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#1
January 26th, 2014, 06:34 PM
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 LIC Agents Exam Model papers
Will you please share the Model papers for LIC Agents Exam???????
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#2
January 27th, 2014, 10:20 AM
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| Re: LIC Agents Exam Model papers
As per your demand, here I am sharing the Model papers for LIC Agents Exam 1 Sanjeev is an insurance expert who has rich experience in determining premium levels for product, what is his profile like an actuary loss adjuster risk manager underwriter 2 The Non Government organizations(NGO) helps the insurance industry immensely in Promotional activities Drafting new regulations Linking buyers and sellers Linking third party administrators 3 Investment by foreign direct investors in to Insurance co's is restricted to 12% 25% 40% 26% 4 Which market does the Micro Insurance Concentrate on ? People with large families People with Low Income Government Employees people living in Metro cities 5 What facility do the insurer use to cover Risk beyond their Limits ? Re Insurance Banca assurance NGO RBI 6 What is the max level under which micro insurance can be done 5000 25000 50000 1 lac 7 Who is the customer of a Re insurer High Networth Individual Insurance Companies Licenced Insurance Agents Non Government Organisation 8 Insurance company transfers the insurance which cannot bear by them to Bancassurance Reinsurance TPAs Actuaries 9 A policy holder takes two insurance policy and the premium amount is identical and he gets lesser commission in one of contract the reason is likely to be one policy has more SA ONE POLICY has more term one policy is a single premium One of the policy has higher Premium 10 An agent reveals his commission received from insurance sales to X&Y .Both plans are of same duration . Why is commission of X far higher that that of Y X has brought other limited premium product Y has brought a single premium product X is married Y is Single 11 Customer asks the agent to disclose the commission . The agent should disclose on demand Not disclose Should call up the Insurer Should avoid the topic 12 The best way to prove that customer of a ULIP policy is given awareness about the commission paid to the agent is 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 13 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 14 What over riding criteria an insurance agent consider while proposing a solution risk suitability Flexibility Cost 15 Sales Target is reduced . Churning will Increase Decrease Will not affect Partially 16 Higher persistency to the insurer ensures what ? More productivity Higher attrition Higher Profits Higher S.A 17 Persitency =has increased from 82 % in previous year to 86 % this year . That means more lapsation more attrition less lapsation No profits 18 What is the maximum Time in which The insurer should settle a claim when all documents are submitted 3 days 15 days 30 days 10 days 19 A missing person is considered to be dead after 5years 8years 12 years 7years 20 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% 6% 9% 7% 8% 21 A claim was submitted & in how many days company should ask for additional documents if required 15 days 10days 20 days 30 days 22 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 suicide murder Death was due to Accident Body not found 23 An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission, what is th limits 10% 20% He cannot offer any commission He can offer up to 50% 24 Consumer Forum at district level will hear complaints up to 20L 40L 1Cr 10L 25 How much is the rebate allowed by IRDA to client Nil 5% 10% 35% 26 The controller of insurance in india is IRDA RBI SEBI Insurance ombusdmen 27 A insurer advertises through daily news paper . What type of marketing is cross selling direct selling Solicitation of Policy Brand building 28 Investment by NRI(Non Resident Indian) will be No risk Low risk Medium risk High risk 29 MWP- If the policy is endorsed under MWP - then the beneficiaries are wife and ? parents ex wife children mother 30 Mr.Sunil is doing premium calculation for his company, as per which authority is his profession related to Council of Actuaries Insurance council of India Insurance institiute of India IRDA 31 Basic qualifications of agent sound mind & graduate sound mind & good income level Age and income level His contacts in the market to solicit Insurance 32 Which Institution was Constituted by Insurance Act 1938 Insurance Institute of India Life Insurance Council Insurance Broker Association General Insurance Council 33 What is the role of National Insurance Academy? To regulate To advise Government To undertake training activities To Advertise globally on Indian Insurance 34 According to IRDA act 1999, central governments involve in insurance industry