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Old April 21st, 2014, 12:35 PM
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I need the IRDA life insurance exam previous year Solved question papers, can you provide me the same????

As you need the IRDA life insurance exam previous year Solved question papers, here I am uploading a pdf file which contains the same. Following is the content of attachment:

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.

1) The route or process through which a product is carried to the customer is known as _________________

2) Age nearer birthday as on 18/06/2000 of a person with date of birth 28/12/1961 is ________

3) The days of grace for monthly mode of premium is ___________ days.

4) EDLI scheme is linked to the payment of ________________ (Gratuity / Provident fund / pension)


Write yes or no indicate whether the following request will be allowed by the LIC or not.

5) The proposal dated 05.10.2000 for Rs.1,50,000 under table 14-18 requests that the policy be made to commence from 28.03.2000 as the date of birth of the life to be assured is 28.12.1973 .

6) Policy commenced on 01.07.1992 and lapsed because the annual premium due 01.07.1994 was not paid. Request received on 30.06.2000 for revival.

7) Father insuring his son aged 8 under the New CDA plan requests that the son’s life be covered from inception.

8) Policy paid up for Rs.4, 000 matured for payment on 30.09.2000. Policyholder reports that the policy is lost and requests that the claim be settled without advertisement and indemnity bond.

9) Policyholder requests that his Without Profit policy be made a with profits policy

10) Policyholder requests that policy issued with Annual Premium, be brought under the Salary Savings Scheme, as he has now joined a company

11) Policy commenced on 10.07.2000. A request is made on 10.09.2000 that the policy be brought under the M.W.P. Act


True or False

12) A maturity claim will be paid to the nominee.
13) The amount of bonus that vests is the same for all policies issued by the L.I.C.
14) Living too long is a risk.
15) An annuity is the same as a pension.
16) A son has no insurable interest in the father.
17) A sub-standard life is a person below the poverty line
18) An agent is not authorized to collect renewal premium.
19) An agent’s role is over after the policy is issued.
20) The maximum age entry is the same for all plans of insurance.
21) Extra premium is charged for moral hazard.
22) A lady clerk in a bank will be considered for insurance on the same terms as male lives
23) In an Immediate Annuity policy the annuity payment begins within the first year of the policy.
24) The proposal form should be written by the agent himself.


In respect of each of the words in column ‘A’ finds corresponding word in column ‘B’


Column ‘A’ Column ‘B’

25) Actuary Death _____________

26) Annuity Department _____________

27) Assignment Pension _____________

28) Communication Persuasion _____________

29) Insurance Premiums _____________

30) Mortality Pure Risk _____________

31) Motivation Recognition _____________

32) Organisation Sharing _____________

33) Term Assurance Surplus _____________

34) Valuation Transfer ___________




State whether the actions on the part of the agent in the following situations are right or wrong.

35) To a query from the prospect about the tax advantages in the proposed policy, the agent replies, “why do you bother? You just tell me how much money you can and I will work out the best policy for you.

36) Going through the existing polices of a prospect whom he is meeting for the first time, the agent suggests that he should allow three of them to lapse and go in for new policies straight away.

37) A proponent called up agent to know why a particular medical test was being asked by the office and the agent said he was not aware of the same and would revert to the matter the next day.

38) The agent was surprised to receive the copy of the letter written by the office to the wife of the insured, forwarding the forms to make a death claim.

39) Going through the existing polices of a prospect whom he is meeting for the first time, the agent suggests that nominations be made and offers to get them registered by the office.

40) The agent had left his identity card at home, when he was visiting a prospect.

41) An agent insists that all his policyholders should send the premium cheques to him, so that he can ensure that delay’s do not happen through oversight.

42) An agent tells a prospect, who is raising an objection, “why don’t you wrong. Understand this simple basic thing?”

43) When a policyholder complained that nobody in the insurance office was answering the telephone, the agent said that the office was in a mess and that the Managers were quite incompetent.

44) An agent being friendly with the assistant in the new business department, used to keep track of the new proposals and try to get business from the same parties.

