NAME OF CANDIDATES ……………………………………URN /AGENCY CODE NO-……..

………………………

Date of Examination ……………………………………Centre ………………………………………………….

Signature of the Candidate

Tick the correct answer on all questions. Maximum Marks: 200

All questions are having equal marks.
Q.No.1. With relation to annuities, explain what does liquidation period" refer to?
A. Period between the purchase of annuity and commencement of payment
B. Period during which insurer makes annuity payments
C. Time taken to buildup the corpus D. Insolvency period

Q. No.2._____________ Plan provides life cover to people with low budget:

A. Endowment Plan B. Money back Plan
C. term Assurance Plan D. None of these.

Q.No.3. when proposal is accepted by insurer the ____________________is issued by the company.
A. Policy Bond B. Acceptance letter C. First premium receipt D. None of these.

Q. No.4. What is the purpose of determination of surplus and bonus?

Statement' I: To assess the financial state of the life insurer.
Statement II: To determine the surplus available for distribution among policyholders/ shareholders.
A. I is true B. II is true C. Both I and ll are true D. Neither I nor Il is true.

Q.No.5. Who bears the investment risk in case of ULIPs?

A. Insurer B. IRDA C. State D. Insured.

Q.No.6. In case of __________company expresses the bonus as a percentage of basic benefit and already attached
bonuses.
A. Reversionary bonus B. Compound bonus C. Terminal bonus D. Persistency bonus.

Q.No.7. which of the below is not a valid address proof

A. Passport B. School certificate C. Bank passbook D. Ration card.

Q.No.8. Money laundering is the process of bringing________money into an economy by hiding its____origin so that it
appears to be legally acquired?
A. illegal. illegal B. legal, legal C. llegal, legal, D. legal, illegal.

Q.No.9. what does a first premium receipt {FPR} signify? Choose the roost appropriate option.
A. Free look period has ended B. It is evident that the policy contract has begun
C. Policy cannot be canceled now D. Policy has acquired a certain cash value

Q.No. 10. Under what circums tances would the policyholder need to appoint an appointee?
A. Inured is major B. Policyholder is not of sound mind C. Insured is minor D. Policyholder is not married

Q.No.11. Policy loans are usually limited to_____________ %of the policy's surrender value?
A. 100 B. 90 C. 80 D. 70.

Q.No.12. which of the below option is true with regards to Underwriting pupose?
Statement I: To prevent anti-selection or selection against the insurer.
Statement II: To classify risks and ensure equity among risks.
A: l is true B. II is true C. Both I and ll are true D. Neither nor II is true

Q.No. 13. The Indian Evidence Act provides that a person is presumed death after he has not been heard from
last___year’s?
A. 10 B. 15 C. 8 D. 7.

Q.No.14. Proportion of policies remaining in force at the end of the period out of the total policies in force at the beginning
of the period is refereed to as____________
A. Persistency B. Consistency C. Uniformity D. Reliability
Q.No.15. an insurance broker represents_________________
A. Insured B. Insurance Company C. Association of insurance companies D. Community of people who have already
taken insurance.

Q.No.16. which of the below is the most appropriate explanation for the fact that young people are charged lesser life
insurance premium as compared o old people ?
A. Mortality is inversely related to age B. Mortality is related to age
C. Old people can afford to pay more D. Young people are mostly dependant.

Q.No.17. which of the below statement is incorrect?

A. Variable life insurance is a temporary Life insurance policy B. Variable life insurance is a permanent life Insurance policy
C. The policy has a cash value account D. The policy provides a minimum death benefit guarantee.

Q.No.18. When if the best time to start financial-planning?

A. Post retirement B. After marriage C. Only after one gets rich D.As soon as one gets first salary.

Q.No.19. For an insurance policy nomination is allowed under __________of the insurance Act 1938?
A. Section 10 B. Section 38 C. Section 39 D.Section 45.

Q.No.20. Why is heredity history of importance in medical underwriting:

A. Rich parents have healthy kids B. Certain diseases can be passed on from parents to children
C. Poor parents have malnourished kids D. Family environment is a critical factor.

Q.No.21. which of the below option is true with regards to Section 45 of the insurance Act, 1938
Statement l: If a policyholder suppressed maternal facts, at any time up to 2 years from Insurance of policy. Repudiation can
be done by insurer if maternal facts in proposal are facts in proposal are false
Statement II: if a policyholder suppressed material facts at any time after 2 years from insurance of policy Repudiation to be
done by insurer if material facts in proposal are false
A: l is true B. II is true C. Both I and ll are true D. Neither nor II is true

Q No.22. Which of the below option is true with regards to Qualified prospects?
Statement. I: Those people who can pay for insurance
Statement II; Those people who tan pass the company underwriting requirement
A: l is true B. II is true C. Both I and ll are true D. Neither nor II is true

Q.No.23.____refers to a hospital/health care provider enlisted by insurer to provided

A. Day care centre B. Network provider C. Third Party Administrator, D. Domiciliary

Q.No.24. 1dentify which below statement-is incorrect?

A. An employer can take group policy for his employees B. A bank can take a group policy for its customers
C. A shopkeeper can take a group policy for its customer D.A group policy taken by the employer for his employees can be
extended to include the family members of the employee.
Q.No.25: The___________Has jurisdiction, to entertain complaints, where value of, the goods or services and the
compensation claimed is up to Rs. 20 lakhs?
A. national Commission B. State Commission C. District Commission D. Zila Parishad

Q.NO.26. The underwriting process is completed when________________________ .