over Policy matters complex technical issues Promotional activities Licensing of Insurance companies 35 Complaint council bodies other than IRDA grievance readdress forum & COPA Ombudsman Insurance Institute of India Insurance Association FERA 36 What are the ways by which a policy holder can make complaints Toll free No. Newpaper Email or Toll free Number 37 What are the ways in which IRDA can be contacted . One is thru toll free number and other is Insurance ombudsmen visiting regional office Through Agents 38 A policy holder submits cancellation of his term insurance policy , the insurer accepts the form and fails to give the benefit and the policy holder writes to IRDA post which the settlement should be within 10 days 15 days 20 days 30 days 39 What is the maximum level of complaint that can be considered and taken action by ombudsmen 20 lac 25 lac 30 lac 50 lac 40 What is the period of award passed to the customer decided by ombudsman? 2months 3 months 5 months 6 months 41 An Award is passed by Ombudsman .In how many days it should be honored by Insurance Co 15 days 30 days 60 days 90 days 42 Karthik written to his insurer about non settlement of a maturity calim,as per regulations,the insurer has to reply to this within how many working days 3 5 7 10 43 Raju is a certified license holder under what circumstances he needs to hold his certified license with him that is issued by irda under all circumstances when he sells term insurance when he represents himself as another insurer when he sells pension policies 44 A policy has been rejected by the company under direct intimation to the customer and copy to the Agent, what is the next action of the Agent He has to inform the customer that the co has broken relationship with the customer He plans to change the plan He has to explain the reasons for rejection to the customer He takes up with the higher authorities 45 Lung Cancer and Smoking . lung cancer is peril and smoking is moral hazard smoking is peril and lung cancer is hazard Death is certain Is occupational hazard 46 The type of risk that can be insured against is Speculative Risk Pure Risk Pure & Speculative risk Non Financial Risk 47 Harish takes a life insurance policy for Ramesh. Which of the following statement best describes the principle of Insurable Interest. Ramesh declares all his liabilities Ramesh is elder than Harish Ramesh owes money form Harish Harish suffers financial loss incase of death of Ramesh 48 What is the min age to enter into the contract of insurance 16 18 20 21 49 In a whole life plan - The policyholider's responsibility to give disclosure at the beginning of the contract through out the contract Revival stage beginning of renewal 50 Types of assignment Absolute Term assignment Conditional Absolute & Conditional 1 Insurance works on the principle of a Trust b Sharing c Randomness d All of the above 2 Insurance is legitimate a when an adverse happening is likely b When an adverse happening is unlikely c When an adverse happening is certain d In all the above three situations 3 Insurance benefits replace a All physical losses, in full b All physical losses, partly c All monetary losses, in full d The monetary losses, but only to some extent 4 Which one of the following statements is correct? a People hesitate to buy life insurance because they are not aware of their needs b People hesitate to buy life insurance because they prefer to enjoy the present c Both the statements are correct d Both the statements are wrong 5 Which is the right time for taking life insurance? a When you are about to get married b Soon after you have got married c Just when you are joined a new job d All the three ‘times’ are right 6 Retention of risk may be done conveniently by a Large corporations b Small companies c Single individuals d None of the three 7 A valuation is done by a life insurer because a It is a statutory requirement b It is necessary to be able to declare dividends to shareholders c It tells the insurer how well it is managing the business d All of the above 8 The reason for charging level premiums is a Risk increases as age increases b It is convenient to the policyholder c It is convenient to the insurer d All the above reasons 9 What does a premium depend upon? a The place of worship visited by the person to be insured b The state of health of the policyholder c The decision of the underwriter d The report of the agent 10 State which one of the following statements is correct? a In group insurance, a single policy is issued covering many persons b A master policy covers servants of a master c Both the statements above are correct d Both the statements above are wrong 11 Which one of the following statements is correct? a In a limited payment policy, there is a maximum limit to the SA b In a limited payment policy, there is a maximum limit to the term c Both the statements above are wrong d Both the