Insurance Regulatory and Development Authority latest question paper

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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. urvival 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 :

1 d 16 d 31 d 2 a 17 c 32 a 3 d 18 b 33 c 4 c 19 c 34 a 5 d 20 a 35 c 6 a 21 b 36 a 7 d 22 d 37 d 8 d 23 d 38 c 9 c 24 b 39 b 10 a 25 d 40 c 11 c 26 a 41 b 12 c 27 d 42 d 13 b 28 c 43 b 14 c 29 b 44 c 15 a 30 a 45 b

__________________
Answered By StudyChaCha Member

Here I am giving you previous years question papers of Insurance Regulatory and Development Authority (IRDA) Exam.
IRDA Exam Question Paper 1
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
IRDA Exam Question Paper 2
1. When do the non-forfeiture provisions apply?

a) When policy is surrendered b) When loan is taken

c) When premium is not paid d) All of the above

2. Which of the following statements are ‘True’?

Statement A: An insured person can ignore safety and precautionary arrangements

Statement B: Insurance compensates only economic losses

a) Only statement A b) Only statement B

c) Both statements d) neither of the statements

3. The insurer must insure at least 20,000 lives in the fifth financial year in _____________market

a) Poorer b) farmers

c) Social d) rural

4. The person who takes the decision to grant insurance is called _____________

a) Underwriter b) salesman

c) Manager d) officer

5. What type of skill is required to understand the needs of the prospect and find the most suitable plan for him?

a) persuasive b) communication

c) convincing d) analytical

6. If the claim in question is Rs. 23 lakh, which consumer court will hear the application?

a) State level b) national level

c) District level d) none of the above

7. Which of the following statements are ‘True’?

Statement A: An insurance agent can be sued under the 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 statements

8. ___________________describes the behaviour of an agent, who in the presence of outsiders, covers up the mistakes made by his colleagues

a) Arrogant b) professional

c) Protective d) self-confident





9. Which of the following statements are true?

Statement A: Insurance claims are shared by the community of policyholders

Statement B: In insurance, every policyholder contributes to the losses incurred by others

a) Only statement A b) Only statement B

c) Both statements d) Neither of the statements

10. How is an annuity paid by the ‘insurer’?

a) In annual installment b) In installments

c) In quarterly installments d) in a lump sum

11. Which of the following statements are ‘True’?

Statement A: One can take a policy on the life of a customer to whom he has lent money

Statement B: A wife can take a policy on her husband

a) Only statement A b) Only statement B

c) Both statements d) neither of the statements

12. Doctors appointed by insurers will be qualified in _______________ medicine

a) Allopathic b) ayurvedic

b) homeopathic d) all of the above

13. The agent who does not take the trouble to update his knowledge is ___________

a) Ignorant b) Non-professional

c) Professional d) Outdated

14. When a person answers ‘Yes’ to the question in the proposal about being on leave for more than a week, but does not mention that he had been on leave on medical grounds, that is _____________________

a) Misrepresentation b) non-disclosure

c) Fraud d) none of the above

15. A person’s insurable interest in his own life is ___________________

a) Unlimited b) 10 times his salary

c) Equal to his assets d) obligations for family

16. Which of the following statements are ‘True’?

Statement A: A life insurance agent can work for two insurance companies at the same time

Statement B: An agency license is issued only when sponsored by an insurance company

a) Only statement A b) Only statement B

c) Both statements d) neither of the statements

17. ______________means the list of names whom an agent would try to meet to procure life insurance

a) Clients b) Proponents

c) Proposers d) Prospects

18. Which of the following statements are ‘True’?

Statement A: Incase of corporate agents, the entire business may be from one company only

Statement B: A person can qualify to obtain a license if he studies the course at home and passes the prescribed examination

a) Only statement A b) Only statement B

c) Both statements d) Neither of the statements

19. A duplicate policy may be issued, when the original has been _____________

a) burnt b) stolen

c) mutilated d) all of the above

20. Which of these policies do not cover the risk of death?

a) Endowment b) Whole Life

c) Term d) pure endowment

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 up by the proponent himself, unless he is illiterate

a) Only statement A b) Only statement B

c) Both statements d) neither of the statements

22. If the proponent feels that a particular question in the proposal form does not apply to his situation he should ____________________

a) Leave it blank b) write ‘not applicable’

c) Cut it out d) none of the above

23. Which of the following statements are ‘True’?

Statement A: Every insurance company must follow a four tiered structure like the government companies