A. All the critical information related to the health and personal details of the proposer are collected through the proposal
form
B. All the medical Examinations and tests of the proposer rare completed
C. The received information is carefully Assessed and classified. into appropriate Risk categories
D. The policy is issued to the proposer after risk selection and pricing.

Q. No.27. Girish Saxena's insurance claim was denied by insurance company. In case of a denial, what 1s the option
available to Girish Saxena, apart from the representation to the insurer?
A. To approach Government B. To approach legal authorities
C. To approach insurance agent D. Nothing could be done in case of case denial.

Q.No.28. Expand the term IGMS.

A. Insurance General Management System B. Indian General Management System,
C. Integrated Grievance Management System D. Intelligent Grievance Management System.
Q.No.29. Under which of the following condition, is domiciliary hospitalization is covered in a health insurance policy?
A. The condition of the patient is such that he/she can be removed to the Hospital/Nursing Home but prefer not to
B. The patient cannot be removed to Hospital/Nursing Home for lack of accommodation there in
C. The treatment can be carried out only is hospital/Nursing homes D. Duration of hospitalization is exceeding 24 hours

Q.No, 30. Which among the following option cannot, be insured by Ramesh’s?
A. Ramesh’s house B. Ramesh’s spouse C. Ramesh's friends D. Ramesh’s parents.

Q.No.31. in Cashless faculty payment is made to_____________

A. TPA B. Network provider C. Claimant D. None of these.

Q.No.32.Loss Prevention measures reduces___________

A. Degree of loss B. Chance of occurrence C. Both of these D. None of these.

Q. No.33. For risk cover there are some typical concerns faced by ordinary people, which are
A. Living with disability B. Dying too early C. Living too long D. All of these

Q.No.34. in an ordinary annuity, payments are made or received of each period?

A. At the beginning b. At the end C. On maturity D. 6 months before expiry.

Q.No.35. There are certain ___________waiting period with regard to pre-existing diseases (PEDs).
A. 12 months B. 24 months C. 36 months D. 48 months.

Q.No.36. ____is a rise in the general level of prices of goods and services in an economy over a period of time?
A. deflation B. Inflation C. Stagflation D. Hyperinflation.

Q.Ho.37. For the subsequent premiums received by the insurance company after the first premium, the
company will issue
A. Revival premium receipt B. Subsequent premium notice C. Renewal premium notice D. Reinstatement premium receipt."

Q.No.38. In order for the policy to acquire a guaranteed surrender value, for how long must the Premiums be paid as per
law?
A. Premiums must be paid for at least 2 consecutive years B. Premiums just be paid for at least 3tonsecutive years
C. Premiums must be paid for at least 4 consecutive years D.Premiums must be paid for at least 5 consecutive years

Q.No.39. which of the below statements correct?

A. Selling is an art and nota science B. Selling is a science and not an art C. Selling is neither an art not a science D. selling is
both an art and not a science.

Q.No.40. what is the time limit for approaching an insurance ombudsman

A. Within two years of rejection of the complaint by the insurer B. Within three years of rejection of the complaint by the
insurer
C. Within one year of rejection of the complaint by the insurer D. Within one month of rejection of the complain by the
insurer

Q.No. 41. What is the objective behind Mortgage Redemption Insurance (MRI)
A. Facilitate cheaper mortgage rates B. Protect eviction in case of default C. Protect value of mortgaged properly
d. Provide financial protection for home loan borrowers

Q.No.42. Praveen died in a car accident. The beneficiary submits documents for death claim, which of the below document
is an additional document required to be submitted in case of accidental death as compared to natural death.
A. certificate of burial or cremation B. Treating physician's certificate C. Employer's certificate D. inquest Report

Q.No.43.Dunng investigation of a health insurance claim presented by Rajiv Mehto, insurance company finds that instead
of Rajiv Mehto, his brother Rajesh Mehto had been admitted to hospital for treatment. The policy of Rajiv Mehto is not a
family floater plan. This is an example of_________________ fraud
A. Impersonation B. Fabrication of documents C. Exaggeration of expenses D. Outpatient treatment converted to in
patient/hospitalization.

Q.No.44. Who among the following is co1sidered as primary stakeholder in insurance claim process?
A. Customers B. Owners C. Underwriters D. insurance agents/brokers.
Q.No.45. which of the below action showcases the principal of "Uberrima Fides"
A. Lying about knows medical conditions on an insurance proposal form B. Paying premium on time
C. Hot revealing known material facts on an insurance proposal form, d. disclosing known material facts on an insurance
proposal form.

Q.No.46. Who among the following is most likely to buy variable life insurance?
A. People seeking fixed return B. People who are risk averse and du not dabble in equity
C. Knowledge able people comfortable with equity D. Young people in general.

Q.No.47. which one of the following statements is correct?

A. FPR is a cash receipt B. Renewal premium cannot be paid without the renewal notice
C. Renewal premium is paid by cheque only D.All of these statements is wrong

Q.No.48. which of the below insurance scheme is run by an insurer and not sponsored by the Government?
A. Employees State Insurance Corporation B. Jan Arogya D. Crop Insurance Scheme D. All of the above.

QNo.49. which of the following is correct under Money Back policy?

A. Nominee receives full SA+bonus B. Nominee receives full S.A. + bonus less SB paid
C. both statements are wrong D. both statements are correct.

