english ic 33 paper 2 to 5 with answers
Post on 16-Jul-2015
179 Views
Preview:
TRANSCRIPT
1
Manish Suryawanshi
English IC 33 Paper 2 (2014-New Syllabus )
Your answers are highlighted below.
Question 1
______________ is a plan of decreasing term insurance designed to
provide a death amount that corresponds to the decreasing amount
owned on a mortgage loan.
A Loan Redemption Plan
B Cash Redemption Plan
C Mortgage Redemption Plan
D Credit Redemption Plan
Question 2
What benefits are given by the government to promote health
insurance?
A Cash Benefits
B Premium Discontinuance
C No claims Bonus
D Tax Benefits
Question 3
Which of the below is not a strategy to maximise discretionary income?
2
Manish Suryawanshi
A Debt restructuring
B Loan transfer
C Investment restructuring
D Insurance purchase
Question 4
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?
A Mahesh
B Karan
C The payment will be shared equally by Mahesh and Karan
D Neither of the two because Mahesh has suffered the heart attack but
the policy is assigned in favour of Karam
Question 5
Typical risks faced by people are
A Dying to early
B Living to long
C Living with disability
3
Manish Suryawanshi
D All of the above
Question 6
What does a policy lapse mean?
A Policyholder completes premium payment for a policy
B Policyholder discontinues premium payment for a policy
C Policy attains maturity
D Policy is withdrawn from the market
Question 7
An individual with an aggressive risk profile is likely to follow wealth
_____________ investment style.
A Consolidation
B Gifting
C Accumulation
D Spending
Question 8
Given below are some events that will trigger survival claims. Identify
which of the below statement is incorrect?
A Claim paid on maturity of a term insurance policy
B An installment payable upon reaching the milestone under a money-
back policy
4
Manish Suryawanshi
C Claim paid for critical illnesses covered under the policy as a rider
benefit
D Surrender value paid on surrender of an endowment policy by the
policyholder
Question 9
Types of pension scheme What are the various types of annuity
schemes
A Public Pension
B Occupational Pension
C Personal Pensions
D All of the above
Question 10
Which of the below will be the most appropriate option for a customer
to lodge an insurance policy related complaint?
A Police
B Supreme Court
C Insurance Ombudsman
D District Court
Question 11
5
Manish Suryawanshi
____________ is the feature in which an health insurance policy holder
can transfer his policy with gained credit and time bound exclusion
from one insurer to another.
A Network Provider
B Portablity
C TPA
D Mediclaim
Question 12
Insurance policy is contract between ____________
A Company & Partner
B Agency & Company
C Insured & Policy holder
D Insurer & Policy holder
Question 13
Which of the below is not correct with regards to insurable interest?
A Father taking out insurance policy on his son
B Spouses taking out insurance on one another
C Friends taking out insurance on one another
6
Manish Suryawanshi
D Employer taking out insurance on employees
Question 14
Which among the following is not an objective of tax planning?
A Maximum tax benefit
B Reduced tax burden as a result of prudent investments
C Tax evasion
D Full advantage of tax breaks
Question 15
In health insurance policy premium will be based on
A Occupation
B Income
C Age
D Height
Question 16
Any person who has completed 60 or more years of age as on the date
of commencement or renewal in health insurance policy is called
_________________
7
Manish Suryawanshi
A Family floater
B Group Health Insurance
C Senior Citizen
D Mediclaim
Question 17
A complete insurance planning includes _______________
A Life Insurance
B Health insurance
C Asset Insurance
D All of the above
Question 18
How many life insurance companies are operating in India currently ?
A 26
B 23
C 20
D 24
Question 19
8
Manish Suryawanshi
Anthony has taken a new car and immediately gets his car insured too.
He is paying a premium of Rs.4000 premium for car insurance.
Unfortunately his car meets with an accident and most of the parts are
broken.So that Anthon receives the insurance when should the
insurable interest exist
A At time of Purchasing New Car
B AT time of Paying Premium
C At the time of claim
D None of the above
Question 20
Which of the following statement is correct in relation to claim?
A A claim is the demand of performance by the insurer
B A claim arises only when insured event takes place
C A claim is valid if insured has paid all the premiums
D All of the above
Question 21
Mortagae Redemption Insurance facilitate ____________
A Higher Mortgage Rate
B Cheaper Mortgage Rate
C Higher Interest Rate
9
Manish Suryawanshi
D Higher Profits
Question 22
Which among the following methods is a traditional method that can
help determine the insurance needed by an individual?
A Human Economic Value
B Life Term Proposition
C Human Life Value
D Future Life Value
Question 23
_______________ life insurance pays off a policyholder’s mortgage in
the event of the person’s death.
A Term
B Mortgage
C Whole
D Endowment
Question 24
When is the best time to start financial planning?
A Post retirement
B As soon as one gets his first salary
10
Manish Suryawanshi
C After marriage
D Only after one gets rich
Question 25
During which stage of life will an individual appreciate past savings the
most?
