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Will you please provide me the previous year Question Papers of IRDA LIC Advisory Exam??
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As you require the previous year Question Papers of IRDA LIC Advisory Exam so here I am sharing the same with you 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 (1) Potential purchaser of product is called ________________ (a) Prospect (b) Consumer (c) Customer (d) Client (2) If policyholder is in grievance,__________________ will solve (a) Grievance officer (b) Court order (c) Ombudsman (d) All the above (3) 20,000 policies in the 5th year are to be made from _________sector (a) Rural (b) Social (c) None (d) Urban (4) Insurance Agent is governed by ____________________ (a) Contract act (b) Insurance Act (c) IRDA (d) All above (5) Doctors appointed by insurers will be _____________ (a) General Physicians (b) Specialists (c) Surgeons (d) All of above (6) __________is the document produced to establish one’s age (a) Birth Certificate (b) Affidavit (c) License (d) Proof of age (7) Who is the person who identifies the customer and get the necessary insurance for him ? (a) Intermediary (b) Retailer (c) Broker (d) Agent (8) Which kind of Insurance plan can meet all need of a proponent? (a) Endowment (b) Money Back (c) Multipurpose (d) None of them (9) The principal is responsible for __________ agent (a) All the acts of agent (b) Specified acts of agent (c) Some of acts agent (d) None of them (10) Which of the following statements are True: 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) A Statement (b) B Statement (c) Both Statement (d) Neither of Statement (11) In the case of a policy under the provision of M.W.P. ACT who can make the death claim? (a) Beneficiary (b) Life insured Heirs (c) Trustee (d) Any of the above (12) Which kind policies are not entitled bonuses? (a) Non participatory (b) Money back (c) Children’s (d) Whole life (13) Claim in question is Rs.23 lakh which consumer court will it go to:__________ (14) A policy which has run for 8 years can be called into question if there is a__________________ (a) Fraud (b) Misrepresentation (b) Mistake (c) None of above (15) What would be the paid up value of a 25-year-old endowment policy for Rs.50, 000 taken in Oct 1988, if the last ½ year’s premium paid was in Oct 2000?____________ (16) Which of the following statements are True: a) An insurance agent can be sued under the Consumer Protection Act b) The Consumer Protection Act does not apply to Govt. Company. a) A Statement b) B Statement c) Both Statements d) Neither of Statement (17) If the proponent has no insurable interest in the insured the underwriter will (a) Accept with reduce sum assured (b) Decline the proposal (c) Accept with lien (d) Accept with extra premium (18) What is paid by the insurer when the policyholder decides to discontinue the policy (a) Forfeiture (b) Surrender Value (c) Intermediate Claim (d) Lapse (19) A person employed to act on behalf of another in dealing with a third person is called _____________ (a) Lawyer (b) Broker (c) Employee (d) Agent (20) Which are true a) Proof of age is necessary for proposal and not for agency application b) After business is complete agent has no role a) A Statement b) B Statement c) Both Statements d) Neither of the Statement (21) Which are true a) Insurance is necessary to cover risk of living too long b) Insurance helps one to be less dependent on others a) A Statement b) B Statement c) Both Statements d) Neither of the Statement (22) Which statement is not appropriate A) When the prospect said that he had taken sick leave for a few days because he wanted to go outstation for an interview, the agent suggested he need not mention it B) Agent 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) A Statement b) B Statement c) Both Statements d) Neither of the Statement (23) Which statement is not appropriate A) The necessity for medical examination depends on S.A. B) The nature of employment may be a factor to dispense with medical exam a) A Statement b) B Statement c) Both Statements d) Neither of the Statement (24) Why does an office conduct special inquiry in the case of death claim which arose after 4 years (a) As precaution (b) As a Routine (c) On suspicion of suppression of facts (d) For large sum assured (25) Loans is available only in the policy if (a) It is a with profit policy (b) The S.A exceeds Rs.10,000/- (c) It is in facts underwriter decision (d) None of the above (26) Which statement is true A Lapsed policy can be revived whenever the policy holder choose B A paid up policy is a lapsed policy (a) Only statement A (b) Only statement B (c) Both false (d) Both statement (27) When do the non-forfeiture provision apply a) When policy is surrendered b) When loan is taken c) When premium is not paid d) All above (28) True – False A - DAB is automatic in all life insurance policies B- DAB is an option on payment of additional payment (29) True – False A - Insurance works on the law of large numbers B - Insurance is possible only when there are many policyholders (30) True – False A - A policy that has been in force for 10 years can be called into question for misrepresentation B - A policy which has been for 10 years called into question for fraud. (31) True – False A - An agent must find out the details of proponent and report the same to the insurer. T B - The income of the proponent must be made known to the insurer. (32) Loan under policy should not exceed (a) S.V (b) S.A. (c) total premium paid (d) Bonus (33) Disability is related to (a) Sickness (b) Old age (c) Loss of limb (d) all of them (34) Agent is subject to (a) IRDA regulation (b) Term of appointment (c) Agent’s manual (d) All of above (35) The agent has _______freedom to act on behalf of insurer (a) Limited (b) Specified (c) full (d) none of the above (36) Write true or false a) Insurance is an individual issue and not a social one. - b) “Uberrimae Fides” means “utmost Good Faith”. c) Whole life policy is the best solution for most of the needs of a person. - d) There are no “participating” policies in life insurance. - e) There is no single premium endowment plan. - F) Loan “Value” is equal to 90% of “Surrender Value”. (37) Calculate Premium Date of Birth = 3.06.1954 Date of Calculation = 1.01.2001 Date of commencement of policy = 1.12.2000 Term = 19 years Sum assured = Rs.1,00,000/- Mode = Ordinary – monthly Accident benefit for Rs.50, 000/- only is required. Tabular Premiums Age 45 = 76.00 Age 46 = 76.80 Age 47 = 78.00 AGE TO BE TAKEN 46 ANS 659 (38) Calculate the premium on basis of data given below: Age 35 years S.A.Rs.60, 000/- T & T 75 - 20 Tabular premium Rs.68.70 per 1000/- mode I) yearly – II) half yearly – DAB & EPDB Allowed, Occupational Extra Rs.2 per 1000 per year (39) Calculate paid up value and special S.V. S.A. Rs.30, 000 /- T and T 14 - 15 D.O.C. 18.12.1985 L.P.P. 18.3.1991 Mode Quarterly Bonus addition: Rs.396/- per 1000/- S.A. S.V.factor 44.2 (44) Match the following A B a) Proposal C) let the buyer beware b) ad idem D) evidence of contract c) Caveat Emptor E) Pension d) Policy A) basis of contract e) Annuity B) of the same mind (45) Say True or False. a) A person’s insurable interest in his own life is _____(Unlimited / 10 times his salary / equal to his assets / non of these) b) How many years must elapse after cancellation of a license, before a new license can be issued (three / four / five) c) To whom should an application for agency license be given ______________(IRDA / Insurer /Controller of Insurance / any of them) d) Who fixes the limits of doctors for medical examinations _____________ (IRDA / Medical council / Insurer / None of these) e) Life Insurance premiums are determined by __________ (Accountants / Underwriter / Actuary) (46) Calculate paid up value and S.V. in the following case S.A. Rs. 30,000/- Mode Half yearly D.O.C. 28/10/1985 L.P.P. 28/04/1996 S.V. Factor 45 TT 14-25 Bonus Addition Rs.770 per 1000/- S.A. (47) The route or process through which a product is carried to the customer is known as DISTRIBUTION CHANNEL (48) Age nearer birthday as on 18/06/2000 of a person with date of birth 28/12/1961 is ________39 (49) The days of grace for monthly mode of premium is ___________ days.15 (50) EDLI scheme is linked to the payment of ________________ (Gratuity / Provident fund / pension) (51) State whether true or false. 1. Group Gratuity Scheme is beneficial to both the employer as well as employees. 2. Financial planning is not necessary, but agent should seek maximum premium from the customer. 3. There should be no inducement, incase or kind, passing from agent to customer for taking out life insurance. 4. Agents generally get something over and above legitimate commission amount from the insurer. 5. Insurance Advisor 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. 6. As long as the insurer gets the minimum business from an agent, the insurer cannot terminate the agency of such agent. 7. All the information asked in a proposals form is relevant to the assessment of the risk. 8. ONCE the policy lapses there is no way the policy holder can re-start the policy 9. “Nomination” is not compulsory. 10. “Early” claims can be investigated by the insurer.
__________________ Answered By StudyChaCha Member |
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