statements above are correct 12 Which one of the following statements is true with regard to Children’s policies? a On vesting, the insured person has an option to change the term of the policy b On vesting the insured person has an option to increase the SA c Both the statements above are wrong d Both the statements above are correct 13 Which of the following could be the basis of the cover in a group policy? a Height of the life insured b Age of the life insured c Size of the insured’s family d All the three above 14 Which one of the following statements is true with regard to Children’s policies? a On vesting, the insured person has an option to change the term of the policy b On vesting the insured person has an option to increase the SA c Both the statements above are wrong d Both the statements above are correct 15 Which one of the following statements is correct? a Every plan of insurance is a combination of two basic plans b The name given to a plan indicates the benefits available under the plan c Both the statements above are correct d Both the statement s above are wrong 16 Which one of the following statements is correct? a Underwriting is done only when there is a medical examination b Medical examination is necessary before a policy can be issued c Both the statements above are correct d Both the statements above are wrong 17 Which one of the following statements is correct? a The underwriter determines the premium to be charged b The underwriter is an employee of the insurer c Both the statements above are correct d Both the statements above are wrong 18 Which one of the following statements is correct? a If the underwriter feels that the risk is more, he will accept at OR b If the underwriter feels that the risk is more, he may impose a lien c Both the statements above are correct d Both the statements above are wrong 19 Which one of the following statements is correct? a The schedule of a policy is not altered after the policy is issued b Changes in the terms of the policy are made through endorsements c Both the statements above are correct d Both the statements above are wrong 20 The date of issue of the FPR indicates a The date when the risk effectively begins b The date when the next premium falls due c The date when the policy will commence d None of the above 21 Which one of the following statements is correct? a In the case of SSS policies, renewal premium receipts are issued b In the case of SSS policies, FPRs are issued c Both the statements above are correct d Both the statements above are wrong 22 Which one of the following statements is correct? a Assignee is free from the assignor’s obligations under the policy b A nomination is automatically cancelled when a loan is taken under the policy c Both the statements above are correct d Both the statements above are wrong 23 Which one of the following statements is correct? a The beneficiaries under the MWP Act can be any member of the family b A policy can be taken under the MMWP Act for the benefit of parents c Both the statements above are correct d Both the statements above are wrong 24 Which one of the following statements is correct? a Foreclosure can be done only with the consent of the policyholder b Foreclosure can be done only after informing the policyholder c Both the statements above are correct d Both the statements above are wrong 25 Which one of the following statements is correct? a Revivals are not done unless the entire outstanding premium is paid b Revivals are not done unless the underwriter agrees c Both the statements above are correct d Both the statements above are wrong 26 Which one of the following statements is correct? a Foreclosure action cannot be taken till a notice is served on the policyholder b When a foreclosure action is taken, nothing is payable to the policyholder c Both the statements above are correct d Both the statements above are wrong 27 Which one of the following statements is correct? a The beneficiaries under the MWP Act can be any member of the family b A policy can be taken under the MMWP Act for the benefit of parents c Both the statements above are correct d Both the statements above are wrong 28 Which one of the following statements is correct? a A presumption of death is not the same as proof of death b Presumption of death allows inheritance of property c Both the statements above are correct d Both the statements above are wrong 29 When does a claim arise under an insurance policy? a Whenever the policyholder feels the need for money b When the insured events happen c When a premium is not paid d Whenever any of the three things mentioned above happen 30 Which one of the following statements is correct? a Maturity claim cheques are paid to the trustees in a MWP Act case b Maturity claim cheques are paid to the beneficiaries in a MWP Act case c Both the statements above are correct d Both the statements above