45) Agency license is valid for a period of
a) 1 yrs
b) 2 yrs
c) 5 yrs
d) 3 yrs

46) The body constituted to receive and resolve grievances against an insurer is?____________

47) An insurance broker is

a) Representative of the state
b) Representative of the client
c) Representative of the insurer


48) Who shall conduct tests for licensing agents?
a) IRDA
b) NSE
c) III
d) LIC

49) When does an insurance policy lapse?
a) Stopping of bonuses
b) Assured is declared dead
c) Insurable interest of proposer ceases to exist
d) Stopping of periodical payments
e) Any of the above

50) When does a policy acquire paid up value?---------------.after 3 full year premiums payment

51) An assignment usually affected for valuable consideration is called:__________________ _________________


52) A policy can be surrendered, provided the policy is kept in force at least for a period of: ______________.


53) Which of the following policy is not eligible for loan?
a) Whole life - participating
b) Endowment
c) Money back
d) Whole life – non participating

54) What is the basis of contract between the policyholder and the insurer?
a) The Insurance act
b) The IRDA act
c) The Contract act
d) The Proposal Form

55) The cash value payable by LIC on termination of the policy contract at the desire of the policyholder but before the expiry term is known as :

__________________ __________________________.
56) Back Dating is an option to the life assurer to get the advantage of lower age wherein the policy is commenced from a date earlier than the date of signing of proposal form. However back dating is limited to one year.
True/False

57) What is the discount offered in case of
Annual premium ------------------ 3%
Semi annual ------------------ 1.5%

58) If FPR is submitted along with application the risk would be covered -True / False

59) Under the insurance act 1938, insurance against sickness and medical treatment is NOT part of life insurance business, it gets covered under miscellaneous business, which is part of general insurance business.
(T/F)

60) In many other countries health insurance is considered as part of the life insurance business.
(T/F)

State True or False

61) An agent must be of 21 years of age at least.

62) An agent can sell policies even without a license.

63) IRDA issues license to an agent.

64) 100 hours of training is a prerequisite for appearing in the recruitment examination.

65) An agents’ license is valid for 5years.

1) The principle to be followed by both the parties in an insurance contract, with reference to disclosure of all the relevant facts, is known as -------------------------------------------------------.

2) The life insurance scheme, which allows an employer to insure the lives of important employees in the organization, in order to cover the risk arising out of their premature death is known as
---------------------------------------------------------.

3) The Insurance Act was passed in the year
a) 1928
b) 1938
c) 1939
d) 1942

4) In life insurance, the ___________ is authorized to collect the claim amount after the death of the policyholder.

5) How is, the person appointed by the Government to settle disputes between the insurers and the insured, better known as? __________________

6) Assignment usually effected for consideration of natural love and affection is: __________ .

7) A process whereby the beneficial interest, right and title under a policy gets transferred is called __________ .

8) Fill in the blanks.

a. To sell insurance an agent must understand the prospect’s insurance ______.
b. An agent has to ensure that without a lapse, the new policy issued should continue till it becomes a __________.
c. The ______________ is also accompanied by the agent’s _____________ report.
d. In nomination the policyholder ____________ all rights under the policy.
e. The two types of assignments are _________________ and ________________.
f. A lapsed policy can be revived in _______ ways.
g. The __________ should help the prospect in revival process.
h. Maturity claim can be done after filling up the _______________ voucher.
i. Indemnity bond is executed by the policy holder in case the policy is
___________ or _____________.

9) The capability to function as an agent would be measured partly by the business that is done and the commission that is earned.(T/F)
10) An agent’s reputation must be such in the market that will help him to collect more references from his policyholders.(T/F)
11) Product knowledge ends with knowing the broad terms and conditions of the policy and the extent of cover.(T/F)

12) Good product knowledge will help one to be aware of the possible drawbacks in the policy, the tax implications, the fit with the client's need, the extent to which the client has to take precautions so that the benefits may not be lost.(T/F)

13) An agent is a professional and a businessman.(T/F)

14) An agent is both a professional and a businessman and there is no conflict between the two.(T/F)
15) An agent's revenue is in the nature of commission on premium. (T/F)