Q.No.50. According to the principle of indemnity, the insured is paid for____

A. The actual losses to the extent of the sum insured B. The sum insured. Irrespective of the Amount actually spent
C. A fixed amount agreed between both the parties D. The actual losses irrespective of the sum assured.

Q.No.51.1dentily which of the below statement is correct?

A. Health insurance deals with 'morbidity B. Health insurance deals with mortality,
C. Health insurance deals with morbidity as well as mortality D. Health insurance neither Deals with morbidity or mortality.

Q.No.52. 1RDA has decided to implement guidelines on persistency from

A. 1st July 2011 B. 1st July 2012 C. 1st July 2013 D. 1st July 2014.

Q.No.53. which of the below option is true with regards to MWP Act cases?
Statement I: Maturity claims cheques are paid to policyholders.
Statement ll: Maturity claims cheques are paid to trustees.
A. I is true B. II is true C. Both l and II are true D. Neither I nor ll is true

Q.No.54. which of the below is not a component of ULIP premiums?

A. Policy allocation charge B. Investment risk premium C. Mortality charge D. Social Security charge

Q.No.55. During the period, if the policyholder has bought a policy and does not want it he /she can return it and get a
refund?
A. Free evaluation B. Free look C. Cancellation D. Free trial

Q.No.56. As per IRDA (Protection of Policyholders interests) Regulations, 2002, a claim under a life policy shall be paid or be
disputed, within 30 days from the date of receipt of all relevant papers and clarifications required.
A.7 days B. 15 days C. 30 days D. 45 days.

Q.No.57. which of the below statements is correct

A. The prime purpose of insurance regulations is to protect the insurance companles
B. The prime purpose of insurance regulations is to protect policyholder,
C. The prime purpose of insurance regulations is to protect the insurance intermediaries,
D The prime purpose of insurance regulations is to protect the Government

Q.No.58. which of the below statement is incorrect with regards to assignment of an insurance policy?
A. In case of Absolute assignment, in the event of death of the assignee, the title of the policy would pass to the estate of the
deceased assignee, B. In case of Absolute Assignment, the policy vests absolutely with the assignee till maturity, except in
Case of death of the insured during the policy tenure, wherein the policy reverts back to the beneficiaries of the insured C. l
is necessary that the policyholder must give notice of assignment to the insurer D. The assignor must I have absolute right
and t title to the policy being assigned.

Q.No.59. which of the below losses are covered under keyman insurance?
A. Loses due error and B. Property theft C. General Liability D. None of these
Q. No.60. Which among the following methods is a traditional method that can help determine insurance needed by
individual
A. Human' Economic Value B. Life Term Proposition C. Future Life Value D. Human Life Value

Q.No.61. an insurance agent.

a) Must disclose the amount of remuneration and commission he receives as a result of effecting insurance for a client on
demand B. Can disclose the amount of remuneration and commission he receives as a result of effecting insurance for a
client, on demand C. Can refuse to disclose the amount of remuneration and commission he receives as a result of effecting
insurance for a client, on demand D. Should refuse to disclose the amount of remuneration and commission he receives as a
result of effecting insurance for a client, on demand.

Q.No.62. which of the following is not true with regard to Human Life Value?
A. HLV is Used as a yardstick to determine how much life insurance cover a person should have B. HLV is one time calculation
C. As 2ge increases HLV diminishes D. through insurance company line to measure the economic value of a person.

Q.No.63. Ramesh purposes a life insurance policy for his son. What is the status of Ramesh in this policy?
A. Proposer B. Life Insured C. Nominee D. Appointee

Q.No.64. the client doesn't like the product recommended by the agent and explains the reasons for the same that should
the agent do in this situation?
A. Refer the matter to arbitration B. Review alternative products C. review the needs of the client and take the decisions
accordingly D. Refer product brochure .

Q.No.65. Nikhil is taking a policy with a sum assured of Rs. 1,00,000. What premium amount he can pay to get income tax
benefit on full amount as per the income Tax Act 1961.
A. A minimum of Rs. 10,000 B. A maximum of Rs.10,000 C. A minimum of Rs. 20,000 D. A maximum of Rs.20,000.

Q.No.66. A person wants to lead peaceful golden years, which plan he should opt for.
A. Term B. Endowment C. Annuity D. Money Back.

Q.No.67. As per the Indian Evidence Act 1872, if a person is NOT heard for a long time, after have many years, the
resumption of death can be established:
A. 2 Years B. 5 Years C. 7 Years D. 10 Years.

Q.No.68. While displaing the assumed growth in the future. Years, the rates of returns need to be as per the guidelines of
A. Insurance Regulatory and Development Authority ,b) Life insurance Council C. Insurance Institute of India D. Royal Bank of
India.

Q.No.69. f a person is responsible to determine and finalize the rates of various insurance Products for an Insurer; he is a
member of which body/society:
a) Actuarial Society of India B. Insurance Society of India C. IRDA D. Life insurance Council.

Q.No.70. If a person aged 25 years, want to take a plan, wherein be can have some savings element and also the protection
should be for indefinite time, which plan would you suggest as an agent?
A. Endowment Plan B. Unit Linked Insurance Plan C. Term Plan D. Whole Life.

