IC 38 IRDA Exam Question Bank PDF For Life Insurance - Ambitious Baba

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IC-38 Exam MOCK TEST

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IC 38 Question Bank PDF for Life Insurance

Corporation AGENT
Q1:Which among the following is the regulator for the insurance industry in India?
I. Insurance Authority of India
II. Insurance Regulatory and Development Authority of India
III. Life Insurance Corporation of India
IV. General Insurance Corporation of India
Q2: Which among the following is a secondary burden of risk?

I. Business interruption cost
II. Goods damaged cost
III. Setting aside reserves as a provision for meeting potential losses in the future
IV. Hospitalisation costs as a result of heart attack
Q3:Which among the following is a method of risk transfer?

I. Bank FD
II. Insurance
III. Equity shares
IV. Real estate
Q4:Which among the following scenarios warrants insurance?

I. The sole bread winner of a family might die untimely
II. A person may lose his wallet
III. Stock prices may fall drastically
IV. A house may lose value due to natural wear and tear
Q5:Which of the below insurance scheme is run by an insurer and not sponsored by the
Government?
I. Employees State Insurance Corporation
II. Crop Insurance Scheme
III. Jan Arogya
IV. All of the above
Q6:Risk transfer through risk pooling is called

I. Savings
II. Investments
III. Insurance
IV. Risk mitigation
Q7: The measures to reduce chances of occurrence of risk are known as

I. Risk retention
II. Loss prevention
III. Risk transfer
IV. Risk avoidance
Q8: By transferring risk to insurer, it becomes possible .

I. To become careless about our assets
II. To make money from insurance in the event of a loss

III. To ignore the potential risks facing our assets

IV. To enjoy peace of mind and plan one‟s business more effectively
Q9: Origins of modern insurance business can be traced to

I. Bottomry
II. Lloyds
III. Rhodes
IV. Malhotra Committee
Q10: In insurance context „risk retention‟ indicates a situation where

I. Possibility of loss or damage is not there
II. Loss producing event has no value
III. Property is covered by insurance
IV. One decides to bear the risk and its effects
Q11: Which of the following statement is true?

I. Insurance protects the asset
II. Insurance prevents its loss
III. Insurance reduces possibilities of loss
IV. Insurance pays when there is loss of asset
Q 12:Out of 400 houses, each valued at Rs. 20,000, on an average 4 houses get burnt
every year resulting in a combined loss of Rs. 80,000. What should be the annual
contribution of each house owner to make good this loss?
I. Rs.100/-
II. Rs.200/-
III. Rs.80/-
IV. Rs.400/-
Q13: Which of the following statements is true?

I. Insurance is a method of sharing the losses of a „few‟ by „many‟
II. Insurance is a method of transferring the risk of an individual to another individual
III. Insurance is a method of sharing the losses of a „many‟ by a few
IV. Insurance is a method of transferring the gains of a few to the many
Q14:Why do insurers arrange for survey and inspection of the property before acceptance
of a risk?
I. To assess the risk for rating purposes
II. To find out how the insured purchased the property
III. To find out whether other insurers have also inspected the property
IV. To find out whether neighbouring property also can be insured
Q15: Which of the below option best describes the process of insurance?
I. Sharing the losses of many by a few
II. Sharing the losses of few by many
III. One sharing the losses of few
IV. Sharing of losses through subsidy
Q16: What is meant by customer lifetime value?

I. Sum of costs incurred while servicing the customer over his lifetime
II. Rank given to customer based on business generated

III. Sum of economic benefits that can be achieved by building a long term relationship
with the customer
IV. Maximum insurance that can be attributed to the customer
Q17 : Identify the scenario where a debate on the need for insurance is not required.
I. Property insurance
II. Business liability insurance
III. Motor insurance for third party liability
IV. Fire insurance
Q18: As per the Consumer Protection Act, 1986, who cannot be classified as a consumer?
I. Hires goods / services for personal use
II. A person who buys goods for resale purpose
III. Buys goods and services for a consideration and uses them
IV. Uses the services of another for a consideration
Q19 : What does not go on to make a healthy relationship?

I. Attraction
II. Trust
III. Communication
IV. Scepticism
;
Q20: Which among the following is not an element of active listening?
I. Paying good attention
II. Being extremely judgemental
III. Empathetic listening
IV. Responding appropriately
Q21 : Which among the following is not a characteristic of ethical behaviour?

I. Making adequate disclosures to enable the clients to make an informed decision
II. Maintaining confidentiality of client‟s business and personal information
III. Placing self-interest ahead of client‟s interests
IV. Placing client‟s interest ahead of self interest
Q 22 -----------------------is not a tangible good.

I. House
II. Insurance
III. Mobile Phone
IV. A pair of jeans
Q23 is not an indicator of service quality.

I. Cleverness
II. Reliability
III. Empathy
IV. Responsiveness
Q24 : In India insurance is mandatory.

I. Motor third party liability
II. Fire insurance for houses

III. Travel insurance for domestic travel

IV. Personal accident
Q 25: One of the methods of reducing insurance cost of an insured is

I. Reinsurance
II. Deductible
III. Co-insurance
IV. Rebate
Q 26 : A customer having complaint regarding his insurance policy can approach IRDA
through
I. IGMS
II. District Consumer Forum
III. Ombudsman
IV. IGMS or District Consumer Forum or Ombudsman
Q 27: Consumer Protection Act deals with:

I. Complaint against insurance companies
II. Complaint against shopkeepers
III. Complaint against brand
IV. Complaint against insurance companies, brand and shopkeepers
Q 28 : has jurisdiction to entertain matters where value of goods or

services and the compensation claim is up to 20 lakhs
I. High Court
II. District Forum
III. State Commission
IV. National Commission
Q 29 : In customer relationship the first impression is created:

I. By being confident
II. By being on time
III. By showing interest
IV. By being on time, showing interest and being confident
Q 30 :Select the correct statement:

I. Ethical behaviour is impossible while selling insurance
II. Ethical behaviour is not necessary for insurance agents
III. Ethical behaviour helps in developing trust between the agent and the insurer
IV. Ethical behaviour is expected from the top management only
Q 31: Active Listening involves:

I. Paying attention to the speaker
II. Giving an occasional nod and smile
III. Providing feedback
IV. Paying attention to the speaker, giving an occasional nod and smile and providing
feedback

Q32 :The has jurisdiction to entertain complaints, where value of the

goods or services and the compensation claimed is up to Rs.20 lakhs.
I. District Forum
II. State Commission
III. Zilla Parishad
IV. National Commission
Q 34 :Expand the term IGMS.

