IRDA exam study material

How can I prepare for the IRDA Insurance agent exam? Where can I get the model papers?

As you want the model question paper of IRDA exam so here I am providing you the same

1. Insurance is a mechanism to reduce impact of adverse events on
a) Non-value generating assets.
b) Value generating assets.
c) Current assets
d) Fixed assets

2. Perils could be
a) Uncertain
b) Certain
c) Definite
d) Unlikely

3. Insurance is a function of
a) Uncertainty
b) Life
c) Society
d) Loss

4. Insurance works on the principle of
a) Sharing of profits
b) Sharing of assets
c) Sharing of losses
d) Sharing of expenses

5. A) Life Insurance protects the life of the insured.
B) Life Insurance minimizes the financial impact of untimely death.
a) A is correct b) B is correct
c) Both A & B are correct d) Both A & B are wrong

6. Occurrence of ----- has to be ------ & not a -------- of the insured person.

a. peril, uncertain, creation
b. event, certain, creation
c. risk, hazardous, profit
d. event, random, creation

7. For getting insurance you need to pay ------- and get compensated by -----.
a) Compensation, Claims
b) Claims, Premium
c) Premium, Claims
d) Fees, Claims

8. ------------ is the process, which prevents entry of people who do not share the same risk.
a) New Business
b) Valuation
c) Underwriting
d) All of the above


9. Life insurance is ------------- to the state’s efforts in social management.
a) Complementary
b) Supplementary
c) Elementary

10. The insurance company is in the role of --------- where all decisions are taken for the benefit of the community.
a) Caveat Emptor
b) Uberrimae Fides
c) Underwriter
d) Fiduciary.

11. To make accurate statistical estimates insurance risks must be handled as per the law of
a) Law of Inertia
b) Law of Large Numbers
c) Law of Large Groups
d) None of the above

12. The insurer is in the position of ------- of funds
a) Owner
b) Partner
c) Trustee
d) All of the above

13. Insurance is applicable to
a) Tangible Assets
b) Intangible Assets
c) Both of the above
d) None of the above

14. Article -------- relates to Social Security
a) 39
b) 40
c) 41
d) 42

15. A) In order to be insurable a risk must be capable of
Statistical estimation
B) In insurance only economic or financial losses can be
Compensated.
a) Statement A is correct
b) Statement B is correct
c) Both are correct
d) None of the above

16. In the mechanism of insurance, people who are exposed to different risk come together. TRUE / FALSE.

17. A human life is an income generating asset TRUE / FALSE.

18. In order to be insurable a risk must be capable of statistical estimation TRUE / FALSE.

19. Insurance is a function of uncertainty TRUE / FALSE.

20. What is insurance?
Protection of ________ value of assets (ECONOMIC)
Mechanism to reduce impact of adverse events on _______ _________ assets. ( VALUE GENERATING)

21. Damage to asset due to the PERIL IS CALLED Risk which an asset is exposed to TRUE / FALSE.

22. Life insurance protects the life of the insured. TRUE / FALSE.


23. Life insurance does not require any consideration. TRUE / FALSE.

24. In which of the cases Insurable interest does not exist
a. Spouse
b. Business Partner
c. Tenant
d. Self

25. Insurance prevents the damage of an asset due to PERIL. TRUE / FALSE.

26. Through Insurance only economic / Financial losses can be compensated. TRUE / FALSE.

27. The concept of insurance can be extended beyond the coverage of tangible assets.
TRUE / FALSE.

28. Match the following

a. Caveat Emptor 1. False facts
b. Uberrimae Fide 2. Influences premium fixing
c. Misrepresentation 3. Buyer beware
d. Material fact 4. Principle of utmost good faith

.

29. Caveate emptor and Ubereimae Fide put together mean that while the buyer holds the responsibility of revealing all relevant information from his side the agent is responsible to provide information only if asked for. TRUE / FALSE.

