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Suresh has adequate reserve capital with him and he wishes to protect his income, moreover he feels that if he does not die then he would need the amount. What type of plan should he opt for? (a) Term insurance Plan (b) Endowment plan (c) Return of premium plan (d) Pension Plan 2. Manish and Manisha is a married couple with one child. They want to plan for saving, child education/marriage and their retirement and protection of income. Which should be their lowest priority ? (a) Marriage (b) Saving (c) Education (d) Protection 3. Vishal and sandeep applied for a health plan in XYZ Life Insurance Company, Vishal is asked to undergo a medical checkup but Sandeep is not asked to do so. What will be most possible reason? (a) Sandeep has taken another policy from XYZ Life Insurance Company (b) Vishal is older than Sandeep (c) Sandeep is earning more then Vishal (d) Vishal is working in a MNC 4. Mr. Shalish has an endowment policy with 30 years policy term, he has paid for eight years. The sum assured Rs. 8,00,000/- and accumulated bonus Rs. 60,000/- What is the paid up value? (a) 213333 (b) 229333 (c) 273333 (d) 293333 5. Mrs. Sheela received some amount out of her husband's death. In such a situation what will be her prime focus. (a) Savings (b) Insurance (c) Investment management (d) Planning for pension. 6. Mr. Kunal used to participate in Car race. While taking up the insurance policy he disclosed this information. What kind of hazard does it refers to. (a) Physical hazard (b) Fraudulent representation (c) Moral hazard (d) Peril 7. Raunak earns 80,000 per month as salary. He has taken a house loan of Rs. 5,00,000. What will be the maximum amount of EMI that can be charged by the Bank to recover the loan amount. (a) 32000 per month (b) Rs. 24000 per month (c) 40000 per month (d) Rs. 48000 per month. 8. Akash is an Unmarried person and employed with company ABC and drawing a handsome salary. He has no liabilities. What kind of plan can be suggested to him? (a) Moneh Back (b) Term Plan (c) Endowment Plan (d) ULIP 9. Kamal is willing to pay 60000/- per annum for his ULIP policy. What should be the SA in case he wants to avail the tax benefits? (a) 1 lacs (b) 3 lacs (c) 2 lacs (d) 1.50 lacs 10. If the annual premium for a plan is 32000 and a frequency loading of 4% is added in a quarterly premium what is the amount that needs to be paid. (a) 8000 (b) 8320 (c) 9456 (d) 9240 11. Mr. Denny is married and has 2 children and his parents are alive. He has taken a family floater plan. Under the plan who all will be covered. (a) Denny (b) Denny and his wife (c) Denny, his wife and children (d) Denny, his wife, his children and his parents 12. Amit has taken a G-Sec and has parted with it mid way as he required the money with the intention of not getting the interest. What will he get?

(a) Discounted Value (b) Principle amount (c) Discounted value with persistency bonus (d) Principle with persistency bonus 13. Suresh is suffering from Asthma and the policy is been done on joint life basis and the need for nomination under the plan will be as (a) Joint life policy (b) Not Possible (c) 50:50 (d) Not Applicable. 14. Varun wishes to pursue a career in insurance and wishes to be in a department which calculates the level of premium. In which department should he join? (a) Actuary (b) Underwriter (c) Claim Department (d) Accounts. 15. Mr. Naresh wants to save Rs. 60,000 through ULIP. What should be the minimum SA ? (a) 2 Lacs (b) 3 Lacs (c) 5 Lacs (d) 6 Lacs 16. Ashish is looking at different plans of insurance for protection at the lowest premium. Which is the best plan for him? (a) Term plan (b) whole life plan (c) Endowment plan (d) Money back plan. 17. Ashu is an illiterate person and his proposal form was filled by Nishu, then what is the additional requirement to be taken along with the documents. (a) The policy needs to be advertised in the newspaper (b) Nishu has to sign an indemnity bond. (c) Thumb impression of Ashu has to be taken (d) Ashu needs to be medically examined. 18. Harsh's policy matured, however he was paid only 25% of the sum insured in spite of all his premiums been paid on time. This indicates that his policy is a (a) Term Plan (b) Money back plan (c) Endowment plan (d) Wholelife plan 19. In the personal statement, Harish declares that he consumes alcohol twice every week. This ia a (a) Moral hazard (b) Physical hazard (c) Moral peril (d) Physical peril. 20. Gautam wants to purchase a Kisan Vikas Patra. What is the most suitable place to purchase it (a) Bank (b) Post Office (c) Insurance Company (d) Share Market. 21. Anand received post taxation 5% return on his fixed deposit in a bank. If his net return is 3% what can be the reason. (a) Administrative charge (b) Interest rate (c) Inflation (d) Market Risk 22. Raunak wants to purchase a cheapest plan which can provide financial security to his dependent. Which plan should be offered. (a) Term Plan (b) Term Plan with return of premium (c) Pure Endowment Plan (d) Unit Linked Plan 23. Shailesh and ankit want to retire in the age of 65yrs. But shailesh pays more monthly payment than ankit for same amount of policy. Why? (a) Shailesh is older than ankit (b) Shailesh's income is more than Ankit's income (c) Shailesh & Ankit want it that way (d) Option 1 &3 are correct. 24. Mr. Shailsh has an endowment policy with 30 years policy term, he has paid for eight years. The sum assured Rs. 8,00,000/- and accumulated bonus Rs. 60,000/- What is the paid up value if bonus it bonus accumulated and if not bonus accumulated?