I. Insurance General Management System
II. Indian General Management System
III. Integrated Grievance Management System
IV. Intelligent Grievance Management System
Q 35: Which of the below consumer grievance redressal agencies would handle consumer
disputes amounting between Rs. 20 lakhs and Rs. 100 lakhs?
I. District Forum
II. State Commission
III. National Commission
IV. Zilla Parishad
Q36 : Which among the following cannot form the basis for a valid consumer complaint?
I. Shopkeeper charging a price above the MRP for a product
II. Shopkeeper not advising the customer on the best product in a category
III. Allergy warning not provided on a drug bottle
IV. Faulty products
Q 37 :Which of the below will be the most appropriate option for a customer to lodge an
insurance policy related complaint?
I. Police
II. Supreme Court
III. Insurance Ombudsman
IV. District Court
Q 38: Which of the below statement is correct with regards to the territorial jurisdiction
of the Insurance Ombudsman?
I. Insurance Ombudsman has National jurisdiction
II. Insurance Ombudsman has State jurisdiction
III. Insurance Ombudsman has District jurisdiction
IV. Insurance Ombudsman operates only within the specified territorial limits
Q 39 :How is the complaint to be launched with an insurance ombudsman?

I. The complaint is to be made in writing
II. The complaint is to be made orally over the phone
III. The complaint is to be made orally in a face to face manner
IV. The complaint is to be made through newspaper advertisement
Q 38: What is the time limit for approaching an Insurance Ombudsman?

I. Within two years of rejection of the complaint by the insurer
II. Within three years of rejection of the complaint by the insurer
III. Within one year of rejection of the complaint by the insurer
IV. Within one month of rejection of the complaint by the insurer

Q 39 :Which among the following is not a pre-requisite for launching a complaint with the
Ombudsman?
I. The complaint must be by an individual on a „Personal Lines‟ insurance
II. The complaint must be lodged within 1 year of the insurer rejecting the complaint
III. Complainant has to approach a consumer forum prior to the Ombudsman
IV. The total relief sought must be within an amount of Rs.20 lakhs.
Q 40: Are there any fee / charges that need to be paid for lodging the complaint with the
Ombudsman?
I. A fee of Rs 100 needs to be paid
II. No fee or charges need to be paid
III. 20% of the relief sought must be paid as fee
IV. 10% of the relief sought must be paid as fee
Q41 :Which among the following is an example of coercion?

I. Ramesh signs a contract without having knowledge of the fine print
II. Ramesh threatens to kill Mahesh if he does not sign the contract
III. Ramesh uses his professional standing to get Mahesh to sign a contract
IV. Ramesh provides false information to get Mahesh to sign a contract
Q 42: Which among the following options cannot be insured by Ramesh?

I. Ramesh‟s house
II. Ramesh‟s spouse
III. Ramesh‟s friend
IV. Ramesh‟s parents
Q 43 :Which element of a valid contract deals with premium?

I. Offer and acceptance
II. Consideration
III. Free consent
IV. Capacity of parties to contract
Q 44 relates to inaccurate statements, which are made without any

fraudulent intention.
I. Misrepresentation
II. Contribution
III. Offer
IV. Representation
Q 45 involves pressure applied through criminal means.

I. Fraud
II. Undue influence
III. Coercion
IV. Mistake
Q46 :Which among the following is true regarding life insurance contracts?
I. They are verbal contracts not legally enforceable

II. They are verbal which are legally enforceable
III. They are contracts between two parties (insurer and insured) as per requirements
of Indian Contract Act, 1872
IV. They are similar to wager contracts

Q 47 :Which of the below is not a valid consideration for a contract?

I. Money
II. Property
III. Bribe
IV. Jewellery
Q 48 : Which of the below party is not eligible to enter into a life insurance contract?
I. Business owner
II. Minor
III. House wife
IV. Government employee
Q 49 :Which of the below action showcases the principle of “Uberrima Fides”?

I. Lying about known medical conditions on an insurance proposal form
II. Not revealing known material facts on an insurance proposal form
III. Disclosing known material facts on an insurance proposal form
IV. Paying premium on time
Q 50: Which of the below is not correct with regards to insurable interest?
I. Father taking out insurance policy on his son
II. Spouses taking out insurance on one another
III. Friends taking out insurance on one another
IV. Employer taking out insurance on employees
Q 51 :When is it essential for insurable interest to be present in case of life insurance?

I. At the time of taking out insurance
II. At the time of claim
III. Insurable interest is not required in case of life insurance
IV. Either at time of policy purchase or at the time of claim
Q 52 : Find out the proximate cause for death in the following scenario?
Ajay falls off a horse and breaks his back. He lies there in a pool of water and contracts
pneumonia. He is admitted to the hospital and dies because of pneumonia.
I. Pneumonia
II. Broken back
III. Falling off a horse
IV. Surgery
Q 53 :Can a complaint be launched against a private insurer?

I. Complaints can be launched against public insurers only
II. Yes, complaint can be launched against private insurers
III. Complaint can be launched against private insurers only in the Life Sector
IV. Complain can be launched against private insurers only in the Non-Life Sector
Q54 :How does diversification reduce risks in financial markets?

I. Collecting funds from multiple sources and investing them in one place
II. Investing funds across various asset classes
III. Maintaining time difference between investments
IV. Investing in safe assets

Q 55 :Which of the below is not an element of the life insurance business?

I. Asset
II. Risk
III. Principle of mutuality
IV. Subsidy
Q 56 : Who devised the concept of HLV?

I. Dr. Martin Luther King
II. Warren Buffet
III. Prof.Hubener
IV. George Soros
Q 57 : Which of the below mentioned insurance plans has the least or no amount of
savings element?
I. Term insurance plan
II. Endowment plan
III. Whole life plan
IV. Money back plan
Q 58 : Which among the following cannot be termed as an asset?

I. Car
II. Human Life
III. Air
IV. House
Q 59 :Which of the below cannot be categorised under risks?

I. Dying too young
II. Dying too early
III. Natural wear and tear
IV. Living with disability
Q 60 : which statement is correct ?

I. Life insurance policies are contracts of indemnity while general insurance policies are
contracts of assurance
II. Life insurance policies are contracts of assurance while general insurance policies
are contracts of indemnity
III. In case of general insurance the risk event protected against is certain
IV. The certainty of risk event in case of general insurance increases with time
Q 61 :Which among the following methods is a traditional method that can help determine
the insurance needed by an individual?
I. Human Economic Value
II. Life Term Proposition
III. Human Life Value
IV. Future Life Value
Q 62 :Which of the below is the most appropriate explanation for the fact that young
people are charged lesser life insurance premium as compared to old people?
I. Young people are mostly dependant
II. Old people can afford to pay more
III. Mortality is related to age
IV. Mortality is inversely related to age

Q 63 :Which of the below is not an advantage of cash value insurance contracts?

I. Safe and secure investment
II. Inculcates saving discipline
III. Lower yields
IV. Income tax advantages
Q 64 Which of the below is an advantage of cash value insurance contracts?

I. Returns subject to corroding effect of inflation
II. Low accumulation in earlier years
III. Lower yields
IV. Secure investment
Q65 : Which among the following would you recommend in order to seek protection
against unforeseen events?
I. Insurance
II. Transactional products like bank FD‟s
III. Shares
IV. Debentures
Q 66 : When is the best time to start financial planning?

I. Post retirement
II. As soon as one gets his first salary
III. After marriage
IV. Only after one gets rich
Q 67 :Which among the following is not an objective of tax planning?

I. Maximum tax benefit
II. Reduced tax burden as a result of prudent investments
III. Tax evasion
IV. Full advantage of tax breaks
Q 68 :An individual with an aggressive risk profile is likely to follow wealth

investment style.
I. Consolidation
II. Gifting
III. Accumulation
IV. Spending
Q 69: Which among the following is a wealth accumulation product?

I. Bank Loans
II. Shares
III. Term Insurance Policy
IV. Savings Bank Account
Q 70 : Savings can be considered as a composite of two decisions. Choose them from the
list below.
I. Risk retention and reduced consumption
II. Gifting and accumulation
III. Spending and accumulation
IV. Postponement of consumption and parting with liquidity

Q71 :During which stage of life will an individual appreciate past savings the most?
I. Post retirement
II. Earner
III. Learner
IV. Just married
Q 72 :What is the relation between investment horizon and returns?
I. Both are not related at all
II. Greater the investment horizon the larger the returns
III. Greater the investment horizon the smaller the returns
IV. Greater the investment horizon more tax on the returns
Q 73 : Which among the following can be categorised under transactional products?

I. Bank deposits
II. Life insurance
III. Shares
IV. Bonds
Q 74 :Which among the following can be categorised under contingency products?

I. Bank deposits
II. Life insurance
III. Shares
IV. Bonds
Q 75 :Which of the below can be categorised under wealth accumulation products?

I. Bank deposits
II. Life insurance
III. General insurance
IV. Shares
Q 76 : is a rise in the general level of prices of goods and services in an

economy over a period of time.
I. Deflation
II. Inflation
III. Stagflation
IV. Hyperinflation
Q77 : Which of the below is not a strategy to maximise discretionary income?

I. Debt restructuring
II. Loan transfer
III. Investment restructuring
IV. Insurance purchase
Q 78 : Which among the following is an intangible product?

I. Car
II. House
III. Life insurance
IV. Soap
Q 79 :The premium paid for whole life insurance is than the premium paid
for term assurance.
I. Higher II. Lower
III. Equal IV. Substantially higher

Q 80 : life insurance pays off a policyholder's mortgage in the event of the

person's death.
I. Term
II. Mortgage
III. Whole
IV. Endowment
Q 81 :The the premium paid by you towards your life insurance, the
will be the compensation paid to the beneficiary in the event of your death.
I. Higher, Higher
II. Lower, Higher
III. Higher, Lower
IV. Faster, Slower
Q 82 :Which of the below option is correct with regards to a term insurance plan?
I. Term insurance plans come with life-long renewability option
II. All term insurance plans come with a built-in disability rider
III. Term insurance can be bought as a stand-alone policy as well as a rider with
another policy
IV. There is no provision in a term insurance plans to convert it into a whole life insurance
plan
Q 83 : In decreasing-term insurance, the premiums paid over time.

I. Increase
II. Decrease
III. Remain constant
IV. Are returned
Q 84 : Using the conversion option present in a term policy you can convert the same to _
I. Whole life policy
II. Mortgage policy
III. Bank FD
IV. Decreasing term policy
Q 85 : What is the primary purpose of a life insurance product?

I. Tax rebates
II. Safe investment avenue
III. Protection against the loss of economic value of an individual‟s productive abilities
IV. Wealth accumulation
Q 86 : Who among the following is best advised to purchase a term plan?

I. An individual who needs money at the end of insurance term
II. An individual who needs insurance and has a high budget
III. An individual who needs insurance but has a low budget
IV. An individual who needs an insurance product that gives high returns
Q 87 : Which of the below statement is incorrect with regards to decreasing term

assurance?
I. Death benefit amount decreases with the term of coverage
II. Premium amount decreases with the term of coverage
III. Premium remains level throughout the term
IV. Mortgage redemption plans are an example of decreasing term assurance plans

Q 88 :Which among the following is a non-traditional life insurance product?

I. Term assurance
II. Universal life insurance
III. Endowment insurance
IV. Whole life insurance
Q89 :Which of the below statement is incorrect?

I. Variable life insurance is a temporary life insurance policy
II. Variable life insurance is a permanent life insurance policy
III. The policy has a cash value account
IV. The policy provides a minimum death benefit guarantee
Q 90 :What does inter-temporal allocation of resources refer to?

I. Postponing allocation of resources until the time is right
II. Allocation of resources over time
III. Temporary allocation of resources
IV. Diversification of resource allocation
Q 91 :Which among the following is a limitation of traditional life insurance products?

I. Yields on these policies is high
II. Clear and visible method of arriving at surrender value
III. Well defined cash and savings value component
IV. Rate of return is not easy to ascertain
Q 92 : Where was the Universal Life Policy introduced first?

I. USA
II. Great Britain
III. Germany
IV. France
Q 93 : Who among the following is most likely to buy variable life insurance?
I. People seeking fixed return
II. People who are risk averse and do not dabble in equity
III. Knowledgeable people comfortable with equity
IV. Young people in general
Q 94 :Which of the below statement is true regarding ULIP‟s?

I. Value of the units is determined by a formula fixed in advance
II. Investment risk is borne by the insurer
III. ULIP‟s are opaque with regards to their term, expenses and savings components
IV. ULIP‟s are bundled products
Q 95 : All of the following are characteristics of variable life insurance EXCEPT:

I. Flexible premium payments
II. Cash value is not guaranteed
III. Policy owner selects where savings reserve is invested
IV. Minimum Death benefit is guaranteed
Q 96 :Which of the below is correct with regards to universal life insurance?

