is called
4.Is possible by Reinsuring oneself
Consideration
Harish suffers
financial loss
Ramesh is elder than Harish
Ramesh owes money form Harish
incase of death of
Ramesh
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beginning of
through out the contract
Revival stage
renewal
If the insured
If the insured person falls sick and is admitted
If the policy has lapsed and it has to be revived
person changes his
to hospital
job
Legality of an object
Consensus ad idem
Acceptance
At inception of policy
Not needed
employee- employer
Husband-wife
family members
Any time during the

contract
society members
20,000
50,000
Up to the sum assured taken in the plan
Unlimited
Insurance contract.
Indemnity contract.
Value contract.
Major life contract
Voidable
Invalid
Valid
Null & voidable
Null and void
Invalid
Voidable
Valid
D. Debtor
Insurance
Profiting from
insurance.
A.
Surety insurance
B.
Keyman Insurance
At the time of claim
C.
Partnership Insurance
Insuring existing losses.
Making false insurance claims.
Paying excessively for insurance cover.
Yearly Salary
Monthly Salary
Probation Period
Till Gratuity
Capacity to Contract
Legality of object
Capability of performance
Offer and
acceptance
Non payment of due premium
Breach of duty of disclosure of material facts
NA
NA
Breach of utmost good faith
Breach of trust
NA
NA
Non-disclosure of material facts
Concealment of material facts
Fraudulent misrepresentation of material facts
Innocent
misrepresentation
of material facts
Liability Insurance
Marine Insurance
Motor Insurance
Travel Insurance
blood relation between the Proposer

and the Life assured
Proximity of relationship between the Proposal

Financial relationship between the Proposer

Emotional
relationship
between the
Proposer and the
Life assured
Before the contract is concluded
NA
NA
NA
A contract comes into existence when
1. One party makes an offer which the

other party accepts unconditionally.
2. One party makes an offer which the other

party put extra conditions.
3:1
Mr. Kumars wife is suffering from blood cancer. Doctors lost their
hope on her live. Mr. Kumar would like to take Life Insurance policy
on wifes name in order to get monitory benefit. Insurance company
rejects this proposal on the grounds of.
1. Anti Money Laundry
2. Legality of object or purpose
3. Capacity of paying future premiums.
4. All of the above
3:1
Under this situation may leads to breach of the duty of utmost good
faith.
1. Non disclosure of material facts.
2. Concealment of a material fact
3. Fraudulent misrepresentation of facts.
3:1
The principle of utmost good faith is not applicable to
1. Facts of common knowledge
2. Facts of law
3. Facts those are not material.
3:1
Where do you not find insurable interest in the following

options.........
1. surety-co surety
2. employee-employer
3. husband-wife
4. brother-sister
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4. One party makes

3. One party makes an offer where other party an offer which the
gives counter offer.
other party receives
the offer.
3:1
3:1
The principle of utmost good faith applies to...........
1. only insurers
2. only proposer
3. both insurers and proposer
4. neither insures
nor proposer
3:1
Mr.Akash filled the proposal form but before submitting to the

company he discussed with the agent that he is not sure whether he
can pay for 15 years . This attitude affects which part of the contract?
1. Consideration in the contract
2. Capacity to contract
3. Consensus ad idem
4. Offer and
Acceptance in the
contract
3:1
Mr.Karan who has to go to abroad for 6 months on an official work

decides to leave his car with his friend Mr. Jim. What will be the
validity of the insurable interest in this case ?
1. The insurable interest between the

car and jim is valid for 6 months
2. The insurable interest between the car and

karan is valid for 6 months
3. The insurable interest between the car and

karan is valid until he owns it
4. The insurable
interest between
the car and Jim is
valid until Karans
return
3:1
Mr. Josh was filling the proposal form but as his mother was sitting
beside him, even though he drinks and smokes he ticked NO in
smoking & drinking column of proposal form. This indicates ?
3:1
A contract exists between insurer and proposer when
1. A proposal has been accepted by

insurer.
2. A policy document has been stamped by

insurer.
3. A policy document has been received by the

policyholder.
4. An insurer has
made another
proposal.
3:1
Rakesh purchased a life insurance policy. While writing a proposal

form he hide that he practices mountaineering. Sadly he died in an
accident while climbing Mount Everest. The insurers rejected the
claim.What is the reason for rejection?
1. Innocent misrepresentation.
2. Fraudulent misrepresentation.
3. Concealment.
4. Non-Disclosure.
3:1
Shamsher has a health insurance policy of ` 1, 00,000 individually and

from his company for ` 2, 00,000. He falls sick and got hospitalized.
His hospital bill ran to ` 50,000. He claimed this amount from his
individual policy. Also, he placed the request with his company for
group policy claim, which was rejected. The reason for rejection is.
1. Indemnity contract.
2. Value contract.
3. Deemed contract.
4. Rolling contract.
Life Insurance also known as:
1. Value Contract.
2. Indemnity
3. Commercial Contract
4. Speculative
4. A joint life policy
may cover a partner
in business under
one policy.
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1. He has breached the non-disclosure 2. He has breached the company by concealing 3. He has breached the company by fraudulent
of the fact
the facts
information
1. Plan offer insurance coverage for

two person in one policy
2. This plan is ideal for brother & sister.
3. Each life will be underwritten separately.
all types insurance
All types of insurance except Motor insurance
Only life insurance
15 days from the date of receipt of the

policy document
20 days from the date of receipt of the policy

document
25 days from the date of receipt of the policy

document
Types of assignment
Absolute
Term assignment
Conditional
3:2
why does an insurer insist on age proof document . To assess
SA
Risk assessment
Identity verification
3:2
Mr A submitted the proposal form . When will the risk begins for the
company?
Submission of proposal form
FPR issued
Policy issued
3:2
The obligation of the insurer for the whole life policy is mentioned in
Operative Clause
Preamble
Proviso
3:1
Which option is not correct with regard to joint life insurance plan?
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3:2
Pooling of insurance applies to
The proposer can withdraw from the contract, if they disagree with
the terms and conditions of the Policy, within a free look-in period of
4. He had done an
innocent
misrepresentation
Only Non-life
insurance
30 days from the
date of receipt of
the policy
document
Absolute &
Conditional
Financial
assessment
Agent accepts
money
Endorsement
Asvath photograph
asvath thump impression Only
policy document need to be registered
Left thumb
Impressionof
Asvath along with a
declaration of his
friend
Both are Standard Age Proof
Both are Non standard Age Proof
Baptism Certificate is Standard & Ration Card

is Non Standard Age Proof
Baptism Certificate
is Non Standard &
Ration card is
Standard Age Proof
Policy Document
proposal form
FPR
RPR
operative clause
Preamble
Information statement
schedule
Zainab takes insurance in the life of Jasmeet. Zainab will be called as
Proposer
Nominee
Appointee
Trust
Mr.Suresh dies one day before the grace period without paying the
premium, what is th claim payable
No claims payable
All premiums paid
Sum assured
Sum Assured less

the latest premium
Loan is available for a policy in which there is a feature of
Fund switch
Savings Element
Partial withdrawal
Appointee's role
Signature on the proposal
Medical exams
insurable interest
three
the first nominee should have more than
second
Asvath is illiterate. He wants to take policy and surya is a friend of his

3:2 help him is answering questions and answers and also fills proposal .
In addition to this requirement is
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3:2
For Logging a Policy , a person gives Baptism CERTIFICATE & Ration

Card . What is this ?
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110
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117
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120
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126
To be a valid contract ,the declaration is necessary in which

document
Mr. ABC buying Term insurance policy, insurer should mention
Ombudsman address in which part of policy document?
how many nominees can be attached to a term insurance policy

if a policy has two nominee mentioned what should be the Min
allocation
a Policy holder takes a insurance contract for 30 years and the SA
reduces after 25 years what could be the likely reason
A life insurance policy can only be made paid up if what particular
policy feature exists?
one
two
Each nominee to get Min 10%
Each Nominee to get Min 25%
No bonus accumulated
Age proof was substantially wrong
Policy has become paid up
Its a Ulip Plan
Indexing contribution.
Nomination facility.
Rider benefits.
Savings element.
SA
advisor induced
no commission
Has Financial
Problems
Proviso
Schedule
Terms & conditions
Endorsement
Total paid premium
Sum Assured
Surrender value
Paid up value
Provisio
Endorsements
Operative clause
Terms and
Conditions
213333 & 273333
213333 & 229333
229333 & 273333
229333 & 293333
Agent
Operative Clause
Policy holder
Heading
Authorized officials of insurer

Proviso
Proposer
Attestation
Surrender
Paid Up
Endorsement
Assignment
Reinstatement Fee and Proof of

continuing good health
Premium cheque and health declaration
Only health certificate
Premium cheque
with arrears
As health was better than B
As term was longer than B
Bs term was longer than A
NA
Medical reports
Proposal form
Policy document
NA
Change not allowed
Can be done through endorsement
Can be done through an affidavit sworn in
He regularly pays premium so he can

take loan from both the policies
He can surrender whole life policy and can take

loan from Money back policy
He cant take loan from money back but can

avail loan from Whole life policy
When does nomination get invalidated
On assignment
If more than one person is nominated
NA
NA
If 5% bonus is given every year then for a SA of 1 lakh, what will be

the payout
after 15 years in a simple revisionary bonus system?
60000
75000
100000
5000
Reasons for surrender of the policy

If a life insurance policy is issued with a lien, it will be mention in
Available Loan amount under a life Insurance policy is generally
based on
If a customer has mentioned he is a drinker in the proposal form, the
insurance company can exclude this hazard and mention it in which
part of the policy document?
Mr. shailsh has an endowment policy with 30 years policy term, he
has paid for eight years. The sum assured Rs.8,00,000/- and
accumulated bonus Rs.60,000/-. What is the paid up value if bonus
accumulated and if not bonus accumulated?
Whose signature is required on attestation of the policy?
The mutual obligation of the parties is laid down in?
The Insurance companies allow modification/alteration of the original
policy documents through...
In case the customer has stopped making payment for the premium
of the policy. What are the two most important things required in
order to reinstate the policy?
A and B start their policies on the same date and surrender on 22 nd

3:2 anniversary of the policy. But As surrender value is higher than B. the
reason was ;
127
Which from the following would help best the underwriter to know
3:2 whether the proposer had applied previously and his application was
rejected
128
3:2
A policyholder wants to change the nomination after 5 years of the

policy. What would happen
3:2
Mr. Anil has a money back policy and a whole life policy. He is
planning to take some loan from both the policies as he was regularly
paying the premium. What is your suggestion?
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Surrender
when Nominee is
Minor
many
No such conditions
A simple
application would
do.
He cant take loan
from whole life
policy but can avail
loan from Money
back policy
3:2
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137
3:2
3:2
3:2
138
Vijay received his policy bond on 11th June, 2011. Due to some
personal problems he has decided to cancel the policy on 8th July,
2011. Can he cancel or return the policy?
Rohit, 17 years old, submitted a proposal for Endowment plan of Rs.1
lac to AB Insurance Co. In the absence of an essential ingredient of a
valid contract, the proposal was not accepted. Which factor caused
the insurer for non-acceptance of the proposal?
A nomination is not required if
What is the main source for insurance company to get information of
proposer?
What are the factors involved in calculating Surrender Value of the
Policy?
No, as 15 days period is over
Yes, as it is within 1 year
No, as 20 days period is over
Yes, as it is within 3
months
Capability of performance
Legality of object
Capacity to contract
Offer
NA
4. Telephonic
conversations.
Policy is taken under joint life basis
NA
NA
1. Advertisements.
2. Proposal form.
3. Conducting interviews.
1. Number of years premium paid.
2. Number of premiums payable.
3. Sum Assured
Mr. Kumar is taken one life insurance policy with ABC Company. But
1. He can not do any thing, because be
he is not satisfied with the policy benefits. What Mr. Kumar can do
received the policy bond.
under this situation?
3:2
When an illiterate person wants to have a policy.....
1. an impression of the left thumb is

taken and third party has to attest it
3:2
Mr.Shanth has taken an endowment policy of 15 years with ABC

insurance company. He has paid premium for 4 years and he could
not pay premium for 5th and 6th year. In the 7th year he approaches
the company to renew the policy. Now which of the following options
will apply to him?
1. The policy will be renewed on the

existing terms and conditions.
3:2
Which of the following statement is not true in connection with

nomination?
3:2
Which of the following statements in correct in connection with

assignment?
2. He can file a complaint against insurance

company in court.
2. an impression of the left thumb is taken and

the advisor has to attest it
2. Mr. Shanth cannot renew the policy
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140
1. The life insured can nominate one or 2. Nomination can be done either at the time the
more than one person as nominees.
policy is bought or later.
3. He can send back the policy document to

