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#1
May 24th, 2014, 04:46 PM
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 IRDA Exam Previous Years Question Papers
I need the IRDA Exam Previous Years Question Papers, can you provide me the same??????
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#2
May 26th, 2014, 10:09 AM
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| Re: IRDA Exam Previous Years Question Papers
As you need the IRDA Exam Previous Years Question Papers, here I am sharing the same: 1 Sanjeev is an insurance expert who has rich experience in determining premium levels for product, what is his profile like an actuary loss adjuster risk manager underwriter 2 The Non Government organizations(NGO) helps the insurance industry immensely in Promotional activities Drafting new regulations Linking buyers and sellers Linking third party administrators 3 Investment by foreign direct investors in to Insurance co's is restricted to 12% 25% 40% 26% 4 Which market does the Micro Insurance Concentrate on ? People with large families People with Low Income Government Employees people living in Metro cities 5 What facility do the insurer use to cover Risk beyond their Limits ? Re Insurance Banca assurance NGO RBI 6 What is the max level under which micro insurance can be done 5000 25000 50000 1 lac 7 Who is the customer of a Re insurer High Networth Individual Insurance Companies Licenced Insurance Agents Non Government Organisation 8 Insurance company transfers the insurance which cannot bear by them to Bancassurance Reinsurance TPAs Actuaries 9 A policy holder takes two insurance policy and the premium amount is identical and he gets lesser commission in one of contract the reason is likely to be one policy has more SA ONE POLICY has more term one policy is a single premium One of the policy has higher Premium 10 An agent reveals his commission received from insurance sales to X&Y .Both plans are of same duration . Why is commission of X far higher that that of Y X has brought other limited premium product Y has brought a single premium product X is married Y is Single 11 Customer asks the agent to disclose the commission . The agent should disclose on demand Not disclose Should call up the Insurer Should avoid the topic 12 The best way to prove that customer of a ULIP policy is given awareness about the commission paid to the agent is Ask the insurer to give a policy endorsement letter From the fact details From signed copy of benefit illustration From ticked column of proposal form 13 Churning is bad , based on which aspect Agents earn Lower Commission on churning Policyholder gets more benefits Policyholders suffer due to surrender charges and benefits Insurance companies get good branding 14 What over riding criteria an insurance agent consider while proposing a solution risk suitability Flexibility Cost 15 Sales Target is reduced . Churning will Increase Decrease Will not affect Partially 16 Higher persistency to the insurer ensures what ? More productivity Higher attrition Higher Profits Higher S.A 17 Persitency =has increased from 82 % in previous year to 86 % this year . That means more lapsation more attrition less lapsation No profits 18 What is the maximum Time in which The insurer should settle a claim when all documents are submitted 3 days 15 days 30 days 10 days 19 A missing person is considered to be dead after 5years 8years 12 years 7years 20 The delay in settling claim by any insurance co, as per IRDA norms has to pay....% if the present bank interest rate is 5.2% 6% 9% 7% 8% 21 A claim was submitted & in how many days company should ask for additional documents if required 15 days 10days 20 days 30 days 22 Vivek takes insurance policy and dies after 8 months . If the claim needs to be excluded basis the exclusion cause what could be the cause suicide murder Death was due to Accident Body not found 23 An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission, what is th limits 10% 20% He cannot offer any commission He can offer up to 50% 24 Consumer Forum at district level will hear complaints up to 20L 40L 1Cr 10L 25 How much is the rebate allowed by IRDA to client Nil 5% 10% 35% 26 The controller of insurance in india is IRDA RBI SEBI Insurance ombusdmen 27 A insurer advertises through daily news paper . What type of marketing is cross selling direct selling Solicitation of Policy Brand building 28 Investment by NRI(Non Resident Indian) will be No risk Low risk Medium risk High risk 29 MWP- If the policy is endorsed under MWP - then the beneficiaries are wife and ? parents ex wife children mother 30 Mr.Sunil is doing premium calculation for his company, as per which authority is his profession related to Council of Actuaries Insurance council of India Insurance institiute of India IRDA 31 Basic qualifications of agent sound mind & graduate sound mind & good income level Age and income level His contacts in the market to solicit Insurance 32 Which Institution was Constituted by Insurance Act 1938 Insurance Institute of India Life Insurance Council Insurance Broker Association General Insurance Council 33 What is the role of National Insurance Academy? To regulate To advise Government To undertake training activities To Advertise globally on Indian Insurance 34 According to IRDA act 1999, central governments involve in insurance industry over Policy matters complex technical issues Promotional activities Licensing of Insurance companies 35 Complaint council bodies other than IRDA grievance readdress forum & COPA Ombudsman Insurance Institute of India Insurance Association FERA 36 What are the ways by which a policy holder can make complaints Toll free No. Newpaper Email or Toll free Number 37 What are the ways in which IRDA can be contacted . One is thru toll free number and other is Insurance ombudsmen visiting regional office Through Agents 38 A policy holder submits cancellation of his term insurance policy , the insurer accepts the form and fails to give the benefit and the policy holder writes to IRDA post which the settlement should be within 10 days 15 days 20 days 30 days 39 What is the maximum level of complaint that can be considered and taken action by ombudsmen 20 lac 25 lac 30 lac 50 lac 40 What is the period of award passed to the customer decided by ombudsman? 