Statement I: It allows policy owner to vary payments
Statement II: Policy owner can earn market based rate of return on cash value

I. I is true
II. II is true
III. I and II are true
IV. I and II are false
Q 97 :All of the following is true regarding ULIP‟s EXCEPT:

I. Unit holder can choose between different kind of funds
II. Life insurer provides guarantee for unit values
III. Units may be purchased by payment of a single premium or via regular premium
payments.
IV. ULIP policy structure is transparent with regards to the insurance expenses component
Q 98 :As per IRDAI norms, an insurance company can provide which of the below non-
traditional savings life insurance products are permitted in India?
Choice I: Unit Linked Insurance Plans
Choice II: Variable Insurance Plans
I. I only
II. II only
III. I and II both
IV. Neither I nor II
Q 99 :What does unbundling of life insurance products refers to?

I. Correlation of life insurance products with bonds
II. Correlation of life insurance products with equities
III. Amalgamation of protection and savings element
IV. Separation of the protection and savings element
Q100:Which among the following is a non-traditional life insurance product?

I. Term assurance
II. Universal life insurance
III. Endowment insurance
IV. Whole life insurance
Q101 :What is the objective behind Mortgage Redemption Insurance?

I. Facilitate cheaper mortgage rates
II. Provide financial protection for home loan borrowers
III. Protect value of the mortgaged property
IV. Evade eviction in case of default
Q102: The sum assured under keyman insurance policy is generally linked to which of the
following?
I. Keyman income
II. Business profitability
III. Business history
IV. Inflation index
Q103: Mortgage redemption insurance (MRI) can be categorised under .

I. Increasing term life assurance
II. Decreasing term life assurance
III. Variable life assurance
IV. Universal life assurance

Q104 : Which of the below losses are covered under keyman insurance?
I. Property theft
II. Losses related to the extended period when a key person is unable to work
III. General liability
IV. Losses caused due to errors and omission
Q105 :A policy is effected under the MWP Act. If the policyholder does not appoint a
special trustee to receive and administer the benefits under the policy, the sum secured
under the policy becomes payable to the .
I. Next of kin
II. Official Trustee of the State
III. Insurer
IV. Insured
Q 106 : Mahesh ran a business on borrowed capital. After his sudden demise, all the
creditors are doing their best to go after Mahesh‟s assets. Which of the below assets is
beyond the reach of the creditors?
I. Property under Mahesh‟s name
II. Mahesh‟s bank accounts
III. Term life insurance policy purchased under Section 6 of MWP Act
IV. Mutual funds owned by Mahesh
Q 107 :Which of the below option is true with regards to MWP Act cases?
Statement I: Maturity claims cheques are paid to policyholders
Statement II: Maturity claims cheques are paid to trustees
I. I is true
II. II is true
III. Both I and II are true
IV. Neither I nor II is true
Q 108 :Which of the below option is true with regards to MWP act cases?
Statement I: Death claims are settled in favour of nominees
Statement II: Death claims are settled in favour of trustees
I. I is true
II. II is true
III. Both I and II are true
IV. Neither I nor II is true
Q 109: Ajay pays insurance premium for his employees. Which of the below insurance
premium will not be treated deductible as compensation paid to employee?
Choice I: Health insurance with benefits payable to employee
Choice II: Keyman life insurance with benefits payable to Ajay
I. I only
II. II only
III. Both I and II
IV. Neither I nor II
Q 110 :The practice of charging interest to borrowers who pledge their property as
collateral but leaving them in possession of the property is called .
I. Security
II. Mortgage
III. Usury
IV. Hypothecation

Q 111 :Which of the below policy can provide protection to home loan borrowers?
I. Life Insurance
II. Disability Insurance
III. Mortgage Redemption Insurance
IV. General Insurance
Q 112 :What does a policy lapse mean?

I. Policyholder completes premium payment for a policy
II. Policyholder discontinues premium payment for a policy
III. Policy attains maturity
IV. Policy is withdrawn from the market
Q113 :Who bears the investment risk in case of ULIPs?

I. Insurer
II. Insured
III. State
IV. IRDA
Q114 : What does the term “premium” denote in relation to an insurance policy?
I. Profit earned by the insurer
II. Price paid by an insured for purchasing the policy
III. Margins of an insurer on a policy
IV. Expenses incurred by an insurer on a policy
Q 115 :Which of the below is not a factor in determining life insurance premium?
I. Mortality
II. Rebate
III. Reserves
IV. Management expenses
Q 116 :What is a policy withdrawal?

I. Discontinuation of premium payment by policyholder
II. Surrender of policy in return for acquired surrender value
III. Policy upgrade
IV. Policy downgrade
Q 117 : Which of the below is one of the ways of defining surplus?

I. Excessive liabilities
II. Excessive turnover
III. Excess value of liabilities over assets
IV. Excess value of assets over liabilities
Q 118 :Which of the below is not a component of ULIP premiums?

I. Policy allocation charge
II. Investment risk premium
III. Mortality charge
IV. Social security charge

Q 119 :Life insurance companies may offer rebate to the buyer on the premium that is
payable on the basis of .
I. Sum assured chosen by the buyer
II. Type of policy chosen by the buyer
III. Term of the plan chosen by the buyer
IV. Mode of payment (cash, cheque, card) chosen by the buyer
Q 120 :Interest rates are one of the important components used while determining the
premium. Which of the below statement is correct with regards to interest rates?
I. Lower the interest rate assumed, lower the premium
II. Higher the interest rate assumed, higher the premium
III. Higher the interest rate assumed, lower the premium
IV. The interest rates don‟t affect premiums
Q 121 : Which of the below statement is correct?

I. Business strain is the difficulty faced by the companies in securing new business
II. Business strain arises at the end of the policy term.
III. Business strain arises because of excess premium
IV. Business strain arises because of excess expenses at the new business stage .
Q 122 :With regards to valuation of assets by insurance companies, is the

value at which the life insurer has purchased or acquired its assets.
I. Discounted future value
II. Discounted present value
III. Market value
IV. Book value
Q 123 : In case of , a company expresses the bonus as a percentage of

basic benefit and already attached bonuses.
I. Reversionary bonus
II. Compound bonus
III. Terminal bonus
IV. Persistency bonus
Q 124 :Which of the below statement is correct with regards to endowment assurance
plan?
I. It has a death benefit component only
II. It has a survival benefit component only
III. It has both a death benefit as well as a survival component
IV. It is similar to a term plan
Q 125 : Which of the below is an example of an endowment assurance plan?

I. Mortgage Redemption Plan
II. Credit Life Insurance Plan
III. Money Back Plan
IV. Whole Life Plan
Q126 :During the period, if the policyholder has bought a policy and does not
want it, he / she can return it and get a refund.
I. Free evaluation III. Cancellation
II. Free look IV. Free trial

Q 127 :Which of the below is an example of standard age proof?

I. Ration card
II. Horoscope
III. Passport
IV. Village Panchayat certificate
Q 128 :Which of the below can be attributed to moral hazard?

I. Increased risky behaviour following the purchase of insurance
II. Increased risky behaviour prior to the purchase of insurance
III. Decreased risky behaviour following the purchase of insurance
IV. Engaging in criminal acts post being insured
Q 129 :Which of the below features will be checked in a medical examiner‟s report?
I. Emotional behaviour of the proposer
II. Height, weight and blood pressure
III. Social status
IV. Truthfulness
Q 130 : A is a formal legal document used by insurance companies that

provides details about the product.
I. Proposal form
II. Proposal quote
III. Information docket
IV. Prospectus
Q 131 :The application document used for making the proposal is commonly known as the.
I. Application form
II. Proposal form
III. Registration form
IV. Subscription form
Q 132 :From the below given age proof documents, identify the one which is classified as
non-standard by insurance companies.
I. School certificate
II. Identity card in case of defence personnel
III. Ration card
IV. Certificate of baptism
Q 133: Money laundering is the process of bringing money into an economy by

hiding its origin so that it appears to be legally acquired.
I. Illegal, illegal
II. Legal, legal
III. Illegal, legal
IV. Legal, illegal
Q 134 :In case the policyholder is not satisfied with the policy, he / she can return the
policy within the free-look period i.e. within of receiving the policy document.
I. 60 days
II. 45 days
III. 30 days
IV. 15 days

Q 135 :Which of the below statement is correct with regards to a policy returned by a
policyholder during the free look period?
I. The insurance company will refund 100% of the premium
II. The insurance company will refund 50% of the premium
III. The insurance company will refund the premium after adjusting for proportionate
risk premium for the period on cover, medical examination expenses and stamp duty
charges
IV. The insurance company will forfeit the entire premium
Q 136 :Which of the below is not a valid address proof?

I. PAN Card
II. Voter ID Card
III. Bank passbook
IV. Driving licence
Q 137 :What does a first premium receipt (FPR) signify? Choose the most appropriate
option.
I. Free look period has ended
II. It is evidence that the policy contract has begun
III. Policy cannot be cancelled now
IV. Policy has acquired a certain cash value
Q 138 :Which of the following documents is an evidence of the contract between insurer
and insured?
I. Proposal form
II. Policy document
III. Prospectus
IV. Claim form
Q 139 :If complex language is used to word a certain policy document and it has given rise
to an ambiguity, how will it generally be construed?
I. In favour of insured
II. In favour of insurer
III. The policy will be declared as void and the insurer will be asked to return the premium
with interest to the insured
IV. The policy will be declared as void and the insurer will be asked to return the premium
to the insured without any interest
Q 140 :Select the option that best describes a policy document.

I. It is evidence of the insurance contract
II. It is evidence of the interest expressed by the insured in buying an insurance policy
from the company
III. It is evidence of the policy (procedures) followed by an insurance company when
dealing with channel partners like banks, brokers and other entities
IV. It is an acknowledgement slip issued by the insurance company on payment of the first
premium
Q 141 :Which of the below statement is correct?

I. The proposal form acceptance is the evidence that the policy contract has begun
II. The acceptance of premium is evidence that the policy has begun
III. The First Premium Receipt is the evidence that the policy contract has begun
IV. The premium quote is evidence that the policy contract has begun

Q 142 :For the subsequent premiums received by the insurance company after the first
premium, the company will issue .
I. Revival premium receipt
II. Restoration premium receipt
III. Reinstatement premium receipt
IV. Renewal premium receipt
Q 143 :What will happen if the insured person loses the original life insurance policy
document?
I. The insurance company will issue a duplicate policy without making any changes to
the contract
II. The insurance contract will come to an end
III. The insurance company will issue a duplicate policy with renewed terms and conditions
based on the current health declarations of the life insured
IV. The insurance company will issue a duplicate policy without making any changes to the
contract, but only after a Court order.
Q 144 : Which of the below statement is correct?

I. The policy document has to be signed by a competent authority but need not be
compulsorily stamped according to the Indian Stamp Act.
II. The policy document has to be signed by a competent authority and should be
stamped according to the Indian Stamp Act.
III. The policy document need not be signed by a competent authority but should be
stamped according to the Indian Stamp Act.
IV. The policy document neither needs to be signed by a competent authority nor it needs
to be compulsorily stamped according to the Indian Stamp Act.
Q 145 : Which of the below forms the first part of a standard insurance policy document?
I. Policy schedule
II. Standard provisions
III. Specific policy provisions
IV. Claim procedure
Q 146 :In a standard insurance policy document, the standard provisions section will have
information on which of the below?
I. Date of commencement, date of maturity and due date of last premium
II. Name of nominee
III. The rights and privileges and other conditions, which are applicable under the
contract
IV. The signature of the authorised signatory and policy stamp
Q 147 :“A clause precluding death due to pregnancy for a lady who is expecting at the
time of writing the contract” will be included in which section of a standard policy
document?
I. Policy schedule III. Standard provisions
II. General provisions IV. Specific policy provisions
Q 148 :Under what circumstances would the policyholder need to appoint an appointee?
I. Insured is minor
II. Nominee is a minor
III. Policyholder is not of sound mind
IV. Policyholder is not married

Q 149 : Which of the below statement is false with regards to nomination?

I. Policy nomination is not cancelled if the policy is assigned to the insurer in return for a
loan
II. Nomination can be done at the time of policy purchase or subsequently
III. Nomination can be changed by making an endorsement in the policy
IV. A nominee has full rights on the whole of the claim
Q 150 :In order for the policy to acquire a guaranteed surrender value, for how long must
the premiums be paid as per law?
I. Premiums must be paid for at least 2 consecutive years
II. Premiums must be paid for at least 3 consecutive years
III. Premiums must be paid for at least 4 consecutive years
IV. Premiums must be paid for at least 5 consecutive years
Q 151 :When is a policy deemed to be lapsed?

I. If the premiums are not paid on due date
II. If the premiums are not paid before the due date
III. If the premium has not been paid even during days of grace
IV. If the policy is surrendered
Q 152 : Which of the below statement is correct with regards to grace period of an
insurance policy?
I. The standard length of the grace period is one month.
II. The standard length of the grace period is 30 days.
III. The standard length of the grace period is one month or 30 days.
IV. The standard length of the grace period is one month or 31 days.
Q 153 :What will happen if the policyholder does not pay the premium by the due date
and dies during the grace period?
I. The insurer will consider the policy void due to non-payment of premium by the due
date and hence reject the claim
II. The insurer will pay the claim and waive off the last unpaid premium
III. The insurer will pay the claim after deducting the unpaid premium
IV. The insurer will pay the claim after deducting the unpaid premium along with interest
which will be taken as 2% above the bank savings interest rate
Q 154 :During the revival of a lapsed policy, which of the below aspect is considered most
significant by the insurance company? Choose the most appropriate option.
I. Evidence of insurability at revival
II. Revival of the policy leading to increase in risk for the insurance company
III. Payment of unpaid premiums with interest
IV. Insured submitting the revival application within a specified time frame
Q 155 : For an insurance policy nomination is allowed under of the Insurance

Act, 1938.
I. Section 10
II. Section 38
III. Section 39
IV. Section 45

Q 156 :Which of the below statement is incorrect with regards to a policy against which a
loan has been taken from the insurance company?
I. The policy will have to be assigned in favour of the insurance company
II. The nomination of such policy will get cancelled due to assignment of the policy in
favour of the insurance company
III. The nominee‟s right will affected to the extent of the insurer‟s interest in the policy
IV. The policy loan is usually limited to a percentage of the policy‟s surrender value
Q 157 :Which of the below statement is incorrect with regards to assignment of an

insurance policy?
I. In case of Absolute Assignment, in the event of death of the assignee, the title of the
policy would pass to the estate of the deceased assignee.
II. The assignment of a life insurance policy implies the act of transferring the rights right,
title and interest in the policy (as property) from one person to another.
III. It is necessary that the policyholder must give notice of assignment to the insurer.
IV. In case of Absolute Assignment, the policy vests absolutely with the assignee till
maturity, except in case of death of the insured during the policy tenure, wherein the
policy reverts back to the beneficiaries of the insured.
Q 158 :Which of the below alteration will be permitted by an insurance company?

I. Splitting up of the policy into two or more policies
II. Extension of the premium paying term
III. Change of the policy from with profit policy to without profit policy
IV. Increase in the sum assured
Q 159 :Which of the following cases is likely to be declined or postponed by a life insurer?
I. Healthy 18 year old
II. An obese person
III. A person suffering from AIDS
IV. Housewife with no income of her own
Q160 :Which of the following is an example of moral hazard?

I. Stunt artist dies while performing a stunt
II. A person drinking copious amounts of alcohol because he is inured
III. Insured defaulting on premium payments
IV. Proposer lying on policy document
Q 161 : Why is heredity history of importance in medical underwriting?

I. Rich parents have healthy kids
II. Certain diseases can be passed on from parents to children
III. Poor parents have malnourished kids
IV. Family environment is a critical factor
Q 162 : Which of the following denotes the underwriter’s role in an insurance company?
I. Process claims
II. Decide acceptability of risks
III. Product design architect
IV. Customer relations manager
Q 163 : Which of the following is not an underwriting decision?

I. Risk acceptance at standard rates III. Postponement of risk
II. Declinature of risk IV. Claim rejection

Q 164 : Which of the following is not a standard age proof?

I. Passport
II. School leaving certificate
III. Horoscope
IV. Birth certificate
Q165 :Which of the following condition will affect a person’s insurability negatively?
I. Daily jogs
II. Banned substance abuse
III. Lazy nature
IV. Procrastination
Q 166 :Under what method of underwriting does an underwriter assign positive rating
points for all negative or adverse factors (negative points for any positive or favourable
factors)?
I. Judgment
II. Arbitrary
III. Numerical rating
IV. Single step
Q 167 :Under risk classification, consist of those whose anticipated mortality

corresponds to the standard lives represented by the mortality table.
I. Standard lives
II. Preferred risks
III. Sub-standard lives
IV. Declined lives
Q 168 :Amruta is pregnant. She has applied for a term insurance cover. Which of the
below option will be the best option to choose for an underwriter to offer insurance to
Amruta? Choose the most likely option.
I. Acceptance at ordinary rates
II. Acceptance with extra premium
III. Decline the proposal
IV. Acceptance with a restrictive clause
Q 169 :Which of the below insurance proposal is not likely to qualify under non-medical
underwriting?
I. Savita, aged 26 years, working in an IT company as a software engineer
II. Mahesh, aged 50 years, working in a coal mine
III. Satish, aged 28 years, working in a bank and has applied for an insurance cover of Rs. 1
crore
IV. Pravin, aged 30 years, working in a departmental store and has applied for an
endowment insurance plan for a tenure of 10 years
Q 170 :Sheena is suffering from acute diabetes. She has applied for an insurance plan. In
this case the underwriter is most likely to use for underwriting. Choose the
most appropriate option.
I. Judgment method
II. Numerical method
III. Any of the above method since an illness like diabetes does not play a major role in the
underwriting process
IV. Neither of the above method as diabetes cases are rejected outright

Q171 :Santosh has applied for a term insurance policy. His anticipated mortality is
significantly lower than standard lives and hence could be charged a lower premium.
Under risk classification, Santosh will be classified under .
I. Standard lives
II. Preferred risks
III. Substandard lives
IV. Declined lives
Q 172 :Which of the below statement best describes the concept of claim? Choose the
most appropriate option.
I. A claim is a request that the insurer should make good the promise specified in the
contract
II. A claim is a demand that the insurer should make good the promise specified in the
contract
III. A claim is a demand that the insured should make good the commitment specified in
the agreement
IV. A claim is a request that the insured should make good the promise specified in the
agreement
Q 173 : Given below is a list of policies. Identify under which type of policy, the claim
payment is made in the form of periodic payments?
I. Money-back policy
II. Unit linked insurance policy
III. Return of premium policy
IV. Term insurance policy
Q 174 :Mahesh has bought a life insurance policy with a critical illness rider. He has made
absolute assignment of the policy in favour of Karan. Mahesh suffers a heart attack and
there is a claim of Rs. 50,000 under the critical illness rider. To whom will the payment be
made in this case?
I. Mahesh
II. Karan
III. The payment will be shared equally by Mahesh and Karan
IV. Neither of the two because Mahesh has suffered the heart attack but the policy is
assigned in favour of Karan.
Q 175 :Praveen died in a car accident. The beneficiary submits documents for death
claim. Which of the below document is an additional document required to be submitted
in case of accidental death as compared to natural death.
I. Certificate of burial or cremation
II. Treating physician‟s certificate
III. Employer‟s certificate
IV. Inquest Report
Q 176 :Which of the below death claim will be treated as an early death claim?
I. If the insured dies within three years of policy duration
II. If the insured dies within five years of policy duration
III. If the insured dies within seven years of policy duration
IV. If the insured dies within ten years of policy duration
Q 177 :Given below are some events that will trigger survival claims. Identify which of the
below statement is incorrect?
I. Claim paid on maturity of a term insurance policy