16) Professional agents must set aside both funds as well as time for their personal growth.(T/F)
17) Salesmanship is different from management.(T/F)
18) For an insurance agent the whole world is a potential market. (T/F)
19) The segment in which an agent operates is called his target market / segment. An agent must have only one target market. (T/F)
20) An agent sells himself before he sells his product.(T/F)
21) An agent is a self-motivated individual. All his actions are goal oriented. (T/F)
22) Morale implies that the behavior of the agent has to be one that exudes confidence and positive thoughts about the company and its offerings. This is possible only if the agent feels good about his profession and business.
(T/F)
23) Communication is normally understood to refer to the information that one has to send to another, through words or symbols or pictures, in writing or verbally.(T/F)
24) The seven C's of communication are completeness, courtesy, consideration, clarity, conciseness, concreteness, and correctness. (T/F)
25) In insurance selling is more through use of persuasive skills than counseling skills. (T/F)
26) An agent must be able to analyze the various needs of the prospect and find the best plan to meet those needs. An agent can also make assumptions.(T/F)

27) An agent is bound under the terms and conditions of the appointment letter given to him by the insurer under the Licensing of Insurance agent's regulations 2000.(T/F)
28) Non-compliance of the provisions of this regulation may lead to termination of the agency license.(T/F)

Fill in the blanks using only one of the alternatives provided in bracket.

29) The definition of Rural area is where the total population is (over 5000/ over 10,000 / less than 5000)
30) Term Insurance product is useful for ________________________________ (providing for old age / for Children/cover in case of mortgage loans/ getting payments at regular intervals).
31) Age nearer to birthday as on 20.5.2000 of a person with date of birth 13.7.1974 is years (25/26/27).
32) The terminal bonus is paid to those policies which become claim after completing years as in force policies (10/15/20).
33) If a person is born on 15.03.1975 his age last birthday as on 12.03.2001 will be
i) 23 yrs
ii) 24 yrs
iii) 25 yrs
iv) 26 yrs

34) In mortgage redemption policies the sum assured will be paid
a) At the end of the term
b) ON death within the term
c) Both of the above
d) On default of the payments

35) Non forfeiture clause refers to
a) Option to keep the policy running when it is about to lapse due to non payment of premiums
b) Whatever the condition the premiums paid by the policy holder cannot be forfeited
c) When the policy holder does not return the loan taken on a policy the policy is forfeited by the insurer
d) In case of a moral hazard the sum assured is forfeited by the insurer

36) Statement A: An individual can take a Key man insurance on his own life
Statement B: A husband is a Key man to his wife

a) Only statement A is true
b) Only statement B is true
c) Both A & B are false
d) Both A & B are true

37) Statement A: Agents are usually attached to branches of insurance offices
Statement B: A department in an office is where some specialized type of work is carried out

a) Only statement A is true
b) Only statement B is true
c) Both A & B are true
d) Both A & B are false

38) The maximum limit for payment of commission prescribed for 2nd and 3rd year renewal premiums is fixed as per insurance act 1938 as

a) 35%
b) 40%
c) 5%
d) 7.5%

39) Three fundamentals of sound investment are : ____________, ____________, ________ ,

40) The insurer makes guaranteed additions @ 7% of the S.A. for each completed policy year, for which premiums are paid, and these will payable at the end of the term of the policy or earlier death of the policyholder A. The insurer also puts an x amount as loyalty addition, if premium has been paid for 5 years. A has taken the policy for 15 years for Rs. 1,00,000 S.A. He has been paying his premiums regularly. How much would he get if he died after 4 years of taking the policy? How much would he get on maturity of the policy?

41) Mr. X buys a policy for Rs3, 00,000 S.A. at age 35 and pays a single premium. He dies at the age of 45 in a road accident. His wife gets RS. 3,00,000/- as death benefit. How much tax will she have to pay on this amount?

42) Life assured aged 35, for a policy of Rs.30000/- sum assured under Money Back policy for a term of 20 years. DAB & EPDB are not required. Tabular premium per thousand is given as Rs.68.70. If the policy is under Salary Saving Scheme what would be the monthly premium?