4. Serve notice to
insurance company with in 15 days from policy insurance company
receiving date.
on policy benefits.
4. A relative of the
illiterate person has
3. an impression of the left thumb is sufficient
to sign on behalf of
and need not be attested
that illiterate
person.
4. Mr. Shanth can
renew the policy
3. the policy may be renewed on different
only on the
terms and conditions
approval of the
insurer
3. A person having a policy on the life of
another should make a nomination.
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143
3:2
144
3:2
145
3:2
146
147
Mr. Shanth has taken an endowment policy of 20 years. He has paid

premium for 10 years and now the policy is in force. At this point of
time can Shanth take loan?
Mrs.Shwetha has taken a loan from her policy. Later stage she neither
paid back neither the loan nor she paid the premium for a very long
time. What will happen to her policy?
Which of the following information does not appear in the First
Premium Receipt?
4. Conditional
assignment and
absolute
assignment are one
and the same.
1. Mr. Shanth will not be granted any

loan
2. Mr. Shanth can take loan which should be

certain percentage of the surrender value of the
policy.
3. There is no concept of loan in insurance

policy
4. loans are allowed

only in term plans
1. Policy will be surrendered by the

insurer
2. Policy will be surrendered by the nominee
3. Policy will be surrendered by the company
1. method and frequency of premium

payment
2. Date of commencement of last premium
3. Date the policy matures
2. Converting the policy to Paid up
3. Converting the policy to money back
4. Converting the
policy to whole Life
Mr. Raj has taken a policy of 15 year term. He has paid the premium
for 9 years. But now unfortunately he has lost his job. He is unable to 1. Converting the policy to Term policy
pay the premium. What can be the best solution from the following ?
4. Policy will be
surrendered by the
heir
4. Date the last
premium will be
paid
3:2
Payment of premium and sum assured are laid down in
1. Heading of policy document.
2. Proviso of policy.
3. Operative clause.
4. Schedule of
policy document.
3:2
An insurance contract commences when
1. Quotation is signed by proposer.
2. First Premium Receipt is issued.
3. Proposal Form is signed.
4. Policy Document
is received by
policyholder.
3:2
When is premium considered / deemed to be paid?
1. When insured writes a cheque in

favor of insurer.
2. When cheque amount is deposited in insurer

account.
3. When the cheque is deposited with insurer

office.
4. When cheque is
posted/couriered
by the insure4.
3:2
Ram Lal is an insurance policyholder. He has recently shifted his

home from New Delhi to Noida. He wants the address to be changed.
This change in policy document will be effective through?
1. Terms & Condition.
2. Preamble.
3. Endorsement.
4. Schedule.
3:2
Lalu Yadav is having a saving plan with 20 years tenure. He has paid
5 annual premiums but due to financial crisis is unable to make future
premium. His policy
1. Acquires surrender value.
2. Contract comes to an end.
3. Moneys will be forfeited.
4. Acquires paid up
value.
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149
150
151
4. The section 39 of
the Insurance Act
1938 speaks about
the nomination.
2. The assignor need not be major at the time of 3. Section 45 of the insurance act speaks about
assignment.
assignment.
1. Assignee cannot make fresh

nomination in the policy
142
3:2
3:2
How assignment distinguishes itself from nomination?
1. Nomination does not transfer the

title while assignment does.
2. Nomination transfers the title while

assignment does not.
3. Nomination is made after policy is issued

while assignment is done before it is issued.
4. Nomination need
not be informed but
assignment needs
to be informe4.
2. Conditional Assignment
3. Loan Agreement
4. Absoulte
Assignment
2. Opertaive Clause
3. Proviso Clause
4. Schedule of
Policy
2.Return of Premium on maturity
3. Deduct the underpaid premium from Sum

assured and payable on Maturity
4. Policy was
subject to lien.
2.Sum Assured + Bonus
3. Sum assured plus vested bonus minus any

outstanding loan/premium & Interest.
4. Paid up value
only.
discount rate
Estimated life expectancy
Estimated amount
at retirement
8000
8320
8500
152
3:2
153
3:2
154
3:2
155
3:2
156
157
158
4
4
Manish took a loan from Pankaj of Rs.10 lac, Pankaj transferred his
Insurance policy to Manish of Rs.10 lac as a security with the
1. Loan assignment
agreement Of when Loan is fully paid, policy title will be revert back
to name of Manish is called:
Which clause lays down the mutual obligation of the parties
regarding, Payment of Premium by Life assured & payment of Sum
1. Lien Clause
Assured by
Pranab is not able to pay premium for continue his policy due to
1. In to paid up and reduced Sum
some Financial problem, so he rather than surrendering the policy,
Assured would be payable on maturity.
what Option he has to convert .?
Ajay has bought an endowment with profit plan for 20 year .if he took
a Loan after 5th of commencement of policy and died before 2 year of
1. only Sum assured
Maturity .what would be payable on maturity?
While calculating Human life value (HLV) two components need to be
Bank Fixed deposit rate
kept in mind , the one is take home salary and other is
Annual premium of insurance product is Rs. 32,000, 4% loading on
7680
Quarterly mode of payment What is the quarterly premium?
why ACR
To calculate Premium
To Calculate the commission due for the agent
To verify the Plan proposed
To help the
underwriter to
asses the Risk
In a 20 year with profit policy,persist ency Bonus is paid at the end of
1st Year
10th Year
15th Year
20th Year
Fraudulent Hazard
Occupational Hazard
Physical Hazard
Moral Hazard
Physical hazard
Moral Hazard
financial risk
Pure risk
Underwriter
Insuranc eCo
Agent
Actuary
Lien
Bonus
Surrender
Accidental death
159
160
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162
163
164
165
166
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4
4
4
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167
While Underwriting Mr X proposal , its found that there has been

CRIMINAL case against him in Fraudulent act .What type of Risk this
will be categorized Into ?
Mr A wants insurance cover . But he is drinks alcohol frequently .
What kind of hazard you may categorize?
Who IS the primary underwriter of the customer?
Claim was settled however full Sum assured not paid though the
policy was in force due to
Lien can be considered an alternative of which of the following
what is the special report that is asked by the underwriter from the
officer of the insurer
As per the norms of risk assessment by U/W both the parents of a
policy holder died in their early 30s due to Heart disease, what is the
risk assessed
4
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169
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4
170
171
172
173
174
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4
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175
Net premium is equal to

Where annually increasing flexible premiums operate under a life
insurance policy, what rate of increase will generally apply
The regulations issued by the IRDA, require that the decision on the
proposal must be conveyed to the proposer within
If bonus is given under a plan the additional premium added is known
as
Certificate from the village panchayat
What will be lien amount in 3rd year as compared to the 4th year of
lien.
When an individual gets older, chances of obtaining life and health
protection will be
What key event is most likely to prevent insurer from ensuring that
each insured person brings a fair premium to the pool for the risk
presented?
4
HLV is used as a Yardstick to determine
176
4
177
While calculating HLV along with future income, no of years of work,

increments in salary what is also to be taken in to account?
Clause
Rejection
Acceptance
Time barred
HLV report
Client confidentiality report
moral hazard report
medical report
Moral Hazard
Medical Hazard
Occupational Hazard
Physical Hazard
Premium plus interest earning
Risk premium plus interest earning
Premium minus interest earning
Risk premium
minus interest
earning
2.50%
3.00%
5.00%
7.50%
15 days of receiving the proposal
30 days of receiving
the proposal
Loading
Investment
Frequency
NA
Will be considered as standard age

proof
Will be considered as non standard age proof
Will not be accepted
NA
It is higher
Decrease
Slightly higher
Slightly lower
Increases
Reduces
Remains same
Depends on insurer
A policy Assignment
A Fradulent Claim
A steep rise in inflation
A sudden illness
A lump sum amount that the person will get

from the insurance company
NA
Discount rate
Compounding.
The correct cover needed to compensate

Emotion Loss can be compensated for economical loss to their family in case of death
of the earning member
Inflation.
Interest.
4
178
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180
181
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182
Vishal and sandeep applied for a health plan in XYZ Life Insurance Sandeep has taken another policy from
Company. Vishal is asked to undergo a medical checkup but Sandeep
XYZ Life Insurance Company
is not asked to do so. What will be most possible reason?
Mr. Kunal used to participate in Car race. While taking up the
Insurance policy he disclosed this information. What kind of hazard
Physical hazard
does it refers to
If the sum assured remains the same, what will be impact of net
It rises
premium if the age of the policyholder increases
For which of the following reasons, the underwriter should ask
Physical Hazard
beyond agents confidential report.
An insurance agent sold two policies to two different persons having
the same policy term. He declares the commission to each of them.
Risk profile of both the policyholder
The commission of one of the policy is more than the other. What
are different
should be the reasons for this difference?
4
183
184
4
4
185
4
186
4
187
188
Compound reversionary bonus of 4 % will be calculated on

A lien is generally used as a substitute to charging
In a process of completion of an insurance proposal, an agent finds
that the intention of the proposer was not genuine. In this case what
should the agent do?
The documents likely to provide the underwriter of an insurance
company, the details relating to the previous subject application,
which have been accepted as non-standard..
In a case, the underwriter felt that the risk associated with the person
would decrease with time, then he would accept the case with
Maximum Life cover
Vishal is older than Sandeep
Sandeep is earning more then Vishal
Vishal is working in
a MNC
Fraudulent representation
Moral hazard
Peril
It falls
It remains constant
Gross premiums
increases
Moral Hazard
SA is too high
Pure Risk
Age of both the candidate are different
One has chosen Single premium policy and

other has chosen regular premium policy
Both have chosen

different kind of
policies.
Sum assured
Sum assured plus bonus till date
Premiums paid till date
a high premium for a high risk
for reduction in sum assured
NA
Sum assured minus

bonuses paid till
date
NA
Contact the Regulators
Issue a wrong note
Refuse to proceed
Inform the insurer
Quotation Request Form
Proposal Form
Policy Document
Claim Form
A clause
A Lien
A Loading
Level Premium
20 times annual salary
500000
1500000
To see that the proposal is accepted

by the underwriter at OR
To ensure that his client is not burdened with

extra premium
To give truthful report to the Insurer all about

the life to be insured
4000000
To see that the plan
as proposed by the
client is not
changed on
underwriting
Sum assured is the HLV of the

proposer
Yearly income is the HLV of the proposer
Difference between the Assets and Liabilities

is the HLV of the proposer
Present value of the

future earnings less
personal expenses
is the HLV of the
proposer
Employment
Age
Marital Status
Liability
What role an agent is likely to play in the process of underwriting?
189
190
4
191
In insurance, HLV is a known abbreviated term. How the meaning of

HLV can best be described in relation to a income earning proposer?
Out of all the factors that affect the needs of different life stages of
an individual, which is the most common factor that is likely to exist
throughout the life span of an individual?
While calculating HLV along with future income, no of years of work,

increments in salary what is also to be taken in to account?
1. Inflation.
2. Interest.
3. Discount rate
4. Compounding.
Moral Hazard reflects the .
1. Intentions and attitude of Proposer.
2. Habits and Hobbies of Proposer.
3. Occupation and Residence of Proposer.
4. Medical and
Personal History of
Proposer.
Income replacement methods equates Human Life Value (HLV) to
1. Future value of Present earnings.
2. Present value of future earnings.
3. Present value of previous earnings.
4. Future value of
previous earnings.
Agent will be called as..
1. Primary Underwriter
2. Main Underwriter
3. Chief Underwriter.
4. Information
Underwriter.
1. Rs. 2500/-
2. Rs. 25000/-
3. Rs. 250000/-
4. Rs. 5000/-
1. Proposal form.
2. renewal receipt
3. brochure
4. annual report
192
193
194
195
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196
197
198
199
Mr. Rajesh has taken policy from ABC insurance company for Rs.
500000 Sum Assured by paying Rs. 50,000 premium per year.
Company declared 5% Simple Reversionary bonus, what is bonus
amount?
The underwriter can get the required information about the proposer
in.....
Mr. Ramesh works in a mining company. So he is exposed to..............
1. moral hazard
2. physical hazard
3. mental hazard
4. Ethical hazard.
Lien is imposed on a policy when underwriter feels that......
1. the risk associated might increase
2. the risk associated might decrease
3. the risk associated might not be harmful
4. the risk
associated might
be general
What does the mortality tables contains ?
1. Tables of death occurring in various

circumstances
2. Tables of details of various probabilities of

death
3. Tables of details of underwriters calculation

on death
Mr. Guptha is recently detected with lung cancer. He would like to

take an insurance. What is your suggestion?
1. Time of death is uncertain, so

insurance can be given
2. Only lung is affected so health insurance can

be given.
3. He can take insurance after submitting

health certificate
Mr.Santhosh working as a head master who is around 52 years had

requested for an Insurance cover for Rs.1 crore. He insisted that his
brothers son should be the nominee not his wife. Underwriter will
verify this case for which one of the following:
1. A . Physical hazard, as he is old
2. B. Moral hazard, as he is 52 years old and

wife is not the nominee
3. C. Moral hazard, as coverage is high and

brothers son is the nominee
1. Financial Inspection agencies
2. Specialized inspection agencies
3. Credit worth inspection agencies
1. Risk Analysis Department
2. Classification of Risk Department
3. Underwriter
1. The occupation of the person
2. The financial history of his family
3. The income that he earns
4. Human Life Value
1. An individual is proposing SA 15
times his annual income.
2. Insurance is taken out by an individual with

dependents.
3. A nominee is not a dependent.
4. A medical
checkup is carried
out nearby place of
residence.
200
201
202
4
203
204
205
206
207
208
209
4
4
212
Mr.Feroz has applied for an insurance cover of Rs.4 crores. The

Company will accept or reject the proposal only after confirming from
one of the following agencies.
The responsibility for classification and analysis of the proposal
form lies with whom?
In underwriting the economic value of the person is determined by
what?
Level Premium is calculated based on
1. Risk Premium.
2. Net Premium.
3. Loading of Premium.
MPL abbreviates
1. Minimum Possible Loss.
2. Major Possible Loss.
3. Minor Possible Loss.
What is generally considered as a substitute to charging a high

premium for a high risk?
1. Clause.
2. Assignment.
3. Lien.
4. Level Premium.
Jyoti is submitting is copy of permanents account number card as

age proof for buying an money back plan .her age consider as a
1. Non Standard Age Proof
2. Standard Age proof
3. an Address proof
4. Proof of Income
tax payer
1. Simple Revisionary bonus
2. Compound Revisionary bonus
3. Persistency Bonus
4. Interim bonus
1. Gross Premium
2. Level Premium
3. Risk Premium
4. Net Premium
1. Proposal Form
2. Insurance agent
3. neighbor of proposer
4. Medical of
examination report
1. Physical Hazard
2. Moral Hazard
3. Medical
4. No underwriting
Lien
Counter offer
Decline
4
4
4
4
214
216
4
4
4
217
4
218
4
219
220
221
4
4
5
222
223
224
4. Insurance
Investigation
Agencies
4. Actuary who
analysis the risk
When an underwriter may consider Moral Hazard?
Which one of the following bonuses is given by insurer as an

incentive to the insured to for long term:
Ramesh bought an endowment plan for ten year he pays the same
Amount in every year is called:
Which one of the following is not source of information about the
213
215
4. D. Moral hazard,
as he is a head
master and 52
years old
210
211
4. Tables of details
of actuarial
calculation on
death
4. Cannot give
insurance for health
reason
5
5
Manish being a sole earning member of his family not insured himself
But looking for insurance for his son who is student .there is
possibility of
An underwriter accepts the proposal with certain modified terms and
coditions,What it denotes
Loading in a term plan is more likely beacause of
Mortality
better than average risk,at the early

stage of life
better than the average risk ,at the later stage of

the life
Higher than the average risk,at the early stage
If a person have motoring sport as hobby before taking insurance

Moral hazard is Sport and it influence
policy,then what it implicates
the risk of life
If a policy of term 30yrs is imposed with lien, what will be the lien
period
5
A gave an offer to B and B made changes to the same and returned it
modified acceptance
to A. It will be called
Hari wants a constant life cover till his 31st birthday. But he cant
afford to pay high premiums. The best suited products for him would
Pure Endowment
be
At the time of maturity , quarter of the SA is paid though the policy
Endowment
was in force
Weekly premiums are generally collected for which type/range of
Banca assurance
palns
Postpontment
Investment
expenses
Morbidity
In case of lien,the risk will classified as per underwriting standards

