IRDA Agent Licensing Question paper

(1) (a) (b) (c) (d)

Potential purchaser of product is called ________________ Prospect Consumer Customer Client

(2) (a) (b) (c) (d)

If policyholder is in grievance,__________________ will solve rievance officer Court order !mbudsman "ll the above

(#) (a) (b) (c) (d)

2$,$$$ policies in the %th year are to be made from _________sector &ural 'ocial (one )rban

(*) (a) (b) (c) (d)

Insurance "gent is governed by ____________________ Contract act Insurance "ct I&+" "ll above

(%) (a) (b) (c) (d)

+octors appointed by insurers will be _____________ eneral Physicians 'pecialists 'urgeons "ll of above

(,) (a) (b) (c) (d)

__________is the document produced to establish one-s age .irth Certificate "ffidavit /icense Proof of age

(0) 1ho is the person who identifies the customer and get the necessary insurance for him 2 (a) (b) (c) (d) Intermediary &etailer .ro3er "gent

(4) (a) (b) (c) (d)

1hich 3ind of Insurance plan can meet all need of a proponent2 5ndowment 6oney .ac3 6ultipurpose (one of them

(7)

8he principal is responsible for __________ agent

(a) (b) (c) (d)

"ll the acts of agent 'pecified acts of agent 'ome of acts agent (one of them

(1$)

1hich of the following statements are 8rue9

a) It is the agent-s responsibility to ensure that all material information is made available b) If the proposal paper is incomplete, the agent will be held accountable (a) (b) (c) (d) " 'tatement . 'tatement .oth 'tatement (either of 'tatement

(11) In the case of a policy under the provision of 6:1:P: "C8 who can ma3e the death claim2 (a) (b) (c) (d) .eneficiary /ife insured ;eirs 8rustee "ny of the above

(12) (a) (b) (c) (d)

1hich 3ind policies are not entitled bonuses2 (on participatory 6oney bac3 Children-s 1hole life

(1#)

Claim in <uestion is &s:2# la3h which consumer court will it go to9__________

(1*) " policy which has run for 4 years can be called into <uestion if there is a__________________ (a) (b) (b) (c) =raud 6isrepresentation 6ista3e (one of above

(1%) 1hat would be the paid up value of a 2%>year>old endowment policy for &s:%$, $$$ ta3en in !ct 1744, if the last ? year-s premium paid was in !ct 2$$$2____________

(1,)

1hich of the following statements are 8rue9

a) "n insurance agent can be sued under the Consumer Protection "ct b) 8he Consumer Protection "ct does not apply to a) " 'tatement b) . 'tatement c) .oth 'tatements d) (either of 'tatement ovt: Company:

(10) (a) (b) (c) (d)

If the proponent has no insurable interest in the insured the underwriter will "ccept with reduce sum assured +ecline the proposal "ccept with lien "ccept with e@tra premium

(14) (a)

1hat is paid by the insurer when the policyholder decides to discontinue the policy =orfeiture

(b) (c) (d)

'urrender Aalue Intermediate Claim /apse

(17) " person employed to act on behalf of another in dealing with a third person is called _____________ (a) (b) (c) (d) /awyer .ro3er 5mployee "gent

(2$) a) b)

1hich are true Proof of age is necessary for proposal and not for agency application "fter business is complete agent has no role

a) " 'tatement b) . 'tatement c) .oth 'tatements d) (either of the 'tatement

(21)

1hich are true

a) Insurance is necessary to cover ris3 of living too long b) Insurance helps one to be less dependent on others a) " 'tatement b) . 'tatement c) .oth 'tatements d) (either of the 'tatement

(22)

1hich statement is not appropriate

") 1hen the prospect said that he had ta3en sic3 leave for a few days because he wanted to go outstation for an interview, the agent suggested he need not mention it .) "gent suggested to the prospect not to mention the fact that the cause of death of one of the brothers who had died young was cardiac arrest, it was mentioned as accident a) " 'tatement b) . 'tatement c) .oth 'tatements d) (either of the 'tatement

(2#)

1hich statement is not appropriate

") 8he necessity for medical e@amination depends on ':": .) 8he nature of employment may be a factor to dispense with medical e@am a) " 'tatement b) . 'tatement c) .oth 'tatements d) (either of the 'tatement

(2*) 1hy does an office conduct special in<uiry in the case of death claim which arose after * years (a) (b) (c) (d) "s precaution "s a &outine !n suspicion of suppression of facts =or large sum assured

(2%) (a)

/oans is available only in the policy if It is a with profit policy

(b) (c) (d)

8he ':" e@ceeds &s:1$,$$$B> It is in facts underwriter decision (one of the above

(2,) " . (a) (b) (c) (d)

1hich statement is true /apsed policy can be revived whenever the policy holder choose " paid up policy is a lapsed policy !nly statement " !nly statement . .oth false .oth statement

(20)

1hen do the non>forfeiture provision apply

a) 1hen policy is surrendered b) 1hen loan is ta3en c) 1hen premium is not paid d) "ll above