43) A. Calculate the half-yearly premium for a with-profit endowment assurance of Rs.30000/- for a term of 30 years issued to a scheduled commercial airline pilot aged 25 without D.A.B. & E.P.D.B. The occupation extra in this case is 12PER THOUSAND for 10 years. ANSWER 654
B. What will be the half-yearly instalment payable after 10 years, given that the tabular premium for 1000 S.A. is Rs.33.10?

44) Calculate the quarterly instalment premium under a whole life policy for Rs.50000/- sum assured, issued to a life whose age nearer birthday at entry is 45, with premium paying term limited to 25 years. D.A.B. (Double Accident Benefit) & E.P.D.B. (Extended Permanent Disability Benefit) benefit is allowed. Tabular premium is given as Rs.48.10 and D.A.B., E.P.D.B. as Rs.50.

45) Age 25 years, Term 26 years, Sum Assured Rs.200000/-, Mode half yearly. Calculate the instalment premium. Table premium is 40.25.

46) Calculate claim payable:
Date of Death : 27 Nov 2000
Date of commencement: 13 Dec 1989
Sum Assured: 30,000
L. P. P. : 13/12/1999
Bonus: 3/85-3/99 600 per thousand, 3/2000 is 60
Half yearly premium of 400

47) The drive or urged to do something to achieve at end is called ________
a. willingness
b. motivation
c. need
d. power

48) ____________ are statements made by the prospect raising doubts about the usefulness of the Insurance.
(a) Refusals
(b) Objections
(c) Queries
(d) Disagreement

49) _________ is helping the policy holder to make sure that the policy will not fail at the critical moment.

(a) Sales
(b) Service
(c) Advice
(d) Promise.


50) Describe the behavior of an Agent who exchanges experiences with other agents.

(a) curious
(b) Probing
(c) Non Professional
(d) Professional

51) An officer of insurance company authorized by IRDA to issue agency license is called
a. Designated person
b. Authorized person

52) A. The insured mentioned to the agent adviser while filling up the proposal form that some six years back white fluid had discharged from his right ear, but it stopped after that. The agent does not mention it in his report because it is not relevant now.
B.The agent confirms from the insurer about the present situation and since it is ok, he does not mention in his report.

a) Only A is true
b) Only B is true
c) Both are true
d) Both are false


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


11. The limits of authority of an agent are laid down by the -------------

a) Insurance Act b) Contract Act c) Appointment Letter d) None of the above


12. Which of the following statements are “TRUE” ?
Statement A : The necessity for a medical examination depends only on the Sum assured.

Statement B : The nature of employment may be a factor to dispense with medical examination.

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


13. ----------- describes the behaviour of an agent who is willing to accept that a particular customer
may not need life insurance

a) Defeatist b) Timid c) Professional d) Non professional


14. Section 45 of the Insurance Act is relevant for policies which are at least --------- years old.

a) Two b) Four c) Both statements d) Neither of the statements

15. Which of the following statements are “TRUE” ?
Statement A : In a group policy, each person is free to choose the amount of insurance cover.

Statement B : A person, normally uninsurable, can be covered under a group insurance policy.

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


16. Infimities are caused by --------------
a) Rs. 3 lakhs b) Rs. 10 lakhs c) Rs. 13 lakhs d) None of the above
17. If a person’s annual income is Rs. 3 lakhs and he has assets (proper and share) worth 10 lakhs he can be given a maximum insurance cover of -------------
a) Rs. 3 lakhs b) Rs. 10 lakhs c) Rs. 13 lakhs d) None of the above
18. Which of the following statements are “TRUE” ? Statement A : When a policy matures, the claim proceeds are paid to the assured.

Statement B : In insurance, the principle of buyer beware applies.

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


19. The behaviour of an agent who makes critical marks about his company is -------------

a) Clever b) Non-professional c) Professional d) Efficient


20. Bringing a policy, which has lapsed , back to force is called --------------

a) Recovery b) Revival c) Renewal d) Elapse


21. Which of the following statements are “TRUE” ?
Statement A : The proposal form should be written by the agent himself.