Q.No.71. The insurer rejects a proposal and sends a direct letter to the proposer, a copy of the letter is also sent to the
agent.
A. Contact the proposer and discuss the reasons for rejection B. Fill a new proposal form
C. Advise the proposer to contact the Ombudsman, d) Advise the proposer to take insurance from another company

Q.No.72.If someone wants to alter the' nomination in the existing policy, what document would be require:
A. A new proposal form needs to be filled B. An endorsement on the policy stating the alteration
C. Nomination cannot be altered, d. Assignment needs to be done.

Q.No.73. Akshat and Nitin both have invested in the same pension plan, with same premium but at the end, the Corps of
Akshat is more than Nitin. The reason is
A. Akshat is younger than Nitin. B. Akshat has no health problem C. Akshat had started investing earlier D. Nitin had started
investing earlier.

Q.No:75. If the sum assured remains the same, what will be impact of net premium if the age of the policyholder increases?
A. it rises B. It falls C. it remains constant D. Gross premium increases.
Q.No.76. If the customer has invested money in a pension plan from company A and buys an annuity from company B what
is the nature of transaction?
A. Life Long Annuity B. Open Market C. Reinsuring Annuity D. Different market option.

Q.No.77. According to Insurance brokers Association of India, what is the most appropriate relationship between Insurer
and Broker
A. insurance broker represents the client and the insurers remunerate B. The clients represent the broker and the insurer
remunerate the broker C. Insurer represents both client and broker D. Broker provides only service to the client.

Q. No.78. Customer gets automatic payments twice in gap of 5 years in his policy and after 1 year on his deal gets the
entire amount again. .inch policy do you thing he has
A. Endowment Plan B. Money Back C. Term Plan D. Annity
Q.No.79. an indemnity bond was signed in a policy when the claim was paid .This indicates that the policy was...
A. Lost B. Paid Up C. Lapsed D. Surrendered.

Q.No.80:1f there is no claim in a year then what will b the benefit to the customer as NO Claim BONUS:
A. Discount in the next year B. premium increase in Sum Assured next year C. Loans facility D. No benefit.

Q.No.81. Principle of Utmost Good Faith will operate in existing policy:

A. Every time premium is paid B. If the policy has lapsed and it has to be revived C. if the insured person falls sick and is
admitted to hospital D. the insured person changes his job.

Q.No.82. In case of life insurance, Insurable interest must exist.

A. At incept ion of policy B. At the time of maturity C. At the time of claim D. At the time during the contract.

Q.No.83. An individual is said to be competent to enter into a contract if they are:

A. 18 years old B. 21 years old C. 23 years old D.25 years old.

Q.No.84. if the annual premium for a plan is Rs. 32,000/- and a frequency loading of 4% is added in quarterly premium.
What is the amount that needs to be paid?
A. 8,000 B. 8,320 C. 9,456 D. 9,240

Q.No.85. what amount of insurable interest does an individual have in his own life?
A. 20,000/- B.50, 000 C. Up to the sum assured taken in the plan D. Unlimited

Q.No.86. Certificate from the village panchayat is an age proof.

A. will be considered as standard age proof B. Will be considered as non standard age proof
C. Will not be accepted D. Depends on the insurer

Q. No.87.What is the maximum sum assured under a micro insurance.

A. 10,000 B.25, 000 C. 50,000 D.1, 00,000

Q. No.88.In case of absolute assignment the payment is made to.

A. insured B. Assignee C. Nominee D. appointee.

Q.No.89. which of the following are some of the financial goals of àn individual.
A. Children's education and marriage B. Probability of loss in share market C. Planning a car D. Giving gifts to relatives

Q.No.90. The chances of adverse selection may be greater with the following method of underwriting:
A. financial B. medical C.non medical D. accepting proposal with lien.

Q.No.91A life insured had died one day before the expiry of grace period without paying the due premium?
A. Sum Assured B. Sum Assured Bonus (if any) C. Refund of all premiums paid till date D. Sum Assured Bonus (if any) less
premium due.

Q.No.92. While planning for the retirement of the client the agent must consider their expenses and:
A. Health B. Saving Habits C. Dependents D. inflation.

Q.No.93.in normal claim settlement process, il the death claim arises within few days of issuing the Policy which of the
following is important.
A. Age Proof B. Material Facts C. IR D. FPR.
Q.No.94. Agents should be very careful while going thought the proposal and il he has some doubt about the client's
intentions, he should.
A. Issue the written warning to the proposer B. bring this to the notice of IRDA C. Report to Ombudsman D. Report to insurer

Q.No.95.What is the similarity between Recurring Deposits & Cumulative deposits in a bank.
A. Guarantees B. Taxation C. Tenure D. Lock in periods

Q.No.96. Mrs Sheela received some amount from her husband's insurance policy after his death. In such a situation what
will be her prime focus?
A. Savings B. insurance C. Investment management D. planning for pension

Q.No.97. Waiting period provision is given In which of the following?

A. Permanent exclusions B. No claim Bonus C. Pre-existing illness D. Immediate Care

Q.No.98.in cashless facility the insured is issued a photo identity card which he can show it to hospital and get the
treatments done. lf the person is admitted to a non network hospital, then.
A. Claim will be denied B. Full claim will be' given as cashless C. insured will get the refund later on and will have to pay
initially from his pocket D. Insured will not be admitted to non network hospital.

Q.No.99.-After the agent has made the product presentation; client wants to take tine in deciding, what should be an
ethical agent practice.
A. He should ask for references B. He should make him realize the importance of insurance C. He should redo the fact
finding. Process D. He should ask when can he next contact the prospect.

