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Name: Umesh Mane

Score: 23 / 50 points (46%)


Test 1
Multiple Choice
Identify the choice that best completes the statement or answers the question.
Both the parties t6 'a contract must agree and understand the same thing and in the same sense which
1. is called
C
a. Consideration
c. Consensus ad idem
b. Legality of object.
d. Acceptance
C
ANSWER:
1/1
POINTS:
According to Insurance broker association of India, what is the most appropriate relationship between
2. insurer and broker
A
a. Insurance broker represents the client and c. Insurer represent both client and broker
insurer, remunerate the broker
remuneration
b. The client represents broker and insurer
d. Broker only .service the client
remunerate broker
A
ANSWER:
1/1
POINTS:
Reasons for surrender of the policy
3. a. SA
A
b. advisor induced

c. no commission
d. Has Financial Problems

D
ANSWER:
0/1
POINTS:
Which section deals with the licencing of an agent?
c. Licence section of Insurance Act 1938
4. a. Section 42 of insurance Act 1938
A
b. Section 42of insurance Act l936
d. Licence section of Insurance agent act 1938
A
ANSWER:
1/1
POINTS:
During fact finding the need revealed requirement for margin money and retirement fund. Which of
5. these assumes higher priority will be determined on the basis of
C
a. Margin money
c. Tenure left for retirement and corpus needed
b. Retirementfund
d. Quantum of investment
C
ANSWER:

1/1
POINTS:
In which of the recognised life stages an indivlducl does not required any protection cover
c. Pre retirement
6. a. Childhood
D
b. Young married
d. Retirement
A
ANSWER:
0/1
POINTS:
A customer while investing in a recurring deposit or cumulative deposit what are the key factors which
7. will matter
D
a. Taxation
c. Interest rates
b. Frequency of payment
d. Tenures
C
ANSWER:
0/1
POINTS:
Prashant buys an endowment plan with a SA Rs. I lac an to make use of tax benefit under the policy
8. for whole S. much premium would help him avail this benefitA
a. Less than Rs. 10,000
c. Less than Rs. 20,000
b. More than Rs. 10,000
d. More than Rs. 20,000
C
ANSWER:
0/1
POINTS:
In a fact find, a couple discovered their need to be estate planning? In what life stage will they be in?
c. Married with older children
9. a. Married
A
b. Married with children
d. Retirement
D
ANSWER:
0/1
POINTS:
.Jay buys a policy on the life of Nazia. Who is Jay?
c. Proposer
10. a. Life Assured
B
b. Nominee
d. Appointee
C
ANSWER:
0/1
POINTS:
Insurance benefits
11. a. Individuals
D
b. The country

c. The society
d. All the three

D
ANSWER:
1/1
POINTS:
Breach of duty of utmost good faith
12. a. Nondisclosure of material facts
C
b. concealment of material facts

c. Fraudulent presentation
d. All above

D
ANSWER:
0/1
POINTS:
After maturity in a ULIP customer does not get maturity amoUntk. lump sum. What is the possibility
13. of receiving it in instalments ifI is not annuity plan?
D
a. He has switched his fund
c. He hasredirected his past premium
b. He has opted for settlement option
d. Policy was lapsed at the time of maturity
B
ANSWER:
0/1
POINTS:
Insurable interest on one's own life limited upto
c. Assets
14. a. 20 times of Gross Annual income
D
b. Liabilities
d. Unlimited
D
ANSWER:
1/1
POINTS:
a Policy holder takes a insurance contract for 30 years and the SA reduces after 25 years what could
15. be the likely reason
C
a. No bonus accumulated
c. Policy has become paid up
b. Age proof was substantially wrong
d. Its a ULIP Plan
C
ANSWER:
1/1
POINTS:
A person retiring within 3 months need return as pension. What kind of investment plan he need to
16. choose.
D
a. Immediate Annuity
c. Anticipated Endowment
b. Deferred Annuity
d. ULIP
A
ANSWER:
0/1
POINTS:

The amount payable under a life Insurance policy depends on


17. a. The income pf the insured person at the time c. The amount of the sum assured
C
of the claim
b. The income of the insured person When he d. None of the above
took the insured
C
ANSWER:
1/1
POINTS:
Payment/investments in Kisan Vikas Patra under post office scheme is done
c. Lump sum for fixed period of time
18. a. Regularly with no fixed term
C
b. Lump sum with no fixed term
d. Regularly for fixed period of time
C
ANSWER:
1/1
POINTS:
Two endowment policies A and B are issued in the same time on the quarterly mode. In both the
19. policies 22 quarterly installments are paid. Both are surrendered immediately after paying 22nd
C
installment. But in policy A surrender value is significantly hig
a. Term of A policy is higher than B policy
c. Policy A is assigned and B is not assigned
b. Term of B policy is higher than A policy
d. Policy B is assigned and A is not assigned
B
ANSWER:
0/1
POINTS:
An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission,
20. what is the limits
C
a. 0.1
c. He cannot offer any commission
b. 0.2
d. He can offer up to 50%
C
ANSWER:
1/1
POINTS:
Advisor motivate the client to surrender the existing Endowment plan and buy new Whole life policy
21. for gaining higher commission, is the example of?
D
a. switching
c. Revisit the financial planning
b. Building long term relations
d. Churning
D
ANSWER:
1/1
POINTS:
Insurance is helps to
22. a. Reduce the consequence of adverse
A
situations

c. Ensure that assets never breakdown

b. Guarantee that assets are always procutive

d. Do all of the above

A
ANSWER:
1/1
POINTS:
An insurer, as a trustee, has to ensure that
23. a. The life fund is safe
A
b. The life fund earns the maximum interest

c. Both of the above


d. Neither of the above

C
ANSWER:
0/1
POINTS:
Benefit illustrations given to a customer quantifies an amount by which investment return is reduced.
24. This reduction reflect the impact of
D
a. Charges
c. Inflation
b. Interest
d. Taxation
A
ANSWER:
0/1
POINTS:
What period of time a client has to be invested to get tax benefit under postal scheme?
c. 6 years
25. a. 10 Years
D
b. 8 years
d. 5 years
D
ANSWER:
1/1
POINTS:
What is the period of award passed to the customer decided by ombudsman?
c. 5 months
26. a. 2months
B
b. 3 months
d. 6 months
B
ANSWER:
1/1
POINTS:
A human being
27. a. Is an economic assest
C
b. Is an income earning assets
D
ANSWER:
0/1
POINTS:

c. Is a perishable asset
d. All the above

The rates of assumed annual growth to be shared in the benefit illustration has been decided by which
28. of the authority
A
a. IRDA
c. The Royal Bank
b. Life insurance council
d. SEBI
B
ANSWER:
0/1
POINTS:
Responsibility for classification and analysis of proposal form Iii with whom?
c. Underwriter
29. a. Risk analysis department
A
b. Classification of risk deptt.
d. Actuary who analysis the risk
C
ANSWER:
0/1
POINTS:
Life insurance is better than other avenues of saving in respect of
c. Trancsferability
30. a. Marketibility
D
b. Liquidity
d. All the three above
D
ANSWER:
1/1
POINTS:
Aman has taken a term plan for 20 years In the 3rd year he suffered financial crisia due to....whibh he'
31. was'. unable to pay premium within grace period . and died after I month. The nominee files a claim
A
and is rejected because
a. Policy was not in force
c. The claim is fraudulent
b. This condition was excluded in policy
d. The claim ian early claim
A
ANSWER:
1/1
POINTS:
Law of large number helps Insurer to analyse which key area
c. to remove adverse selection
32. a. Administrative expenses
C
b. in fixing the correct premium
d. Non of the above
B
ANSWER:
0/1
POINTS:
Mr. Feroz has taken a policy for critical illness worti. Rs. 1Ia health,policy. He.also has a term plan
33. worth Rs 10 lac.Mr.. Fe was hospitalised after, hewas detected wthcancer. He died afl .3 daysf
D
treatment. How the claim will be settled?
a. Claim of critical illness and 10 lac from term c. Claim will not be settled as he died due to
policy will settled
cancer
b. Claimof hospital charges Rs 20,000 and I lacd. Claim will not be settled as per instruction