are wrong 31 If a claim is made in January 2007 under a policy, which commenced in May 2002, stating that the life insured had died in April 2004, a Section 45 of the Act will not apply b The claim can be treated as an early claim c Foul play must be suspected d All the three statements above are correct 32 Which one of the following statements is correct? a A policy reported to be lost, may actually have been assigned b A policy has no value after the payment of survival benefits c Both the statements above are correct d Both the statements above are wrong 33 Which one of the following statements is correct? a The foreign exchange regulations apply if the life insured is a non-resident b The foreign exchange regulations apply if the claimant is a non-resident c Both the statements above are correct d Both the statements above are wrong 34 State which of the following statements is correct a ULIPs provide for flexibility b ULIPs are better than traditional policies c Both the above statements are correct d Both the above statements are wrong 35 State which of the following statements is correct a In ULIPs, the offer bid spread is the difference between the two prices b In ULIPs, the offer bid spread, will in some cases be zero c Both the above statements are correct d Both the above statements are wrong 36 State which of the following statements is correct a In ULIPs the insurance cover must be a minimum multiple of the premium b ULIPs can be surrendered after two years c Both the above statements are correct d Both the above statements are wrong 37 State which one of the following statements is correct a Life insurance is the best savings scheme for all persons b Life insurance is the best investment scheme for young persons c Both the statements above are correct d Both the statements above are wrong 38 Which of the following statements is correct? a An insurance agent has fixed working hours b An insurance agent has to mark his attendance in office every day c An insurance agent works according to his schedule d An insurance agent cannot do any other work 39 State which one of the following statements is correct a When vital information is not disclosed, the policyholder is benefited b When a claim is repudiated, the agent’s trustworthiness is affected c Both the statements above are correct d Both the statements above are wrong 40 State which one of the following statements is correct? a The social sector is not only in the urban areas b The social sector includes the unorganized sector c Both the statements above are correct d Both the statements above are wrong 41 State which one of the following statements is correct? a The Ombudsman’s authority is limited to claims matters only b The Ombudsman is not a judicial authority c Both the statements above are correct d Both the statements above are wrong 42 State which one of the following statements is correct? a The tax provisions are the same for all kinds of savings b The tax provisions are included in the Constitution c Both the statements above are correct d Both the statements above are wrong 43 A proposal for SA of Rs. 10 lakhs with DAB for monthly mode under SSS. Proposer had a previous policy of Rs. 5 lakhs with DAB. Proposal was accepted with health extra of Rs. 2.75 per thousand SA premium for DAB Re 1 per thousand. 5% extra for monthly mode. large SA rebate of Rs 2/- per thousand for 1 lakh and above. Tabular premium Rs. 48.20 maximum total SA on which DAB is allowed is Rs. 10/- lakhs. Find monthly (SSS) premium, rounded off to the next higher rupee a 4102 b 4121 c 4183 d 4195 44 Find out surrender value on the basis of following data (the answer to be rounded off to the next lower rupee). SA Rs.30, 000 DOC- 15.6.1992, Endowment with profit - 30 years Due date of last premium paid 15-06-2007 mode half yearly Accrued bonus Rs.750/- per thousand SA. SV factor 23% a 3670 b 3765 c 8740 d None of these 45 A money back policy for SA. of Rs.50,000/- Matured after 25 years. Survival benefits of 15% each had been paid at the end of 5th, 10th, 15th, and 20th years. Bonus had accrued at Rs.965/- per Rs.1000/- SA. Interim bonus @ Rs.25/- per thousand SA is payable. What is the maturity claim amount? a 68250 b 69500 c 98250 d 99500 Correct Answers Practice Paper 6 1 d 16 d 31 d 2 a 17 c 32 a 3 d 18 b 33 c 4 c 19 c 34 a 5 d 20 a 35 c 6 a 21 b 36 a 7 d 22 d 37 d 8 d 23 d 38 c 9 c 24 b 39 b 10 a 25 d 40 c 11 c 26 a 41 b 12 c 27 d 42 d 13 b 28 c 43 b 14 c 29 b 44 c 15 a 30 a 45 b
__________________ Answered By StudyChaCha Member |
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#3
August 19th, 2019, 12:26 PM
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| MBD claim form of NIC
Hi buddy here I have come to get National Insurance Company Limited Claim Form , so would you plz tell me from where we can do download its form ??
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