Q.No.100. How is claim qualified in Hospital care ?

a) As stated in the policy document B. Amount of bill raised by the hospital C. No. of days in hospital multiplied by per day
charged by hospital D. No. of days in hospital multiplied by specified amount per day in policy

Q.No.101.ln an endowment policy how many nominees can be made?

A. 1 B.2 C. 3 D. AS many nominees
Q.No. 102. If Anil makes commutation in his policy he has purchased..
A. Annuity Plan B. Term Plan C. Endowment D. ULIP Plan

Q.No.103. according to the principle of indemnity, the insured is paid for_______________

A. The actual losses to the extent of the sum insured B. The sum insured irrespective of the amount actually
spent
C. A fixed amount agreed between both the parties D. The actual losses irrespective of the sun assured.

Q.No. 104. If a person is concentrating more on health plan and' retirement plan he is at which
A. old married B.Young married C. Young married with kids D. Pre Retirement
Q.No.105.If an insurance company asks higher official to submit their report, this is to check
A. Physical hazard B. Moral hazard C. Ensure persistency D. Client interest to buy.

Q.No.106. Shyam and his wife are being advised to have an estate planning after their fact finding what stage of life cycle
stage they may be
A. Young married B.Young married with children C. Married with older children D. Retired

Q.No.107. Mohan has bought a Term Plan for 30 lac After 25 years his SA, reduces to 25 lacs. What could be the probable
reason?
A. His son has become of 18 years B. Rider has expired C. His liability has come down D. His wife has started earning.

Q.No. 108. The most common connection between members of the same group health insurance policy is of:
A. Neighbors B. Close relatives C. Employees D. None.

Q.No.109. Mohan receives an automatic payment against 15 year life insurance policy, though the maturity is years later.
What type of policy is it?
A. Endowment B. Level term policy C. Money back D. ULP

Q.No.110.An insurance broker has been introduced by the IRDA.

A. Represents the buyer and remunerated by the company B.Represents the company and remunerated by the buyer
C.Represents the company and the buyer D. Remunerated by the company and the buyer
Q.No.111. Weekly premium option can be taken in' which kind of policy.
A. Term B. Whole Life Policy C. Micro Insurance D. ULIP .

Q.No.112.The advantage of buying from an insurance brokers is :

A. More regulated market B. Policy holder interest is taken care of C. More types of plans to choose D. They offer plan
that best suits the customer.

Q.No.113.Mortality rate helps to identify:

A. Peril B. Level of Risk C. Uncertainty D. Hazard.

Q.No.114.In loan granted against the policies. What is true

A. It is on premium paid B. It is on Sum Assured C. It is a percentage of surrender value D. It is paid up Value.

Q.No.115.After receiving the particular claim the policyholder keeps the policy document. What is the possible reason?
A. It is a term policy B. It is a-term policy with return of premiums C. It is survival claim D. it is required for future records

Q. No.:116. In some of the policy "Appointee" is required for the nominee. The reasons could be:
A. The nominee is mentally challenged B. The nominee is a minor
C. It is children plan D. The nominee is physically handicapped

Q.No.117.Ankur wants to plan for his daughter’s education. As a financial advisor what rate should you consider to plan for
her education in a later date?
A. Bonus B. inflation C. interest D. Investment

Q.No.118.After submission of all documents and papers in case of Death claim he proper identification of the payee cannot
be done due to some reason. After how many days the bank interest is payable to the payee.
A. 15 B. 10 C. 30 D. 6 months

Q.No.119. the main training institute in India is:

A. Life Insurance Council B. Tariff Advisory Committee C. National Insurance Academy D. IRDA

Q.No.120.The IRDA regulations requires having effective intemal grievance Mechanism in place this is mandatory:
A. For some Insurers B. For all insurers C. Depending on the insurer D. Depending on insurer.

Q.No.121.At what time of the proposal the agent should declare his commission as per the code of conduct?
A. At the time of filing the proposal B. Recommending the product
C. When asked by the client D. when the client has accepted the recommendation?

Q.No.122. Ravi wants to invest in a debt instrument for returns and tax benefits. For Tax benefits what tenure should he
consider?
A. 5 B. 10 C. 15 D. 20.

Q.No.123. Rajan has two needs being identified and quantified one is child education and other is retirement .Rajan, wants
to take care of child education first and then retirement Ás an advisor what will you do?
A. Accept the proposal and keep the uncovered need in records B. Pass the contact to another advisor
C.Inform the registrar to maintain the records D. Redo the recommendation

Q.No.124. Ram wants to buy a plan of insurance from XYZ insurance company He was asked to furnish the name of
"appointee" in the proposal form. Which reason would have lead to the same?
A. He is buying the plan on his own life B. He is buying the plan for his wife D. The nominee must be a minor in this case D.
Insurer's discretion

Q. No.125. The reason for very less penetration of life insurance in India is:
A. Many people do not appreciate the importance of having insurance cover and prefer to live with risk rather than
transferring the risk en insurance company B. Agents are professional enough to provide need based solutions to customer C.
Insurance company want to have profits and they do not focus on customers D. Insurance company do not
have good products to offer
Q. NO. 126. Ajay wants to take a life insurance policy for his child out of Certificate of Baptism and Ration Card, which will
be accepted as standard age proof?
A. Certificate of Baptism and Ration card both are standard age Proof B. Certificate of Baptism is non-standard age proof
and Ration card is a standards age proof C. Certificate of Baptism is standard age proof and Ration card is a non-.standard
age proof D. Both are non-standard age proof

Q.No.127.An advisor has identified need of the client now should he communicate the details of the product to the
customer or what is the next step after identifying client needs.
A. identifying new need B. Prioritizing the needs C. Assess the need in monetary terms D. Ask for details of the client.

