LIC Agents Exam Question Paper

Can you please provide the question paper for the LIC Agents Exam?

List of few questions of the LIC Agents Exam is given below:

Sanjeev is an insurance expert who has rich experience in determining premium levels for product, what is his profile like
A
an actuary
B
underwriter
C
risk manager
D
loss adjuster

Question 2
The Non Government organizations(NGO) helps the insurance industry immensely in
A
Promotional activities
B
Drafting new regulations
C
Linking buyers and sellers
D
Linking third party administrators

Question 3
Investment by foreign direct investors in to Insurance co's is restricted to
A

12%
B

25%
C

26%
D

40%
Question 4
Which market does the Micro Insurance Concentrate on ?
A

People with large families
B

People with Low Income
C

Government Employees
D

people living in Metro cities
Question 5
What facility do the insurer use to cover Risk beyond their Limits ?
A

Re Insurance
B

Banca assurance
C

NGO
D

RBI
Question 6
What is the max level under which micro insurance can be done?
A

5000
B

25000
C

50000
D

1 lac
Question 7
Who is the customer of a Re insurer?
A

High Networth Individual
B

Insurance Companies
C

Licenced Insurance Agents
D

Non Government Organisation
Question 8
Insurance company transfers the insurance which cannot bear by them to
A

Bancassurance
B

Reinsurance
C

TPAs
D

Actuaries
Question 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
A

One policy has more SA
B

ONE POLICY has more term
C

One policy is a single premium
D

One of the policy has higher Premium
Question 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
A

X has brought other limited premium product
B

Y has brought a single premium product
C

X is married
D

Y is Single
Question 11
Customer asks the agent to disclose the commission . The agent should
A

disclose on demand
B

Not disclose
C

Should call up the Insurer
D

Should avoid the topic
Question 12
The best way to prove that customer of a ULIP policy is given awareness about the commission paid to the agent is
A

Ask the insurer to give a policy endorsement letter
B

From the fact details
C

From signed copy of benefit illustration
D

From ticked column of proposal form
Question 13
Churning is bad , based on which aspect
A

Agents earn Lower Commission on churning
B

Policyholder gets more benefits
C

Policyholders suffer due to surrender charges and benefits
D

Insurance companies get good branding
Question 14
What over riding criteria an insurance agent consider while proposing a solution
A

Risk
B

suitability
C

Flexibility
D

Cost
Question 15
Sales Target is reduced . Churning will
A

Increase
B

Decrease
C

Will not affect
D

Partially
Question 16
Higher persistency to the insurer ensures what ?
A

More productivity
B

Higher attrition
C

Higher Profits
D

Higher S.A
Question 17
Persitency has increased from 82 % in previous year to 86 % this year . That means
A

More lapsation
B

More attrition
C

Less lapsation
D

No profits
Question 18
What is the maximum Time in which The insurer should settle a claim when all documents are submitted
A

3 days
B

15 days
C

30 days
D

10 days
Question 19
A missing person is considered to be dead after
A

5 years
B

8 years
C

12 years
D

7 years
Question 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%
A

6%
B

9%
C

7%
D

8%
Question 21
A claim was submitted & in how many days company should ask for additional documents if required
A

15 days
B

10 days
C

20 days
D

30 days
Question 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
A

suicide
B

murder
C

Death was due to Accident
D

Body not found
Question 23
An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission, what is th limits
A

10%
B

20%
C

He cannot offer any commission
D

He can offer up to 50%
Question 24
Consumer Forum at district level will hear complaints up to
A

20 Lakh
B

40 Lakh
C

1 Crore
D

10 Crore
Question 25
How much is the rebate allowed by IRDA to client
A

Nil
B

5%
C

10%
D

35%
Question 26
The controller of insurance in india is
A

IRDA
B

RBI
C

SEBI
D

Insurance ombusdmen
Question 27
A insurer advertises through daily news paper . What type of marketing is
A

cross selling
B

direct selling
C

Solicitation of Policy
D

Brand building
Question 28
Investment by NRI(Non Resident Indian) will be
A

No risk
B

Low risk
C

Medium risk
D

High Risk
Question 29
MWP- If the policy is endorsed under MWP - then the beneficiaries are wife and ?
A

Parents
B

Ex wife
C

Children
D

Mother
Question 30
Mr.Sunil is doing premium calculation for his company, as per which authority is his profession related to
A

Council of Actuaries
B

Insurance council of India
C

Insurance institiute of India
D

IRDA
Question 31
Basic qualifications of agent
A

Sound mind & graduate
B

Sound mind & good income level
C

Age and income level
D

His contacts in the market to solicit Insurance
Question 32
Which Institution was Constituted by Insurance Act 1938
A

Insurance Institute of India
B

Life Insurance Council
C

Insurance Broker Association
D

General Insurance Council
Question 33
What is the role of National Insurance Academy?
A

To regulate
B

To advise Government
C

To undertake training activities
D

To Advertise globally on Indian Insurance
Question 34
According to IRDA act 1999, central governments involve in insurance industry over
A

Policy matters
B

complex technical issues
C

Promotional activities
D

Licensing of Insurance companies
Question 35
Complaint council bodies other than IRDA grievance readdress forum & COPA
A

Ombudsman
B

Insurance Institute of India
C

Insurance Association
D

FERA
Question 36
What are the ways by which a policy holder can make complaints
A

Email
B

Toll Free Number
C

Newpaper
D

Email or Toll free Number
Question 37
What are the ways in which IRDA can be contacted . One is thru toll free number and other is
A

Email
B

Insurance ombudsmen
C

Visiting regional office
D

Through Agents
Question 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
A

10 Days
B

15 Days
C

30 Days
D

20 Days
Question 39
What is the maximum level of complaint that can be considered and taken action by ombudsmen
A

20 Lakh
B

25 Lakh
C

30 Lakh
D

50 Lakh
Question 40
What is the period of award passed to the customer decided by ombudsman?
A

2 Month
B

3 Month
C

5 Month
D

6 Month
Question 41
An Award is passed by Ombudsman .In how many days it should be honored by Insurance Co
A

15 Days
B

30 Days
C

60 Days
D

90 Days
Question 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
A

3
B

5
C

7
D

10
Question 43
Raju is a certified license holder under what circumstances he needs to hold his certified license with him that is issued by irda
A

Under all circumstances
B

When he sells term insurance
C

When he represents himself as another insurer
D

When he sells pension policies
Question 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
A

He has to inform the customer that the co has broken relationship with the customer
B

He plans to change the plan
C

He has to explain the reasons for rejection to the customer
D

He takes up with the higher authorities
Question 45
Lung Cancer and Smoking
A

Lung cancer is peril and smoking is moral hazard
B

Smoking is peril and lung cancer is hazard
C

Death is certain
D

Is occupational hazard
Question 46
The type of risk that can be insured against is
A

Speculative Risk
B

Pure Risk
C

Pure & Speculative risk
D

Non Financial Risk
Question 47
Harish takes a life insurance policy for Ramesh. Which of the following statement best describes the principle of Insurable Interest.
A

Ramesh declares all his liabilities
B

Ramesh is elder than Harish
C

Ramesh owes money form Harish
D

Harish suffers financial loss incase of death of Ramesh
Question 48
What is the min age to enter into the contract of insurance
A

16
B

18
C

20
D

21
Question 49
In a whole life plan - The policyholider's responsibility to give disclosure
A

At the beginning of the contract
B

Through out the contract
C

Revival stage
D

Beginning of renewal
Question 50
Types of assignment
A

Absolute
B

Term assignment
C

Conditional
D

Absolute & Conditiona

__________________
Answered By StudyChaCha Member