Statement B: The regional/divisional/branch office set up is unavoidable for insurers

a) Only statement A b) Only statement B

c) Both statements d) neither of the statements

24. An underwriter _____________________

a) Calculates premium b) issues the policy

c) Assesses the risk d) does all the above

25. Infirmities are caused by __________________

a) Sickness b) old age

c) Loss of limb d) all of the above

26. When original policy is lost, a duplicate policy is necessary for _______________

a) getting the claim b) taking a loan

c) Paying the premium d) all of the above

27. The agent who tries to canvass insurance business by offering temptations of sharing the commission is _______________

a) Professional b) non-professional

c) Incompetent d) corrupt

28. The drive or urge to do something to achieve an end is called ____________

a) Willingness b) motivation

c) Need d) power

29. Which of the following statement(s) are ‘True’?

Statement A: Life insurance policies are unavailable through the Unit Trust of India also

Statement B: In a joint life policy, death claim is payable only when both the insured die

a) Only statement A b) Only statement B

c) Both statements d) neither of the statements


30. The agent’s report to the insurer should include _________________facts

a) Favorable b) unfavorable

c) Neither of the above d) both of the above

31. A claim payable after the life insured has survived the term of the policy is called ________________

a) Survival b) maturity

c) Terminal d) death

32. If the proponent has no insurable interest in the insured, the underwriter will ________________________

a) Accept with reduced sum assured b) accept with extra premium

c) Reject the proposal d) accept with lien

33. When does foreclosure action begin?

a) When premium is not paid b) when policy is surrendered

c) When loan an interest accumulate d) all of the above

34. __________________ means the market which an agent chooses to operate

a) Target b) section

c) Area d) segment

35. The person appointed to attend to grievances of policyholders is called _________________

a) Designated officer b) grievance officer

c) Ombudsman d) complaints officer

36. _________________means the process through which a product is carried to the customer

a) Distribution Channel b) Promotion

c) Sales d) Marketing

37. The nominee under a policy informs the insurer that the life insured is missing for the last seven years and requests that the claim under the policy be admitted and paid. What should the insurer do?

a) Ask for an affidavit b) Ask for a court order

c) Make independent enquiries d) pay the claim

38. Which of the following statement(s) are ‘True’?

Statement A: When a policy matures, the claim proceeds are paid to the assignee

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

39. In what plan of insurance the medical examination is never required, whatever be the amount of sum assured?

a) Endowment b) term assurance

c) Annuity d) group insurance






40. Which of the following statements are ‘True’?

Statement A: An agent must find out the income of the proponent and report the same to the insurer

Statement B: The income of the proponent must be made known to the insurer

a) Only statement A b) Only statement B

c) Both statements d) neither of the statements

41. Which of the following statement(s) are true?

Statement A: Accident benefit cover is issued as a separate policy in life insurance

Statement B: Accident benefit cover is rider in a life insurance policy

a) Only statement A b) only statement B

c) Both statements d) neither of the statements

42. When a person weighing 95 kg states in the proposal that his weight is 54 kgs, that is ____________

a) Misrepresentation b) non –disclosure

c) Fraud d) None of the above

43. The limits of doctors for medical examination are decided by ___________________

a) Government b) Medical council

c) Insurer d) IRDA

44. Which of the following statements are true?

Statement A: A father can take a policy on the life of his son who is 12 years old

Statement B: One can take a policy on the life of a friend to whom he has lent money

a) Only statement A b) only statement B

c) Both statements d) neither of the statements

45. Surplus in a valuation arises because of favorable experience in ______________

a) Mortality b) expenses

c) Interest yield d) all of the above

46. Which of the following statements are true?

Statement A: Sick people may be considered for grant of insurance on special terms