II. An instalment payable upon reaching the milestone under a money-back policy
III. Claim paid for critical illnesses covered under the policy as a rider benefit
IV. Surrender value paid on surrender of an endowment policy by the policyholder
Q 178 :A payment made under a money-back policy upon reaching a milestone will be
classified under which type of claim?
I. Death claim
II. Maturity claim
III. Periodical survival claim
IV. Surrender claim
Q 179 :Shankar bought a 10 year Unit Linked Insurance Plan. If he dies before the maturity
of the policy which of the below will be paid?
I. Lower of sum assured or fund value
II. Higher of sum assured or fund value
III. Premiums paid will be returned with 2% higher interest rate as compared to a bank‟s
savings deposit
IV. Surrender value
Q 180 :Based on classification of claims (early or non-early), pick the odd one out?
I. Ramya dies after 6 months of buying a term insurance plan
II. Manoj dies after one and half years of buying a term insurance plan
III. David dies after two and half years of buying a term insurance plan
IV. Pravin dies after five and half years of buying a term insurance plan
Q 181 : Given below is a list of documents to be submitted for a normal death claim by all
beneficiaries in the event of death of life insured. Pick the odd one out which is
additionally required to be submitted only in case of death by accident.
I. Inquest report
II. Claim form
III. Certificate of burial or cremation
IV. Hospital‟s certificate
Q 182 :As per IRDAI (Protection of Policyholders Interests) Regulations, 2002, a claim
under a life policy shall be paid or be disputed, within 30 days from the date of receipt of
all relevant papers and clarifications required.
I. 7 days III. 30 days
II.15 days IV. 45 days
Q 183 :As per guidelines, an insurance company has to process an insurance proposal
within .
I. 7 days
II. 15 days
III. 30 days
IV. 45 days
Q 184 :In case the premium payment is made by cheque, then which of the below
statement will hold true?
I. The risk may be assumed on the date on which the cheque is posted
II. The risk may be assumed on the date on which the cheque is deposited by the insurance
company
III. The risk may be assumed on the date on which the cheque is received by the insurance
company
IV. The risk may be assumed on the date on which the cheque is issued by the proposer

Q 185 :Which of the below statement is correct with regards to a warranty?

I. A warranty is a condition which is implied without being stated in the policy
II. A warranty is a condition expressly stated in the policy
III. A warranty is a condition expressly stated in the policy and communicated to the
insured separately and not as part of the policy document
IV. If a warranty is breached, the claim can still be paid if it is not material to the risk
Q 186 :If certain terms and conditions of the policy need to be modified at the time of
issuance, it is done by setting out the amendments through .
I. Warranty
II. Endorsement
III. Alteration
IV. Modifications are not possible
Q 187 :Which of the below statement is correct with regards to renewal notice?
I. As per regulations there is a legal obligation on insurers to send a renewal notice to
insured, 30 days before the expiry of the policy
II. As per regulations there is a legal obligation on insurers to send a renewal notice to
III. As per regulations there is a legal obligation on insurers to send a renewal notice to
IV. As per regulations there is no legal obligation on insurers to send a renewal notice to
insured before the expiry of the policy
Q 188 : Though the duration of cover for pre-hospitalization expenses would vary from
insurer to insurer and is defined in the policy, the most common cover is for
pre-hospitalization.
I. Fifteen days
II. Thirty days
III. Forty Five days
IV. Sixty days
Q 189 :As per IRDA guidelines, a grace period is allowed for renewal of individual
health policies.
I. Fifteen days III. Forty Five days
II. Thirty days IV. Sixty days
Q 190 :Which of the below statement is correct with regards to a hospitalization expenses
policy?
I. Only hospitalization expenses are covered
II. Hospitalization as well as pre and post hospitalization expenses are covered
III. Hospitalization as well as pre and post hospitalization expenses are covered and a
lumpsum amount is paid to the family members in the event of insured‟s death
IV. Hospitalization expenses are covered from the first year and pre and post
hospitalization expenses are covered from the second year if the first year is claim free.
Q191 :Identify which of the below statement is correct?

I. Health insurance deals with morbidity
II. Health insurance deals with mortality
III. Health insurance deals with morbidity as well as mortality

IV. Health insurance neither deals with morbidity or mortality
Q 192 :Which of the below statement is correct with regards to cashless service provided
in health insurance?
I. It is an environment friendly go-green initiative started by insurance companies to
promote electronic payments so that circulation of physical cash notes can be reduced and
trees can be saved.
II. Service is provided free of cost to the insured and no cash is to be paid as the payment
is made by the Government to the insurance company under a special scheme
III. All payments made by insured have to be made only through internet banking or cards
as cash is not accepted by the insurance company
IV. The insured does not pay and the insurance company settles the bill directly with
the hospital
Q 193 :Identify the correct full form of PPN with regards to hospitals in health insurance.
I. Public Preferred Network
II. Preferred Provider Network
III. Public Private Network
IV. Provider Preferential Network
Q 194 :Identify which of the below statement is incorrect?

I. An employer can take a group policy for his employees
II. A bank can take a group policy for its customers
III. A shopkeeper can take a group policy for its customers
IV. A group policy taken by the employer for his employees can be extended to include the
family members of the employees
Q 195 :Underwriting is the process of .

I. Marketing insurance products
II. Collecting premiums from customers
III. Risk selection and risk pricing
IV. Selling various insurance products
Q 196 :The principle of utmost good faith in underwriting is required to be followed by _...
I. The insurer III. Both the insurer and the insured
II. The insured IV. The medical examiners
Q 197 :Insurable interest refers to .

I. Financial interest of the person in the asset to be insured
II. The asset which is already insured
III. Each insurer‟s share of loss when more than one company covers the same loss
IV. The amount of the loss that can be recovered from the insurer
Q 198 :Which of the following statements about medical underwriting is incorrect?

I. It involves high cost in collecting and assessing medical reports.
II. Current health status and age are the key factors in medical underwriting for health
insurance.
III. Proposers have to undergo medical and pathological investigations to assess their
health risk profile.
IV. Percentage assessment is made on each component of the risk.
Q 199 :

1) In a group health insurance, any of the individual constituting the group could anti-
select against the insurer.
2) Group health insurance provides coverage only to employer-employee groups.
I. Statement 1 is true and statement 2 is false
II. Statement 2 is true and statement 1 is false
III. Statement 1 and statement 2 are true
IV. Statement 1 and statement 2 are false
Q 200 :Which of the following factor does not affect the morbidity of an individual?
I. Gender
II. Spouse job
III. Habits
IV. Residence location
Q 201 According to the principle of indemnity, the insured is paid for .

I. The actual losses to the extent of the sum insured
II. The sum insured irrespective of the amount actually spent
III. A fixed amount agreed between both the parties
IV. The actual losses irrespective of the sum assured
Q 202 :The first and the primary source of information about an applicant, for the
underwriter is his .
I. Age proof documents
II. Financial documents
III. Previous medical records
IV. Proposal form
Q 203 :The underwriting process is completed when .

I. All the critical information related to the health and personal details of the proposer are
collected through the proposal form
II. All the medical examinations and tests of the proposer are completed
III. The received information is carefully assessed and classified into appropriate risk
categories
IV. The policy is issued to the proposer after risk selection and pricing.
Q 204 :Which of the following statements about the numerical rating method is incorrect?
I. Numerical rating method provides greater speed in the handling of a large business with
the help of trained personnel.
II. Analysis of difficult or doubtful cases is not possible
on the basis of numerical points without medical referees or experts.
III. This method can be used by persons without any specific knowledge of medical
science.
IV. It ensures consistency between the decisions of different underwriters
Q 205 :Who among the following is not a stakeholder in insurance claim process?
I. Insurance company shareholders
II. Human Resource Department
III. Regulator
IV. TPA

Q 206 :Which of the following document is maintained at the hospital detailing all
treatment done to an in-patient?
I. Investigation report
II. Settlement sheet
III. Case paper
IV. Hospital registration certificate
Q 207 :The amount of provision made for all claims in the books of the insurer based on
the status of the claims is known as .
I. Pooling
II. Provisioning
III. Reserving
IV. Investing
Q 208 :Which of the following documents are not required to be submitted for Permanent
Total Disability claim?
I. Duly completed Personal Accident claim form signed by the claimant.
II. Attested copy of First Information Report if applicable.
III. Permanent disability certificate from a civil surgeon or any equivalent competent
doctors certifying the disability of the insured.
IV. Fitness certificate from the treating doctor certifying that the insured is fit to
perform his normal duties.
Q 209 : are paid upfront by Assistance Company and later claimed from
insurance company.
I. Bail bond cases
II. Personal accident claims
III. Overseas travel insurance claims
IV. Untenable claims
Q 210 :Who among the following is considered as primary stakeholder in insurance claim
process?
I. Customers
II. Owners
III. Underwriters
IV. Insurance agents/brokers
Q 211 :Girish Saxena‟s insurance claim was denied by insurance company. In case of a
denial, what is the option available to Girish Saxena, apart from the representation to the
insurer?
I. To approach Government
II. To approach legal authorities
III. To approach insurance agent
IV. Nothing could be done in case of case denial
Q 212 :During investigation, of a health insurance claim presented by Rajiv Mehto,

insurance company finds that instead of Rajiv Mehto, his brother Rajesh Mehto had been
admitted to hospital for treatment. The policy of Rajiv Mehto is not a family floater plan.
This is an example of fraud.
I. Impersonation
II. Fabrication of documents
III. Exaggeration of expenses

IV. Outpatient treatment converted to in-patient / hospitalization
Q213 : Under which of the following condition, is domiciliary hospitalization is covered in

a health insurance policy?
I. The condition of the patient is such that he/she can be removed to the Hospital/Nursing
Home , but prefer not to
II. The patient cannot be removed to Hospital/Nursing Home for lack of
accommodation therein
III. The treatment can be carried out only in hospital/Nursing home
IV. Duration of hospitalization is exceeding 24 hours
Q214 : Which of the following codes capture the procedures performed to treat the
illness?
I. ICD
II. DCI
III. CPT (Current Procedure Terminology )
IV. PCT
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IC-38 Exam MOCK TEST

IC 38 Question Bank PDF for Life Insurance

Q2: Which among the following is a secondary burden of risk?

Q3:Which among the following is a method of risk transfer?

Q4:Which among the following scenarios warrants insurance?

Q6:Risk transfer through risk pooling is called

Q7: The measures to reduce chances of occurrence of risk are known as

Q8: By transferring risk to insurer, it becomes possible .

IC-38 Exam MOCK TEST

III. To ignore the potential risks facing our assets

Q9: Origins of modern insurance business can be traced to

Q10: In insurance context „risk retention‟ indicates a situation where

Q11: Which of the following statement is true?

Q13: Which of the following statements is true?

Q16: What is meant by customer lifetime value?

IC-38 Exam MOCK TEST

Q19 : What does not go on to make a healthy relationship?

Q21 : Which among the following is not a characteristic of ethical behaviour?

Q 22 -----------------------is not a tangible good.

Q23 is not an indicator of service quality.

Q24 : In India insurance is mandatory.

IC-38 Exam MOCK TEST

III. Travel insurance for domestic travel

Q 25: One of the methods of reducing insurance cost of an insured is

Q 27: Consumer Protection Act deals with:

Q 28 : has jurisdiction to entertain matters where value of goods or

Q 29 : In customer relationship the first impression is created:

Q 30 :Select the correct statement:

Q 31: Active Listening involves:

IC-38 Exam MOCK TEST

Q32 :The has jurisdiction to entertain complaints, where value of the

Q 34 :Expand the term IGMS.

Q 39 :How is the complaint to be launched with an insurance ombudsman?

Q 38: What is the time limit for approaching an Insurance Ombudsman?

IC-38 Exam MOCK TEST

Q41 :Which among the following is an example of coercion?

Q 42: Which among the following options cannot be insured by Ramesh?

Q 43 :Which element of a valid contract deals with premium?

Q 44 relates to inaccurate statements, which are made without any

Q 45 involves pressure applied through criminal means.

I. They are verbal contracts not legally enforceable

IC-38 Exam MOCK TEST

Q 47 :Which of the below is not a valid consideration for a contract?

Q 49 :Which of the below action showcases the principle of “Uberrima Fides”?

Q 51 :When is it essential for insurable interest to be present in case of life insurance?

Q 53 :Can a complaint be launched against a private insurer?

Q54 :How does diversification reduce risks in financial markets?

IC-38 Exam MOCK TEST

Q 55 :Which of the below is not an element of the life insurance business?

Q 56 : Who devised the concept of HLV?

Q 58 : Which among the following cannot be termed as an asset?

Q 59 :Which of the below cannot be categorised under risks?

Q 60 : which statement is correct ?

IC-38 Exam MOCK TEST

Q 63 :Which of the below is not an advantage of cash value insurance contracts?

Q 64 Which of the below is an advantage of cash value insurance contracts?

Q 66 : When is the best time to start financial planning?