30. Caveate emptor and Ubereimae Fide put together mean that while the agent holds the responsibility of revealing all relevant information from his side the customer is responsible to provide information only if asked for. TRUE / FALSE

31. Almost all insurance policies are a combination of term and endowment policies. TRUE / FALSE.

32. Insurable interest is not defined in the insurance act 1938 TRUE / FALSE.

33. Insurable interest is not defined in the insurance act 1956 TRUE / FALSE

34. Insurable interest in defined in the IRDA act 1999 . TRUE / FALSE.

35. In group insurance, risk of individuals is not assessed TRUE/ FALSE

36. Underwriting is a process which ensures that all insured share the same risk. TRUE/ FALSE


37. Can an insolvent take a life insurance policy Yes / No

38. What is the part of surplus that is distributed to policyholders called? ________________. (BONUS)


39. Which type of life insurance plans entitles the life insured full sum assured in the event of either death or survival? ________. endowment

40. A person's interest in his own life is ....................?
a. Limited
b. Restricted to HLV
c. Unlimited


41. Minimum capital for new reinsurance companies entering Indian market as per IRDA norms is?____________________ . 200cr


42. Which is correct
A) Life Insurance contracts do not require consideration.
B) Life Insurance contracts require offer and acceptance.

(a) Statement A
(b) Statement B
(c) Both a and b
(d) None of the above


43. 4. In India, the Indian Contract Act, ---- governs commercial contracts.
a) 1852
b) 1862
c) 1872
d) 1882

44. Section 45 deals with policies which are ___old
a) 2 years
b) 3years
c) 4years
d) 10years or more

46. Which of the following is not a Material Fact
a) Medical History
b) Smoking Habit
c) Earlier Insurance Taken
d) None of the above

45. 7. Which of the following relate to Material Fact
a) Caveat Emptor
b) Uberrimae Fides
c) Consensus “ad idem”
d) Legality of Object

46. . Adverse Selection refers to
a) Wrong policies being selected
b) Lack of consensus ad idem
c) Substandard lives entering insurance contracts by non-disclosure.
d) Selection of wrong target segment by insurance company.

47. The duty of disclosure in life insurance operates
a) Till the risk commences
b) On alteration
c) On revival
d) All of the above

48. A) All risks are not insurable
B) Insurance risks must be capable of financial measurement
a) Statement A is correct
b) Statement B is correct
c) Both are incorrect
d) None of the above

49. 11. Insurable Interest is
a) Defined in Insurance Act 1938
b) A legal pre-requisite
c) Both of the above
d) None of the above


50. A) Facts which everyone is supposed to know need not be disclosed
B) Facts which lessen the risk need to be disclosed
a) Statement A is correct
b) Statement B is correct
c) Both A & B are correct
d) Both A & B are wrong


51. Insurance contracts are subject to two additional principles viz.:
a) Caveat Emptor, Uberrimae Fides
b) Caveat Emptor, Consensus “ad idem”
c) Caveat Emptor, Capacity to Contract
d) Uberrimae Fides, Insurable Interest


52. A) The proposer can decide which fact is material
B) Material facts help in deciding the premium
a) Statement A is incorrect
b) Statement B is incorrect
c) Both statements are incorrect
d) None of the above is correct


53. A) Hazardous profession can affect the premium
B) A commercial pilot’s premium would be different from that of a Teacher of the same age
a) Statement A is incorrect
b) Statement B is incorrect
c) Both statements are incorrect
d) Both statements are correct.

IRDA exam or Insurance Regulatory and Development Authority exam is conducted every year by Insurance Institute of India for recruitment of Insurance agents.

Eligibility:
12th from a recognized university or board.

IRDA exam can be given in two modes, online and offline.
The paper includes the following topics:
Insurance
Loans Regulations and their General Application
Numerical Problems

Model test paper
1. The process of determining if the claim can be paid is called ————

a) admission b) acceptance c) consideration d) decision

2. What criteria are relevant to compare different savings plan?

a) Safety b) Liquidity c) Yield d) All of the above

3. The limits of doctors for medical examination are decided by ————-

a) Insurer b) Medical Council c) Government d) IRDA

4. The questions in the proposal form and personal statement are material and relevant

a) without exception b) mostly c) only partly d) rarely

5. Which of the following statements are “TRUE” ?
Statement A : A paid up policy can be revived.

Statement B : The insurer may refuse to issue a new policy if an earlier one is paid up.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement

6. To whom should license be paid ?

a) Controller of Insurance b) The insurer c) The IRDA d) Any of the above

7. A proposal is dated 10.11.2000. The premium was paid on the same day. The decision to accept with extra was made on 15.11.2000. The extra premium was paid on 17.11.2000. The letter of consent was received in the office on 21.11.2000. When does the risk on this policy commence ?

a) 10.11.2000 b) 17.11.2000 c) 20.11.2000 d) 15.11.2000
8. Which of the following statements are “TRUE” ?
Statement A : The principle of utmost good faith is the same as the principle of Buyers beware

Statement B : The existence of high blood pressure need not be disclosed as the doctor can find this out during the medical examination.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement

9. ————– are statements made by the prospect raising doubts about the usefulness of the insurance.

a) Objections b) Refusals c) Queries d) Disagreements

10. In what plan of insurance is medical examination never required, whatever be the amount of Sum assured?

a) Endowment b) Pure endowment c) Term assurance d) Group insurance

Attached Files Available for Download

	IRDA exam paper.doc (690.0 KB, 120 views)
	RDA exam paper.doc (629.0 KB, 50 views)

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Answered By StudyChaCha Member

Will you please provide the study material for the preparation of IRDA exam?

List of few books for the preparation Of IRDA exam is given below:
The Indian Financial System: Markets, Institutions and Services -Bharati V. Pathak, Pathak Bharati V
Financial Servies-M. Y. Khan
Risk Management and Insurance Planning-Jatinder Loomba
Fundamentals Of Life Insurance: Theories And Applications- Kaninika Mishra
LIC Assistant Administrative Officers Exam 2005-V.V.K. Subburaj
Insurance for Everyone-Kshitij Patukale
Financial Services-Thummuluri Siddaiah

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Answered By StudyChaCha Member

Can you please give here study material for Insurance Regulatory and Development Authority (IRDA ) examination ?

As youw ant I am here giving you study material for Insurance Regulatory and Development Authority (IRDA ) examination.

Syllabus :

1. INTRODUCTION TO INSURANCE a) What is Insurance. b) Purpose and Need of Insurance. c) How Insurance Works. d) The Business of Insurance – Pooling of Rises & Resources. e) Insurance as a Social Security Tool. f) Role of Insurance in Economic Development.

2. FUNDAMENTALS / PRINCIPLES OF GENERAL INSURANCE a) Contract of Insurance. b) Condition necessary for a contract. c) Contractual Duty. d) Contribution under Policy conditions.

3. INSURANCE DOCUMENTS a) Proposal Forms. b) Policy Forms. c) Cover Notes. d) Certificate of Insurance. e) Endorsements. f) Renewal Notice. g) Other Insurance Documents

4. THEORY AND PRACTICE OF RATING a) Basis of Rate Making. b) Tariffs. c) Market Agreements. d) Role of the T.A.C.

5. LEGISLATIVE AND REGULATORY MATTERS a) Insurance Act, 1938. b) The Insurance (Amendment) Act, 2002. c) General Insurance Business (Nationalisation) Amendment Act, 2002. d) I.R.D.A. Regulations, 2002.

6. FIRE INSURANCE a) The Standard Fire & Special Perils Policy. b) Terrorism Cover. c) Tariff System. d) Special Policies.

7. MARINE INSURANCE a) Marine Policies b) Duration of cover c) Claims

8. MOTOR INSURANCE a) Motor Vehicles Act, 1988 b) Personal Accident Cover for Owner-Driver c) theft Claims

9. PERSONAL ACCIDENT I NSURANCE a) Types of Disablement b) Claims c) Extended coverage

10. HEALTH INSURANCE a) Mediclaim Policy (Individual0 b) Domiciliary Hospitalisation Benefit c) Bhavishya Arogya Policy

11.LIABILITY INSURANCE a) Compulsory public liability Policy b) Products liability Policy c) Employer Liability Policy

12. ENGINEERING INSURANCE a) Contractors All Risks (C.A.R.)Policy. b)Marine-Cum-Erection (MCE) Policy. c)Machinery loss of Profits (MLOP) Policy







Here is the attachment.

Books to be use:

Asst. PPF Comm. Exam Guide (English) (Paperback)



O.I.C.L Oriental Insurance Company Limited A.O. Administrative Officer Recruitment Exam Guide (Scale - I) (English)

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Answered By StudyChaCha Member