Statement B : The proposal form should be filled by the proponent himself, unless he is illiterate.

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

22. Disablity benefits may arise because of -------------

a) Sickness b) Old age c) Loss of limbs d) Any of the above


23. ----------- is the person to whom the policy is transferred in lieu of some consideration received.

a) Nominee b) Mortgagor c) Beneficiary d) Assignee


24. Which of the following statements are “TRUE” ?
Statement A : In case of corporate agent, only the Chief Executive has to pass the prescribed examination.

Statement B : A person who is convicted of cheating can get an agency license as soon as he is released from jail.

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


25. A person’s insurable interest interest in his own life is -------------

a) Unlimited b) 10 times his salary c) Agents manual d) All of the above


26. An agent is subject to -------------

a) IRDA regulation b) Terms of appointment c) Agents manual d) All of above


27. ----------- describes the behaviour of an agent who is in the presence of outsiders, covers up the mistakes made by his collegues.

a) self confident b) protective c) arrogant d) professional


28. What is paid by the insurer when the policyholder decides to discontinue the policy ?

a) Surrender value b) Intermediate claim c) Lapse d) Forfeiture


29. Which of the following skill is required to influence the other person to do something ?

a) Salesmanship b) Communication c) Analytical d) Persuasiveness


30. ----------- is the professional who is the technical expert on life insurance matters.

a) Underwriter b) Accountant c) Evaluator d) Actuary


31. If the proponent has no insurable interest in the insured, the underwriter will -----------

a) accept the lien b) accept with extra premium c) decline the proposal d) accept with reduced Sum assured


32. The deduction allowed in income tax because of amounts paid towards life insurance premium Profident fund, etc is called --------------

a) Concession b) Decuction c) Reduction d) Rebate


33. Which of the following statements are “TRUE” ?
Statement A : The underwriter tries to prevent any undue advantage being taken by prospect

Statement B : The underwriter is a trustee of all policyholders

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


34. ----------- describes an agent who keeps records of his activities and examines them periodically.

a) Analyst b) Professional c) Non professional d) Meticulous


35. ----------- means the business wherein, persons facing the same risk are brought together to create a fund from which those suffering losses are compensated.

a) Insurance b) Mutual Fund c) Banking d) Security


36. Term assurance is not suitable when the need is to provide for -----------

a) old age b) repayment of outstanding loan c) mortgage redemption d) any of the above


37. Final or Terminal bonus is payable -------------

a) On death b) On surrender c) On maturity d) All of the above


38. Which of the following statements are “TRUE” ?
Statement A : An insurance agent may be sued under Consumer protection act

Statement B : The Consumer protection act does not apply to government companies.

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


39. What is called the reverse of ‘Life Insurance’?

a) Loan b) Surrender value c) Annuity d) None of above


40. A policy in which the payment to the annuitant begins after one year and is payable thereafter annually ]
is called ----------- annuity.

a) immediate b) annual c) deffered d) one-year


41. The process of recording the correct age of person insured is called ----------

a) Age admission b) Verifications c) Proof of age d) Certification


42. A policy which has run for 8 years can be called into question if there is -----------

a) Misrepresentation b) Fraud c) Mistake d) None of the above


43. What are the criteria of a good saving plan ?

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



44. In case of policy under the provision of Married Women’s Property Act, who can make a death claim ?

a) Beneficiaries b) Life Insured HEIRS c) Trustee d) Any of the above


45. The skill required to explain in a manner that the other person understands is -----------

a) Persuasiveness b) Explanatory c) Convincing d) Communication


46. The reduction permitted in the tabular premium depending on the mode of premium or Sum assured is called -------------

a) Reduction b) Rebate c) Incentive d) Concession


47. Loans under an insurance policy are repayable ------------

a) In a lumpsum b) By adjustment with claim c) In installments d) any of the above


48. Which of the following statements are “TRUE” ?
Statement A : Proof of age is necessary only for proposals for insurance, not for agency applications.

Statement B : After the business is complete, the agent has no further role.