Sarath is the client and looking for large SA, and the proposal to be
certified in the context of confidentiality report with relavent to moral
hazard,who is concerned person to do!
ACR
4. Gross Premium.
4. Maximum
Possible Loss.
Admin expenses
Higher than the

average risk at the
later stage of life
Sarath nominee
Superior of the Sarth's insurance agent
motoring sport is risk and influences moral

hazard
motoring sport is risk and influences physical

hazard
Insurance company
motoring sport is a
physical hazard
and it influences
risk
10
15
20
Counter offer
Rectified offer
Rectified
Acceptance
Anticipated endowment
term plan
ULIP
Lien
Money back
Surrender
Health plans
Micro Insurance
Term Insurance
225
Mr A is planning to invest and his needs are :1 Protection for is

Income , during his absence 2.children education
Children Plan
Retirement Plan
Ulip Plan
Term Insurance
What tax rate,if any,will be applicable to a life insurance policy holder

for the maturity proceeds of a Rs 5000 life insurance policy
Nil
10%
20%
30%
A policy holder can pay the premium of Rs 5,00,000 and what could
be the max tax efficiency he is entitles to
500000
50000
100000
300000
Ram has Invested Rs 5000 in PPF & Rs 1 Lakh in Life insurance

premium . In which he will get maximum Tax Benefit
Life Insurance Premium
PPF
50% on each
95% on Life
Insurance Premium
& 5% on PPF
Mr.Sumesh takes a policy and pays premium of 20000 with a sum

assured of 300000, what will be the tax implication on his maturity
amount
Fully taxable
10%
20%
Tax fully exempted
without submitting any form of claim,a life insurance policy holder

received payments of survival then what type of policy he is holding
ULIP
Term
Money Back
Health
what is the special feature of ulip that ensures customer risk profile
for long time insurance policies
fund switching
partial with drawl
premium holiday
riders
Kamal is willing to pay 60000/- per annum for his ULIP policy. What
should be the SA in case he wants to avail the tax benefits
1 lac
3 lacs
2 lacs
1.50 lacs
Joint life policy
Has physical ailment
NA
NA
He has switched his fund
He has opted for Settlement option
He has redirected his past premium
Policy was lapsed

on the time of
maturity
Endowment
Term
Money Back
Whole of Life
Group lifestyle
Employees
Age of the group
Medical history of
group
Endowment plan
ROP plan
Whole life plan
Ulip
Less than 10000
More than 10000
Less than 20000
More than 20000
226
227
228
229
230
231
232
5
233
5
234
5
235
236
5
5
237
5
238
239
240
5
5
5
241
242
5
243
244
Suresh is suffering from Asthma and the policy in been done on joint
life basis and the need for nomination under the plan is less as
After maturity In a Unit Linked Life Insurance Policy, customer does
not get received Maturity in a lump sum. What is the possibility of
receiving it in installments if it is not a annuity plan
A customer gets periodic benefits without any claim and then when
he dies during the term of the policy, his nominees gets the sum
insured. What type of policy is this ?
For assessing the risk of a group health insurance policy, which of
the following information is the most critical
Rakesh wants to buy a policy primarily for Risk Cover but at the end
of the term he wants to get at least some return. Under which policy
he will get these benefits
Prashant buys an Endowment Plan with a sum assured of Re. 100000
and wants to make use of tax benefit under the policy for whole SA.
How much premium would help him avail this benefit
What is the ceiling of tax exemption under 80 c.
The agent can use the benefit illustration document to show the client
the projected growth of investment at the rate of
Suresh has adequate reserve capital with him and he wishes to
protect his income, moreover he feels that if he does not die then he
would need the amount. What type of plan should he opt for?
Frequent switching is not advisable in ULIP plan because it increase
Mr. Kartik got a job recently, he cant afford to pay to pay the higher
premium as of now but in future once he settles down with his job he
can pay higher premium. Which one will be the best plan?
What is the minimum Sum Assured allowed for Micro Insurance?
5
245
246
247
248
249
250
5
5
Pick the wrong answer. In a child plan:

Which tax rate is applicable, in case of Client pays the premium of
5000/- and suffers illness before maturity?
For assessing the risk of a group health insurance policy, which of
the following information is the most critical
1 lakh
1.5 lakhs
2 lakhs
3 lakhs
6% and 10%
5% and 10%
6% and 12%
5% and 12%
Term Insurance Plan
Endowment plan
Return of premium plan
Pension plan
Investment Risk
Risk of death
Uncertainty of return
Chances of lapse
Convertible Endowment plan
Convertible Term plan
Convertible pure Endowment
Convertible money
back plan
5000
10000
15000
20000
Deferred date is
date on which the
risk commences.
Deferred date is a policy anniversary.
On vesting date policy has to be assigned to

the life assured.
After vesting the contract is between the

insurer and the life assured.
1. Nil
2. 10%
3. 20%
4. 30%
1. Group lifestyle
2. Employees
3. Age of the group
4. Medical history
of group
Term Insurance Plan will give.
1. Only Death Benefit.
2. Only Maturity Benefit.
3. Only Bonus Benefit.
4. Only Tax Benefit.
Low risk products give..
1. High Returns
2. Low Returns
3. Moderate Returns
The income of an individual can be protected with the help of.........
1. a unit linked policy
2. a term life policy
3. an endowment policy
4. Good Returns
4. a money back
policy
251
252
5
5
257
258
262
263
267
268
269
270
271
272
273
274
Mr. Kumar decides that his employees should have SSS scheme.
What type of plan is SSS?
1. Salary saving Life plan
2. Not a specific plan
3. Salary insurance plan
4. Salary Specific
plan
Manmohan has recently purchased a house worth ` 50, 00,000 on

loan. Which insurance product you as an adviser will suggest?
1. Endowment Plan.
2. Money Back Plan.
3. Whole Life Plan.
4. Term Plan.
1. 10% of S1.
2. 20% of SA.
3. 30% of SA.
4. 40% of SA.
1. Endowment Plan
2. Term Plan
3. Money Back Plan
4. Annuity Plan
5
5
1. Master Policy holder & insurer
2. Employer & Employee
3. Employee & Insurer
The best way to overcome the problem of investment decision

depends mainly on peer influence is
By Canvassing wide peer group
Seeking professional advise
Go for a low investment tranchee
Debt Funds of MF
Govt Securities
Equities
Gold
increase
decrease
volatile
same
5 year
4 year
3 Year
2 Year
20000
24000
28000
32000
Increase gradually
Decrease gradually
Remain Constant
Change as per
market fluctuation
10- 20 gms
20- 50 gms
50-100 gms
10 gms
Taxation
frequency of payment
interest rates
tenure
Insurance Branch
Post Office
Internet
Mutual Fund Office
frequency of interest calculation
Tax
Interest tax
Tenure
Both do not give
tax benefits
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
280
4. Creditors &
Debtors
Postponement of
investment
decision
In Group insurance plans contract of insurance between ?
277
279
To avail the income tax benefit at investment stage, premium should

be maximum
Rakesh has bought an Endowment, Money back, Term & Annuity Plan
he would like to avail Loan from:
278
3. Term Insurance
4. He Can take
company insurance
275
276
2. Unit linked Insurance plans
3. He can take Key man Insurance
266
1. Fixed deposits
4. when he loses
his job
4. Endowment
plans
2. He can take Business Partner insurance
264
265
3. when he is hospitalized
1. He can take Surety insurance
259
260
261
2. when he survives the term
Mr. Varun who own a multi chain company would like to take an
insurance. What will be the best option for him from the following ?
255
256
1. when he dies
5
253
254
Mr. Shanth has got a pure endowment policy for 30 years for the sum
assured of Rs. 75,000,00/-. It can be paid to him......
Flexibility like partial withdrawal and taking premium holidays is
possible with....
A person who has a temporary job Loss , where should he look for
Investing other than FD
RBI increased interest rates 2 times then the stock prices
A person Wants to invest in a FD for Tax benefit , How many years he
has to take the term of the FD ?
aditya wants to take home loan and his monthly take home is 80,000
what as a best practice should be the maximum EMI
Ramesh has invested in Post office Monthly Income Scheme. The
interest rate was set at 6%. What will be the effect of rate in going
years.
A person is holding 100 GOLD ETF certificates . How many grams of
GOLD does he Have ?
A customer while investing in to Recurring deposit or Cumulative
deposit what are the key factors which will matter
A person planning to invest in Kisan Vikas Patra will go to
If a person chooses Cumulative deposit than Recurring deposit
,difference will be in
A policy holder pays identical premium amount for ULIP and EPF
where he gets max tax efficiency
Investing in ULIP plans exempts a maximum up to what limit for
Income Tax
Suresh wants to transfer his physical gold to gold exchange traded
fund,in relation to access,this change will
An Investor has invested in Debt mutual fund,he is ideally looking for
With this type of deposit the bank pays the principal and the total
interest at the end of the term
In Cumulative bank deposit the interest that in normally compounded
on what basis
Amit has taken a G-Sec and has parted with it mid way as he required
the money with the intention of not getting the interest. What will he
get?
Anand received post taxation 5% return on his fixed deposit in a
bank. If his net return is 3%, what can be the reason
An elderly person wants to use tax efficient investment and invests in

senior citizen saving scheme. Its the impact in his taxation
If a policy with premium of Rs 5000 has matured, how much will be
deducted when the maturity claim arises
When a person is investing in Debt Mutual Fund, what is the primary
objective
Payment/Investments in Kishan Vikash Patra under post office
schemes
in ULIP policy
in EPF
same efficiency for both
50000
75000
100000
200000
not hedge against Inflation
Decrease his liquidity
Reduce his encasement for next six months
Insurance against
Uncertainties
Equity return
Fixed Income
Stable income
Savings income
Traditional deposits
Recurring deposits
Cumulative deposits
Term Deposits
Monthly
Quarterly
Half Yearly
Annually
Discounted Value
Principle amount
Discounted Value with persistency bonus
Principle with
persistency bonus
Administrative charge
Inflation
Interest rate
Market Risk
He will get tax benefit up to 5000
He will get tax benefit up to 25%
He will get a reduction in tax slab
His investment
would be deducted
from taxable
income
Nil
1%
5%
10%
Good Returns
Regular Income
Safety
Liquidity
Regularly with no fixed term
Lump Sum with no fixed term
Lump Sum for fixed period of time
Regularly for fixed

period of time
281
282
283
284
285
286
287
288
289
290
6
6
6
6
6
6
6
6
6
6
What is the similarity between Recurring Deposits & cumulative

deposits in a bank
Mrs. Sheela received some amount out of her husbands death. In
such a situation what will be her prime focus?
If a person want to maintain emergency funds the best place is a bank
or
What is the advantage of converting physical gold assets to gold
ETFs.
Suresh wants to transfer his physical gold to gold exchange traded
fund,in relation to access, this change will
A client has his investment in equity shares. Agent advises him to
keep it in equity based mutual fund. This will make the risk
Bank interest is accumulated
Bank savings account earn cumulative interest at what frequency
If I invest in a G sec partway(ignore periodic interest payments).I will
get on Maturity
Anand received post taxation 5% return on his fixed deposit in a
bank. If his net return is 3%, what can be the reason
Guarantees
Taxation
Tenure
Lock in periods
Savings
Insurance
Investment management
Planning for
pension
Equity market
ULIP
Debt mutual fund
Liquidity
More gold in value
Purity
Increase his liquidity
Decrease his liquidity
Reduce his ability to encash for next six

months
Diversified
Lessened
Increased
NA
Monthly
Yearly
Quarterly
Once in 6 months
Monthly
NA
NA
NA
Prinipal amount
NA
NA
NA
1. Administrative charge
2. Inflation
3. Interest rate
4. Market Risk
Who will maintain Mutual Fund Schemes?
1. Mutual Fund Management Societies
2. Mutual Fund Management Systems.
3. Asset Management Companies.
Which is the primary saving need among all saving needs?
1. Insurance
2. Purchasing House
3. Investment.
Mr. Rao has Rs. 10, 00,000 cash with him. He would like to use this
amount for his daughters marriage which is going to happen with in
Nine months. He would like to get some returns from this money in
these 9 months period. What is the best option to park his money?
1. Insurance
2. Shares
3. Fixed Deposit in Bank
4. Mutual Funds.
The disposable income means......
1. the surplus amount that can be

invested
2. the amount that can be paid towards one's

EMIs
3. the annual bonus amount
4. the sum of one's

all investment
1. through individual agents
2. through internet
3. corporate agents
4. call centers
1. Life Insurance
2. Mutual fund
3. Shares
4. Bank deposits
1. Mutual Fund
2. Risk Diversified Insurance
3. Shares
4. Risk Sharing
insurance
1. Capital Appreciation
2. Capital Profit
3. Capital Benefit
4. Capital Variation
1. Pension Funds
2. Public Provident Fund
3. Employee Gratuity Fund
4. Infrastructure
Bonds
1. Bombay Share exchange
2. Bombay Stock exchange
3. Stock brokers
4. Share brokers
1. Amount of disposable income.
2. Current assets.
3. Current liabilities.
4. Duration of
investment.
1. High Risk.
2. Low Risk.
3. Moderate Risk.
293
294
295
6
296
297
298
299
300
301
302
303
304
6
6
6
6
6
6
6
6
6
305
6
306
307
308
6
6
7
309
310
4. Asset
Maintenance
Company Limite4.
4. Contingency/
Emergency Fund.
6
291
292
FD
More conversion
value
Create a future exit
liability
Which of the following ways is easier for a person to take a saving

product?
Mr. Rajgopal has invested some money. He has been informed
clearly about the tenure, interest rate and method of payment of
interest at the inception of the investment itself. His investment may
be in.....
The concept of Risk diversification is applicable in which of the
following instrument ?
Ajay bought a share for Rs.110 and he sold when it was Rs.630.What
had happened to his share?
Which of the following cant be ducted under section 80 c from
taxable income?
Who act as an intermediary by offering a trading platform for buying
and selling of shares?
The savings needs of a particular individual is majorly determined by
For his investment need, Ravi has parked funds in equity. The returns
from this form of investment can be categorized as
While calculating the expected returns from investments and savings,
an individual should make provisions for
Time deposit account is issued by:
4. No Risk.
4. No provision is
require4.
4. Life Insurance
co.
1. Taxation only.
2. Inflation only.
3. Taxation & inflation both.
1. Post office
2.Bank
3.Mutual Fund
2. Infrastructure Bond
3. Health Insurance
4. Interest paid on
education loan
2.Cumlative deposit
3. Traditional Deposit
4. Fixed Deposit
Fixed Deposit
Mutual Fund
KVP
Pankaj want to save tax over and above the deduction allowed under
section 80C of the income tax act 1961, which allow deduction from
1. Corporate Bond
taxable income
In which of the following Bank pays the Interest on the deposits fund
on monthly /quarterly /half yearly/ yearly basis as chosen by
1. Saving Deposit
depositor fund:
Sanjeev in a lumsum investment is getting benefit of multiple
securities
Bonds
If the client prefers bank fixed deposit rather than cumulative deposit
,due to what implication ?
Investment Frequency
Omkar Started a pension policy with provider A but ended up in
taking the annuity payment from provider B.The result directly reflect
Commutation Option
the which feature available with this policy
what frequencies can one take annuity
monthly,quarterly,half yearly,
Interest Rate
Look in period
Taxation
Differed Annuity Option
Guaranteed period option
Open Market option
fortnightly,quarterly,monthly,yearly
fortnightly,monthly ,half yearly, yearly
Yearly Only
311
312
313
314
315
316
7
7
7
All ULIP pension plans have to give how much percentage as