(a) 213333 & 273333 (b) 213333 & 229333 (c) 229333 & 273333 (d) 229333 & 293333 25. Rakesh wants to buy a policy primarily for Risk Cover but at the end of the term he wants to get at least some return. Under which policy he will get these benefits. (a) Endowment plan (b) ROP Plan (c) Whole life plan (d) ULIP 26. Prashant buys an Endowment Plan with a sum assured of Re 100000 and wants to make use of tax benefit under the policy for whole SA. How much premium would help him avail this benefit. (a) Less than 10000 (b) More than 10000 (c) Less than 20000 (d) More than 20000 27. Mr. Shyam is having 9 years old child. Which product is not to be given priority. (a) Health Plan (b) Child Plan (c) Life Insurance (d) Retirement Plan 28. Mr. Raj is married and having 2 children. Which plan can he take that can cover his whole family? (a) Health Insurance (b) Family floater (c) Life Insurance (d) Retirement 29. Ravi was expecting a claim amount of Rs. 12,00,000 from insurer. But is was rejected. He feels that it is repudiated on wrong reasons. Which consumer forum can he approach (a) National Commission (b) District Level (c) State Level (d) Mandal Level 30. Vijay received his policy bond on 11th, June, 201 Due to some personal problems he has decided to cancel the policy on 8th July, 201 Can he cancel or return the policy. (a) No, as 15 days period is over (b) Yes, as it is within 1 year (c) No, as 20 days period is over (d) Yes, as it is within 3 months. 31. Mr. Naresh is married and has 3 year old daughter. Which plan he should opt for ? (a) Term with Childrens Plan (b) Pension Plan (c) Whole Life Plan (d) Health Plan 32. Vinay doesn't want to take insurance on himself. He feels that his family will survive with the funds available in the bank and monthly rental received from village. This comes under Risk. (a) Transfer (b) Control (c) Retaining (d) Avoidance 33. Naveen, aged 32 years, has taken money back plan. He is a teacher by profession. Naveen referred Prasad to Ram. Prasad is also teacher. Ram who is an agent advised Prasad to take money back plan as he is of same age (33 years). Is it the right advice? Why? (a) Yes, as Naveen and Ram are of same age (b) No, customers needs are different (c) Yes, as both are teachers (d) No, as there is an age difference. 34. Ajay has bought an endowment insurance plan with a cover of Rs. 10,00,000 for a term of 15 years. Ajay died after 4 yeras. Insurance company will not treat this claim as...........claim. (a) Normal (b) Fraudulent (c) Early (d) General 35. Rajesh is 34 years old and having 2 sons, Vineeth and Sumith, The level of risk appetite, Rajesh belongs is ............ (a) Middle Level (b) Top Level (c) Low Level (d) High Level 36. Venu, aged 32, had a Insurance cover of 10,00,000/- He was approached by an advisor who made some analysis and told him that his Insurance need is higher than 10,00,000/- and suggested that he surrenders the existing policy and buys a new one. This is an example.

(a) Churning (b) Proposing (c) Underwriting (d) Switching 37. Mr. X is married with wife, 2 children and aged parents Health premium is allowed for. (a) X only (b) X with wife (c) X with wife and kids (d) X with all 38. Mr. Kumar's wife is suffering from blood cancer. Doctors lost their hope on her live. Mr. Kumar would like to take Life Insurance policy on wife's name in order to get monitory benefit. Insurance company rejects this proposal on the grounds of............... (a) Anti Money Laundry (b) Legality of object or purpose (c) Capacity of paying future premiums (d) All of the above. 39. Mr. Kumar has taken a Insurance policy from ABC Company. He is not satisfied with the plan. What should he do ? (a) He cannot do anything. (b) He should complain to the Company (c) He can return the policy within 15days of delivery of documents to him. 40. Mr. Rajesh has taken policy from ABC insurance company for Rs. 500000 sum Assured by paying Rs. 50,000 premium per year. Company declared 5% Simple Reversionary bonus, What is bonus amount. (a) Rs. 2500/- (b) Rs. 25000/- (c) Rs. 250000/- (d) Rs. 5000/41. Mr. Rao has Rs. 10,00,000 cash with him. He would like to use this amount for his daughter's marriage which is going to happen with in Nine months. He would like to get some returns from this money in these 9 months period. What is the best option to park his money. (a) Insurance (b) Shares (c) Fixed Deposit in Bank (d) Mutual Funds 42. Mr. Suresh purchase one pension plan and accumulated Rs. 9,00,000/- amount in his pension fund. He would like to utilize commutation benefit before taking pension. What is amount Mr. Suresh can withdraw as commutation. (a) Rs. 3,00,000/- (b) Rs. 4,50,000/- (c) Rs. 90,000/- (d) Rs. 4,85,468/43. Mr. Hitesh would like to get health coverage along with life insurance. What are the options available to Mr. Hitesh to fulfill his need with a little cost? (a) Taking Life Insurance plan with Critical illness Rider (b) Taking Health Plan. Insurance Plan Separately. (c) Taking Medi-claim plan with Life Insurance (d) Taking Hospital Benefit Plan with Endowment Plan. 44. Mr. Govind, Advisor with ABC life insurance company find out one client is seeking solutions for health care and inheritance planning which main life stage he most likely to fall into? (a) Young Unmarried (b) Young married with children (c) Retirement (d) Children 45. Mr. Gyaram, Advisor who advised the customer to close the old policy and take new one. But new policy does not have any extra benefits but it will give more commission to Mr. Gayaram. This is called as................ (a) Switching (b) Redirecting (c) Churning (d) Shifting 46. Mr. Mahesh is a software engineer. He has taken a term insurance for Rs. 30,00,000/- for 30 years. This is an example for................ (a) Risk retention (b) Risk transfer (c) Risk avoidance (d) Risk tolerance

47. Mr. Shanth has taken an endowment policy of 15 years with ABC insurance company. He has paid premium for 4 years and he could not pay premium for 5th and 6th year. In the 7th year he approaches the company to renew the policy. Now which of the following options will apply to him. (a) The policy will be renewed on the existing terms and conditions (b) Mr. Shanth cannot renew the policy (c) The policy may be renewed on different terms and conditions. (d) Mr. Shanth can renew the policy only on the approval of the insurer. 48. Mr. Shanth has taken an endowment policy of 20 years. He has paid premium for 10 years and now the policy is in force. At this point of time-can Shanth take loan? (a) Mr. Shanth will not be granted any loan. (b) Mr. Shanth can take loan which should be certain percentage of the surrender value of the policy (c) There is no concept of loan in insurance policy (d) loans are allowed only in term plans. 49. Mr. Ramesh works in a mining company. So he is exposed to.............. (a) moral hazard (b) physical hazard (c) mental hazard (d) Ethical hazard. 50. Mr. Shanth has got a pure endowment policy for 30 years for the sum assured of Rs. 75,00,000/- It can be paid to him............ (a) When he dies (b) when he survives the term (c) When he is hospitalized (d) when he loses his job. 51. Mr. Shanth is in his early 20s and has just started earning. His risk appetite is expected to be. ..... (a) high (b) low (c) normal (d) Neutral 52. Mr. Raj gopal has invested some money. He has been informed clearly about the tenure, interest rate and method of payment of interest at the inception of the investment itself. His investment may be isn............ (a) Life Insurance (b) Shares (c) Mutual fund (d) Bank deposits 53. Mr. Ramakant is 35 years old. He has bought retirement plan for 20 years. This type of pension plan is known as........................ (a) immediate annuity (b) life annuity (c) deferred annuity (d) joint life annuity 54. Mr. Ranga has taken Critical illness Rider. In which of the following scenarios the insurance company will pay him............ (a) When Mr. Ranga dies due to critical illness (b) When Mr. Ranga is diagnosed a critical illness (c) When Mr. Ranga is family member will be in critical illness (d) when Mr. Ranga dies due to severe road accident. 55. Mr. Ramachandra's son Mr. Bharat has just employed as as software engineer, daughter Anusha has got married. Now Mr. Ramachandra is free from his burden So Mr. Ramachandra is now in the..................stage. (a) Pre-retirement stage (b) Post retirement stage (c) Married with older children stage (d) Employment stage. 56. Mr. Vinodh has lot of inconvenience to each office every day. So he wants to buy an expensive car when he will have sufficient fund. Here Mr.. Vinodh's need is.................. (a) Real need (b) Perceived need (c) Imaginary need (d) Important need 57. Mr. Chintamani has taken a policy from ABC company on 2nd March 2010, but unfortunately he died on 18th August 201 His death claim is considered as..............

(a) Normal death claim (b) Early death claim (c) Abnormal death claim (d) Unnatural death claim. 58. Mr. Sharma is a newly recruited insurance advisor. To meet his month target he explains only the good points of newly launched plan to his customer. Here Mr. Sharma's behavior is.......... (a) Ethical (b) Unethical (c) professional (d) Perfect 59. Mr. Gupta is recently detected with lung cancer. He would like to take an insurance. What is your suggestion? (a) Time of death is uncertain, so insurance can be given (b) Only lung is affected to health insurance can be given HE can take insurance after submitting health certificate (c) Cannot give insurance for health reason 60. On 6th August there was a typhoon. Mr. Augustin who has insurance died in typhoon. Now how will the insurance company will categories this particular risk. (a) Under the category of Pure risk (b) Under the category of peril risk (c) Under the category of Particular risk (d) Under the category of Risk Transfer 61. Mr. Akash filled the proposal form but before submitting to the company he discussed with the agent that he is not sure whether he can pay for 15 years. This attitude affects which part of the contract. (a) Consideration in the contract (b) Capacity to contract (c) Consensus ad idem (d) Offer and Acceptance in the contract 62. Mr. Karan who has to go to abroad for 5 months on an official work decides to leave his car with his friend Mr. Jim. What will be the validity of the insurable interest in this case ? (a) The insurable interest between the car and jin is valid for 6 months (b) The insurable interest between the car and Karan is valid for 6 months (c) The insurable interest between the car and Karan is valid until he owns it. (d) The insurable interest between the car and jim is valid until Karan's return. 63. Mr. Varun who won a multi chain company would like to take insurance. What will be the best option for him from the following? (a) He can take Surety insurance (b) He can take Business Partner insurance (c) He can take Key man Insurance (d) He can take company insurance. 64. Mr. Josh was filling the proposal form but as his mother was sitting beside him, even though he drinks and smokes he ticked "NO" in smoking & drinking column of proposal form. This indicates? (a) He has breached the non-disclosure of the fact. (b) He has breached the company by concealing the facts (c) He has breached the company by fraudulent information (d) He had done an innocent misrepresentation. 65. Mr. Feroz has taken policy for critical illness worth Rs. 1 lakh in health policy. He also has a term plan worth Rs. 10 lakh Mr. Feroz was hospitalized after he was detected with cancer Unfortunately he died after 3 days of treatment. How the claim will be settled? (a) claim of critical illness and 10 lakh from term policy will be settled. (b) claim of hospital charge Rs. 20,000 and 1 lakh for death will be settled (c) claim will not be settled as he died due to cancer. (d) Claim will be settled as per instructions of underwriter. 66. Mrs. Shwetha has taken a loan from her policy. Later stage she neither paid back neither the loan nor she paid the premium for a very long time. What will happen to her policy.

(a) Policy will be surrendered by the insurer (b) Policy will be surrendered by the nominee (c) Policy will be surrendered by the company (d) Policy will be surrendered by the heir 67. Mr. Manish has a money back policy and a whole life policy. He is planning to take some loan from both the policies as he was regularly paying the premium. What is your suggestion. (a) He regularly pays premium so he can take loan from both the policies (b) He can surrender whole life policy and can take loan from Money back policy. (c) He can't take loan from money back but can avail loan from whole life policy (d) He can't take loan from whole life policy but can avail loan from Money back policy. 68. Mr. Santosh working as a head master who is around 52 years had requested for an insurance cover for Rs. 1 crore He insisted that his brother's son should be the nominee not his wife. Underwriter will verify this case for which one of the following : (a) Physical hazard, as he is old (b) Moral hazard, as he is 52 years old and wife is not the nominee (c) Moral hazard, as coverage is high and brother's son is the nominee (d) Moral hazard, as he is a head master and 52 years old. 69. Mr. Feroz has applied for an insurance cover of Rs. 4 crores. The Company will accept or reject the proposal only after confirming from one of the following agencies. (a) Financial inspection agencies (b) Specialized inspection agencies (c) Credit worth inspection agencies (d) Insurance investigation Agencies. 70. Mr. Vinu got a job recently, he can't afford to pay to pay the higher premium as of now but in future once he settles down with his job he can pay higher premium. Which one will be the best plan? (a) Convertible Endowment plan (b) Convertible Term plan (c) Convertible pure Endowment (d) Convertible money back plan. 71. Mr.Kumar decides that his employees should have SSS scheme. What type of plan in SSS? (a) Salary saving Life plan (b) Not a specific plan (c) Salary insurance plan (d) Salary Specific plan 72. Ajay bought a share for Rs. 110 and he sold when it was Rs. 630 What had happened to his share? (a) Capital Appreciation (b) Capital Profit (c) Capital Benefit (d) Capital Variation 73. Mr. Yash has taken an annuity on 25th August 2011 The benefit of the plan will start from 25th August 2011 What type of annuity plan is this? (a) Guaranteed period annuity (b) Life annuity (c) Deferred Annuity (d) Immediate annuity 74. Mr. Rohith wants to have a health insurance plan for his family and for his aged parents. Which will be the best plan for him? (a) Group Family health insurance plan (b) Family health insurance plan (c) Family floater health insurance plan (d) Family Health benefit plan 75. Mr. Raj has taken a policy of 15 year term. He has paid the premium for 9 years. But now unfortunately he has lost his job. He is unable to pay the premium. What can be the best solution from the following? (a) Converting the policy to Term policy (b) Converting the policy to Paid up (c) Converting the policy to money back (d)Converting the policy to whole Life.

76. Mr. Mohith, an agent was explaining to his customer the guaranteed benefits of the product. Which one of the following documents he would have used to explain the same? (a) Fact Finding document (b) B.KYC document (c) Benefit illustration document (d) Client benefit document. 77. Mr. Harsha an agent wants do a thorough Fact Finding for his client to Mr. Kishan who is a business man. Which of the following information will be helpful to know about the earnings and Expense of Kishan. (a) Client's Profits and Withdrawals from business (b) Client's Expense statement (c) Client's business details (d) Client's business records. 78. Mr. David an agent had helped Mr. Srinivasan to take an endowment policy on Feb 200 As srinivasan was finding it difficult to pay the premium. Mr David had advised him to surrender this policy and to apply for a lower premium policy, This is called as? (a) Churning of the policy (b) Surrendering the policy (c) Switching the policy (d) Claiming the policy 79. Mr. Sham had taken a term plan in 2008. He died of cancer in 2010 Investigation about his death revealed that he was deducted cancer in 2007 What will happen to his death claim? (a) Claim will be rejected (b) Claim will be settled as Cancer was not deducted in 2008 (c) Claim will be settled as he died in 2010 (d) Claim will be delayed. 80. Mr. Baskar had taken a Term plan for a sum assured of RS. 7 lakhs. He also has an ADB rider worth Rs. 4 lakhs. Unfortunately Baskar died in a car accident. How much will be the death claim settlement. (a) Total 7 lakh will be paid as death had taken place (b) Total 4 lakhs will be paid as death had happened due to car accident (c) Total 11 lakhs will be paid (d) Total 7 lakh will be paid without any deduction 81. M r. Sampath has taken a policy on January 10th 2006 for a term of 12 years. Due to financial instability he discontinued to pay the premium from 2011 He died on August 13th 2012 What will happen to his death claim ? (a) Eligible for claim as the premium was paid from 2006 to Dec 2010 (b) Not eligible for Claim settlement (c) Claim will be settled after deducting the unpaid premium (d) Claim will be settled after the deduction of unpaid loan amount. 82. Mr. Varun taken up his agency in July 5th 200 His lost his IRDA license while traveling. His agency has also expired. What is the solution for Mr. Varun? (a) Need to complete 25 hours of practical training and paying Rs. 50 for the issuance of duplicate license. (b) Need to complete 50 hours of practical training and paying Rs. 100 for the issuance of duplicate license. (c) Need to complete 25 hours of practical training and paying Rs. 100 for the issuance of duplicate license. (d) Need to complete 50 hours of IRDA training and paying Rs. 50 for the issuance of duplicate license. 83. Mr. Hensa an agent, has planned to sell maximum products within a short span of time by giving maximum rebates to the customer to complete the contest target of the company. (a) It will benefit both the company and the customer (b) Reputation of the company will be high due to offers to the customer (c) Agent will be terminated (d) Agent will be qualified for the contest 84. Mr. Raghav is an expert in fact finding. Mr. Raghav helps his brother in his job by sharing the information of his clients after the fact finding he does to procure insurance. What will be the outcome?

(a) Raghav will be promoted to the next level (b) Raghav will be terminated (c) Raghav license will be cancelled (d) Customer will complain to Ombudsman. 85. Rahul is a licensed insurance agent. As agent he must carry out his role in accordance with. (a) Company's code of conduct. (b) IRDA Acts code of conduct (c) IRDA Regulations code of conduct (d) Insurance Acts code of conduct. 86. Ram works in a fire cracker factory He stocks the cracker in his house. He runs which type of risk (a) Speculative (b) Particular (c) Financial (d) Fundamental 87. Rakesh purchased a life insurance policy. While writing a proposal form he hides that he practices mountaineering. Sadly he died in an accident while climbing Mount Everest. The insurers rejected the claim. What is the reason for rejection? (a) Innocent misrepresentation (b) Fraudulent misrepresentation (c) Concealment (d) Non Disclosure. 88. Shamsher has a health insurance policy of Rs. 1,00,000 individually and from his company for Rs. 2,00,000 He falls sick and got hospitalized. His hospital bill ran to Rs. 50,000. He claimed this amount from his individual policy. Also, he placed the request with his company for group policy claim, Which was rejected the reason for rejection is (a) Indemnity contract (b) Deemed contract (c) Value contact (d) Rolling contract 89. Ram Lal is an insurance policy holder. He has recently shifted his home from New Delhi to Noida. He wants the address to be changed This change in policy document will be effective through. (a) Terms & Condition (b) Endorsement (c) Preamble (d) Schedule 90. Lalu Yadav is having a saving plan with 20 years tenure. He has paid 5 annual premiums but due to financial crisis is unable to make future premium His policy. (a) Acquires surrender value (b) Contract comes to an end (c) Moneys will be forfeited (d) Acquires paid up value 91. Manmohan has recently purchased a house worth. 50,00,000 on loan. Which insurance product you as an adviser will suggest. (a) Endowment Plan (b) Whole Life Plan (c) Money Back Plan (d) Term Plan 92. For his investment need, Ravi has parked funds in equity. The returns from this form of investment can be categorized as. (a) High Risk (b) Moderate Risk (c) Low Risk (d) No Risk 93. Vijay, aged 30 years and married, is the sole bread winner for his family. He is saving enough with banks. As an agent, which need you prioritize first. (a) Retirement need (b) Tax planning need (c) Financial security need (d) Asset building need 94. Rohit is working as sales manager with an FMCG company. His job requires him to travel across states. He is planning of covering his additional risk involved while traveling and a savings plan. What suggestion would you give him as an agent. (a) To purchases an accidental rider with a savings insurance plan. (b) To purchase a health plan along with a savings insurance plan (c) To save through fixed deposits in bank. (d) To purchase a medical plan.

95. Anand has purchased a pension plan. Which is nearing completion of accumulations phase. He is in need of finances to make down payment of car he wants to purchase. At the end of accumulation phase how much he can make tax free withdrawal (a) 1/5th accumulated amounts (b) 1/3rd of accumulated amounts (c) 1/5th accumulated amounts (d) 1/3rd accumulated amounts 96. Aman has taken a term plan for 20 years. In the 3rd year he suffered financial crisis due to which he was unable to pay premium within grace period and died after 1 month. The nominee files a claim and its rejected because. (a) The policy was not in force (b) This condition is excluded in the policy (c) The claim fraudulent (d) The claim is an early claim. 97. Amit & Rashmi are newly married. Both are working couple. They want to invest their saving of 10,000 annually to build corpus to make down payment for their house 5 years from now an adviser sold them a unit link product to meet their requirement. This may result in. (a) Running the long term reputation of company (b) Opportunity of new business for advisor (c) Bad reputation of the individual advisor (d) Financial burden on the couple. 98. Shankar, an adviser, sold a term insurance policy and unit linked insurance policy (ULIP) to Amar, the client who is unmarried and has no dependent, Consequently, Shankar's action can be termed as (a)Underselling of insurance policies (b) Churning (c) Overselling of insurance policies (d) Ethical practice by an advisor. 99. Amit is looking for term insurance plan for protection of his family he is advised to approach to (a) Property Insurance (b) Life Insurance (c) Health Insurance (d) Liability Insurance. 100. Manish took a loan from Pankaj of Rs 10 lacs Pankaj transferred his insurance policy to Manish of Rs.10 lac as a security with the agreement of when Loan is fully paid policy title will be revert back to name of Manish is called. (a) Loan assignment (b) Conditional Assignment (c) Loan Agreement (d) Absolute Assignment. 101. Mr. Nikhil makes an offer of Rs. 20 lacs SA to Insurance Co. XYZ. In response to this Insurance Co. XYZ offers a SA to the tune of max. Rs. 10 lacs (counter offer) At this stage Nikhil and company X can enter into a valid contract. (a) Yes, Nikhil and Insurance Co. can enter into a valid contract. (b) Nikhil and Insurance Co. cannot enter into valid contract. (c) Nikhil and Insurance Co. can enter into a valid contract If Nikhil unconditionally accepts the offer. (d) Nihkil and Insurance company can enter into a valid contract if he sends a request to the Ombudsman. 102. "The proposer should fill in the proposal form themselves in their own handwriting." With reference to this statement selects an option which is correct and is accepted as an exception." (a) Housewives need not to fill the form, their husbands can provide the details and sign on their behalf. (b) Children should sign the proposal form if they are life to be Insured. (c) If the proposer is illiterate or does not understand the language used in the form then an impression of the thumb is taken (d) Porposer can give a letter of authority to the agent to fill his details in the form.

103. "Nitin is ready to submit his proposal for insurance after the need analysis. When his agent asks him to fill in the proposal form, seeing so many questions bothers him. What should be the agent's most appropriate approach in this case?" (a) The agent should note down all personal information regarding Nitin on a paper and let him only sign the proposal form. (b) The agent should explain that it is important for the underwriting purpose to provide all necessary information mentioned in the proposal form and educate the proposer to fill in the correct details (c) The agent should fill in the form in front of the proposer after explaining all the questions and then make the proposer sign on the form. (d) The agent can ask somebody from his family to fill in the correct details and sign on behalf of Nitin. 104. What is the most likely reason of having "relationship to the life insured" column in proposal form when life to be insured and proposer are to different people? (a) To establish the fact that life to be insured and proposer are two different persons. (b) To know the relationship between the proposer and life to be insured (c) To know the reason the proposer is taking cover on life to be insured (d) To know who should receive the maturity claim 105. "An Insurance company charges a 5% frequency loading for a monthly premium plan. The annual gross premium has been calculated at Rs. 25,000 . So the monthly gross premium that the policyholder will have to pay will be." (a) 2187.50 (b) 2087.50 (c) 2287.50 (d) 2083.33 106. ABC Insurance Company declares simple revisionary bonus of 5% for every Rs. 1000 sum insured. If Smita has bought a policy for a sum insured of Rs. 1,00,000 then her share of the bonus will be (a) Rs. 5500 (b) Rs. 5000 (c) Rs. 5100 (d) None of the above. 107. As per prevailing tax laws, in the health policy. (a) Premium is tax free (b) Premium paid up to a specified limit qualifies for tax deduction from taxable income under relevant section of the Income Tax Act. (c) Premium is taxable (d) Premium up to Rs. 1 lac offers tax benefits under section 80C 108. "Rohit wanted to buy a life insurance policy but was confused as there are many insurers in the market. his colleague Ramesh guided him to choose an insurer on the basis of claim settlement ratio. What did Ramesh mean by it?" (a) The turnaround time for settling a claim (b) Number of claims settled to every 100 claims arising (c) Number of claims rejected to every 100 claims arising (d) How quickly a claim is settled once admitted 109. "Mr. Kapoor got maturity claim of his insurance policy. The amount is more than the sum assured of the policy. What can be the likely reasons?" (a) It can be due to accumulated bonus (b) It can be due to a mistake by the claim department (c) It can be due to the excess premium that he had paid by mistake (d) It can be the refund of tax deducted at source.

110. Mr. Kapoor got maturity claim of his insurance policy of which he had not paid the last quarter premium. The amount of claim is less than the sum assured of the policy. What can be the likely reasons? (a) Insurance company had deducted the unpaid premium with interest thereon (b) It can be due to a mistake by the claim department (c) It can be due to the service charges (d) It can be the due to the tax deducted at source. 111. In a sales call, an agent refuses to share his earned commission with the client, in spite of threatened by client is an example of : (a) Creating a good image in front of client. (b) Behavior that is based upon the moral judgment (c) Being over smart (d) Showing the extra ethical behavior 112. (a) (b) (c) (d) The ethical behavior of an agents reflects when: He suggests a product which has a limited premium payment term When an agent ensures that he only recommends suitable product that meet his client's needs He demonstrates the product which is of no use to the client. He does a lot of follow up for the closure of his sales call.

113. A client has recently sold his main home and requires investment advice for his capital over the short to medium term. He may find the house he wants to buy at any time. What factor would you consider most important when deciding on a suitable product? (a) Accessibility of capital (b) Charging and commission structure (c) Income and capital growth prospects. (d) Past investment performance 114. A client requires the cheapest form of life assurance to protect a repayment loan against his death which product best suits the client's needs? (a) Convertible term assurance. (b) Decreasing term assurance (c) Family income benefit policy (d) Level term assurance 115. A married woman requires protection for her family but also wants a policy that is flexible enough to be used for estate planning as the family grows up. What type of policy would you normally recommend? (a) Endowment (b) Family income benefit (c) Level term assurance (d) Whole of life. 116. During a fact finding interview a client describes an existing policy as having some life cover but he does not have precise details. How do you deal with this information? (a) Ask further questions about the policy to establish its precise nature. (b) Estimate the level of cover based on premium paid. (c) Ignore the information as it has not been confirmed (d) Record exactly what the client has said and continue with the next question. 117. Over a 12 month period a life assurance provider issued 2000 endowment policies and at the end of the period 1800 of the same policies were still in force. What is the persistency rate for this provider over time? (a) 30% (b) 75% (c) 83% (d) 90%

118. policy? (a) (c) .(d) 119. (a) (c)

What employment factor is likely to influence which provide you recommend for a protection The nature of their occupation (b) The normal retirement age of their job or profession. The plans and ambitions the client has for their career Whether they are employed or self-employed. What common features do the different types of Govt. Bonds have? A fixed redemption date. (b) No penalties for early withdrawal An index linked income. (d) A quoted interest rate.

120. What is best practice when an adviser has a client who rejects his advice but asks for a product to be set up which the adviser feels is unsuitable? (a) Amend the needs analysis to reflect the client's wishes. (b) Reduse to supply the product because it is unsuitable. (c) Try to explain to the client why the product is unsuitable and if the client insists, ask for the client's written confirmation to proceed. (d) Try to explain to the client why the product is unsuitable and if the client insists on proceeding refer the client to another adviser. 121. What is the main factor affecting the suitability of a protection product with no investment element? (a) Financial strength of provider (b) Level of premium (c) Past investment performance (d) Surrender value 122. What is the primary objective of a fact-find? (a) To demonstrate compliance with the sales regulations (b) To identify what needs, if any, the client has. (c) To justify the sale of the recommended product. (d)To quantity a client's needs 123. A insurance company gave 4% compound conversionary bonus to its policy holders. The interest of 4% is on what amount of sum. (a) On the sum assured (b) On the sum assured + Bonus (c) Return of premium (d) On the total premiums paid 124. (a) An agent to reduce his risk of lapse policies on annual premium what he will do Persistency does not affect on the agents commission. (b) He will issue yearly policies It is not responsibility of the agent (d) None of these

(c)

125. An officer is activity working in an insurance field as a nodal officer which of the following works he might be doing. (a) Customer client counseling (b) Claims setting (c) Underwriting (d) Pricing 126. Adarsh along with his wife and a seven year old son wants to invest in insurance scheme which returns you suggest. (a) Child plan (b) Term insurance plan (c) Endowment plan (d)Accidental benefit plan 127. Policy holder has got the % amount of its sum assured after maturity period. We have paid the entire premium with out fail. As he has (a) Term insurance (b) Endorsement plan (c) Whole Life plan etc. (d) ULIP

128. To calculate HLV as per income replacement methods the income of the individual expected rise in salary. Remaining working years and also the following should be considered (a) Existing number of policies (b) Discount rate (c) Gross income etc. (d) Size of the family 129. (a) 130. (a) (b) (c) In which section the details of payment of premium contains in the policy bond. Preamble (b) Schedule (c) Endorsement (d) Operative claims. When contract begins between insurer & insured On receipt of policy document by the insured On submission of the proposal to the agent Inssuance of first premium (d) Name of the above.

131. Why a private self employed person, rather that a PSU employee, should be interested in health insurance policies. (a) Public sector employers are healthy (b) Private self employed persons will not have health insurance security (c) Public sector employers are covered by employers (d) Private self employed persons do not need health insurance 132. (a) 133. (a) Traditional deposits are more attractive for people as compare to insurance policy. More interest (b) Periodical interest (c) More profitability (d) Liquidity Investment in gold EFTs is becoming popular. Trading of gold EFTs a unit contains. 20 to 40 gm (b) 10 to 20 gm (c) 1 to 5 gm (d) None

134. If a Ramesh is a married person having two children which of the following insurance you suggest as he don't have any insurance (a) Term insurance (b) Endowment plan (c) Pension plan (d) Money Back Plan 135. After depositing the entire document to insurance company for a death claim within how many days it have to settle the case. (a) 30 (b) 15 (c) 60 (d)180 136. (a) Utmost good faith is the duty of whom Policy holder (b) Insurance Company (c) On both (d) Agent

137. This of the following states that the proposal and declaration signed by the proposal and declaration signed by the proposer form the basis of the contract. (a) Preamble (b) Heading (c) Operative clause (d) Proviso 138. If claim is not settled within the time what will be the interest rate claimed after due date if bank rate is 5%. (a) 2 (b) 5 (c) 7 (d) 9 139. (a) 140. (a) In which of the following of the plan there is a minimum fixed return is there Pension plan (b) ULIP (c) Endowment (d) Term plan If Hari has a girl who is 2 year old for her marriage how many years marriage plan you suggest. 18 (b) 16 (c) 20 (d) based on regional custom

141. (a) 142. (a) 143. (a) 144. (a) 145. (a) (c)

Terminal Bonus paid at which of the following period of the policy. Beginning (b) Middle (c) At the end (d) At foreclosure What is the maximum limit of a health plan Rider? 30 (b) 70 (c) 50 (d) 100 Kisan vikas patra is a product which is offered by which of the following Bank (b) Post Office (c) Life Insurance Company (d)General Insurance Company If a family having 2 children & old parents which insurance you suggest with lowest premium. Term insurance (b) Family floater (c) Health insurance Plan (d)Endowment plan The people who dealt with pricing and calculating premiiums belong to. IRDA (b) Insurance Institute of India Institute of insurance risk management (d) Actuarial Society of India

146. A complaint lodged in insurance on Ombudsman. How much time it will take to given the recommendation (a) 15 days (b) 30 days (c) 20 days (d) 10 days 147. A person nominated another on his life insurance. What is true regarding the change in nomination? (a) Nomination cannot be changed through out the policy (b) The change of nomination should be intimated to the company. (c) Nomination not required in Life Insurance Policies (d) None of these 148. (a) (c) Churning is done by agents the motive behind it. To get more accustomed to the customer (b) For the benefits of the company For getting more commission (d) For getting popularity

149. An insurance company after issuing policy documents to its customer came to know that the customer under estimated his age for getting loss premium benefits which is the factor it deals with. (a) Breach of contract (b) Risk coverage (c) Utmost good faith (d)Insurable interest 150. Insurance companies do business more than their capacity. How do they adjust it? (a) They re-insure themselves (b) They keep a fund extra amount (c) They invest in rent estate (d) There is no such provision for the companies to do business beyond their capacity. 151. In India almost each and every sector is having regulatory agencies for following up the companies and institution operating in the sector. Likely, regulatory agency for insurance sector in known as : (a) SEBI (b) RBI (c) IRDA ( d) ICAR 152. Mr. Rahul is having a life insurance policy. After 8 months he died. But when the claim is returned by the insurance Company as the claim can not be settled because of a specific clause mentioned in the policy document. Which is the most likely clause? (a) Special clause (b) Suicide Clause (c) Lien clause (d) Paid up clause

153. Mr. Ramesh has taken a life policy as recommended by an Insurance agent. Now the role of Agent's Principal lies with. (a) The insured (b) Insurance company only (c) Ramesh only, none else (d) IRDA, since entire Insurance is under control of IRDA 154. with (a) From insurance company's point of view, most important aspect in a Term Insurance policy lies Good ethics (b) Facts findings (c) The proposal (d) Underwriting process

155. Mr. Purusottam has joined as Director of Insurance Company. Now as per the IRDA act he is not allowed to play the role of which of the following (a) Agent (b) Chief Actuary (c) Under writer (d) None of these 156. There are two most widely used mode of lodging complains against insurance company by the insured. One is toll free phone call. Name which of following will be 2nd most widely used method among the following alternatives. (a) Insurance Ombudsman (b) Direct visit to IRDA office (c) Comparison website (d) E-mail 157. XYZ Insurance Company has started promoting their insurance products mostly through television and news paper advertisements. Hence, the said company is operating through. (a) Direct channel (b) Indirect channel (c) Using both the channels (d)Agent channel 158. ABC Insurance Company has appointed many agents. They are helping in underwriting process to the underwriters. However, Mr. Vimal, an agent has done adverse selections. From insurance company's point of view, which among the following is most likely. (a) Obtaining a policy from a very poor person (b) Obtaining policy from a rich man. (c) Vimal has obtained most of his pollicies from railway porters. (d) In certain cases material facts are changed to obtain higher claims. 159. Vikash a 30 years unmarried young man has invested a pretty good amount in shares. Recently he is shifting his investments Gold. ETF. Now state which of the following is the most likely motive of Mr. Vikasdh by doing so. (a) He is interested in savings only (b) He prefers both regular savings as well as capital appreciation (c) He prefers capital growth only (d) Recently he is going to marry that is why he is more interest in Gold to keep the gold of his would be wife in Gold ETF. 160. It has been observed that, most of the policies issued by M/s XYZ. Insurance Company has been forfeited by the insured during the free look period what may be the most likely reason so far ethics is concerned? (a) The company has no ethics (b) The company has only internal ethics but not external (c) The company has external ethics but not internal (d) The Company has both the ethics. 161. An insurance company has issued a policy document to one of its policy holder. In the policy document they have mentioned the payment of premium by the insured payment of SA, by the insurance company on the happening of insured event etc. which part of the (a) Preamble (b) Schedule (c) Terms and Conditions (d) Operative clause.

162. (a)

The lung cancer is aggravated by smoking. In terms of Insurance, these are respectively known as Hazard & peril (b) Peril & hazard (c) Effect & cause (d)Either peril or hazard

163. Sohan and Amit are 30 years old unmarried persons. Sohan is having dependent mother where as Amit has no dependent, which type of policy most likely to be chosen by Sohan? (a) Health insurance for mother (b) Life insurance policy (c) Liability insurance policy (d) Retirement policy 164. Ashok is a young married man with beautiful young wife and two kids. He should select which types of insurance projects. (a) Contingency funding (b) Health insurance (c) Housing Loan insurance (d) Retirement benefit insurance 165. Underwriting is an important aspect of insurance business. In which of the following situations underwriter must be most cautions. (a) Low age, low sum assured (b) Low age, high sum assured (c) High age, high sum assured (d) High age, low sum assured 166. A Govt. employee after retirement has chosen to take 10% of his pension benefit in cash, which of the following options shall be applicable to the person so far income tax payment is concern? (a) It is absolutely tax free (b) He has to pay 10% TDS on the amount taken in cash (c) He has to pay 30% TDS on the amount taken in cash (d)He is not allowed to take to cash 167. Amit has decided to invest Rs. 1,00,000 every year in ULIP where as Ramesh has decided to invest the same amount in PF in order to get IT exemption in 80C. In this view which of the following is correct? (a) Both the investments have same impact. (b) In ULIP It exemption u/s 80C is not available (c) PF is also not eligible for IT exemption u/s Sec. 80C. (d) Both are taxable as per Income tax Act 1961. 168. Ram and Shyam, both have taken life policy from same company through same agent for same period. During the process of disclosure, the agent has revealed that he obtains more commission from Ram. What may be the probable reason for the same? (a) Shyam has taken more number of policy that is why he has been given concession (b) Ram's policy is having rider (c) Ram is older than Shyam (d) Ram is having wife and children, where as Shyam is unmarried 169. (a) 170. (a) (c) 171. (a) Husband takes life policy on his wifes life, here husband becomes Nominee (b) Trustee (c) Proposer (d) Appointee When customer asks a question to which the agent do not know the answer then the agent must. Convince the customer (b) Ask the customer to give it in writing Report the matter to his superior (d) Leave the customer The IRDA gets it funds from RBI (b) Central Govt. (c) LIC (d)Others

172. (a) 173. (a)

Nomination gets cancelled on Maturity (b) Claim (c) Assignment (d)

SB claim

Rakesh is A 23 year old unmarried Professional He can invest his funds in Unit linked Schemes (b) Annuity schemes (c) Life Insurance (d)Money Bank Plan

174. Mehra is the sole income earner of the family, he is planning to take health policy before taking the policy he is advised to take another policy. (a) Life Insurance (b) Annuity Plan (c) Health Plan with A rider Benefit (d)Term Insurance. 175. If a customer is not entirely satisfied with a product that is being sold to him by the agent then the agents must. (a) Review all the details of the product (b) Explain him another product (c) Convince him (d) Talk to his parents 176. When calculating the HLV using income replacement method what are the factors that are taken into consideration (a) Income (b) Family expenses (c) No. of years (d) Expenses 177. According to Indian evidence Act 1872 a person can be presumed to be dead after how many years of missing. (a) 5 (b) 7 (c) 3 (d) 10 178. An insurance company delayed the claim for a client. The Bank rate is 5.2% How much interest is to be paid on the claim by the company to the claimant. (a) 5.2 (b) 7.2 (c) 9.2 (d) 10 179. India (a) 180. (a) Foreign companies with the joint venture of Indian Companies how much % they can invest in 50% (b) 29% (c) 26% (d) 49%

Who are eligible for micro insurance Rich people (b) Low income (c) Eider people (d)

High salary paid people.

181. Mahesh and Rajesh got Income tax benefits from their investment in insurance. Mahesh got more benefit than Rajesh. (a) Rajesh invested in ULIP plans (b) Mahesh is a senior citizen (c) Mahesh preferred for a term insurance plan (d) None of these 182. (a) (c) Insurance companies works on the principle of Sharing or Transferring of risk (b) Retaining of risk Utmost good faith (d) None of these

183. A and B are having insurance for equal Sum. After paying the 22nd premium they offer for surrender of their respective premium. B got surrender value more than A.. This is because (a) B's terms of insurance is more (b) A's term of insurance is more. (c) B's more educated than A. (d) None of these

184. Nowadays people are living longer after retirement also. So the concept of being to be ensured for pension planes is (a) Decreasing (b) Having no effect (c) Increasing (d) No effect 185. In case of Government employee and a self employed person, the concept of health insurance is given more priority to the self employed persons. This is because (a) The self employed person is more likely to be effected by the health. (b) The Government employee may be getting health benefit through his organization (c) The self employed person having dependents. (d) The income of the self employed person is less. 186. A person offered for insurance through an agent. The company after getting the proposal form rejected the policy. In this case what is the primary task of the agent? (a) He should inform the person, the cause of rejection (b) He should advise him for refund of the amount (c) He should offer another product (d) He will not visit at all the person. 187. A young couple both are employed having a 7 year old son, If they want insurance policy which of the following policies will be their priority (a) Whole life insurance plan (b) Child insurance plan (c) Term insurance plan (d) None of these. 188. (a) In case which of the following insurance the insurable interest exists. at the time of claim. Life Insurance (b) Motor insurance (c) Marine insurance (d) Health insurance

189. An insurance policy holder died without paying premium between the grace, period How much some is payable to that insured. (a) Nil (b) Sum Assured (c) Some Assured less unpaid premium (d) sum assured 190. An Agent while fact finding a client found that the client's intension is not good. What is the expected action of the agent? (a) He will not proceed further (b) He will keep it as secret (c) He will inform it to the insurance company (d) None of these 191. (a) How much tax benefit is given to an individual as per sec 80 C? 50000 (b) 100000 (c) 20000 (d) Nil

192. Gaurav is working in MNC at the age of 32 bought an Endowment Plan. He had nominated his 1 year old daughter Saanvi, but not able to get the Signature of her appointee due to unavailability of his spouse. After 5 years he died in a road accident, now claim money would be payable to : (a) Nominee only (b) Legal heir of the life assured (c) Appointee only (d) will be payable to Saanvi (Nominee) at the age of 18th 193. Parvesh bought a policy an endowment plan but after one year insurer found that he had Aorta Surgery now which will apply be insurer: (a) Indisputability Clause (Section 45) apply (b) Principal of indemnity apply (c) Lien Caluse (d) Utmost good faith apply

194. Jyoti is submitting a copy of permanent account number card as age proof for buying an money back plan her age consider as a (a) Non standard age proof (b) Standard Age proof (c) An Address proof (d) Proof of Income tax payer 195. (a) Ramesh bought an endowment plan for ten year he pays the same Amount in every year is called: Gross Premium (b) Level Premium (c) Risk Premium (d )Net Premium

196. Manish being a sole earning member of his family not insured himself But looking for insurance for his son who is student there is possibility of (a) Physical Hazard (b) Moral Hazard (c) Medical (d) No underwriting 197. Pankaj want to save tax over and above the deduction allowed under section 80C. of the income tax act 1961, which allow deduction from taxable income. (a) Corporate Bond (b) Infrastructure Bond (c) Health Insurance (d) Interest paid on education loan. 198. Mukesh buys shares at lower price and sold at higher price, the difference between the two prices is known as : (a) Dividend Income (b) Capital Appreciation (c) Bonus Share (d) Interest on Share 199. (a) (b) (c) (d) Vinod being an insurance agent can offer assistance to his client Ramesh by Providing him emergency fund Matching the product with Ramesh's financial need Recommendation of product with highest return Discourse saving in a purposeful and need based manner/

200. Gaurav bought an endowment polan for 20 year of 10 lac SA with ADB Rider, died in road accident after 10th year how much money claiment would be payable. (a) 10 lac (b) 20 lac (c) 30 lac (d) 5 lac

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