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Old May 23rd, 2014, 10:08 AM
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Default Previous year IRDA life insurance exam question papers

I want to give the exam of IRDA life insurance exam and for that I need to get the previous year question papers of life insurance exam so can you provide me that?

As you want to get the previous year question papers of life insurance exam of exam of IRDA so here is the information of the same for you:

(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.

Fill in the blanks using only one of the alternatives provided in bracket.
1. The definition of rural area is where the total population is __________ (over 5000/ over 10000 / less
than 5000)
2. Who in the insurance company is responsible for the solvency of the company_______________
3. The principal is responsible for _________ of the agents
a) all acts b) Some acts c) Specified acts d) Basic acts
4. An agent is expected to report on proponents ___________ status
a) Financial b) Medical c) Both d) None of the earlier
5. In case of corporate agents, the amount of commissions earned from a corporate / organization /
group / can not exceed ____ of total commissions
a) 30%, b) 40%, c) 50%, d) 60%
6. State true or false - The issue of licenses required u/s 42 of the Insurance Act, 1938, is regulated by
the IRDA Act of 2000 _______________.
7. The amount paid to an agent for procuring policies is called
a) Commission
b) Fees
c) Salary
d) Honorarium
8. _____________ is a document issued under the law authorizing a person to act as an insurance agent
a) Mandate
b) License
c) Certificate
d) Appointment
9. Which statement is Appropriate
A) Going through the existing policies of a prospect whom he is meeting for the first time, the agent
suggest that he should allow 3 of them to lapse & go in for a new policies
B) Going through the existing policy of a prospect whom he was meeting for first time, the agent suggest
that nomination be made & offered to get them registered by the office
a) A Statement
b) B Statement
c) Both Statement
d) Neither of Statement
10. True or False
a) Nomination can be changed any number of times.
b) Assignment can be effected at the proposal stage.
c) License fee for renewal of agent’s licence is Rs. 100/-.
d) Level premium creates reserves.
e) Agent is an employee of Insurance Company.
f) An employer has no insurable interest in the lives of his employees.
g) An agent can work for two life insurance companies at the same time.
h) Under deferred annuity system, the annuity begins within the first year.
i) For a sum assured of Rs.20, 000/- the rebate for large sum assured is Re.1/-.
j) Individual policies are issued in Group Insurance.
k) The bonus is declared under all plans.
l) Insurance can be granted to those women who observe purdah.
11. Under _______________ premium system the premium is the same throughout the policy term.
a) Level premium
b) Single Premium
c) Regular Premium
12. _______________ is the price paid to purchase an insurance product. premium
13. For half-yearly mode of premium rebate allowed is ______________ 1.5 %
14. Surrender means ___________ (Renewal /Termination / Revival) of the contract.
15. If a proposer does not disclose fully all the material facts at the time of proposal, the principle of
__________ (Indemnity / Insurable Interest / Utmost Good faith) is violated.
16. Commission on second year’s premium payable for Endowment policy for 15 years is
__________percent (5/7.5/101)
17. Age nearer birthday as on 20.5.2000 of a person with date of birth 13.7.1974 is ____________ years
(25/26/27)
18. Before a person decides to buy Life Insurance he is only a _______ and when he buys life Insurance
he becomes ________ ( proposer(1)/Life assured(2) / Nominee/ Assignee/Claimant)
19. The terminal bonus is paid to those policies which become claim after completing ___________
years as in force policies (10/15/20)
Mention ‘Appropriate ‘ or ‘Inappropriate’ against each of the following statements –
20. Agent interferes with the clients of other agents.
21. Agent advises to discontinue the earlier, policy of the policy holder taken by another agent.
22. Agent is more concerned with the commission he will earn then the benefit to the prospect.
23. Agent does not collect the premium at the time of sale.
24. Agent becomes argumentative when prospect raises objection.
Say True of False
25. Agent is an employee of insurance company.
26. If a policy document is lost, claim amount cannot be paid.
27. An absolute assignment executed by L.A can be altered by him.
28. Age proof is not important is L.A. Policies.
29. LIC investigates all those death claims which occur within the first 2 years from the date of issue of
first premium receipt.
30. LI is a short term contract.
31. Terminal and final additional bonus is the same
32. Employers have no insurable interest in the lives of their employees.
33. A person aged 17 years can be granted agency.
34. Renewal of license is not essential.
35. Disclosure of material facts by the proposer in not necessary
36. Proposal form is the basis of the contract.
37. Broker represents only one insurance company.
38. Assignment can be effected at the time of completion of proposal.
39. Assignment cancels the previous nomination effected on the policy.
40. Insurer is legally bound to remind policy holders about premium due.
41. The nominee must be a closer relation of L.A.
42. Revival of a lapsed policy is allowed.
43. The nominee becomes entitled to policy moneys on maturity of policy.
44. Age is a relevant factor in risk assessment.
45. Nomination can be cancelled by a will.
46. Contract of insurance comes into force only when insurance policy is issued.
50. A lapsed policy can be revived within a period of ------ years from the date of first unpaid premium.
a) Three
b) Four
c) Five
d) Six
51. Renewal receipts are not issued in respect of policies under
a) Salary Saving Scheme
b) Non Participatory Policies
c) Savings Plan
d) None of the above
52. Bonus notices are
a) Sent to individual policyholders
b) Not sent to individual policyholders
c) Sent in advance
d) Sent once in two years
53. L.I.C. allows a rebate of ----- and ------for yearly and half yearly mode
a) 1.5%, 3%
b) 3%, 1.5%
c) 3%, 5%
d) 1.5%, 5%
54. For monthly mode L.I.C.
a) Charges 1.5% extra
b) Charges 3% extra
c) Charges 5% extra
d) Does not charge extra

Contact Details:
Insurance Regulatory and Development Authority
SBI Officers Quarters,
Gachibowli,
Hyderabad,
Andhra Pradesh 500084 ‎
India

Map Location:


Last edited by Aakashd; March 6th, 2020 at 10:45 AM.
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  #2  
Old February 20th, 2015, 05:32 PM
Super Moderator
 
Join Date: Nov 2011
Default Re: Previous year IRDA life insurance exam question papers

You are asking for the IRDA Insurance Licentiate Exam in Life Insurance and Licentiate in General Insurance (Non-Life) Exam question papers. Here I am uploading a file that contains the IRDA life insurance exam question papers. You can download this from here. Here I am also providing you some content of the file. This is as follows


1. Life insurance plans are combinations of two basic plans, viz.
a) Term Assurance, Pure Endowment
b) Term Assurance, Whole Life
c) Pure Endowment, Whole Life
d) Whole Life, Money Back

2. Insurance is normally bought for :
a) Tax Benefit
b) Death
c) Maturity Benefits
d) Death & Old Age

3. RBP stands for
a) Reserve Bank Policy
b) Retirement Benefit Plan
c) Regular Business Policy
d) Retirement Based Policy

4. A) The sum assured under group insurance is not fixed by the individual member.
B) A person whose proposal is declined under individual scheme can get insurance under group policy.
a) Statement A is correct
b) Statement B is correct
c) Both statements are correct
d) None of the above

5. Terminal Bonus is not paid in case of:
a) Surrendered Policies
b) Discounted policies
c) Paid-up policies
d) All of the above

6. A) Annuities are called the reverse of life insurance
B) In annuity contract insurer stops paying on the death of the annuitant
a) Statement A is correct
b) Statement B is correct
c) Both are correct
d) Both are incorrect

7. A) In Joint Life policies each life has to be underwritten separately.
B) A joint life declaration is not necessary to create a joint interest in the policy.
a) Statement A is incorrect
b) Statement B is correct
c) Statement A is correct but B is incorrect
d) None of the above

8. A) Medical examination of annuitants is necessary
B) Annuities cover the risk of living too long
a) Statement A is correct
b) Statement B is correct
c) Both the statements are correct
d) Both the statements are incorrect.




9. The lapse of selected period in case of Deferred annuities is called:
a) Vesting period
b) Free look period
c) Deferment period
d) Term

10. The annuity can be paid for:
a) 15, 20, 25 years
b) 5,10,15 years
c) 20,25, 30, 35, 40 years
d) 5,10,15,20,25 years

11. In case of immediate annuity annuitant can get annuity
a) Monthly
b) Quarterly
c) Half-Yearly
d) Yearly
e) All of the above

12. A) Women with unearned income can be insured
B) Women in purdah can be insured
a) Only statement A is correct
b) Only statement B is correct
c) Both statements are correct
d) Both statements are wrong

13. A) Physically handicapped persons are not insured
B) Partially handicapped persons are mostly accepted without extra Premium.
a) Statement A is correct
b) Statement B is correct
c) Both statements are correct
d) Both statements are wrong

14. Most of the children insurance plans are of the kind of:
a) Limited term
b) Participatory
c) Convertible
d) Deferred Insurance

15. A) Annuities can be immediate or deferred
B) Annuities can be offered as joint life annuity
a) Statement A is correct
b) Statement B is correct
c) Both statements are correct
d) None of the above

16. Which of the following statements are TRUE
a) A father can take a policy on the life of his son who is 12 years old.
b) One can take a policy on the life of a friend to whom he has lent money.

17. Which information, if not disclosed, can nullify the policy?
a) Valid
b) Material
c) Critical
d) Important




18. Which kind policies are not entitled bonuses?
a) Non participatory
b) Money back
c) Children’s
d) Whole life

19. Which of the following statements are True:
A. The premium paid by each policyholder is separately accumulated in his account
B. Underwriting ensures that the exposure to risk is properly assessed.
a) Statement A
b) Statement B
c) Both Statements
d) Neither of Statement

20. The bonus which attaches to the policy immediately on declaration is called ___________ bonus
a) Immediate
b) Reversionary
c) Technical
d) Final

21. Which of the following statements are True:
A. Policy decision in an organization means decision relating to issue of insurance policy in a specific case.
B. Policy decision in an organization means decision relating to the kind of plans of insurance to be offered to the public
a) Statement A
b) Statement B
c) Both Statements
d) Neither of Statement

22. A policy which has run for 8 years can be called into question if there is a__________________
a) Fraud
b) Misrepresentation
c) Mistake
d) (None of above)

23. The insurable interest of a mortgagor in the mortgage’s life is equal to the amount of
a) Original loan
b) Outstanding loan plus interest
c) Outstanding loan
d) Installment due to be repaid within the next one year

24. If the proponent has no insurable interest in the insured the underwriter will
a) Accept with reduce sum assured
b) Reject the proposal
c) Accept with lien
d) Accept with extra premium

25. 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) Statement A
b) Statement B
c) Both Statements
d) Neither of the Statement


26. __________ is the process of deciding on the proposal for insurance
a) Decision
b) Underwriting
c) Consideration
d) Acceptance

27. Reverse of L.I
a) Loan
b) S.V.
c) Annuity
d) None of above

28. Insured is 54 kg. wt is presented as 34 kg.
a) Misrepresentation
b) Fraud
c) Both
d) Neither of above

29. What is PLI?

State True or false

30. Brothers have insurable interest in each other.
31. Policy document is contract of insurance.
32. Insurance protects assets.
33. We insure only tangible assets.
34. Insurer invests money in speculative market.
35. Insurable interest need not be insisted upon after contract is completed.
36. Facts, which reduce the risk, must also be disclosed in insurable proposed.
37. Insurable interest is defined in the insurance Act.
38. Creditors have insurable interest in the Debtors.
39. Proposal forms in insurance are the basis of contract.

Give full form of
40. LALGI
41. PLI
42. IRDA
43. MWPA
44. D.O.B
45. HLV
46. FPR
47. SSS
48. LICI

49. The actuarial aspects, which are taken into account while fixing the premium.
I. Mortality
II. Interest Assumption
III. Office Expenses
• Only I
• Only II and I
• Only I , II and III
• Only II and III


50. Commercial Contracts are normally subject to principle of utmost good faith. (T/F)

51. The premium paid by each person is determined on the assumption that while it may not be possible beforehand to tell how many persons will suffer but it is possible to tell who will suffer. (T/F)


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
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