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

49. The maturity proceeds in case of a policy financed by HUF will be paid to ----------

a) karta b) life assured c) nominee d) none of these


50. When does foreclosure action begin ?

a) When premium is not paid b) When policy is surrendered c) When loan and interest accumulate
d) All of the above


51. Which of the following statements are “TRUE” ?
Statement A : A paid up policy will be entitled to bonus.

Statement B : The life to be insured must be in perfect health.

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


52. A duplicate policy may be issued, when original has been -------------

a) Burnt b) Stolen c) Mutiliated d) All of the above


53. The attachment to a policy to indicate that the standard policy terms and conditions have been modified is called --------------

a) clause b) endorsement c) rider d) condition


54. Which of the following statements is “TRUE” ?
Statement A : When a person dies, no expense is incurred on him.

Statement B : Life insurance helps to ensure a decent burial or cremation on death

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


55. If the claim in question is 23 lakhs, which consumer court will hear the application ?

a) State Level b) National Level c) District Level d) None of above


56. Which information, if not disclosed, can nullify the policy ?

a) Critical b) Valid c) Material d) Important


57. The agents report to the insurer should include ---------- facts.

a) Favorable b) Unfavorable c) Neither of the above d) Both of the above



58. Which of the following statements are “TRUE” ?
Statement A : Insurance is relevant only if there is possible economic loss.

Statement B : An event, which will certainly happen cannot be insured against.

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


59. Which of the following statements are “TRUE” ?
Statement A : A policy which has been in force for 10 years can be called into question for misrepresentation

Statement B : A policy which has been in force for 10 years can be called into question for fraud.

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


60. Which of the following statements are “TRUE” ?
Statement A : Insurance companies come under the purview of the Consumer Protection Act.

Statement B : The jurisdiction of consumer forum depends on the value of claim.

a) Only statement A b) Only statement B c) Both statements d) Neither of the statement
61. Which risk is covered by annuity ?

a) Accident b) Living too long c) Sickness d) Death


62. Which of the following statements are “TRUE” ?
Statement A : Insurance is possible only if the event concerned happens by random.

Statement B : The cause of “loss” is called peril.

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


63. The authority of an agent is -----------

a) Specified in the appointment letter b) Inferred from his action c) Verbally communicated
d) All of the above
64. Which of the following statements is “TRUE” ?
Statement A : The fact of having been on sick leave must be disclosed, even if there were no sickness and certificate of sickness was false.

Statement B : Most plans of insurance are a combination of two basic plans.

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


65. The bonus which attaches to the policy immediately on declaration is called ---------- bonus

a) Final b) Immediate c) Terminal d) Reversionry


66. Which of the following statements is “TRUE” ?
Statement A : The premium under a group insurance policy is constant for all time to come.

Statement B : Section 45 of the insurance act does not apply to a one year policy.

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


67. Which of the following statements are “TRUE” ?
Statement A : Section 45 of the insurance act applies also to paid up policies.
Statement B : Section 45 of the insurance act does not apply to a one year policy.

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


68. In an insurance policy, the amount payable on death may be the amount payable on maturity

a) same as b) more than c) less than d) any of the above


69. ------------- means the market in which an agent chooses to operate.

a) Segment b) Target c) Area d) Section



70. Which of the approaches of the agent is appropriate ?
Approach A : An agent insisted that all his policyholders should send the premium cheque to him, so that he could ensure that delays did not happen through oversight.

Approach B : The agent had the habit of greeting all his policyholders in the same town, on their birthdays and give them attractive presents.

a) only approach A b) only approach B c) both the approaches d) Neither of the approach


71. Approach A : An agent used to persuade his prospects, who were mainly salaried employees at the middle management level, that they should take out policies under the MWP act.

Approach B : An agent selling mostly Salary Savings Scheme policies in the engineering factories used to canvass them on the basis of Income Tax advantages.

a) only approach A b) only approach B c) both the approaches d) Neither of the approach


72. Approach A : When a prospect wanted to know what the agent would get out of the sale of insurance, he just gave him a xerox copy of his appointment letter.