Statement B: Insurance cover begins as soon as the premium is received in the office along with the proposal

a) only statement A b) only statement B

c) Both statements d) neither of the statements

47. Which of the following statements are true?

Statement A: Old age is a risk

Statement B: Dying too young is as much as risk as dying too late

a) Only statement A b) only statement B

c) Both statements d) neither of the statements

48. A policy which participates in the distribution of surplus is called a _____________policy

a) Profitable b) participating

c) Loss making d) non-profit


49. ___________________is the professional who is the technical expert on life insurance matters

a) Accountant b) underwriter

c) Actuary d) evaluator

50. What is the criterion of a good savings plan?

a) Safety b) liquidity

c) Yield d) all of the above

51. The questions in the proposal form and personal statement are _______________ material and relevant

a) Without exception b) mostly

c) Only partly d) rarely

52. A proposal is dated 10.11.2000. 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. The life insured died in an air crash on 19.11.2000. Is the claim payable?

a) No b) Yes

c) Depends on discretion of the insurer d) only if directed by IRDA

53. The process of recording the correct age of the person insured is called ________________

a) Certification b) age admission

c) Proof of age d) verification

54. _________________is a document issued under the law authorizing a person to act as an insurance agent

a) Certificate b) mandate

c) License d) appointment

55. 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) 20.11.2000 b) 15.11.2000

c) 10.11.2000 d) 17.11.2000

56. An agent is concerned with the ________________________

a) IRDA act b) insurance act

c) Contract act d) all of the above

57. Which of the following statements are true?

Statement A: The maturity proceeds of a policy are taxable as income

Statement B: The premium paid under an insurance policy is fully exempt from income tax

a) Only statement A b) Only statement B

c) Both statements d) neither of the statements

58. The fees for renewal of license is Rs. _________________ if applied for less than 30 days before the date of expiry

a) 300 b) 100

c) 250 d) 350

59. Surplus is an indication that ______________________

a) premium is high b) targets have been met

c) Neither of the above d) both of the above

60. The principal is responsible for ______________ of the acts of the agents

a) none of the acts of agents b) all the acts of agents

d) some of the acts of agents d) specified acts of agents on behalf of principal

61. Which of the following statements are true?

Statement A: The agent is at fault, if the policy is sold does not meet the proponent’s needs

Statement B: The agent is responsible to ensure that the proposed policy meets the needs of the prospects

a) Only statement A b) Only statement B

c) Both statements d) Neither of the statements

62. Which information if not disclosed can nullify the policy?

a) Material b) valid

c) Critical d) important

63. Disability is related to ________________________

a) Sickness b) accident

c) Loss of limbs d) all of the above

64. Term assurance is suitable for _________________

a) Repaying outstanding loans b) meeting marriage expenses

c) Meeting educational expenses d) all of the above

65. What is paid by the insurer when the policy holder decides to discontinue the policy?

a) Intermediate claim b) Lapse

c) Forfeiture d) Surrender Value

66. Which of the following statement (s) are true?

Statement A: An Agents function includes obtaining nominations on the policy.

Statement B: It is an Agents duty to ensure that nominations are changed as and when necessary.

a) Only Statement A b) Only statement B

c) Both the statements d) neither of the statements

67. The behavior of an agent who tells his client that the advice given by another agent is wrong is___________

a) Dominating b) Childish

c) Interfering d) Non –Professional

68. Which of the following statement(s) are true ?

Statement A: The amount of the Sum Assured may depend on the income of the proponent.

Statement B: Under insurance is as bad a over insurance

a) Only statement A b) Only statement B

c) Both statements d) neither of the statements


69. Which of the approaches of the agents is appropriate?

Approach A: When the prospect said that he had taken sick leave for few days because he wanted to go out station 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 the death of one of his brothers 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 approaches

70. Which of the Approaches of the agent is appropriate?

Approach A: When a prospect wanted to know details about the various plans so that he could make a choice, the agent told him that the details were to complex for him to understand and that he (the agent) was there to give him the proper advice

Approach B: An agent had printed a prospect’s particulars sheet and would invariable make the prospect fill up the particulars himself

a) Only approach A b) Only approach B

c) Both the approaches d) neither of the approaches

71. Which of the approaches of the agent is appropriate?

Approach A: When a prospect mentioned that he had some discharge from his ear some years ago, the agent suggested that he need not mention it.

Approach B: When a prospect mentioned that he had some discharge from his ear some years ago, the agent suggested that he should write it in the personal statement and leave it to the medical examiner to comment about it.

a) Only approach A b) Only approach B

c) Both the approaches d) neither of the approaches

72. Which of the Approaches of the agent is appropriate?

Approach A: An agent used to collect from the office, details of claims which were remaining outstanding for more than a month and then meet the claimants to help them out

Approach B: An agent used to collect from the office details of claims which were remaining outstanding for more than a month and then meet the claimants to help them out, on condition that they agree to take out new business from him

a) Only approach A b) Only approach B

c) Both the approaches d) neither of the approaches

73. Which of the approaches of the agent is appropriate?

Approach A: The agent had left his identity card at home when he was visiting a prospect

Approach B: When a prospect whom the agent was meeting for the first time on being referred to by a common friend wanted the agent to show his license the agent refused saying that the request was an insult to the common friend

a) Only approach A b) Only approach B

c) Both the approaches d) Neither of the approaches

74. Which of the approaches of the agent is appropriate?

Approach A: In the case of a prospect who was not familiar with English, the agent got a relative to record the answers after explaining to the prospect every question in Gujarati and obtaining his response

Approach B: In a proposal form printed in English a prospect had written the answers in Tamil, declaring above his signature that the agent had explained the questions clearly

a) Only approach A b) Only approach B

c) Both the approaches d) Neither of the approaches



75. Which of the approaches of the agent is appropriate?

Approach A: The agent has a habit of beginning by saying that he is the agent of such and such company and produces the identity card for the prospects perusal

Approach B: Soon after formally saying who he is, an agent spreads on the table in front of the prospect, his identity cards, license and paper in which he would write down the relevant particulars of the prospect

a) Only approach A b) Only approach B

c) Both the approaches d) neither of the approaches

76. Which of the approaches of the agent is appropriate?

Approach A: The agent suggested to the prospect that he signs the proposal form and that (the agent) would get them filled up later on the basis of the information which he was noting down

Approach B: An agent used to tell his prospects that there was no better investment than life insurance

a) Only approach A b) Only approach B

c) Both the approaches d) neither of the approaches

77. Which of the approaches of the agent is appropriate?

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 was a confidential matter

a) Only approach A b) Only approach B

c) Both the approaches d) neither of the approaches

78. Which of the approaches of the agent is appropriate?

Approach A: An agent had advertised in the telephone directory, that he was in a position to get anybody the life insurance cover of his choice

Approach B: An agent had advertised in the telephone directory that he represented such and such company and that it ‘was the best in the country’

a) Only approach A b) Only approach B

c) Both the approaches d) neither of the approaches

79. Calculate premium from the following data :

Sum assured : Rs. 1,00,000

Plan : Money back – 20 years

Mode : Half yearly

Age nearer birthday : 36 years

Proposal accepted at ordinary rates with double accident benefit

Tabular premium : Rs. 69.25

Rebate for half yearly premium is at: 1.5 %

Rebate for large sum assured is: Rs. 2

Premium for double accident benefit is: Rs. 1 per thousand per annum

a) Rs. 3461 b) Rs. 3463

c) Rs. 3261 d) Rs. 3361

80. Given that sum assured Rs. 1,00,000 mode – yearly – endowment policy 30 years without profit. Date of commencement 25.10.93 first unpaid premium 25.10.01 the paid up value will be __________

a) Rs. 30,000 b) Rs. 25,666

c) Rs. 26,667 d) Rs 25,667
IRDA Exam Question Paper 3
1. A policy in which the payments to the annuitant begins 5 years after the policy has commenced is called -----------

a) 5 year

b) Immediate

c) Delayed

d) Deferred

2. The ability to do is -----------

a) Action

b) Skill

c) Attitude

d) Knowledge

3. Which of the following statement(s) are “TRUE”?

Statement A: A father can take a policy on the life of his own son who is 12 yrs old

Statement B: One can take a policy on the life of a friend to whom has lent money

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

4. A duplicate policy can be issued when the original policy is

a) Lost

b) With assignee

c) Pledged against a loan

d) All the above

5. How is an annuity paid by the insurer?

a) In installments

b) In lump sum

c) In annual installments

d) In quarterly installments

6. In the case of moral hazard, -----------

a) A lien is placed

b) The sum assured is reduced

c) The proposal is declined

d) Extra premium is charged





7. Which of the following statement(s) are “TRUE”?

Statement A: The maturity proceeds of a policy are taxable as income

Statement B: The premium paid under an insurance policy is fully exempt from income tax

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

8. Which of the following statements are “TRUE “ ?

Statement A: A department in an office is a place where some specialized kind of work is done.

Statement B: Agents are usually attached to branches of insurance offices.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

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

a) Intermediate Claim

b) Surrender Value

c) Forfeiture

d) Lapses

10. ----------- describes an agent who does not take the objections of his prospect lightely.

a) Non-professional

b) Arrogant

c) Professional

d) Mechanical

11. A policy in which the payment to the annuitant begins after 1 year and is payable thereafter annually, is called -------------

a) One year

b) Immediate

c) Annual

d) Deferred

12. The questions in the proposal form and personal statement are ---------- material and relevant

a) Without exception

b) Mostly

c) Only partly

d) Rarely

13. An agent is subject to -----------

a) IRDA Regulations

b) Terms of appointments

c) Agents manual

d) All of the above



14. The behaviour of an agents who tells his client that the advice given by another agent is wrong is

-------------

a) Dominating

b) Interfering

c) Childish

d) Non-professional

15. -------------- means the document produced to establish ones age.

a) Affidavit

b) Proof of age

c) Certificate

d) Evidence

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

a) Analyst

b) Meticulous

c) Non-professional

d) Professional

17. Loans under insurance policies can be repaid --------------

a) In one lump sum

b) By adjustment against claim

c) In installments

d) In any of the above ways

18. Surplus is an indication that -------------

a) Premium is high

b) Targets have been met

c) Neither of the above

d) Both of the above

19. Which of the following statements are “TRUE “?

Statement A: Insurance can be made to begin from previous year

Statement B: The policyholder loses his rights when he makes a nomination

a) Only statement A

b) Only statement B

c) Both statements are false

d) Both statements are true

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

a) Assignee

b) Nominee

c) Mortgagor

d) Beneficiary



21. After how many years is a missing person presumed to be dead?

a) Six

b) Eight

c) Seven

d) Five

22. How is the purchase price of a deferred annuity payable ?

a) In a lump sum

b) In quarterly installments

c) In annual installments

d) Any of the above

23. If the proponent feels that a particular question in the proposal form does not apply to his situation he should ------------

a) Leave it blank

b) Write “Not Applicable “

c) Cut it out

d) None of the above

24. Which of the following statements are “TRUE”?

Statement A: When a policy matures, the claim proceeds are paid to the assignee.

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

a) Only statement A

b) Only statement B

c) Both statements are false

d) Both statements are true

25. The agent has --------------- freedom to act on behalf of the principle.

a) Full

b) Limited

c) Specified

d) None of the above

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

a) Defeatist

b) Non-professional

c) Timid

d) Professional

27. 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



28. Which of the following statements are “TRUE”?

Statement A: A policyholder loses his rights when he makes an assignment

Statement B: If the proposal matures, the claim proceeds are paid to the nominee

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

29. Which of the following statements are “TRUE”?

Statement A: It is the agent’s responsibility to ensure that all material information is made available.

Statement B: If the proposal papers are incomplete, the agent will be held accountable.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

30. Which of the following statements are “TRUE”?

Statement A: Old age is a risk.

Statement B: Dying too young is as much as risk as dying too late.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

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

a) Trustee

b) Life insured

c) Beneficiaries

d) Life insured’s heirs

32. Which of the following statements are”TRUE”?

Statement A: Any two persons can take a joint life policy.

Statement B: Two business partners can take a joint life policy.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

33. Which of the following statements are “TRUE”?

Statement A: The agent is at fault, if the policy sold does not meet the proponents needs.

Statement B: The agent is responsible to ensure that the proposed policy meets the needs of the prospects.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement



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

a) Clause

b) Condition

c) Rider

d) Endorsement

35. What would be the paid up value of 25 year old endowment policy Rs.50,000 taken in October 1988, if the last half-yearly premium paid was in October 2000 ?

a) Rs.26,000

b) Rs.27,000

c) Rs. 24,000

d) Rs. 25,000

36. Which of the following statements are “FALSE” ?

Statement A: Policy decisions in an insurance organization mean decision relating to issue of specific insurance policies.