(24) "> .>

8rue C =alse +". is automatic in all life insurance policies +". is an option on payment of additional payment

(27) "> .>

8rue C =alse Insurance wor3s on the law of large numbers Insurance is possible only when there are many policyholders

(#$)

8rue C =alse

"> " policy that has been in force for 1$ years can be called into <uestion for misrepresentation .> " policy which has been for 1$ years called into <uestion for fraud:

(#1) "> .>

8rue C =alse "n agent must find out the details of proponent and report the same to the insurer: 8 8he income of the proponent must be made 3nown to the insurer:

(#2) (a) (b) (c) (d)

/oan under policy should not e@ceed ':A ':": total premium paid .onus

(##) (a) (b) (c) (d)

+isability is related to 'ic3ness !ld age /oss of limb all of them

(#*) (a) (b) (c) (d)

"gent is subDect to I&+" regulation 8erm of appointment "gent-s manual "ll of above

(#%) (a) (b) (c) (d)

8he agent has _______freedom to act on behalf of insurer /imited 'pecified full none of the above

(#,) a)

1rite true or false Insurance is an individual issue and not a social one: > ood =aithF:

b) E)berrimae =idesF means Eutmost c)

1hole life policy is the best solution for most of the needs of a person: >

d) 8here are no EparticipatingF policies in life insurance: > e) 8here is no single premium endowment plan: > =) /oan EAalueF is e<ual to 7$G of E'urrender AalueF:

(#0)

Calculate Premium

+ate of .irth H #:$,:17%* +ate of Calculation H 1:$1:2$$1 H 1:12:2$$$

+ate of commencement of policy 8erm H 17 years &s:1,$$,$$$B>

'um assured H 6ode H

!rdinary C monthly

"ccident benefit for &s:%$, $$$B> only is re<uired: 8abular Premiums "ge *,H "ge *0H 0,:4$ 04:$$ "ge *% H 0,:$$

" 5 8! .5 8"I5( *, "(' ,%7

(#4)

Calculate the premium on basis of data given below9

"ge #% years ':":&s:,$, $$$B> 8 J 8 0% > 2$ 8abular premium &s:,4:0$ per 1$$$B> mode I) yearly C II) half yearly C +". J 5P+. "llowed, !ccupational 5@tra &s:2 per 1$$$ per year

(#7) ':":

Calculate paid up value and special ':A: &s:#$, $$$ B> 1* > 1%

8 and 8

+:!:C: 14:12:174% /:P:P: 14:#:1771 6ode Kuarterly

.onus addition9 &s:#7,B> per 1$$$B> ':": ':A:factor **:2

(**) 6atch the following " . C) let the buyer beware +) evidence of contract 5) Pension

a) Proposal b) ad idem

c) Caveat 5mptor d) Policy e) "nnuity

") basis of contract .) of the same mind

(*%) 'ay 8rue or =alse: a) " person-s insurable interest in his own life is _____()nlimited B 1$ times his salary B e<ual to his assets B non of these) b) ;ow many years must elapse after cancellation of a license, before a new license can be issued (three B four B five) c) 8o whom should an application for agency license be given ______________(I&+" B Insurer BController of Insurance B any of them) d) 1ho fi@es the limits of doctors for medical e@aminations _____________ (I&+" B 6edical council B Insurer B (one of these) e) /ife Insurance premiums are determined by __________ ("ccountants B )nderwriter B "ctuary)

(*,)

Calculate paid up value and ':A: in the following case

':": &s: #$,$$$B> 6ode ;alf yearly +:!:C: 24B1$B174% /:P:P: 24B$*B177, ':A: =actor *% 88 1*>2%

.onus "ddition &s:00$ per 1$$$B> ':":

(*0) 8he route or process through which a product is carried to the customer is 3nown as +I'8&I.)8I!( C;"((5/

(*4) "ge nearer birthday as on 14B$,B2$$$ of a person with date of birth 24B12B17,1 is ________#7 (*7) 8he days of grace for monthly mode of premium is ___________ days:1%

(%$) 5+/I scheme is lin3ed to the payment of ________________ ( ratuity B Provident fund B pension)

(%1) 'tate whether true or false: 1: roup ratuity 'cheme is beneficial to both the employer as well as employees:

2: =inancial planning is not necessary, but agent should see3 ma@imum premium from the customer: #: 8here should be no inducement, incase or 3ind, passing from agent to customer for ta3ing out life insurance: *: "gents generally get something over and above legitimate commission amount from the insurer: %: Insurance "dvisor is an agent of the insurer and therefore insurer is bound by the acts or omissions of the advisers, there being the principal>agent relationship: ,: "s long as the insurer gets the minimum business from an agent, the insurer cannot terminate the agency of such agent: 0: 4: 7: "ll the information as3ed in a proposals form is relevant to the assessment of the ris3: !(C5 the policy lapses there is no way the policy holder can re>start the policy E(ominationF is not compulsory:

1$: E5arlyF claims can be investigated by the insurer: