Licentiate Exam Of IRDA

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As you want here I am giving below IRDA Licentiate Exam model question paper, on your demand :

IC 01
–
Principles of Insurance
–
Model Questions
I.
Select the appropriate answer to complete the sentence
(Checking learning
-
Direct)
i. Insurance works on the principle of:
a.
Sharing of losses
b.
Probabilities
c.
Large numbers
d.
Randomness
e.
All of the above
Ans:
e. All of the above.
ii. Insurance helps to:
a.
Prevent adverse situations from occurring
b.
Reduce the financial consequences of adverse situations
c.
Negate all consequences of adverse situations
d.
Make assets continuously productive
e.
All of the above
Ans: b. Redu
ce the financial consequences of adverse situations.
II.
State which of the statements is/are correct
(Checking learning
-
Direct)
i. The term ‘Risk’ includes:
a.
Damage to machinery and property
b.
Impact on the health or life of a person
c.
Leakage of toxic produc
ts into the atmosphere
d.
Effect on the healthy life of the neighbourhood
e.
All of the above
Ans: e. All of the above.
ii. The main purpose of having Life insurance is:
a.
As an avenue for long
-
term investment
b.
As a medium for getting income tax benefits from savin
gs
c.
As a governmental programme for reducing poverty
d.
As an avenue for short
-
term investment
e.
None of the above
Ans: e. None of the above.
III.
Answer the questions below by selecting the correct answer:
(Checking learning
-
Direct)
i. Which of the following inte
rmediaries do not require IRDA’s licence/ approval to
operate in India?
a.
Insurance Brokers
b.
Insurance Agents
c.
Third Party Administrators
d.
Surveyors
e.
All the above intermediaries require IRDA’s licence/ approval
Ans: e. All the above intermediaries require IRDA’
s licence/ approval
ii. An actuary is expected to:
a.
Make an exact forecast of the future liabilities of policies
b.
Make a reasonable forecast of the future liabilities of policies
c.
Calculate the premium required to cover a risk on a long
-
term basis
d.
Find the p
robability of an insured event to happen in non
-
life policies
e.
All the above statements are incorrect
Ans: b. Make a reasonable forecast of the future liabilities of policies
IV.
Fill in the Blanks using the appropriate word(s)
(Checking understanding
-
Indir
ect
)
i. The principle of _____________ ensures that an insured does not profit by
insuring with multiple insurers
a.
Subrogation
b.
Contribution
c.
Co
-
insurance
d.
Indemnity
e.
Particular Average
Ans: b. Contribution

IRDA Licentiate Exam model question paper

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