Approach B : When a prospect wanted to know what the agent would get out of the sale of insurance, he said that that was a confidential matter.

a) only approach A b) only approach B c) both the approaches d) Neither of the approach


73. Approach 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 that he need not mention it.

Approach B : The agent suggested to the prospect not to mention the fact that the cause of death of one of his brother’s who had died young, was cardiac arrest. It was mentioned as ‘Accident’

a) only approach A b) only approach B c) both the approaches d) Neither of the approach


74. Calculate premium from following data

Date of commencement : 1.1.1992
Date of birth : 15.4.1961
Tabular premium for endowment plan with profit

For age 31 – Rs. 41.50
For age 32 – Rs. 41.65
For age 33 – Rs. 41.80
Sum assured – Rs. 1,00,000
Mode – Yearly

Proposal is accepted at ordinary rates without accident benefits
Rebate for sum assured is Rs. 2 per thousand perannum. Rebate for yearly mode is 3% and double accident benefit is available at Re.1 per thousand sum assured per annum

a) Rs. 4,165 b) Rs. 3,825 c) Rs. 3,965 d) Rs. 3,840


75. From the following particulars, calculate paid up value :

Sum assured : Rs. 50,000
Plan : Endowment without profit
Term : 20 years

Date of commencement : 19.02.1994
LPP – yearly : 14.02.2000

a) Rs. 50,000 b) Rs. 15,000 c) Rs. 18,000 d) Rs. 17,500

Last edited by Aakashd; May 24th, 2019 at 12:21 PM.
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  #2  
Old January 17th, 2015, 04:10 PM
Super Moderator
 
Join Date: Apr 2013
Default Re: IRDA life insurance exam previous year Solved question papers

Hello friend as you want the previous year Solved question papers of IRDA life insurance exam so here I am providing you the same…..

1) The route or process through which a product is carried to the customer is known as _________________

2) Age nearer birthday as on 18/06/2000 of a person with date of birth 28/12/1961 is ________

3) The days of grace for monthly mode of premium is ___________ days.

4) EDLI scheme is linked to the payment of ________________ (Gratuity / Provident fund / pension)


Write yes or no indicate whether the following request will be allowed by the LIC or not.

5) The proposal dated 05.10.2000 for Rs.1,50,000 under table 14-18 requests that the policy be made to commence from 28.03.2000 as the date of birth of the life to be assured is 28.12.1973 .

6) Policy commenced on 01.07.1992 and lapsed because the annual premium due 01.07.1994 was not paid. Request received on 30.06.2000 for revival.

7) Father insuring his son aged 8 under the New CDA plan requests that the son’s life be covered from inception.

8) Policy paid up for Rs.4, 000 matured for payment on 30.09.2000. Policyholder reports that the policy is lost and requests that the claim be settled without advertisement and indemnity bond.

9) Policyholder requests that his Without Profit policy be made a with profits policy

10) Policyholder requests that policy issued with Annual Premium, be brought under the Salary Savings Scheme, as he has now joined a company

11) Policy commenced on 10.07.2000. A request is made on 10.09.2000 that the policy be brought under the M.W.P. Act


True or False

12) A maturity claim will be paid to the nominee.
13) The amount of bonus that vests is the same for all policies issued by the L.I.C.
14) Living too long is a risk.
15) An annuity is the same as a pension.
16) A son has no insurable interest in the father.
17) A sub-standard life is a person below the poverty line
18) An agent is not authorized to collect renewal premium.
19) An agent’s role is over after the policy is issued.
20) The maximum age entry is the same for all plans of insurance.
21) Extra premium is charged for moral hazard.
22) A lady clerk in a bank will be considered for insurance on the same terms as male lives
23) In an Immediate Annuity policy the annuity payment begins within the first year of the policy.
24) The proposal form should be written by the agent himself.


In respect of each of the words in column ‘A’ finds corresponding word in column ‘B’


Column ‘A’ Column ‘B’

25) Actuary Death _____________

26) Annuity Department _____________

27) Assignment Pension _____________

28) Communication Persuasion _____________

29) Insurance Premiums _____________

30) Mortality Pure Risk _____________

31) Motivation Recognition _____________

32) Organisation Sharing _____________

33) Term Assurance Surplus _____________

34) Valuation Transfer ___________


State whether the actions on the part of the agent in the following situations are right or wrong.