Guaranteed returns
Yash wants to take open market option in Pension plan. What is the
benefit?
Commutation option allows the annuity policy holder to with draw
6%
9%
4.50%
10%
To continue life
cover
To save tax
To switch the underlying fund
For improved annuity rate
25%
50%
40%
commutation is a feature of which type of policy
annuity
joint life policy
Waiting period in a health insurance policy is to address

Under a health insurance policy,if a policy holder needs to avail his
no claim bonus, how can that be done
Danny is married and has two children aged 6 & 10 , His parents are
aged 68 &70 . Who all can be included in Family floater option of a
health plan
Age discrepancy
Pre existing illness
risk
cash encashment
discount in the next premium
increase in the cover level
Only Danny
Danny & his Wife
Danny , His wife ,His children
Danny's family and

his parents
On the expenses
incurred daily due
to critical illness
7
7
317
pure endowement policy
Implication of Daily Hospitalisation benefit paln
Fixed amt daily
SA
Amt for particular diseases daily
Rupkumar wants to take Commutation option. What is the maximum

amount he can withdraw
one sixth
one third
25%
15%
318
319
Critical illness rider was taken and the rider benefit has been claimed
, the rider benefit now gets
Reduced the the base SA
terminated
continues as it is
New critical Illness

Rider has to be
added to base
Policy
1 Lac
2 Lac
3 Lac
4 Lac
20%
30%
40%
50%
33%
Pension plan is not eligible for tax exemption
100%
20%
320
321
7
7
322
323
324
7
7
A person has taken a term insurance of 4 Lac. What is the maximum

Critical Illness Rider he can take
Mr. Sharma buy term insurance policy along with Accident and
Disability benefits rider cost restricted upto the base premium of the
policy?
Mr.Ramesh invested Rs:50000 in pension policy, what is the
percentage he can avail as exemption in Income tax.
In a Guaranteed annuity option of 5 years , the policy holder will get
annuity till
entire life term
till 5 years and continue till annuitant lives
annuity only for 5 years
premium payment
term
10% of the premium on the base policy
40% of the premium

on the base policy
How riders will help the customer in life insurance
allows policyholders to customize their

insurance cover with additional
benefits
Rider is like a clause
Operative clause
Rider is like
Preamble
In Daily hospitalization cash benefit scheme
The daily amount paid is fixed and will

never be more or less than the cost of
actual treatment
The insurance company may pay an additional

amount on a daily basis if the insured is
admitted to the Intensive Care Unit (ICU)
The insurance company will pay for doctor

consultation fees incurred prior to
hospitalization
Only surgery
expenses are
included in daily
hospitalization
benefi
In term insurance if Critical illness rider claim happens then what will
happen to existing policy
Family floater health Insurance plan covers
How the Daily hospitalization cash benefit will provide benefits to
policyholder who is hospitalized
CI benefit will cease
CI benefit reduced from existing sum assured
CI benefit continues
No change in policy
All members of a Family
Husband and Wife only
Entire charges are refunded
Entire charges less bed charges will be paid
Parents only
A fixed amount on a daily basis is paid
irrespective of the actual cost of treatment
Children Only
Only Hospital bill
will be paid
40% of base policy
premium
7
The Premium on all riders put together should not exceed
325
7
326
7
327
328
329
330
331
332
7
7
7
7
The premium for accidental death benefit rider must not exceed
25% of base policy premium

NA
NA
Under the hospital care rider what is the payout made
10% of the sum assured
One person wants to take term plan for 20 lakh and wants to take
ADB rider, he is not sure of how much sum assured he needs to take
for ADB rider. What is your suggestion?
Needs to take experts suggestion
Equal to base cover
NA
NA
Number of days admitted in hospital &

surgery expenses in full
Number of days admitted in hospital & surgery

expenses in partial
Treatment cost of surgery subject to terms &

conditions
Lump sum amount

what he has
incurred
Need to spend and Get claim from the

insurer
Need to add that hospital as TPA
Need not to claim
Need to switch to
the another insurer
Life and non life respectively
Both life insurance
Both non life insurance
Nonlife and life

respectively.
Insurance coverage
Annuity part
Guaranteed and non guaranteed part
Vesting age
7
334
7
335
337
Specified amount multiplied by the number of

days the policyholder is hospitalized
333
336
33%
policy of another
person
premium
certain policy
exclusions
7
7
What are the benefits to the policyholder Under Surgical care rider?
Health insurance policy holder takes treatment in a hospital which
doesnt have cashless facility. How the policy holder will get
benefited
Health insurance rider and critical illness rider in classified under
In a pension plan illustration what are the parts which shows the
benefit for an annuitant.
7
What is commutation of installments
338
339
7
340
341
342
7
7
7
343
344
Health Insurance is needed because

Rajan and Rajini has taken a Family Floater health insurance Plan of 4
lacs. They met with an accident and had a hospital bill of 6 lacs.
Which is true for this situation:
Open market option under Annuity policy would extend which of the
following benefit?
Ajit and vijit are 2 friends paying same premium for health insurance.
Why ajit has higher tax exemption eligibility than vijit
While calculating retirement fund required for a self employed person
which of the following option will automatically be ruled out
In case of pension plans a guaranteed minimum return of 4.5 % is
applicable when the plan is
7
7
347
348
In what proportion is the cover in a Family Floater Plan shared?

The rider which is given by the Insurance company pays for the
treatment costs in the event of hospitalization of the insured person
is called
Mr. X is married with wife, 2 children and aged parents Health
premium is allowed for
7
349
350
Hospitalization rider has the following benefit:

In a Health insurance plan what the particular feature is likely to cause
the Insurer to decrease the Renewal premium?
7
351
352
7
7
353
7
354
7
355
7
356
357
358
7
7
7
359
7
360
The lump sum withdrawal before receiving

maturity benefit
The lump sum withdrawal before receiving

Survival benefit
The lump sum

withdrawal before
receiving Death
benefit
Life is very uncertain
Cost of healthcare has increased significantly
Premium increases with age
NA
They would get the claim of 6 lacs

since the individual cover is 8 lacs
The claim will depend on the surveyor
The maximum claim will be of 4 lacs
Rajan will get a

claim of 3 lacs and
Rajini will get 1 lacs
Ensure Better annuity rate
Increase in the range
Increase in return
Switch of Funds
Ajit is above 65years of age whereas

vijit is below 65
Ajit is NRI and vijit is Indian
Ajits health is better than vijit
NA
Gratuity amount
His standard of living
NA
NA
Indexed
Guaranteed
Unit linked
NA
A Family Floater Plan is the same as a

Individual Plan
Only self and spouse can be covered in this

plan
Any number of people may be covered in this

plan.
The insurance
cover is shared
amongst the family
members in no
fixed Proportion
25% each
15% each
50% each
No Proportion
Critical Illness Rider
Hospitalization Care Rider
Accidental Benefit Rider
Surgical Care Rider
X only
X with wife
X with wife and kids
X with all
Which of the following is true regarding Family Floater Health

Insurance Plan?
345
346
The lump sum withdrawal before

receiving periodic installments of
annuity
Daily hospitalisation benefit:

ADB rider premium cannot exceed
Customer has opted for a 5 yrs guaranteed annuity option. What will
happen to annuity, if the customer survives for 5 years after the end
of guarantee period?
The rider which is given by the Insurance company pays for the
treatment costs in the event of hospitalization of the insured person
is called
Which of the following product not comes under Section 80 ( C ),
income tax act 196
Mr. Suresh purchase one pension plan and accumulated Rs. 9,00,000
amount in his pension fund. He would like to utilize commutation
benefit before taking pension. What is amount Mr. Suresh can
withdraw as commutation?
Customer has to pay the amount in regular intervals to create
purchase price or Pension Fund. We call this phase as..
Some Health Plans will give coverage for family members also. We
will call these plans as..
Mr. Hitesh would like to get health coverage along with Life
Insurance. What are the options available to Mr. Hitesh to fulfill his
need with a little cost?
Mr. Govind, Advisor with ABC life insurance company find out one
client is seeking solutions for health care and inheritance planning.
Which main life stage he most likely to fall into?
Person receives fixed amt daily for no

of days in hospital
Person receives an amount equal to the

expense.
Person receives a fixed amount of 1000 daily.
Person receives
benefit only if he is
hospitalized for 3
days minimum
Cashless facility
Exclusion
No claim bonus
Waiting period
No of days spent in hospital multiplied

by Daily hospitalisation benefit
NA
NA
NA
30% of the base premium
NA
NA
NA
1. paid up to 75 Yrs
2. annuity will be continued for next 5 Years
3. till he die
4. not remembered
1. Critical Illness Rider
2. Hospitalization Care Rider
3. Accidental Benefit Rider
4. Surgical Care
Rider
1. National Saving Certificates.
2. Equity Linked Saving Schemes.
3. Principle component of home loan.
4. Premium paid for

Health Insurance
Plan.
1. Rs. 3, 00,000/-
2. Rs. 4, 50,000/-
3. Rs. 90,000/-
4. Rs, 4, 85, 468/-
1. Collection Phase.
2. Accumulation Phase
3. Pension Phase.
1. Family Health Insurance Plans
2. Total Protection Policies.
3. Family Floater Health Insurance Plans.
1. Taking Life Insurance plan with

Critical Illness Rider.
2. Taking Health Plan, Insurance Plan

separately.
3. Taking Medi-claim plan with Life Insurance.
1. Young Unmarried.
2. Young married with children.
3. Retirement.
4. Primary Phase.
4. Family Rakshak
Health Plans.
4. Taking Hospital
Benefit Plan with
Endowment Plan.
4. Children.
Which of the following is not a feature of WOP rider?
Mr. Ramakant is 35 years old. He has bought retirement plan for 20

years. This type of pension plan is known as..................
1. immediate annuity
2. life annuity
3. deferred annuity
4. joint life annuity
Mr. Ranga has taken Critical Illness Rider. In which of the following
scenarios the insurance company will pay him......
1. When Mr. Ranga dies due to critical

illness
2. When Mr. Ranga is diagnosed a critical

illness
3. When Mr. Ranga's family member will be in

critical illness
4. When Mr. Ranga

dies due to severe
road accident.
Mr.Feroz has taken policy for critical illness worth Rs.1 lakh in health
policy. He also has a term plan worth Rs.10 lakhs. Mr.Feroz was
hospitalized after he was detected with cancer .Unfortunately he died
after 3 days of treatment. How the claim will be settled?
1. claim of critical illness and 10 lakh

from term policy will be settled
2. claim of hospital charge Rs 20,000 and 1 lakh

for death will be settled
3. Claim will not be settled as he died due to

cancer
4. Claim will be
settled as per the
instructions of
underwriter
Which one of the following cannot be covered under Critical illness

rider?
1. Blindness
2. Paraplegia
3. Coma
4. Brain Surgery
Mr. Yash has taken an annuity on 25th August 201The benefit of the
plan will start from 25th August 201 What type of annuity plan is this?
1. Guaranteed period annuity
2. Life annuity
3. Deferred Annuity
4. Immediate
annuity
Rohit is working as sales manager with an FMCG company. His job

requires him to travel across states. He is planning of covering his
additional risk involved while travelling and a savings plan. What
suggestion would you give him as an agent?
1. To purchase an accidental rider with

a savings insurance plan.
2. To purchase a health plan along with a

savings insurance plan.
3. To save through fixed deposits in bank.
4. To purchase a
medical plan.
The general need for purchasing a health insurance plan at an early

age results from which of the following factors?
1. The premium decreases with

increasing age.
2. The premium remains constant with

increasing age.
3. The premium may increase or decrease with

the increasing age.
4. The premium
increases with
increasing age.
The life expectancy in India is constantly improving and is well above

60 years. This also brings along challenges. These challenges can be
covered through
1. Equity.
2. Bank fixed deposits.
3. Health insurance plan.
4. Savings
insurance plan.
Anand has purchased a pension plan which is nearing completion of

accumulation phase. He is in need of finances to make down payment
of car he wants to purchase. At the end of accumulation phase how
much he can make tax free withdrawal?
1. 1/5th of accumulated amount.
2. 1/3rd of accumulated amount.
3. 2/5th of accumulated amount.
4. 2/3rd of
accumulated
amount.
Which of the following is not featured and benefit of rider?
1. Providing additional cover
2. Maturity benefit
3. Nominal cost & flexibility
4. Customization
and tax benefit.
1.10 lac
2. 20 lac
3.30 lac
4.5 lac
1. Accidental death benefit (ADB)
2. Critical illness (CI)
3. Hospital Care (HC)
4. Term Rider.
361
362
1. The rider waives future premiums in

2. This rider is ideal for helping to prevent a
4. WOP rider can be
3. The main strength of WOP is the payment of
the event of the disability or death of policy lapsing due to non-payment of premiums
offered with all
full sum assured.
the policy holder.
due to death or disability
plans
363
364
365
366
367
368
369
370
371
7
372
7
373
374
375
376
377
378
379
380
7
7
7
7
7
7
7
Gaurav bought an endowment plan for 20 year of 10 lac SA with ADB