2months 3 months 5 months 6 months 41 An Award is passed by Ombudsman .In how many days it should be honored by Insurance Co 15 days 30 days 60 days 90 days 42 Karthik written to his insurer about non settlement of a maturity calim,as per regulations,the insurer has to reply to this within how many working days 3 5 7 10 43 Raju is a certified license holder under what circumstances he needs to hold his certified license with him that is issued by irda under all circumstances when he sells term insurance when he represents himself as another insurer when he sells pension policies 44 A policy has been rejected by the company under direct intimation to the customer and copy to the Agent, what is the next action of the Agent He has to inform the customer that the co has broken relationship with the customer He plans to change the plan He has to explain the reasons for rejection to the customer He takes up with the higher authorities 45 Lung Cancer and Smoking . lung cancer is peril and smoking is moral hazard smoking is peril and lung cancer is hazard Death is certain Is occupational hazard 46 The type of risk that can be insured against is Speculative Risk Pure Risk Pure & Speculative risk Non Financial Risk 47 Harish takes a life insurance policy for Ramesh. Which of the following statement best describes the principle of Insurable Interest. Ramesh declares all his liabilities Ramesh is elder than Harish Ramesh owes money form Harish Harish suffers financial loss incase of death of Ramesh 48 What is the min age to enter into the contract of insurance 16 18 20 21 49 In a whole life plan - The policyholider's responsibility to give disclosure at the beginning of the contract through out the contract Revival stage beginning of renewal 50 Types of assignment Absolute Term assignment Conditional Absolute & Conditional
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#3
September 20th, 2015, 04:10 PM
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| Re: IRDA Exam Previous Years Question Papers
I am preparing for the IRDA Examination can you give me the previous year question paper for my better prepration ?
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#4
September 20th, 2015, 04:14 PM
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| Re: IRDA Exam Previous Years Question Papers
Insurance Institute of India conducts every year an all India based competitive exam for recruitment of Insurance agents and is known by the name of IRDA exam or Insurance Regulatory and Development Authority exam. The basic eligibility to sit for the exam is that he or she must have cleared his class 12th from a recognized university or board. IRDA exam can be given in two modes, online and offline. questions would be related to the Insurance, loans, regulations and their general application. Moreover, you can also expect some numerical problems as well. H They would be like normal percentage, discount and loan calculation IRDA Exam question paper 1. Insurance is a mechanism to reduce impact of adverse events on a) Non-value generating assets. b) Value generating assets. c) Current assets d) Fixed assets 2. Perils could be a) Uncertain b) Certain c) Definite d) Unlikely 3. Insurance is a function of a) Uncertainty b) Life c) Society d) Loss 4. Insurance works on the principle of a) Sharing of profits b) Sharing of assets c) Sharing of losses d) Sharing of expenses 5. A) Life Insurance protects the life of the insured. B) Life Insurance minimizes the financial impact of untimely death. a) A is correct b) B is correct c) Both A & B are correct d) Both A & B are wrong 6. Occurrence of ----- has to be ------ & not a -------- of the insured person. a. peril, uncertain, creation b. event, certain, creation c. risk, hazardous, profit d. event, random, creation 7. For getting insurance you need to pay ------- and get compensated by -----. a) Compensation, Claims b) Claims, Premium c) Premium, Claims d) Fees, Claims 8. ------------ is the process, which prevents entry of people who do not share the same risk. a) New Business b) Valuation c) Underwriting d) All of the above 9. Life insurance is ------------- to the state’s efforts in social management. a) Complementary b) Supplementary c) Elementary 10. The insurance company is in the role of --------- where all decisions are taken for the benefit of the community. a) Caveat Emptor b) Uberrimae Fides c) Underwriter d) Fiduciary. 11. To make accurate statistical estimates insurance risks must be handled as per the law of a) Law of Inertia b) Law of Large Numbers c) Law of Large Groups d) None of the above 12. The insurer is in the position of ------- of funds a) Owner b) Partner c) Trustee d) All of the above 13. Insurance is applicable to a) Tangible Assets b) Intangible Assets c) Both of the above d) None of the above 14. Article -------- relates to Social Security a) 39 b) 40 c) 41 d) 42 15. A) In order to be insurable a risk must be capable of Statistical estimation B) In insurance only economic or financial losses can be Compensated. a) Statement A is correct b) Statement B is correct c) Both are correct d) None of the above 16. In the mechanism of insurance, people who are exposed to different risk come together. TRUE / FALSE. 17. A human life is an income generating asset TRUE / FALSE. 18. In order to be insurable a risk must be capable of statistical estimation TRUE / FALSE. 19. Insurance is a function of uncertainty TRUE / FALSE. 20. What is insurance? Protection of ________ value of assets (ECONOMIC) Mechanism to reduce impact of adverse events on _______ _________ assets. ( VALUE GENERATING) 21. Damage to asset due to the PERIL IS CALLED Risk which an asset is exposed to TRUE / FALSE. 22. Life insurance protects the life of the insured. TRUE / FALSE. 23. Life insurance does not require any consideration. TRUE / FALSE. 24. In which of the cases Insurable interest does not exist a. Spouse b. Business Partner c. Tenant d. Self 25. Insurance prevents the damage of an asset due to PERIL. TRUE / FALSE. 26. Through Insurance only economic / Financial losses can be compensated. TRUE / FALSE. 27. The concept of insurance can be extended beyond the coverage of tangible assets. TRUE / FALSE. 28. Match the following a. Caveat Emptor 1. False facts b. Uberrimae Fide 2. Influences premium fixing c. Misrepresentation 3. Buyer beware d. Material fact 4. Principle of utmost good faith . 29. Caveate emptor and Ubereimae Fide put together mean that while the buyer holds the responsibility of revealing all relevant information from his side the agent is responsible to provide information only if asked for. TRUE / FALSE. 30. Caveate emptor and Ubereimae Fide put together mean that while the agent holds the responsibility of revealing all relevant information from his side the customer is responsible to provide information only if asked for. TRUE / FALSE 31. Almost all insurance policies are a combination of term and endowment policies. TRUE / FALSE. 32. Insurable interest is not defined in the insurance act 1938 TRUE / FALSE. 33. Insurable interest is not defined in the insurance act 1956 TRUE / FALSE 34. Insurable interest in defined in the IRDA act 1999 . TRUE / FALSE. 35. In group insurance, risk of individuals is not assessed TRUE/ FALSE 36. Underwriting is a process which ensures that all insured share the same risk. TRUE/ FALSE 37. Can an insolvent take a life insurance policy Yes / No 38. What is the part of surplus that is distributed to policyholders called? ________________. (BONUS) 39. Which type of life insurance plans entitles the life insured full sum assured in the event of either death or survival? ________. endowment 40. A person's interest in his own life is ....................? a. Limited b. Restricted to HLV c. Unlimited 41. Minimum capital for new reinsurance companies entering Indian market as per IRDA norms is?____________________ . 200cr 42. Which is correct A) Life Insurance contracts do not require consideration. B) Life Insurance contracts require offer and acceptance. (a) Statement A (b) Statement B (c) Both a and b (d) None of the above 43. 4. In India, the Indian Contract Act, ---- governs commercial contracts. a) 1852 b) 1862 c) 1872 d) 1882 44. Section 45 deals with policies which are ___old a) 2 years b) 3years c) 4years d) 10years or more 46. Which of the following is not a Material Fact a) Medical History b) Smoking Habit c) Earlier Insurance Taken d) None of the above 45. 7. Which of the following relate to Material Fact a) Caveat Emptor b) Uberrimae Fides c) Consensus “ad idem” d) Legality of Object 46. . Adverse Selection refers to a) Wrong policies being selected b) Lack of consensus ad idem c) Substandard lives entering insurance contracts by non-disclosure. d) Selection of wrong target segment by insurance company. 47. The duty of disclosure in life insurance operates a) Till the risk commences b) On alteration c) On revival d) All of the above 48. A) All risks are not insurable B) Insurance risks must be capable of financial measurement a) Statement A is correct b) Statement B is correct c) Both are incorrect d) None of the above 49. 11. Insurable Interest is a) Defined in Insurance Act 1938 b) A legal pre-requisite c) Both of the above d) None of the above 50. A) Facts which everyone is supposed to know need not be disclosed B) Facts which lessen the risk need to be disclosed a) Statement A is correct b) Statement B is correct c) Both A & B are correct d) Both A & B are wrong 51. Insurance contracts are subject to two additional principles viz.: a) Caveat Emptor, Uberrimae Fides b) Caveat Emptor, Consensus “ad idem” c) Caveat Emptor, Capacity to Contract d) Uberrimae Fides, Insurable Interest 52. A) The proposer can decide which fact is material B) Material facts help in deciding the premium a) Statement A is incorrect b) Statement B is incorrect c) Both statements are incorrect d) None of the above is correct 53. A) Hazardous profession can affect the premium B) A commercial pilot’s premium would be different from that of a Teacher of the same age a) Statement A is incorrect b) Statement B is incorrect c) Both statements are incorrect d) Both statements are correct here i am giving link of Study Material of IRDA Examination insuranceinstituteofindia.com/documents/10156/61b67735-1d15-4e0d-9e1e-1ede1348db4e
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