No.128.For the agents to carry out their role in a professional manner they must adhere to the Code of Conduct specified
by which authority
A. Life Insurance Council B. Ombudsman C. National Insurance Academy D.IRDA.

Q.No. 129.Ramesh taken a policy, which is not a pension plan but he continues to receive the maturity amount even after
years of maturity In installments How?
A. Death claim B. Settlement option C.Money back plans D. He has asked for installments

Q.No.130.Loan can be taken against life insurance policies. The loan can be specified amount of which value?
A. Paid up Value B. Surrender value C. Total premiums paid D. Sum assured .

Q.No. 131. What are the financial planning need for a 38 year old lady with 2 year young daughter, whose husband has
passed away, leaving enough insurance cover:
A. Estate planning B. Investment management C. Loan protection D. Pension planning.

Q.No.132.ln money back plan the nomination can be done:

A. outset stage only B. Policy anniversary only C. Outset and policy anniversary only D. Any time.
Q.No.133.How insurance companies take additional risk beyond their capacity?
A. By re-insuring B. By retaining C. By charging extra premium D. By not paying claims.

Q.No.134.The primary object of Fact Finding is:

A. Giving comparison to customer B. Need identification of customer C. To provide regulation information D. To do the
audit of customer

Q.No.135.Which body prescribes the codes of conduct of Agent?

A. Insurance institute of India B. Insurance Regulatory and Development Authority C. Indian institute of Research &
Management D. National Insurance Academy

Q.No.136. what is the special feature of ULIP that ensures customer risk profile for long time insurance policies?
A. Fund Switching B. Partial withdraw C. Premium Holiday D. Riders

Q.No.137.ln which circumstances, an agent should carry his license:

A. While selling life insurance policy B. While selling non-life insurance policy C. While selling medical insurance policy D.
In all circumstances

Q.No.138.The basic reason of doing a income and expenditure analysis is to find out
A. Fund of Retirement B. Net Income C. Affordability D. Assets and Liabilities

Q.No.139.Who gives the grant to IRDA?

A. Life insurance of India B. Central Government C. Insurance Institute of India D. None of above

Q.No.140. which area of Life Insurance does Micro Insurance cater to:
A. Employees of Large organizations B. Parents of small to medium size families C. People with lower income D. Employees
of Govt Organizations.

Q.No. 141.The need for the Health Insurance plans is of more relevance to the sell employed than to the person of Public
Sector because?
A. The Public sector employee can get the funds anytime B. The Public sector employee get many benefits from the
Organization C. The self employed is more prone to the medical problems D. The dependency on sell employed of the whole
family is more
Q.No.142.Mr Y has taken a ULIP plan. When will the nomination ceases?
A. Assignment B. Switching C. Redirection D. Partly withdrawal
Q. No. 143. How are perils and hazards normally distinguished under term insurance policies?
A. Perils are medical factors which Influence the risk of-dying and hazards are lifestyle activities which influence the risk of
dying B. Perils are risks that policyholders will die before a specific date and hazards are factors which could influence that risk
C. Perils are factors which affect the risk being insured and hazards are the size of the Risk being insured D. Perils are factors
which could influence an insured even occurring and hazards are the actual events which will trigger a payout.

Q.No.144.If the client does not wish to proceed with the recommendations Right at the moment the agent:
A. Insist on taking the product right away B. Should ask for the reason for not going with the recommendation
C. Should ask for a future date from the client D. Should review once again,

Q.No.145. Who is a regulator, supervisor and monetary authority ot financial system in India?
A. IRDA B. SEBI C. RBI D.SBI

Q.No.146. Nitish is an insurance agent. He was in process o selling Unit Linked insurance Plan to his customer. The
customer has asked one technical question to him lor which he did not know the answer. According to the best practices
what Nitish should do?
A. Decline act to Customer B. Ask customer to refer product booklet
C. Refer matter to Supervisor D. Ask question to give in writing

Q.No.147.A customer who has taken a whole policy has to renew the insurable interest in the policy at flowing line?
A. once he attains the age of 70 B. once the policy has been in force for a term 30 years
C .At the time of revival of the policy D. when there is a change in the nominee

Q.No.148.Sahil has submitted à proposal for insurance. Assuming that there as No special agency engaged. Apart from the
Agents Confidential Report. What would be needed?
A. medical Report B. A moral hazard report from senior employee of Sahil’s insurer
C. Statement 'of good health D. Declaration by Sahil

Q.No.149 ln respect of the calculation of Interim Bonus, which period would be considered?
A. Next bonus date B. Previous valuation date to claim date C. Next valuation date to claim date D. Date of claim.