Statement B: Policy decisions in an insurance organization mean decisions relating to the kind of plans of insurance to be offered to the public.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

37. If a person is born on 4.7.1981, his age next birthday on 25.11.2000 will be -------------

a) 19

b) 21

c) 20

d) 18

38. Moral Hazard is a matter of ----------------

a) Fact

b) Opinion

c) Evidence

d) None of them

39. Which of the following statement(s) are “TRUE” ?

Statement A: A nomination is valid only if it is made on the policy document

Statement B: When the insurance policy is the subject matter of a will, the nomination is automatically cancelled.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement





40. To whom can a policyholder apply in case of bad service from an insurer ?

a) IRDA

b) Consumer forum

c) Ombudsman

d) All the above

41. The single policy issued as evidence of the contract of group coverage is called ----------- policy.

a) Master

b) Overall

c) Group

d) Single

42. The process of determining if the claim can be paid is called

a) Consideration

b) Decision

c) Acceptance

d) Admission

43. Which of the following statement(s) are “TRUE” ?

Statement A: Maturity proceeds under the insurance policy are subject to capital gains tax.

Statement B: If the policy is lost, the claim will not be paid without a duplicate policy.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

44. What is the uniqueness of life insurance as a saving plan ?

a) Tax benefits

b) Liquidity

c) Safety

d) Guaranteed fulfillment of saving plan

45. The maturity proceeds of a policy financed by HUF will be paid to the -----------

a) Karta of HUF

b) Life assured

c) Nominee

d) None of the above

46. ------------- is a document issued under the law authorizing a person to act as an insurance agent.

a) Appointment

b) License

c) Certificate

d) Mandate





47. ------------ means the process through which a product is carried to the customer.

a) Marketing

b) Distribution channel

c) Promotion

d) Sales

48. The insurer must transact at least 15% of the business in the 5th financial year in ---------- market.

a) social

b) Poorer

c) Farmers

d) Rural

49. Surplus declared in a valuation arises because of good -----------.

a) Underwriting

b) Management

c) Investment

d) all of the above

50. Which of the following statements are “TRUE”?

Statement A: Insurance is necessary to cover the risk of living too long.

Statement B: Insurance helps one to be less dependent on others.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

51. An agent is expected to report on the proponent’s ------------ status.

a) Financial

b) Medical

c) Both

d) Neither of the statements

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

a) Salesmanship

b) Analytical

c) Communication

d) Persuasiveness

53. Surplus in a valuation arises because of favorable experience in -----------

a) Mortality

b) Expenses

c) Interest Yield

d) All of the above





54. Which of the following statements are “TRUE”?

Statement A: Duplicate policies are issued to enable policyholders make assignments.

Statement B: Premium under a group insurance policy is constant for all time to come.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

55. Which of the statements are “TRUE”?

Statement A: The premium under a group insurance policy is constant for all time to come.

Statement B: Premium under a group insurance policy is recalculated every three months.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

56. To whom should an application for agency license be given ?

a) The IRDA

b) Controller of Insurance

c) The insurer

d) Any of the above

57. If a person is born on 2.2.1979, his age last birthday on 5.11.2000 will be

a) 20

b) 23

c) 21

d) 22

58. What is the final stage in the selling process ?

a) Approach

b) Interview

c) Convincing

d) Close

59. Which of the following statements are “TRUE”?

Statement A: If there is a nomination, the claim can be paid without further legal proof of title.

Statement B: A nomination becomes invalid if an heir raises a dispute.

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 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

61. Which of the following approach (es) of the agent is appropriate?

Approach A: The agent suggested to the prospect that he signs the proposal form and that he (the agent) would get them filled up later on the basis of the information, which he was noting down.

Approach B: An agent used to tell his prospect that there was no better investment than life insurance.

a) Only approach A

b) Only approach B

c) Both the approaches

d) Neither of the approach

62. Section 45 of the insurance act is relevant for the policies which are at least ---------- years old.

a) three

b) Two

c) four

d) five

63. Which of the approaches of the agent is appropriate?

Approach A: An agent used to collect from the office details of claims which were remaining outstanding for more than a month and then meet the claimants to help them out.