for death V be settled

of underwriter

A
ANSWER:
0/1
POINTS:
What is the minimum age of the customer for entering the Insurance contract?
c. 18 years
34. a. 16 years
C
b. 17 years
d. 21 years
C
ANSWER:
1/1
POINTS:
Client died in 89th day from DOC. In which category he is not eligible for claim
c. Accident
35. a. Murder
D
b. Deep Illness
d. Suicide
D
ANSWER:
1/1
POINTS:
To avail the income tax benefit at investment stage,V
c. 30% of sumassured
36. a. 10% of Cumassured
A
b. 20% of sum assured
d. 40% of sum assured
B
ANSWER:
0/1
POINTS:
During claim insurer deduct Rs. 10,000 in spite of having no Lien and all due premiums are paid.
37. What are the other reason for deducting the same?
A
a. Premium Rate increase
c. Mode of Payment
b. Loan facility
d. Loading
B
ANSWER:
0/1
POINTS:
Relation between insurer and Broker means
38. a. Client represents the broker and the insurer c. Broker represent the client and insurer
C
remunerate the broker
remunerate the broker
b. Insurer represent both client and broker
d. Brokerserve the client
remuneration
C
ANSWER:
1/1
POINTS:

In case the customer has stopped making payment for U premium of the policy what are two most
39. important thing requiri in order to reinstate the policy
B
a. Reinstatement fee and proof of good health c. Only health certificate
b. Premium cheque and health declaration
d. Premium cheque with arrear
A
ANSWER:
0/1
POINTS:
In term Insurance how peril & Hazard are distinguished?
c. Peril are factors which affects the risk being
40. a. Perils are risk that policyholders will die
C
before in specified date and hazards are
insured and hazards are the size of the risk
factors which could influence that risk
being insured
b. Perils are medical factors which influence d. Peril are factors which could influence an
the risk of dying and hazard are lifestyle
insured event occuring and hazard are the
activities which influence the risk of dying
actual events which will triger a payout
A
ANSWER:
0/1
POINTS:
Ramesh wants to buy 15 years pension plan for retirement while calculating gaps required at the end
41. the gratuity amount was completely ignored because he is
A
a. self employed
c. Savings are significantly higher
b. Widower
d. Govt employee
A
ANSWER:
1/1
POINTS:
What ever riding criteria an insurance, agent consider whil proposing a solution
c. Flexibility
42. a. Risk
A
b. Suitability
d. Cost
B
ANSWER:
0/1
POINTS:
Life insurance is better than other avenues of saving in respect of
c. userfulness in emergency
43. a. Appricaition
D
b. Tax benefits
d. All the above
C
ANSWER:
0/1
POINTS:

If insured gets two advance payment in 5 yrs and in mat gets rest of sum assured what type of policy it
44. is

a. Money back policy


b. Corivertible plai

c. Term plan
d. Endowmentpol

A
ANSWER:
1/1
POINTS:
Mr. Santash is head master and is 52 yrs old. He wants insuran cover for Rs. I crore. He proposes his
45. brother's son as nomin not his wife underwriter will verify
C
a. A physical hazard, as he is old
c. Moral hazard as coverage is high and
brother's son nomwiee
b. Moral hazard as he is 52 yrs and wife is not d. Moral hazard as he is head master and 52 yrs
nominee
oldj
C
ANSWER:
1/1
POINTS:
While calculating HLV with future income, number of years work, increments in salary what is also to
46. be taken in to accouni
A
a. Inflation
c. Discount rate
b. Interest
d. Compounding
C
ANSWER:
0/1
POINTS:
E-Sales lefers to sales of insurance product through
c. Individual agent
47. a. Insurance broker
A
b. Bancassurance
d. Internet
D
ANSWER:
0/1
POINTS:
What will be maturity benefit under health insurance plan
c. Paid premium with interest
48. a. Fund value
D
b. Paid premium
d. No maturity benefit
D
ANSWER:
1/1
POINTS:
The best way to prove that customer of a ULIP policy is given awareness about the commission paid
49. to the agent is
A
a. Ask the insurer to give a policy endorsement c. From signed copy of benefit illustration
letter
b. From the fact details
d. From ticked columns of proposal form

C
ANSWER:
0/1
POINTS:
An agent is intermediary between
50. a. Client and insurance company
B
b. Insurance Company & IRDA
A
ANSWER:
0/1
POINTS:

c. Client and IRDA


d. Insurance and Reinsurance Company