Rider, died in road accident after 10th year how much money claimant
would be payable:
Under what kind of Rider the insurance company pays the treatment
cost in the event of hospitalization of the insured, subject to term &
Condition of the rider.
The risk of unemployment is covered with what benefit in the policy
In Surgical benfit rider what would be the payout procedure
A Critical Illness claim is settled in a policy. The benefits of the policy
can be used for
If a health rider is taken in a policy, maximum rider premium can be
%age of base premium
In a pension policy if agent says the cost would be 120% of present
value if he invests for 10 years, this is due to
Under daily hospitalisation cash benefit scheme the amount payable
is increased due to what reason
Insurance addresses the needs of people with risk of living too long
by..
Why do Self Employed Individual have the need to buy Medical
Insurance rather than People working in public Sectors
Rider
Continouation
Subsidiary
discount
Per day Hospital Cash Benefit Respective
Per
today
the Hospital
surgery made
Cash Benefit irrespective to the Will
surgery
get lumsum
made benefit respective to surgery have
Irrespective
been made
to the sugery
Only for Illness
For Repairing house
Only For Doctors fees
Not specified
25%
50%
75%
100%
Charges
Compounding
Taxation
Premium increase
Change in hospital
Special consultant charges
Admission to ICU
Extensive documentation
Restricting the max age at entry
Extensive underwriting at inception
Retirement and
pension plans
Public Sectors do not get Sick often
Public sector employees enjoy Medical

Insurance Covers related to Job
Self Employed people do not have Sick Leave
Loans are available

faster for Public
sector EMPLOYEES
Health policy for child
Health policy for wife
Life insurance policy for wife
Life Insurance
policy for himself
Marginally decrease
Singnifcantly increase
less than after 15 years
will remain same
income protection
inheritance planning
investment efficiency
long term savings
381
8
382
383
384
8
8
Mohit has two kinds, one of 6 years and other 8 years.He is the
earning member and not having life cover. Before advising him to
take health policy, what he should be advised.
Manoj a 26 year old is having 7 years old son. What will happen to his
monthly disposable income after 15 years of job
Samir is married and he has only one partner,with dependant parents
and no child,which should be his priority
8
385
386
387
8
8
8
388
389
390
391
392
8
8
8
8
8
393
8
394
The sole focus during a clients fact-find session was healthcare

requirements and estate planning. Which main life stage is he most
likely to fall into?
A Couple has 7 years old son, What solution would they be looking
for
In which of the recognized life stages an individual does not required
any protection cover
Benefit Illustration given to a customer quantifies an amount by which
investment return is reduced. This reduction reflect the impact of
Life insurance is the most important for which age group
Ashish is looking at different plans of insurance for protection at the
lowest premium. Which is the best plan for him?
During Fact finding, rating is mentioned 3. This Indicates
Shailesh and ankit want to retire in the age of 65yrs. But shailesh
pays more monthly payment than ankit. Why?
During financial planning session if the agent finds out the following
needs, which one should be given the top priority. Needs: Income
protection, Childs education, marriage and emergency funds.
Ajay and Vijay both are unmarried. Ajay has dependant Parent. Which
need Ajay must take care of on priority, although that will not be a
priority for Vijay?
395
396
8
397
398
8
8
399
400
8
8
401
402
8
8
403
404
8
405
8
406
407
408
409
8
8
8
In the context of financial planning, how is the difference between real

needs and perceived needs best described?
If a person is concentrating more on health plan and retirement plan
then at which stage of life is he in.
Manish and Manisha is a married couple with one child. They want to
plan for savings, child education/marriage and their retirement and
protection of income. Which should be their lowest priority?
During fact finding, What will be the next step after Identifying clients
need
Akash is an Unmarried person and employed with company ABC and
drawing a handsome salary. He has no liabilities. What kind of plan
can be suggested to him?
Sumit is having 2 children. He wishes to have health cover for himself
and his wife. Which suits him the most?
A client has got some funds and wants to provide for retirement and
margin money. What should be his priority
While planning for retirement fund to calculate the required amount
needed at that time we should consider as priority
Ajay is 35 years old. He wants good amount of life insurance cover
along with savings element with no defined term. Which plan should
be suggested
The income of an individual can be protected with the help of
A married couple having 9 year old child have to consider life
insurance, health insurance, child investment & retirement plans for
their better future as a family but at present condition which aspect
should be kept at lowest priority?
After completing a Fact Finding activity for a client, who is self
employed, the main reason why it is important to record the type of
work that he is involved in is
Mr. Shyam is having 9 year old child. Which product is not to be given
priority?
What is the major reason for self employed to take insurance.
What is the major reason for conducting fact finding exercise?
Young married couple
Young married with children.
Pre-retirement.
Retirement
Retirement
health care
child education
life cover
Childhood
Young Married
Pre Retirement
Retirement
Charges
Interest
Inflation
Taxation
Young
Pre- retirement
Retirement
children
Term plan
Endowment plan
Whole life plan
Money back plan.
Risk apatite of client
His future aspiration
Commitment to need
Willingness to pay
Shailesh is very older than ankit.
Shaileshs income is more than Ankits income
NA
NA
Childs education
Marriage
Emergency funds
Income protection
Retirement plan
Health insurance for parents
Term Assurance
Endowment Plan
Real needs are financial needs and

perceived needs are non-financial
needs.
Real needs are actual needs and perceived

needs are based on a clients thoughts and
desires.
Real needs are identified by the insurance

agent and perceived needs are identified by
the client.
Real needs are

needs which satisfy
an objective and
perceived needs
are needs which do
not satisfy an
objective.
Young unmarried
Young married
Young married with Kids
Pre retirement
Marriage.
Savings.
Education.
Protection.
Quantify clients need
Priorities Clients Need
Recommending Product
Fill up the proposal

form
Money Back
Term Plan
Endowment Plan
ULIP
A family floater
Life insurance
Individual cover
Group health
insurance plan
Margin money
Retirement plan
Depends upon his actual age and years left for

retirement
Depends upon the

amount needed
The inflation rate
The interest rate
His income
NA
Endowment
Term
Whole life
Moneyback
a unit linked policy
a term life policy
an endowment policy
a money back
policy
Child Investment
Health Insurance
Life Insurance
Retirement
It affects the basic cost of cover
Dictate the Rider Benefit should be

recommended
Helps to quantify the clients attitude to risk
Influence the tax

status
Health plan
Child Plan
Life Insurance
Retirement Plan
Save Tax
Fluctuating income
High Returns
Need analysis
Understand about company
Introduction of agent
Protection
Understanding the
Customer
8
410
Naveen, aged 32 years, has taken money back plan. He is a teacher

by profession. Naveen referred Prasad to Ram. Prasad is also
teacher. Ram who is an agent advised Prasad to take money back
plan as he is of same age (33 years). Is it the right advice? Why?
8
411
8
412
There is a relation between Age, Risk and Risk appetite. Which

relation is most likely to be acceptable?
Regular savings creates a fund to meet adverse incidents in future.
For drawing a financial plan for savings needs of an individual
without capital, what is the Fund which comes first?
Age increases, Risk increases and the Risk

appetite decreases
Age increases, Risk decreases and the Risk

appetite increases
Age increases, Risk

decreases and the
Risk appetite
decreases
Retirement fund
Emergency fund
Fund for untimely death
Education Fund
an unmarried young
A self-employed person
Reasonable
NA
NA
During financial planning session if the agent finds out the following
needs, which one should be given the top priority. Needs: Income
protection, Childs education, marriage and emergency funds.
1. Childs education
2. Marriage
3. Emergency funds
4. Income
protection
Perceived needs are those.
1. Short term needs.
2. Imagined to be important by Advisor.
3. Imagined to be important by client.
4. Long term needs.
Need analysis involves identifying
1. Financial provision to meet

predictable and unpredictable needs.
2. Capacity to pay the premiums in future.
3. Existing insurance plans.
4. Family and
Employment
details.
Mr. Shanth is in his early 20s and has just started earning. His risk
appetite is expected to be.....
1. high
2. low
3. normal
4. Neutral.
The younger the age of an individual..............their liabilities will be.
1. the lower
2. the higher
3. the smarter
4. the superior
1. Pre-retirement stage
2. Post retirement stage
3. Married with older children stage
4. Employment
stage
1. Real need
2. Perceived need
3. Imaginary need
4. Important need
421
8
422
A provision for superannuation is normally taken a high need to

A person has 6 months of emergency funds.This is:
Mr. Ramachandra's son Mr. Bharat has just employed as a software

engineer, daughter Anusha has got married. Now Mr. Ramachandra is
free from his burden. So Mr. Ramachandra is now in the
...................stage.
Mr. Vinodh has lot of inconvenience to reach office every day. So he
wants to buy an expensive car when he will have sufficient fund. Here
Mr. Vinodh's need is.............
Which are the two primary needs of any customer in any point of life?
1. Investment and retirement
2. Investment and Protection
3. Investment and savings
The concept of need based selling involves
1. Selling what company wish to sell.
2. Selling what adviser wish to sell.
3. Selling what customer requirement is.
1. Retirement need.
2. Tax planning need.
3. Financial security need.
1. Likely to increase.
2. Likely to decrease.
3. Will fluctuate.
424
8
425
426
Vijay, aged 30 years and married, is the sole bread winner for his
family. He is saving enough with banks.As an agent, which need you
prioritize first?
The Central Bank has recently announced the decrease in interest
rates. The prices of bonds are
During the fact finding session as an agent you should follow which
one of the following process?
1. Prioritize, Identify & Quantify Needs.
2. Identify, Quantify & Prioritize Needs.
3. Quantify, Identify & Prioritize Needs.
Amit is looking for term insurance plan for protection of his family, he
is advised to approach to:
1. Property Insurance
2. Life Insurance
3. Health Insurance
What do you mean by Double Income Family?
1. When a person of the family is

involved in double businesses or jobs.
2. When both the life partners are earning

members of the family.
3. When the income of a family is just the

double of income of another family.
In which of the following case there is no defined retirement age?
1. Public sector employees
2. Private sector employees
3. Professionals & Businessmen
427
428
429
430
By addition of
Premium waiver
rider to the
proposed
Endowment
assurance plan
A Government
employee
NA
a Public sector employee
423
Age increases, Risk increases and the

Risk appetite increases
A Proposer asks for double death benefit in an Endowment assurance

plan for 15 years. How his proposal will suitably be dealt with?
418
420
No, as there is an
age difference.
By addition of Term assurance rider to the

proposed Endowment assurance plan
416
419
Yes, as both are teachers
By addition of Accident Benefit rider to the

proposed Endowment assurance plan
413
417
No, customers needs are different
By offering another Endowment

assurance plan
414
415
Yes, as Naveen and Ram are of same

age.
4. Investment and
life needs
4. Selling what
IDRA wants
company to sell.
4. Asset building
nee4.
4. No change is
likely.
4. Prioritize,
Quantify & Identify
Needs.
4. Liabilty
Insurance
4. When the
members of a
family do not work
at all.
4. All of the above
Which one of the following is true?
1. Every individuals income and

expenditure pattern is same.
Ram has set a provision for contigency which can survive for 6 month
.This amount is considered as
Adequate
2. Every individuals income and expenditure

pattern is different.
3. An individuals income and expenditure has

no relation.
4. An individual
should not keep in
mind his income
while planning his
expenditure.
Inadequate
too low
too high
431
432
8
433
8
434
435
436
437
438
439
440
441
client need analysis
Product Pitching
Fact finding sheet allows the agent to

Mr A has been approached by the Agent and on fact finding the score
is 3 , this represents
To ensure that the premiums are paid out of a legitimate source of
funds cash is accepted
With effect from 1st July 2010 all insurers have to disclose in the
benefit illustration document the..
If the client accept the recommendation, then the agent should ask
the client..
Analyze customer needs
Select the product
Proof
Pre retirement
Finding out Moral
hazards
Reference
Low Risk Taking
High Risk Taking
Moderate Risk Taking
Zero risk Taking
Up to Rs 50000
Up to 99990
Up to 100000
Without any limit
Commission Pay to their agents
Detail of charges
Both of the above
None of the above
To pay the premium
To fill in the proposal form
To ask the documents
None of the above
Consulting the clients parents
Consulting the family of the client
Reviewing his
existing
investments
Benefits of the products
Commission on the products
NA
KYC document
Benefit illustration document
Client benefit
document
Annuity Plan
Whole Life Plan
Health Plan
9
9
9
9
9
9
444
9
450
451
for completing ACR
Ask the client to fill the proposal form
Find out the reasons for refusal
Must try to convince the client to follow his

recommendation
Must try to force

the client to follow
his
recommendation
Disability
Unemployment
Sickness
Education
All of them
4. Willingness to
pay
4. Clarification
Questions.
4. Lapsed policy
details.
4. Recommend to
take his own time
to take a decision.
House
House loan
Investment in shares and mutual fund
During Fact finding, rating is mentioned 3. This Indicates
1. Risk apatite of client
2. His future aspiration
3. Commitment to need
Which type of questioning is very useful to gather information from

clients?
1. Closed Ended Questions
2. Open Ended Questions.
3. Interrogative Questions.
Which is the not part of KYC norms?
1. Photographs
2. Proof of identity
3. Proof of address.
During the recommendation stage the advisor needs to......
1. recommend the products that best

meet the client's needs
2. recommend to wait some days to invest
3. recommend the new product the company

has recently launched
In which of the following an agent will collect the customers

Personal data, professional data and financial data
1. Fact Finding Sheet
2. Advisor Confidential Sheet
3. Customer Data sheet
4. Personal and
financial data sheet
Mr.Mohith, an agent was explaining to his customer the guaranteed

benefits of the product. Which one of the following documents he
would have used to explain the same?
1. Fact Finding document
2. B.KYC document
3. C. Benefit illustration document
4. D. Client benefit
document
Mr.Harsha an agent wants do a thorough Fact Finding for his client to

Mr.Kishan who is a business man. Which of the following information
will be helpful to know about the earnings and Expense of Kishan?
1. Clients Profits and Withdrawals

from business
2. Clients Expense statement
3. Clients business details
4. Clients business
records
452
453
454
455
Childhood
449
What should an agent do in order to understand the mental state of

Fact finding
client in respect to his investments in saving products
During product recommendation the agent should explain the product The needs that came to fore in fact find
in relation to
process
An agent was explaining to his customer the guaranteed benefits of
the product. Which one of the following documents he would have
Fact Finding document
used to explain the same?
Naresh is married and his daughter Sneha is 3 years old. Which plan
Term & Children Plan
can he take?
Retirement
If the recommendation of the agent has been rejected by the client,

the agent should:
Financial planning may not be taken as complete till inclusion of the
predictable needs of the clients. It is likely to emerge from the
incident of
Which one is not an asset
446
447
448
Young Married with no children and