Q.No. 150. There are 2 policies assigned by the policyholder policy A and policy B. Policy A has been Assigned absolutely.
Policy B has been assigned conditionally. At the time payment of maturity, what should the insurer do in the case of policy B?
A. Pay the maturity to the assignee B. With held the claim C. Check at the pre payments stage, if the conditions of
assignment are fulfilled D. Pay the maturity to assignor

Q.No.151.The existence of insurable interest should be there in a' life insurance policy.
A. At the outset of the policy only B. Al the time of renewal of the policy C. At the outset of th2 policy and at the time of
claim D. All times when the policy is in force

Q. No.152.An indemnity bond was signed when the claim was paid. This indicates that the policy..
A. Was lost B. Was paid up C. Was lapsed D. Was surrendered.

Q.No.153.who are the clients for Re-insurance companies.

a) HNIs B. Insurance companies C. NRIs D. All agents.

Q.No.154. What kind of policy does the employer who has insurable interest in the life of an employee take?
A. Surety insurance, B. Key-man insurance C. Partnership insurance D. Debtor Insurance

Q.No.155. What should an agent do to understand the state of mind of the client with respect to his investments in saving
products.
A. Fact finding B. Consulting the client's parents C. Consulting the family of the client D. Reviewing his existing investments.

Q.No.156.As per AML guidelines the maximum cash Accepted is

A. 25K B. 50K C. 75K D. 1L

Q.No.157.What is the key, which shows that the insurance contract has begun?
A. Receipt of policy Document B. Receipt of First Premium C. Proposal Form submission D. Cheque submitted date

Q.No.158. what will insurance companies do in case heavy loss incurred to them beyond their limit?
A. Re-Insurance B. bancassurance C. Pay less Sum Assured D.Reject the claim.
Q. No.159. Which among the following is a secondary burden of risk?
A. Business interruption cost B. Goods damaged cost C. Setting aside reserves as a provision for meeting potential losses in
the future D. Hospitalization costs as a result of heart attack.

Q.No.160. which among the following as a method of risk Transfer?

A. Bank FD B. Insurance C. Equity shares D. Real Estate.

Q.No. 161 Which among the following scenarios warrants insurance?

A. The sole bread winner of a family might die untimely B. A person may loss his wallet C. Stock prices may fall
drastically D.A house may lose value due to natural wear and tear.

Q.No.162. Which Among the following cannot be termed as an asset?

A. Car B. Human life C. Air D. House

Q. No.163.As per IRDA's guidelines single premium policies will have death cover of.... Up to age 45 years and... For age
above 45.
A. 125%, 110% B. 110%. 107% C. 100%, 90%. D. None of these

Q.No. 164__________life insurance pays off a policyholder's mortgage in the event of the person's death.
A. Term B. Mortgage C. Whole D. Endowment

Q. No. 165 Which of the below action showcases the principle of "Uberrima Fides"?
A. Lying about known medical conditions on an insurance proposal form B. Not revealing known material facts on an
insurance proposal form C. Disclosing known maternal Facts on an insurance proposal form D. Paying premium on time

Q.No. 166. What does the term "premium" denote in relation to an insurance policy? *
A. Profit earned by the insurer B. Price paid by an insured for purchasing the policy,
C .Margins of an insurer on a policy D. Expenses incurred by an insurer r on a policy

Q. No. 167. What is the limit of tax benefit that can Se availed of under Section 80 C?
A. 50,000/. B. 1,50,000/ C. 2 lac C. 1 Lac

Q. No. 168.What is difference between Early and Non early claim.

A. Early Claim is death within 3 Yrs from DOC B. Non -Early Claim is death after 3 Yrs from Date of revival
C. All of these D. None of these.

Q.No.169. where the policy Term assurance is suitable?

A. Low income B. Huge Sum Assured C. Premiums are low D. All of these

Q.No.170. what are the silent futures under table 904 Jeevan Arogya plan?
A. In laws are covered B. children are covered C. eligibly increases due to escalation of D. All of these

Q.No.171. why is heredity history of importance in medical underwriting?

A. Rich parents have healthy kids, B. Certain diseases can be passed on from parents to children,
C. Poor parents have malnourished kids D. Family environment is a critical factor.

Q.No.172. Which of the below option is true with regards to Section 45 of the Insurance Act, 1938?
Statement I: if a policyholder suppressed material facts, at any time up to 2 years from insurance of policy, repudiation can be
done by insurer if material facts in proposal are false
Statement: If a policyholder suppressed material facts, at any time after 2 years from insurance of policy, repudiation can be
done by insurer if material facts in proposal are false
A. I is true B. ll 1s true C.Both I and ll are true D. Neither I nor Il is true

Q.No.173. which of the below option is true with regards to "Qualified" prospects?
Statement 1: Those people won can pay for insurance,
Statement ll: Those people who can pass the company underwriting requirements
A. I is true B. Il is true C. Both I and II are true D. Neither I nor II Is true

Q.No.174. ____ _Refers to a hospital/health care provider enlisted by an insurer to provide Medical services to an insured
on payment by a cashless facility.
A. Day care centre B. Network provider C. Third Party Administrator D. Domiciliary
Q.No.175. 1dentify which of the below statement is incorrect?
A. An employer can take a group policy for his employees B. A bank can take a group policy For its customers
C.A shopkeeper can take a group policy for its customers D. A group Policy taken by the employer holder his employees can
be extended to include the family Members of the employee.

Q. No.176. The___________Has jurisdiction to entertain complaints, where value of the goods or Services and the
compensation claimed is up to Rs. 20 lakhs. ?
A. National Commission B. State Commission C. District Commission D. 2ila Panishad.