35) To a query from the prospect about the tax advantages in the proposed policy, the agent replies, “why do you bother? You just tell me how much money you can and I will work out the best policy for you.

36) Going through the existing polices of a prospect whom he is meeting for the first time, the agent suggests that he should allow three of them to lapse and go in for new policies straight away.

37) A proponent called up agent to know why a particular medical test was being asked by the office and the agent said he was not aware of the same and would revert to the matter the next day.

38) The agent was surprised to receive the copy of the letter written by the office to the wife of the insured, forwarding the forms to make a death claim.

39) Going through the existing polices of a prospect whom he is meeting for the first time, the agent suggests that nominations be made and offers to get them registered by the office.

40) The agent had left his identity card at home, when he was visiting a prospect.

41) An agent insists that all his policyholders should send the premium cheques to him, so that he can ensure that delay’s do not happen through oversight.

42) An agent tells a prospect, who is raising an objection, “why don’t you wrong. Understand this simple basic thing?”

43) When a policyholder complained that nobody in the insurance office was answering the telephone, the agent said that the office was in a mess and that the Managers were quite incompetent.

44) An agent being friendly with the assistant in the new business department, used to keep track of the new proposals and try to get business from the same parties.

45) Agency license is valid for a period of
a) 1 yrs
b) 2 yrs
c) 5 yrs
d) 3 yrs

46) The body constituted to receive and resolve grievances against an insurer is?____________

47) An insurance broker is

a) Representative of the state
b) Representative of the client
c) Representative of the insurer


48) Who shall conduct tests for licensing agents?
a) IRDA
b) NSE
c) III
d) LIC

49) When does an insurance policy lapse?
a) Stopping of bonuses
b) Assured is declared dead
c) Insurable interest of proposer ceases to exist
d) Stopping of periodical payments
e) Any of the above

50) When does a policy acquire paid up value?---------------.after 3 full year premiums payment

51) An assignment usually affected for valuable consideration is called:__________________ _________________


52) A policy can be surrendered, provided the policy is kept in force at least for a period of: ______________.


53) Which of the following policy is not eligible for loan?
a) Whole life - participating
b) Endowment
c) Money back
d) Whole life – non participating

54) What is the basis of contract between the policyholder and the insurer?
a) The Insurance act
b) The IRDA act
c) The Contract act
d) The Proposal Form

55) The cash value payable by LIC on termination of the policy contract at the desire of the policyholder but before the expiry term is known as :

__________________ __________________________.
56) Back Dating is an option to the life assurer to get the advantage of lower age wherein the policy is commenced from a date earlier than the date of signing of proposal form. However back dating is limited to one year.
True/False

57) What is the discount offered in case of
Annual premium ------------------ 3%
Semi annual ------------------ 1.5%

58) If FPR is submitted along with application the risk would be covered -True / False

59) Under the insurance act 1938, insurance against sickness and medical treatment is NOT part of life insurance business, it gets covered under miscellaneous business, which is part of general insurance business.
(T/F)

60) In many other countries health insurance is considered as part of the life insurance business.
(T/F)

State True or False

61) An agent must be of 21 years of age at least.

62) An agent can sell policies even without a license.

63) IRDA issues license to an agent.

64) 100 hours of training is a prerequisite for appearing in the recruitment examination.

65) An agents’ license is valid for 5years.

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

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
IRDA life insurance exam previous year Solved question papers
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

email
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

email
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
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Answered By StudyChaCha Member
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  #3  
Old July 4th, 2015, 08:15 PM
Junior Member
 
Join Date: Jul 2015
Default insurance

I want ptevious year questions of insurance..
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  #4  
Old August 11th, 2015, 05:03 PM
s k mishra
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Default Re: IRDA life insurance exam previous year Solved question papers

want solved question paper of IC82 Statistics.
Howcan I get it.
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