Which is suitable life stage to buy Unit linked insurance plan?
Single income family
X and Y are married, they are planning for estate planning, which life Young married with single income no
stage do they belong to
kids
objective of fact finding
442
445
Explain him difference between real

need & perceived
Explain him
difference between
Explain him difference between financial & non
Explain him difference between important &
short term & long
financial need
unimportant need
term need
Young Married with
children and
Young Married with no children and Double
Young Married with children and Single income Double income
income family
family
family
443
XYZ client wants to buy a car in future , however his financial

planning shows that he cannot afford car as of now .As a financial
planner you should
As an adviser why is it essential for you to carry out the financial

planning exercise with the prospective clients?
1. Individuals understand their real

needs and can prioritize them.
2. Individuals have same financial needs at

different stages of the life cycle.
3. Individuals do not understands their real

needs and cannot prioritize them.
After undertaking financial planning exercise, the prospective client

said that he does not have funds for investments. To resolve this
query, which skill of an agent would be tested?
1. Objection handling skills.
2. Listening skills.
3. Communication skills.
The objective of Fact Finding is to
1. Gather Clients Information only.
2. Identify only the clients needs.
3. To provide solution of companys choice.
To explain the benefits of a product, the insurance adviser should
1. Provide the product brochure to the

client.
2. Provide Benefit illustration documents to

client.
Amit & Rashmi are newly married. Both are working couple. They
want to invest their savings of 100,000 annually to build corpus to
make down payment for their house 5 years from now. An adviser
sold than a unit link product to meet their requirement. This may
result in
1. Ruining the long term reputation of

company.
2. Opportunity of new business for adviser.
3. Bad reputation of the individual adviser.
4. Financial burden
on the couple.
To prove ones identity in accordance with KYC process, the

customer needs to submit following document excluding .?
1. An Age Proof
2. An Identity Proof
3. An Address Proof
4. Education Proof
Vinod being an insurance agent can offer assistance to his client

Ramesh by:
1. Providing him emergency fund.
2. Matching the product with Rameshs financial

need.
3. Recommendation of product with highest

return.
4. Discourse saving
in a purposeful and
need based
manner.
Objectives of fact-finding do not include-
1. Identify needs
2. Gathering client data
3. Provide for anticipated changes
4.Surrendering the
existing policies for
selling new one
1. KYC documents
2. Benefit illustration documents
3. Fact-finding sheet
4. Financial details
Ask the client to sign the contract of

relationship
Check the client's commitment to the need &

continue with process
Should take some more time to conclude the

sale
456
457
458
459
460
461
463
9
9
465
9
466
10
467
10
468
469
10
Which one of the following documents distinguishes between

Guaranteed and non-guaranteed benefits?
After fact finding , Ram has presented the product to the client in te
second meeting . If client approves the recommendation what should
be the next xtep
Discuss with proposer about future life

which of the following is the final stage of fact finding with the client? prospects and changes
Completion of Proposal form
a policy holder takes two insurance policy and the premium amount
is identical and he gets lesser commission in one of contract the
one policy has more SA
ONE POLICY has more term
reason is likely to be
An agent reveals his commission received from insurance sales to
X has brought other limited premium
X&Y .Both plans are of same duration . Why is commission of X far
Y has brought a single premium product
product
higher that that of Y
Customer asks the agent to disclose the commission . The agent
disclose on demand
Not disclose
should
476
One of the policy

has higher Premium
X is married
Y is Single
Should call up the Insurer
Should avoid the

topic
Ask the insurer to give a policy

endorsement letter
From the fact details
From signed copy of benefit illustration
From ticked column

of proposal form
10
Churning is bad , based on which aspect
Agents earn Lower Commission on

churning
Policyholder gets more benefits
Policyholders suffer due to surrender charges

and benefits
Insurance
companies get
good branding
what over riding criteria an insurance agent consider while proposing

a solution
Sales Target is reduced . Churning will
Higher persistency to the insurer ensures what ?
Persitency =has increased from 82 % in previous year to 86 % this
year . That means
risk
suitability
Flexibility
Cost
Increase
More productivity
Decrease
Higher attrition
Will not affect

Higher Profits
Partially
Higher S.A
more lapsation
more attrition
less lapsation
No profits
10
10
10
10
10
10
477
10
478
one policy is a single premium
The best way to prove that customer of a ULIP policy is given

awareness about the commission paid to the agent is
471
475
Recommending Solutions
Should close the

discussion then &
there
Coming to mutual
agreement with
objective for
Solutions
10
470
472
473
474
4. Both identify
clients needs &
gather information.
4. Provide the
3. Provide the terms and conditions document
website address to
to the client.
the client.
462
464
4. Individuals real
and perceived
needs are same.
4. Client
information
gathering skills.
What key impact will the agent have in low persistency

A customer surrenders his policy on Feb 2011. As per Agents code of
conduct, an agent can get a new policy from this customer from Feb
which year
When should an agent disclose the commission which he will earn
from the product which he is going to sell
Increase more business
Increase in the agents earning
Will improve reputation
Will have impact in

his commission
2011
2012
2013
2014
When the customer asks him
After the fact finding process
After quantifying the need
After the product is

recommended to
the client
479
480
10
10
10
481
482
10
10
483
10
484
10
NA
The company will
not declare bonus
Respect this
confidentiality by
not disclosing it to
anyone
Should review once
again
If a person already suffering from some disease and had not

Notify the insurer of this matter
Refuse to act for the customer benefit
mentioned it in the proposal form then as per IRDA code of conduct
the agent should
If the client does not wish to proceed with the recommendations right
Should ask for the reason for not going with the
Insist on taking the product right away
at the moment the agent should
recommendation
During a fact finding process the need analyzed were income
replacement and childrens education. But the customer insists on
Do the fact finding exercise again
Insist with the client to take a term plan
only a child plan for the time being and asks the agent to give him a
child plan. The agent should.
After doing the need analysis of the client, the agent advised the
Enquire about the refusal from the
client to opt for TROP product. But the client refused. According to
Suggest an alternative plan
client
ethical business practices what will the agent do ?
Which of the following act from agent will be specifically useful in
case of annual premium policies compared to monthly mode policies
Ask the proposers doctor to send details to

the insurer
Should ask for a future date from the client
Give a child plan and revisit the client on a
later date
Give the lead to

another agent
Pass on to the superior
Pass on to the
other agent
Offering credit facility to client
Offering premium
collection facility to
client
need to disclose the amount of commission
Switching
Doing a financial planning
Churning
Fact Finding
The customers are satisfied with the

products
The company is acquiring more business and

new customers
A large numbers of policies have lapsed /

surrendered resulting in loss of profit
The company will

not declare bonus
a kind of gift for purchasing insurance

products
a rebate on the price amount like other sales
a breach of IRDAs code of conduct
a breach of a
provision of the
Insurance Act,1938
10
An agent offered his client that 75% of the first premium will be paid
by him out of commission. This offer of rebate on premium will be
treated as
Persistency can be improved by:
Providing service to the clients
NA
NA
10
Remuneration to Agents includes
1. First Year Commission
2. Renewal Commission.
3. Both of the above.
10
Mr. Gayaram, Advisor who advised the customer to close the old
policy and take new one. But new policy does not have any extra
benefits but it will give more commission to Mr. Gayaram. This is
called as
1. Switching
2. Churning
3. Redirecting.
4. Shifting.
10
An insurance agent is intermediary between.
1. Client and Insurance Company
2. Insurance Company and IRDA
3. Client and IRDA
4. Insurance and Reinsurance

company.
10
What is the factor which has influence on persistency?
1. Role of Agent
2. Product Design.
3. Policy Servicing
10
For an insurance advisor churning is.............practice
1. good
2. bad
3. compulsory
10
Which one of the following factor does not help in the Persistency ?
1. Regular reminders about the

premium to the customer
2. Flexibility of Premium payment to the

customer
3. Dispatching Discharge voucher to the

customer
4. appreciable
4. Continuous
servicing of the
policy
10
Mr. David an agent had helped Mr. Srinivasan to take an endowment

policy on Feb 200As srinivasan was finding it difficult to pay the
premium, Mr. David had advised him to surrender this policy and to
apply for a lower premium policy. This is called as ?
1. Churning of the policy
2. Surrendering the policy
3. Switching the policy
4. Claiming the
policy
10
Mrs. Hansa an agent, has planned to sell maximum products within a

1. It will benefit both the company and
short span of time by giving maximum rebates to the customer to
the customer
complete the contest target of the company.
2. Reputation of the company will be high due

to offers to the customer
3. Agent will be terminated
4. Agent will be
qualified for the
contest
10
Mr.Raghav is an expert in fact finding .Mr.Raghav helps his brother in

1. Raghav will be promoted to the next
his job by sharing the information of his clients after the fact finding
level
he does to procure insurance. What will be the outcome ?
2. Raghav will be terminated
3. Raghav License will be cancelled
4. Customer will
complain to
Ombudsman
10
10
491
NA
A large numbers of policies have lapsed /
surrendered resulting in loss of profit
need not disclose the amount of

commission
10
10
489
490
Higher profits
The company is acquiring more business and
new customers
Issuing reminders
487
488
A low persistency ratio for the insurance company means that:
Lower profits
The customers are satisfied with the
products
Explaining charge structure
485
486
What is the disadvantage to the insurer in case the persistency falls
492
As per the IRDA circular an insurance agent

If the agent recommends the client to terminate an endowment plan
and take a whole life in order to earn higher commission its termed as
A low persistency ratio for the insurance company means that:
needs to disclose the amount of commission

Should not disclose
on demand
493
494
495
496
497
498
499
10
The agents duties and responsibilities ends
1. When the clients policy is issued.
2. When the clients needs have been

established.
3. When the nominee has changed.
10
When client declines the recommendation by the insurance adviser

even after resolving the concerns, the adviser should
1. Persuade the client to purchase the

policy.
2. Should ask for reference who might be

interested in financial planning.
3. Should never approach the client ever again.
10
Under what circumstances the surrender of a policy should be

recommended by the agent?
1. When a client have been sold the

right solution.
2. When a client is holding a product having

good value for money.
3. When the policy has been mis-sold and do

not match his needs.
500
501
502
NA
4. Salary and
Reimbursement.
4. When the
maturity/claim is
settle4.
4. Should do
nothing.
4. When the client
is enjoying good
financial status.
503
10
What key benefit high persistency ratios have on insurance adviser?
1. High renewal income.
2. Less renewal income.
3. Fewer client bases.
4. Unsatisfied
clients.
10
Under which one of the following acts the maximum remuneration

that can be given to insurance agents described?
1. Income Tax Act
2. Indian Contract Act
3. Insurance Act 1938
4. IRDA Act 1999
10
Which one of the following is not a benefit of persistency?
1. Helps the client in achieving goals
2. Reduction in costs
3. Increased client satisfaction
10
Satish as an insurance advisor while recommending to his client

Ramesh is not suitable policies
1. Satish should check the Ramesh s

commitment to the needs
2. Satish should outline the reasons for

recommendation for a particular policy
3. Satish should check the acceptance or

rejection of the recommendation.
10
Why a building long term relationship with clients is necessary?
1. A satisfied client may be the source

of other potential clients
2. Reviewing financial needs and plans are

necessary with changes
3. Agent has the option to recommending

highest commission at any time.
10
As per agents code of conduct,Agent Recommends protection

Plan,but the client insist on investment plan for the financial
planning,what an agent should do!
504
505
506
507
508
509
10
10
510
10
511
512
513
514
515
516
10
11
11
11
11
11
517
518
519
520
11
11
11
11
521
522
523
524
525
11
11
11
11
11
526
11
527
11
528
Insurers observe high persistency ratio,then
While on sales of an Insurance plan Mr. Had to show his license
Incase of presumption of death

If a valid claim is delayed by the insurer then the interest for the same
will have to be paid by the insurance after how many days from the
date of admission of the claim?
Under the IRDA guidelines for Claim settlement, any queries or
additional documents can asked from the claimant within
A claim was paid in a policy and it was advertised in the newspaper
also. This indicates that the policy was.
An indemnity bond was signed in a policy when the claim was paid.
This indicates that the policy was.
4. Introduction of a
new insurance
product or a
change in a clients
Circumstance
Recommend both the plans
Propose an investment plan and discuss with

him regard to discomfort of term plan
Refuse to act with client
Report to the senior

and seek his
Guidance
policy reserve increases
Reserve decreases
Remains constant
Surplus decreases
Refuse to proceed
Proceed with agreed need and document the

rejection
Get second opinion
After clearly identifying 2 needs from fact finding, client agrees to go

for one and gives the reason, what should the agent do now
Do a fact finding again
Nikhil was in the process of closing a unit linked plan sale and the
customer put a query which Nikhil does not know. What should Nikhil
Decline to act for the client
do?
What is the maximum Time in which The insurer should settle a claim
when all documents are submitted
A missing person is considered to be dead after
The delay in settling claim by any insurance co, as per IRDA norms
has to pay....% if the present bank interest rate is 5.2%
A claim was submitted & in how many days company should ask for
additional documents if required
Vivek takes insurance policy and dies after 8 months . If the claim
needs to be excluded basis the exclusion cause what could be the
cause
According to IRDA guidelines, how long does an insurance company
have to complete its investigation of a claim
Indisputability clause can be enforced by the insurance company
during the
4. Decreased
revenues
4. Should advised
him to surrender all
the polices which
are not buy from
satish.
Direct him to the product booklet
Ask his Supervisor and clarify
Ask the client to put

the query in writing
Due to the category of customer
the customer demanded
Due to the profile of the customer
NA
3 days
15 days
30 days
10 days
5years
8years
12 years
7years
7%
9%
7.20%
8%
15 days
10days
20 days
30 days
suicide
murder
Death was due to Accident
Body not found
30 days
90 days
120 days
180 days
First five years of policy
First Two years of policy
Claim
Inception of the
policy
Not necessary to pay premium until

court decree
Necessary to pay premium until court decree
Claim not admissible
NA
10 days
20days
30 days
60 days
5 days from the receipt
20 days from the

receipt
It was assigned.
It was paid up.
It was lost.
It was surrendered.
It was lost.
It was paid up.
It was lapsed.
It was surrendered.
Fraud
None of the above
Premiums paid or not
NA
Early
General
Survival claim will be paid to the Legal heirs

and the death claim to the Nominee
Bothe claims will

be paid to the Legal
heirs
Misrepresentation
Lack of insurable interest
Which of the following falls under voidable contract?
As per claims assessment process if a claim arises within a few days
of the start of the policy which factor should the insurer check in the
Age admission
Disclosure of material fact
first place?
Ajay has bought an endowment insurance plan with a cover of Rs.
10, 00,000 for a term of 15 years. Ajay died after 4 years. Insurance
Normal
Fraudulent
company will not treat this claim as ________ claim.
Ranjan took out a 20 years Money Back plan on his own life 5 years
ago. Survival benefit was due on 4.5.2011. Ranjan died on 6.5.2011 Survival claim will not be paid and only Both the survival claim and the death claim will
without receiving the survival benefit amount. What will be the
death claim will be paid to the Nominee
be paid to the Nominee
legitimate procedure to pay out the claim?
A regret letter will go intimating that

nothing is payable as death claim
Full sum assured will be paid as death claim
Paid up value, if any, will be paid as death

claim
11
Which of the following falls under voidable contract?
1. Misrepresentation
2. Lack of insurable interest
3. Fraud
11
After maturity In a Unit Linked Life Insurance Policy, customer does

not get received Maturity in a lump sum. What is the possibility of
receiving it in installments if it is not a annuity plan
1. He has switched his fund
2. He has opted for Settlement option
3. He has he has redirected his past premium.
4. Policy was
lapsed on the time
of maturity
11
Incase of presumption of death
3. Claim not admissible
4. Depends on case
to case
11
What is meant by a claim under insurance policy?
3. Any demand made by the policyholder on

the insurer.
11
Who will take the initiation to settle the maturity claim process?
1. Client
2. IRDA
3. Advisor
4. Insurance
company
11
Which is the right statement regarding claim enquiry?
1. The insurance company makes

enquire only on death claims.
2. The insurance company makes enquire on

maturity claims only.
3. Enquiry will be done on both Maturity and

Death Claims.
4. Enquiry will be
done if death
happens before one
year from policy
inception date.
11
Mr. Chintamani has taken a policy from ABC Company on 2nd March
2010, but unfortunately he died on 18th August 201 His death claim is
considered as..........
1. Normal death claim
2. Early death claim
3. Abnormal death claim
4. Unnatural death
claim
11
Detailed Investigation will be triggered in case of......
1. Maturity claims
2. All death claims
3. Early death claims
4. Rider benefit
claims.
11
In insurance, if a person is not heard for .......years his is presumed to

be dead.
1. 5 years
2. 6 years
3. 7 years
4. 8 years
529
530
531
532
533
534
1. Not necessary to pay premium until