Approach B: An agent used to collect from office details of claims which were remaining outstanding for more than a month and then meet the claimants to help them out on condition that they agree to take out business from them.

a) Only approach A

b) Only approach B

c) Both the approaches

d) Neither of the approach

64. Calculate premium from the following data :

SA – Rs.1,00,000

Plan-Money Back-20 yrs

Mode-half yearly

Age nearer B’day-36 yrs

Proposal accepted at ordinary rates with double accident benefit,

TP – Rs.69.25

Rebate for half yearly premium is at 1.5%

Rebate for large sum assured is Rs.2/- and Premium for double accident benefits is Re.1/- per thousand per annum.

a) Rs.3,261/-

b) Rs.3,461/-

c) Rs.3,463/-

d) Rs.3,361/-




65. Given that sum assured Rs. 1,00,000/- mode yearly-endowment policy 30 years without profits. Date of commencement 25/10/1993 first unpaid premium 25/10/2001 the paid up value will be

---------

a) Rs.25,666

b) Rs.26,667

c) Rs.30

d) Rs.25,667

66. How is the purchase price of an immediate annuity payable?

a) In installments

b) In quarterly installments

c) In annual installments

d) In lump sum

67. Which of the following statement(s) are “TRUE”?

Statement A: Fire is a peril, not a loss.

Statement B: The essence of insurance is sharing of losses.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

68. A risk can be ---------------

a) Measured

b) Calculated

c) Assessed

d) All the above

69. What does ‘days of grace’ mean?

a) Time allowed for paying premium

b) Period during which premium is paid at discounted rate

c) Time taken to reply letters

d) Period after which only risks begins

70. Who is the person who arranges for a customer to get the necessary insurance ?

a) Broker

b) Retailer

c) Agent

d) Intermediary

71. The person appointed to attend to grievances of policyholders is called --------------

a) Grievance officer

b) Complaints officer

c) Ombudsman

d) Designated officer



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

a) Recovery

b) Revival

c) Relapse

d) Renewal

73. Who is the potential purchaser of a product?

a) customer

b) Client

c) Consumer

d) Prospect

74. Which of the following statement(s) are “TRUE” ?

Statement A: Insurance works on the law of averages

Statement B: Insurance is possible only when there are many policyholders.

a) Only statement A

b) Only statement B

c) Both statements

d) Neither of the statement

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

Approach B: A proponent called up the agent to know why a particular medical test was being asked by the office and the agent said that he was not aware of the same, the office always did such stupid things and then he would sort out the matters the next day.

a) Only approach A

b) Only approach B

c) Both the approaches

d) Neither of the approach

76. Approach A: An agent insisted that all his policyholders should sent the premium cheques to him, so that he could ensure that delays did not happen through oversight.

Approach B: An agent being friendly with the assistant in the new business department, used to keep track of the new proposals coming in and try to get additional business from the same parties.

a) Only approach A

b) Only approach B

c) Both the approaches

d) Neither of the approach


77. Approach A: When a prospect wanted to know details about various plans so that he could make a choice, the agent told him that the details were too complex for him to understand and that he (the agent) was there to give him the proper advice.

Approach B: An agent had printed a prospect’s particulars sheet and would invariably make the prospect fill up the particulars himself.

a) Only approach A

b) Only approach B

c) Both the approaches

d) Neither of the approach

78. Approach A: The agent knew about the death of the client only when he received the copy of the letter written by the office to the wife of the insured, forwarding the forms.

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

79. 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

80. 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


81. Approach A : Going through the existing policies of a prospect whom he is meeting for 1st time, the agent suggests that he should allow three of them to lapse and go in for new policies straightaway

Approach B: Going through the existing policies of a prospect whom he was meeting for the 1st time, the agent suggests that nominations be made and offered to get them registered by the office

a) Only approach A

b) Only approach B

c) Both the approaches

d) Neither of the approach



82. Approach A: An agent had advertised in the Telephone Directory that his services were available for advice on all personal financial matters, including insurance

Approach B: An agent advertised in the Telephone Directory that he specialized in Annuity policies, which he said were best for persons aged over 50

a) Only approach A

b) Only approach B

c) Both the approaches

d) Neither of the approach

__________________
Answered By StudyChaCha Member