Q.No.177. The underwriting process is completed when_______________

A. All the contact information related to the health and personal details of the proposer are collected through the proposal
form
B. All the medical examinations and test of the proposer Are completed
C .The received information is carefully assessed and classified into appropriate risk categories.
D. The policy is issued to the proposer after risk selection and pricing
Q.No.178. Girish Saxena's insurance claim was denied by insurance company. In case of a denial, what is the option
available to Girish Saxena, apart from the representation to the insurer?
A. To approach Government B. To approach legal authorities C. To approach insurance agent D. Nothing could be
done in case of case denial
Q.No.179. Expand Uhe term IGMS
A. Insurance General Management System B. Indian General Management System,
C. Integrated Grievance Management System D. Intelligent Grievance Management System.

Q.No.180. Under which of the following condition, is domiciliary hospitalization is covered in a health
Insurance policy?
A. The condition of the patient is such that he /she can be removed to the Hospital/Nursing Home, but prefer not to
B. The patient cannot be removed to Hospital/Nursing Home for lack of accommodation therein
C. The treatment can be carried out only in hospital/Nursing home
D.Duration of hospitalization is exceeding 24 hours

Q. No. 181. Which among the following options cannot be insured by Ramesh?
A. Ramesh’s house B. Ramesh's spouse C. Ramesh's friend D. Ramesh's parents.

Q.No.182. In Cashless facility payment is made to

A. TPA B.Network provider C. Claimant D. None of these.

Q.No. 183. Loss Prevention measures reduces

A. Degree of loss B. Chance of occurrence C. Both of these D. None of these.

Q No. 184. For risk cover there are some typical concerns faced by ordinary people, which are:
A. Living with disability B. Dying too early C. Living too long D. All of these

Q.No. 185. In an ordinary annuity. payments are mede or received of each period
A. At the beginning B. At the end C. On maturity D. 6 months before expiry.
Waiting period with regard to pre-existing diseases (PEDS)

Q.No. 186. There are certain

A. 12 months B. 24 months C. 36 months D. 48 months.

Q.No.187. _____________is a rise in the general level of prices of g0ds and services in an economy over a period of time?
A. Deflation B. Inflation C. Stagflation D. Hyperinflation.

Q. No. 188. For the subsequent premiums received by the insurance company after the first premium the company will
issue
A. Revival premium receipt B. Subsequent premium notice C. Renewal premium notice D. Reinstatement premium
receipt
Q.No.189. In order for the policy to acquire a guaranteed surrender value, for how long must the Premiums be paid as per
law?
A. Premiums must be paid for at least 2 consecutive years B. Premiums must be paid for at least 3 consecutive years
C. Premiums must be paid for at least 4 consecutive years D.Premiums must be paid for at least 5 consecutive years

Q.No. 190. Which of the below statement is correct?

A. Selling is an art and not a science B. Selling is a science and not an art
c. Selling is neither an art or a science D. Selling is both an art and not a science.

Q.Ho.191. What is the time limit for approaching an insurance ombudsman ?

A. Within two years of rejection of the complaint by the insurer B. Within three years of rejection of the complaint by the
insurer
C.Within one year of rejection of the complaint by the insurer D. Within one month of rejection of the complaint by the
insurer.

Q. No.192. What is the objective behind Mortgage Redemption Insurance(MRI) ?

A. facilitate cheaper mortgage rates B. Protect eviction in case of default
C. Protect value of the mortgaged property D. Provide finarnc lal protection tor home loan borrowers.

Q. No.193 Praveen died in a car accident. Te beneficlary submits documents for death claim. Which
of the below document is an additional document required to be submitted in case of
accidentat death as compared to natural death
A.Certificate of burial or cremation B. Treating physician's certificate C. Employer's certificate D. Inquest
Report

Q.No.194. During investigation, of a health insurance claim presented by Rajiv Mehto, insurance company finds that
instead of Rajiv Mehto, his brother Rajesh Mehto had been admitted to hospital for treatment. The policy of Rajiv Mehto is
not a family floater plan, This is an example of______________________fraud.
A. Impersonation B. Fabrication of documents C. Exaggeration of expenses D. Outpatient treatment converted to in-
patient / hospitalization.

Q.No:195. Who among the following is considered as primary stakeholder in insurance claim process?
A. Customers B. Owners C. Underwriters D. Insurance agents/brokers.

Q.No.196. Which of the below action showcases the principal of "Uberrima Fides”?
A. Lying about known medical conditions on an insurance proposal form B. Paying premium on time
C. Not revealing known material facts on an insurance proposal form D. Disclosing known material facts on an
Insurance proposal form.

Q.No.197. who among the following is most likely to buy variable life insurance?
A. People seeking fixed return B. People who are risk averse and do not dabble in equity
C. Knowledgeable people comfortable with equity D. Young people in genera

Q. No.198. Which one of the following statements is correct?

A. FPR is a cash receipt B. Renewal premium cannot be paid without the renewal notice,
C. Renewal premium is paid by cheque only, D. All of these statements are wrong

Q. No.199. Which of the below insurance scheme is run by an insurer and not sponsored by the Government?
A. Employees State Insurance Corporation B. Jan Arogya, C. Crop insurance Scheme D. All of the
above.

Q.No.200. which of the following is correct under Money Back policy?

A. Nominee receives full SA bonus B. Nominee receives full S.A. bonus less SB paid
C.Both statements are wrong D. both statements are correct