2. Necessary to pay premium until court decree
court decree
1. A demand to fulfill the policyholders
2. A demand to fulfill the insurers obligations.
obligations.
535
536
537
538
11
In the process of settling maturity claims....
1. the company will wait until the

claimant comes to office to demand
the claim
2. the process is initiated by the company well

in advance of the maturity date
3. it is the responsibility of the claimant to

approach the company
4. If the claimant
does not come
within a month the
entire maturity
amount will be
forfeited.
11
Mr.Baskar had taken a Term plan for a sum assured of Rs. 7 lakhs.
He also has an ADB rider worth Rs. 4 lakhs. Unfortunately Baskar
died in a car accident. How much will be the death claim settlement?
1. Total 7 lakhs will be paid as death

had taken place
2. Total 4 lakhs will be paid as death had

happened due to car accident
3. Total 11 lakhs will be paid
4. Total 7 lakhs will

be paid without any
deduction.
11
Insurer will not pay the claim unless
1. The policyholder makes a demand.
2. The nominee makes a demand.
3. The event insured against happens.
4. The insurer
completes the
enquiry.
1. The policy was not in force.
2. This condition is excluded in the policy.
3. The claim is fraudulent.
4. The claim is an
early claim.
1. The claim may not be genuine.
2. The policy may be pledged.
3. The facts were misrepresented.
1. The circumstances are legitimate.
2. Representation of facts by the policyholders

is true.
3. The life assured is major.
2. Legal heir of life Assured
3. Debotrs
2. Legal heir of the life assured
3. Appointee Only
4. will be Payable to
Saanvi (Nominee) at
the age of 18th
2. Advisor confidential report
3. Post Mortem Report.
4.Coroners Report
Lien
Commutation
Loan Facility
539
540
541
11
542
543
11
11
Aman has taken a term plan for 20 years. In the 3rd year he suffered
financial crisis due to which he was unable to pay premium within
grace period and died after 1 month. The nominee files a claim and is
rejected because
When a policy is lost, insurance company take utmost care while
settling maturity claims because
What key event is most likely to make an insurance contract not a
valid contract?
544
545
11
11
546
547
11
11
548
11
549
Full sum assured

less deduction of
unpaid premium
will be paid
4. None of the
above
A life assured died after 40 days from the payment of his monthly
premium. If there be any claim, how the claim will normally be dealt
with?
11
On foreclosure, if Death claim arises before the payment of the

1. Nominee
surrender value, the payment would be payable to:
Gaurav is working in MNC at the age of 32 bought an Endowment
Plan. He had nominated his 1 year old daughter Saanvi, but not able
to get the Signature of her appointee due to unavailability of his
1. Nominee only
spouse .after 5 year. He died in road accident, now claim money
would be payable to:
Which one of the following report is not considered in case of Pankaj
1. Policy first information report.
Bought a plan in 2009 & died in road accident in 2011 :
Insurer has deducted Rs 3000 from the death claim of Ram. What
could be the reason for deduction when all the due premiums were
paid
Paid up option
Two policy Matures at the same time for an insurance company,what
are the other requirment for maturity with respect to policy.A is
absolute assignment and B is conditional assignment.pending
requirment in relation with B
A loan and interest is outstanding
A loan amount and oustanding premium is

pending
A outstanding premium is pending
4. There is no
nomination.
4. There is no
insurable interest
attached to the
policy.
4. forfeited the
Premium
A sign on discharge
form
550
551
552
553
554
555
556
557
558
559
11
11
11
12
12
12
12
12
12
12
12
560
12
561
12
562
563
564
565
566
12
12
12
12
12
567
12
Maturity benefit is equal to Sum assured plus reversionary bonus

minus ?
Persistency bonus
In a non life policy, the person who is authorised to process the
mediclaim is known as
Underwriter
Maturity benefit is equal to Sum assured plus reversionary bonus
minus ?
Claim within 1st anniversary
An advisor while explaining the policy and to sell he accepts to give a
10%
part of his Agents commission, what is th limits
Consumer Forum at district level will hear complaints up to
20L
How much is the rebate allowed by IRDA to client
Nil
the controller of insurance in india is
A insurer advertises through daily news paper . What type of
marketing is
Investment by NRI(Non Resident Indian) will be
MWP- If the policy is endorsed under MWP - then the beneficiaries are
wife and ?
If the license of an agent has been disqualified by a designated
authority in 2010 then the person can apply for a license in which year
When can an insurance company give more than 35% first year
commission?
An agent recommends a term plan in keeping with the ethical
standards since it was suitable to clients needs. In such a case what
is the percentage of commission which he can rebate so as to beat
the competition
_____ controls monetary system in India
In MWP Act Policy, claim is paid to
nd
Which is the 2 stage in Money Laundering?

According to IRDA regulations the maximum percentage of first year
commission to be paid to an insurance advisor is.............
In the case of agent's death, the commission payable will be paid
to.........
Outstanding premium + interest
Outstandin premiums
Third party administrator
Actuary
Claim within 1st calendar year
Claim befor the valuation date
20%
He cannot offer any commission
40L
5%
1Cr
10%
IRDA
RBI
SEBI
cross selling
direct selling
Solicitation of Policy
Brand building
No risk
Low risk
Medium risk
High risk
parents
ex wife
children
mother
2013
2015
2017
2020
When the insurance company is in the

first 10 years of operation
If the agent has worked with the company for

more than 5 years
If the agent has worked with the company for

more than 10 years
If the agent is doing

more than 3
policies in a month.
Maximum 10%
Half of the commission
Cannot rebate at all
2%
RBI
Nominee
1. Layering
IRDA
Assignee
2. Placement
SEBI
Trustee
3. Integration
Constitution
Policy holder
4. Amalgamation.
1. 30 %
2. 35%
3. 40%
4. 45%
1. his legal heirs
2. to his nominee
3. will stop automatically
4. Paid in lump sum

to the survivors.
2. Section 42 of the Insurance Act 1938
3. Section 12 of the Insurance Act 1922
4. Section 34 of the
Insurance Act 1932
Issuance of a license to a person has been stipulated in................Act 1. Section 43 of the Insurance Act 1939
568
569
Which official body decides to increase the interest rates?
1. Central bank of India
2. Reserve bank of India
3. Reserve bank of country
12
Which one of the section deals with the licensing of an agent?
1. Section 42 of the insurance act 1938
2. Section 42 of the insurance act 1936
3. License section of Insurance act 1938
12
Which regulations take care of the settlement of claims ?
1. Protection of Policy holder Interests

regulation 2002
2. IRDA claim protection regulation 2002
3. C.IRDA policy settlement regulation 2004
12
Which of the following team represents the members of GBIC ?
1. Representatives from all insurance

companies
2. Representatives from all government bodies
3. Representatives from IRDA
12
Rahul is a licensed insurance agent. As agent he must carry out his

role in accordance with
1. Companys code of conduct.
2. IRDA Acts code of conduct.
3. IRDA Regulations code of conduct.
Under Married Womens Property Act, 1874 a policyholder is
1. The Life Assured.
2. The beneficiaries.
3. The trustee.
1. Insurance Company.
2. Designated Person.
3. Branch Operations Team.
4. Actuary.
1. Married Woman
2. Married Man
3. Married Son
4. Married Daughter
60000
1.5 lac
1.2 lac
3 lac
571
572
574
575
576
12
12
12
12
577
578
579
4. Central bank of
country
4. License section
of insurance agent
act 1938
4. D. Protection of
claim settlement
regulation 2002
12
570
573
Claim after the

valuation date
He can offer up to
50%
10L
35%
Insurance
ombusdmen
12
13
Who has the authority in insurance company to issue/cancel the

agents license
Married Womans Property Act 1874 provides that a life insurance
Policy that has been taken out by:
Premium Income earned by an agent holding a composite license is
600000. What is the max contribution of one organisation
License criteria,crimnal offence in the past.given IRDA license.Why? he was less than 21 at that time
Mr.Sunil is doing premium calculation for his company, as per which
Council of Actuaries
authority is his profession related to
offence had a punishment of less that 2000

Insurance council of India
atleast 5 yrs hav passed since the sentence

Insurance institiute of India
4. Representatives
from Insurance
institute of India
4. Insurance Acts
code of conduct.
4. The
administrator.
exception
IRDA
13
basic qualifications of agent
sound mind & graduate
sound mind & good income level
Age and income level
13
Which Institution was Constituted by Insurance Act 1938
Insurance Institute of India
Life Insurance Council
Insurance Broker Association
13
What is the role of National Insurance Academy?
To regulate
To advise Government
To undertake training activities
13
According to IRDA act 1999, central governments involve in

insurance industry over
Policy matters
complex technical issues
Promotional activities
580
581
582
583
584
585
13
13
Who is a regulator, supervisor and monetary authority of the financial

system in India
The insurance act of 1938 created which of these.
13
IRDA
SEBI
RBI
SBI
IRDA
Tariff Advisory Committee
National Insurance Academy
LIC
Rises
Decreases
Reaches at a level as per industry trends
Insurance can price

their product on
their self past
experiences.
Provide suggestion for Premium

calculation
To be an active link between Global market &

Indian Life Insurance Industry
Design, implement and operate an insurance

training
Regulate the
investment of funds
by Life Insurance
company
Address of the agent
Domicile status
NA
NA
Has the power to supersede the IRDA

by issuing notification.
Has the power to supersede the IRDA by

issuing a bill in parliament
Has the power to supersede the IRDA by

issuing draft
Can make changes

in IRDA law
20%
26%
49%
51%
Insurance Advisor
Nodal officer
Chief actuary
Underwriter
Were all his information published to enhance

his business.
Describe the
benefits which do
not match the
policy provisions
De- tarrification is a process by which pricing of Insurance
586
13
What is the key function of NIA
587
588
13
13
589
13
590
591
13
13
592
593
594
595
596
13
13
13
13
13
597
598
13
13
599
600
13
13
601
13
602
603
13
13
604
605
13
Basing on which criteria the qualification of Agent is determined?

If IRDA is unable to discharge its functions or duties, Central
Government
Under the prevailing FDI laws for insurance, domestic private
companies are allowed to form joint ventures with foreign partners.
What percent of stake can a foreign partner hold?
Rahul is appointed as director of life insurance company, he cannot
be an
An agent is not required to obtain the prior approval of the insurer

before placing an advertisement when:
The Institute of insurance and risk management along with insurance
education does what more
Pricing element is done by
What does MDRT Stand for?
As per AML regulation, it allows cash premium not over than
Which Act or Regulation provides that the Renewal commission is
payable to the legal heirs of the Insurance agent in case of his death?
Agent offering rebate may be fined
If an Insurance agent is found guilty of breach of trust, he will be
disqualified to act as an insurance agent. The disqualification stands
valid
Central govt has authority of Direction to IRDA on
It is the bounden duty of the Insurers to protect the interests of their
policyholders from proposal acceptance to claim payment because of
the
In the context of IRDAs code of conduct, the term Ethical behavior

can be best described as
IIRM is in areas of education and
Who controls and regulate the rates, advantages, terms and
conditions that may be offered by insurers in the respect of general
insurance business.
The Insurance Institute of India (III) was formed in.....
His contacts in the

market to solicit
Insurance
General Insurance
Council
To Advertise
globally on Indian
Insurance
Licensing of
Insurance
companies
It contains only statements that

mention the agents name, logo &
phone number.
He can design the advertisement without the

concern of insurer.
Regulation
Redressal
Research
Repository
IRDA
Insurance Company
Million Dollar Round Table
Major Double Rupees Tag
Major Dollar Round Tag
Rs.20000
Rs.25000
Rs.5000
CII
Mean Disposition
Residence Time
Rs.50000
IRDA Act,1999
IRDA Regulations, 2000
Insurance Act,1938
Rs. 300
Rs500
Rs 1000
Any of them
Indian Contract
Act,1872
for life
for 10 years from the date of disqualification
for 7 year from the date of judgment
for 5 years since

completion of the
sentence imposed
Policy matter
To present statement of IRDA act in

Parliament
May issue notification
All of them.
Behavioral requirements of EGovernance
Market competition
Requirements of the Life Insurance Council
Regulations of
IRDA
a behavior that is based upon the

positive judgment of an individual
a behavior that is based upon the legal

judgment of an individual
a behavior that is based upon the ritual

judgment of an individual
a behavior that is
based upon the
moral judgment of
an individual
NA
Research
NA
NA
1. Insurance Regulatory and

