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IRDA Agent Licensing Question paper

(1)Potential purchaser of product is called ________________

(a) Prospect

(b) Consumer

(c) Customer

(d) Client

(2)If policyholder is in grievance,__________________ will solve

(a) Grievance officer

(b) Court order

(c) Ombudsman

(d) All the above

(3)20,000 policies in the 5th year are to be made from _________sector

(a) Rural

(b) Social

(c) None

(d) Urban

(4)Insurance Agent is governed by ____________________

(a) Contract act

(b) Insurance Act

(c) IRDA

(d) All above

(5)Doctors appointed by insurers will be _____________

(a) General Physicians

(b) Specialists

(c) Surgeons

(d) All of above

(6)__________is the document produced to establish one’s age

(a)Birth Certificate

(b) Affidavit

(c) License

(d) Proof of age

(7)Who is the person who identifies the customer and get the necessary insurance for him ?

(a) Intermediary

(b) Retailer

(c) Broker

(d) Agent

(8)Which kind of Insurance plan can meet all need of a proponent?

(a) Endowment

(b) Money Back

(c) Multipurpose

(d) None of them

(9)The principal is responsible for __________ agent

(a) All the acts of agent

(b) Specified acts of agent

(c) Some of acts agent

(d) None of them

(10)Which of the following statements are True:

a) It is the agent’s responsibility to ensure that all material information is made available

b) If the proposal paper is incomplete, the agent will be held accountable

(a)A Statement

(b)B Statement

(c)Both Statement

(d)Neither of Statement

(11)In the case of a policy under the provision of M.W.P. ACT who can make the death claim?

(a) Beneficiary

(b) Life insured Heirs

(c) Trustee

(d) Any of the above

(12)Which kind policies are not entitled bonuses?

(a) Non participatory

(b) Money back

(c) Children’s

(d) Whole life

(13)Claim in question is Rs.23 lakh which consumer court will it go to:__________

(14)A policy which has run for 8 years can be called into question if there is a__________________

(a) Fraud

(b) Misrepresentation


(c)None of above

(15)What would be the paid up value of a 25-year-old endowment policy for Rs.50, 000 taken in Oct 1988, if the last ½ year’s premium paid was in Oct 2000?____________

(16)Which of the following statements are True:

a) An insurance agent can be sued under the Consumer Protection Act

b) The Consumer Protection Act does not apply to Govt. Company.

a) A Statement

b) B Statement

c) Both Statements

d) Neither of Statement

(17)If the proponent has no insurable interest in the insured the underwriter will

(a) Accept with reduce sum assured

(b) Decline the proposal

(c) Accept with lien

(d) Accept with extra premium

(18)What is paid by the insurer when the policyholder decides to discontinue the policy

(a) Forfeiture

(b) Surrender Value

(c) Intermediate Claim

(d) Lapse

(19)A person employed to act on behalf of another in dealing with a third person is called _____________

(a) Lawyer

(b) Broker

(c) Employee

(d) Agent

(20)Which are true

a)Proof of age is necessary for proposal and not for agency application

b)After business is complete agent has no role

a) A Statement

b) B Statement

c) Both Statements

d) Neither of the Statement

(21)Which are true

a) Insurance is necessary to cover risk of living too long

b) Insurance helps one to be less dependent on others

a) A Statement

b) B Statement

c) Both Statements

d) Neither of the Statement

(22)Which statement is not appropriate

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...
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