Development Authority.
2. Reserve Bank of India.
3. Tariff Advisory Committee.
4. Insurance
Institute of India.
1. 1956
2. 1999
3. 1955
4. 1947
13
Which council among the following focus on creating a positive

image of the insurance industry and would also like to enhance the
Consumers confidence on the same ?
1. Life insurance council
2. Consumer insurance council
13
Mr.Varun taken up his agency in July 5th 200 His lost his IRDA
license while travelling. His agency has also expired. What is the
solution for Mr.Varun ?
1. Need to complete 25 hours of

practical training and paying Rs.50 for
the issuance of duplicate license
2. Need to complete 50 hours of practical

training and paying Rs.100 for the issuance of
duplicate license
13
Which organization was formed with purpose to promote insurance

education and training in India?
1. Institute of Actuaries of Indi1.
2. National Insurance Academy.
3. Chartered Insurance Institute.
The face of the life Insurance industry in India is ..?
1. Life Insurance Council
2. Life Insurance Corporation
3. Insurance Regulatory Development Authority
1. Life Insurance Council
2. Life Insurance Corporation
3. Insurance institute of India
RBI
LIC
Central Government
Ombudsman
Insurance Institute of India
Insurance Association
FERA
606
607
608
609
610
611
612
613
614
615
616
13
13
13
14
14
14
14
14
14
617
14
618
619
620
621
622
623
624
625
14
14
14
14
14
14
14
14
626
14
627
628
629
14
14
14
630
14
631
632
633
14
14
For Insurance industry which association to take steps to Develop

Education and research in insurance?
Which is the body who provides grant to Insurance Regulatory
Develompent Authoruty to carry out activites.
Complaint council bodies other than IRDA grievance readdress forum
& COPA
What are the ways by which a policy holder can make complaints
what are the ways in which IRDA can be contacted . One is thru toll
free number and other is
what is the maximum level of complaint that can be considered and
taken action by ombudsmen
What is the period of award passed to the customer decided by
ombudsman?
Raju is a certified license holder under what circumstances he needs
to hold his certified license with him that is issued by irda
For the customer whose claim has been refused by the company, the
three places where he/she should follow up are Ombudsman, IRDA
Customer Grievance Cell and ..
What is the stipulated time frame within which an insurer is supposed
to respond after receiving any communication from its policyholders?
The functions of the Insurance Ombudsman include:
If a case is already before the consumer forum, then the ombudsman
should
Generally insurance companies do not hold the premium in case of a
fraud or misrepresentation. However, due to which of the following
circumstances the insurer can retain the premium of the policyholder
A policy holder is not satisfied with the services of the insurer and
complains to ombudsman. In how many days from receipt of the
complaint the ombudsman should pass the recommendation.
The guidelines for annual assumed growth rate are given by
AML Program of every insurer to include _______________, apart
from Procedure, Training and audit.
4. General
insurance council
4. Need to complete
50 hours of IRDA
3. Need to complete 25 hours of practical
training and paying
training and paying Rs.100 for the issuance of
Rs.50 for the
duplicate license
issuance of
duplicate license
4. Insurance
Institute of India.
4.Insurance
Institute of India
4. Insurance
Institute of India
SEBI
email
Toll free No.
Newpaper
Email or Toll free

Number
email
Insurance ombudsmen
visiting regional office
Through Agents
20 lac
25 lac
30 lac
50 lac
2months
3 months
5 months
6 months
under all circumstances
when he sells term insurance
when he represents himself as another insurer
when he sells
pension policies
he plans to change the plan
He has to explain the reasons for rejection to

the customer
A policy has been rejected by the company under direct intimation to he has to inform the customer that the
the customer and copy to the Agent, what is the next action of the
co has broken relationship with the
Agent
customer
Where one can approach in case of dispute
IRDA
The Authority of COPA is limited to what amount at the district level.
As per Regulation for protection of Policyholders interest 2002
(IRDA), Which insurer will have a grievance redressal System
Which regulatory body has created a call center for logging a
complaints of insurance Customers
Within how many years a complaint can be made through consumer
protection act.
Insurance companies are required to honor the awards passed by the
Insurance Ombudsman within how may days
As per IRDA regulations IGMS should be mandatory set up by
3. National Insurance council
Consumer Forum
NA
He takes up with
the higher
authorities
NA
10,00,000.
20,00,000.
50,00,000
1,00,00,000
Some Specific Insurer
Those Insurer who did not created Insurance

Ombudsman System
All insurer
It is optional
IRDA
Insurance Association
Insurance Institute
of India
One year
Two years
Three years
Five years
10 days
15 days
20 days
25 days
Only by few selected insurers
Only by non life
Some life and non life
By all insurers.
Consumer Forum
COPA
Sebi
Life Insurance
Council
24 hours
1 day
10 days
30 days
Conciliation and making awards
Counseling
Repudiation of claim
Evaluating claim
settlement
Give a recommendation
Give a joint decision with the consumer forum
Dismiss the case
Give an award.
Fraudulent claim
Indisputability clause
Redressal procedure
Pending decision
from Ombudsman
6 weeks
1 month
2 months
6 months
Underwriter
Inspection by
Auditor General
IRDA
Actuaries
Inspection by IRDA
Audit by Finance Ministry
Appointment of Principal Compliance Officer
14
634
14
635
636
14
14
637
638
639
14
14
14
640
14
641
14
642
4. 15
4. Consumer
Protection
Department (CPD)
1. 10
2. 12
3. 14
1. Customer Complaint Department

(CCD)
2. Customer Grievance Department (CGD)
3. Consumer Affairs Department (CAD)
1. policyholders
2. shareholders
3. insurers
4. General insurers.
1. IRDA
2. Agents
3. Shareholders
4. Underwriters
1. Nodal officer
2. Grievance call center
3. Compliance cell
4. Compliance
officer
1. Policyholder grievance Regulation
2. Policyholders Protection regulation
3. Ombudsman Regulation
4. Compliance
Regulatory
1. 10 Days.
2. 15 days.
3. 20 Days.
4. 30 Days.
1.Complaint@gov.ird1.in
2.insurancecomplaints@irda.gov.in
3.irdacomplaints@gov.in
4.Complaints@irda.
gov.in
14
Parvesh bought a policy an endowment plan but after one year

insurer. Found he had Aorta Surgery .now which will apply by insurer:
1. Indisputability Clause (Section 45)

apply
2.Principal of Indemnity apply
3.Lien Clause
4.Utmost good faith

apply
1.15
2.12
3.14
4.16
14
15
15
How Many offices of Ombudsmen the Government body has set up to

Resolving insured customers grievances.
If there is no agreement or settlement and the recommendation is
also not acceptable to the complainant, in this case the Ombudsman
will grant an award
If the agent recommends the client to terminate an endowment plan
and take a whole life in order to earn higher commission its termed as
Unethical behavior can affect the reputation
If it is acceptable to the complainant
if it is acceptable to the insurer
if the complainant decides to proceed legally
if the insurer
decides to proceed
legally
Switching
Doing a financial planning
Churning
NA
Insurance Agent
Insurance company
Insured person
It will bring a smaller premium
Tax exemption will be lesser
NA
Tax concession
opportunity could
be lost forever
Insurance Agent & company

It might fell short of actual needed and
Underselling life insurance comes under unethical practices because
family would suffer
Benefit could fall short of the financial
liabilities
Excessive Premium
SA ceased too early
Ethics can be defined as
1. Those values we commonly hold to

be good and right.
2. Behavior that is based upon the moral

judgments of an individual
15
Which is not unethical behavior in below statements?
1. Over selling of Insurance policies.
2. Under selling of Insurance policies.
3. A study of what makes ones own actions

right or wrong.
3. Explaining all details of the policy to
customer.
15
Mr. Sharma is a newly recruited insurance advisor. To meet his

month target he explains only the good points of newly launched plan
to his customer. Here Mr. Sharma's behavior is............
1. ethical
2. unethical
3. professional
4. Perfect.
15
The code of conduct has been prescribed in India by...........
1. IRDA
2. Insurance Council
3. Insurance Institute of India
4. Government of
India.
15
Shankar, an adviser, sold a term insurance policy and unit-linked

insurance policy (ULIP) to Amar, the client, who is unmarried and has
no dependent. Consequently, Shankars action can be termed as
1. Underselling of insurance policies.
2. Churning.
3. Overselling of insurance policies.
4. Ethical practice
by an adviser.
3. Reserve Bank of India
4. SEBI.
15
The main reason why an agents act of underselling insurance is

treated as a unethical behavior is
15
15
15
15
9
660
IRDA
Insured can contact to seek the resolution of grievances they have

against insurer to IRDA through:
656
657
658
659
Consumer Affairs department
14
654
655
Consumer Grievance Redress Forum
4. Consumer Affairs
Department.
651
653
Which is the Regulation that insists that all the insurance companies
should provide the information about the insurance ombudsman of
that region while sending the policy documents.
A client demands the information on the current status of a policy
indicating accrued bonus. The insurer should provide communication
within
Insurance Ombudsman
3. Grievance Redressal Officer.
15
652
If any consumer is dissatisfied with the customer care cell of any

insurance company to whom they can escalate their grievances.
Mandal Level
2. Internal Grievance Redressal Cell of the

Insurer.
14
650
The insurance ombudsman has been appointed to protect the interest

of.......
The charges were not fully disclosed to the customers" is a common
complaint against.....
State Level
1. Integrated Grievance Management

System.
647
648
649
What the name of department that is established by IRDA to deal with

customer complaints?
District Level
To ensure that the customers complaints are handled effectively,

IRDA has established
645
646
For redress of grievances of the policyholders, a number of

Authorities have been formed. Which of the Following authorities has
been empowered to hear the complaints and adjudicate?
How many ombudsmen offices located in India?
National Commission
14
643
644
Ravi was expecting a claim amount of Rs. 12, 00,000 from insurer.
But it was rejected. He feels that it is repudiated on wrong reasons.
Which consumer forum can he approach?
Pankaj being a license insurance advisor has to follow code of

1. Insurance Regulatory Development
2. Life Insurance Company
Conduct provided by:
Authority
25%
50%
In case of term plan the premium for CI rider shall not exceed
Reduced target of agent will have what impact on churning
more likely
less likely
An agent does 6 lacs of new business premium /Income in a year. He
is a composite agent. What is the maximum Premium/Income he can
NA
earn from 1 insurer?
75%
less transparent
NA

4. Churning.
100%
more transparetn
NA
Correct
Ans /
option
1
3
4
2
1
3
2
2
4
3
1
1
1
3
2
4
2
1
3
2
1
2
2
3
2
3
2
3
4
3
1
2
2
4
3
3
2
2
1
2
3
2
1
4
4
1
2
3
2
2
3
2
1
2
4
2
1
2
3
1
1
4
3
2
2
2
4
2
2
2
1
2
2
4
4
4
3
4
2
2
1
2
3
1
4
2
4
4
4
3
4
4
2
3
4
1
3
1
3
1
1
2
1
2
4
3
1
3
4
4
4
1
3
1
1
3
4
3
3
1
1
2
2
2
2
1
3
3
2
1
3
2
1
2
1
1
2
2
4
3
4
1
4
3
2
3
2
3
2
2
1
2
3
3
3
3
1
3
3
1
2
3
3
2
3
1
1
1
2
1
3
1
2
2
2
2
3
2
4
2
1
1
2
1
2
1
4
3
3
3
2
1
1
3
4
4
3
2
1
2
1
4
3
1
3
3
1
1
1
4
1
1
2
3
4
1
2
1
1
3
2
4
1
3
1
2
3
3
1
4
1
3
3
4
1
2
2
4
1
2
4
2
1
2
3
1
1
3
3
2
2
1
2
3
2
1
1
3
4
2
4
3
1
1
2
2
3
1
4
4
2
2
3
1
3
4
4
2
3
4
4
2
1
4
3
1
1
1
1
1
1
1
4
1
3
1
3
2
3
4
4
1
3
1
4
3
1
2
1
2
2
3
3
2
2
2
4
1
1
3
1
1
2
1
1
3
1
4
2
1
2
4
1
2
2
2
1
3
3
2
2
3
3
4
1
1
3
2
3
3
1
4
1
3
1
4
2
3
4
2
3
1
3
4
2
1
3
3
2
3
4
3
1
1
4
2
2
3
3
3
1
1
2
2
2
4
2
3
3
2
4
2
2
3
1
1
1
3
4
3
2
3
1
3
1
2
1
2
2
1
3
3
2
2
NA
3
1
1
2
3
3
3
2
2
1
2
1
3
2
1
4
3
2
4
4
4
4
1
3
3
4
1
1
3
1
4
1
1
2
1
3
2
2
3
2
2
2
4
1
3
1
3
2
2
4
2
2
3
1
2
1
4
4
1
2
1
3
1
1
1
4
3
1
4
2
1
9C
RING
9
27
18
10
5
6
18
12
B
C
BP
D
C
16MM
12
10
8
3000
35
35
38
290
47.8
47
48
49.5
9000
12690
4700
8460
8910
2475
5940

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Sr.

Drafting new regulations

Linking buyers and sellers

Who is the customer of a Re insurer

High Networth Individual

Licenced Insurance Agents

The client represent the broker and the insurer

Insurer represent both client and broker

Broker only service

Insurance company transfers the insurance which cannot bear by

Insurance broker represent the client

Who work only for insurance company

Who work for customers

Who works for their

Cashed in for investment into other assets

to develop the habit of savings

to obtain Income Tax benefits

for protection of financial security

Accident benefit and riders.

Pension and monthly income.

Death cover and maturity benefit.

The main purpose of buying an insurance policy normally is

The basic elements of life insurance are:

A Professional insurance market carries..

1. Need Based Selling

2. Product Based Selling

3. Commission Based Selling

Insurance Market divided into

1. Endowment and Money Back

2. Life and General (non-life) Insurance

3. Government and Private Insurance Markets

1. Giving insurance policies to Banks.

2. Selling insurance policies through Banks.

3. Giving guarantee to policies by Banks.

Which of the following do not include the channel of indirect

The business of Insurance is connected with................

1. physical values of assets

2. economic values of assets

3. metaphysical values of assets

Human beings need life insurance because..................

3. the timing of death is uncertain

The timing of death is uncertain, so when one should take life

1. At the time of uncertainty

Insurance Protects which of the following?

1. The life of the person paying

2. The risk retained person 's family

3. The financial goal of the insured

Agent who is a licensed intermediary is actually is ?

1. A legal person to act on behalf of the

2. B.A legal person to act on behalf of the

3. C.A legal person to act on behalf of the

People with Low Income

People with large families

Which market does the Micro Insurance Concentrate on ?

Sanjeev is an insurance expert who has rich experience in

E-sales refers to sales of insurance products through

Insurance business is classified into three main types:

1. Life, Non life, Micro Insurance.

2. Life, Non Life, Miscellaneous

3. Life, Non life, Re-insurance.

lung cancer and smoking .

lung cancer is peril and smoking is

smoking is peril and lung cancer is hazard