A Post retirement
B Earner
C Learner
D Just married
Question 26
Keyman insurance indemnify ______________ incurred but
compensates with fixed monetary sum as specified on the insurance
policy
A Actual Losses
B Actual Expenses
C Early Premiums
D Fixed Monetary sum is specify in the policy
Question 27
11
Manish Suryawanshi
What are retained earnings
A Premium
B Surplus
C Bonus
D Assets
Question 28
If an agent wants to earn more commission
A He will meet fixed number of existing customers
B He will have to meet more number of prospects
C Do nothing as he getting renewal commission
D Persuade to surrender exiting policy and buy new one - to existing
customer
Question 29
What is the procedure in which and individual can get the complicated
surgical procedures without getting admitted?
A In patient
B Out patient
C Day care
D Normal Admission
12
Manish Suryawanshi
Question 30
Hurt not other with that which pains yourself is golden rule of which
religion
A Jainsim
B Buddhisim
C Islam
D Christianity
Question 31
Mr X has lost his policy document, company will issue him new policy
document with?
A Minor change in policy terms and condition
B Major change in policy terms and condition
C No change in policy terms and condition
D No change in policy terms and condition
Question 32
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
13
Manish Suryawanshi
A Savita, aged 26 years, working in an IT company as a software
engineer
B Mahesh, aged 50 years, working in a coal mine
C Satish, aged 28 years, working in a bank and has applied for an
insurance cover of Rs. 1 crore
D Pravin, aged 30 years, working in a departmental store and has
applied for an endowment insurance plan for a tenure of 10 years
Question 33
Deliberate concealment of facts or misrepresentation of facts falls
under which category ___________
A Fraud
B Consideration
C Capacity of the party
D Free Consent
Question 34
Mr Amit is nearing retirement, he has a lump sum amount to invest, he
requires regular cash flow to help cover basic living expenses, Which
type of annuity plan Amit should purchase
A Immediate Annuity
B Deferred Annuity
14
Manish Suryawanshi
C Money back annuity
D Assured Annuity
Question 35
_______________ includes preparing of budget, analysing of expenses
and income flow and predicting the future monthly income & expenses
A Estate Planning
B Investment Planning
C Retirement Planning
D Cash Planning
Question 36
Which of the following statement is correct
A Higher the mortality rate in the mortality table; higher the premiums
would be
B Higher the interest rate assumed, lower the premium
C Both of the above
D Premium would remain unaffected
Question 37
The Cash value component in traditional products is
15
Manish Suryawanshi
A Pre-planned
B Weil defined
C Not well defined
D Not pre-planned
Question 38
As per IRDA 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
A I only
B II only
C I and II both
D Neither I nor II
Question 39
Interest paid by the insurer for delay in claim settlement would be
A 0.02
B 2% above the bank rate
C No Interest payable
D 0.06
Question 40
16
Manish Suryawanshi
For seeking license to act as a composite agent one has to complete
from an IRDA approved institution at least
A 100 hrs practical training
B 75 hrs practical training
C 60 hrs practical training
D 65 hrs practical training
Question 41
In the keyman insurance the premium paid by the company is treated
as ______________
A Profit of the business
B Business Expense
C Loan of the company
D Sum Assured of the business
Question 42
Rating factors in underwriting does not depend on
A Financial situation
B Family History
C No. of members in the family
D Personal history of health and habits
Question 43
17
Manish Suryawanshi
What is the relation between investment horizon and returns?
A Both are not related at all
B Greater the investment horizon the larger the returns
C Greater the investment horizon the smaller the returns
D Greater the investment horizon more tax on the returns
Question 44
Active listening involves
A Paying attention
B Confidence
C Trust
D Smiling face
Question 45
Which of the following condition will affect a person's insurability
negatively?
A Daily jogs
B Banned substance abuse
C Lazy nature
18
Manish Suryawanshi
D Procrastination
Question 46
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.
A Judgment method
B Numerical method
C Any of the above method since an illness like diabetes does not play a
major role in the underwriting process
D Neither of the above method as diabetes Gases are rejected outright
Question 47
Employer may take out a key persons insurance policy on the
____________ and ______________ of any employee
A Life of all employee
B Employer cannot insure a keyman
C Only health of the employees
D Life or Health of Any employees
19
Manish Suryawanshi
Question 48
In customer relationship the first impression is created:
A By being confident
B By being on time
C By showing interest
D By being on time: showing interest and being confident
Question 49
MR. Shetty wants to purchase a new house. This is which category of
goal?
A Short Term Gaol
B Log term Goal
C Medium Term Goal
D Option 2& 3
Question 50
The awards by the Ombudsman are governed by the following rulesA
Award should not be more than RS 20 lakhs
B Award should be made within a period of 3 months from the date of
receipt of the complaint
C Insurer shall comply with the award and send a written intimation to
the ombudsman within 1.5 days of the receipt of acceptance
20
Manish Suryawanshi
D All of the above
==========================================================
English IC 33 Paper 3 (2014-New Syllabus )
Question 1
Which among the following would you recommend in order to seek
protection against unforeseen events?
A Insurance
B Transactional products like bank FD's
C Shares
D Debentures
Question 2
Optimal method of converting principal (which we may call the corpus
)into annuity payments for meeting income needs post retirement is
known as ____________
A Distribution
B Accumulation
C Conversation
D Estate
Question 3
Cardio vascular disease refers to the disease which affect
21
Manish Suryawanshi
A Heart and circulatory system(Blood)
B Lungs and respiratory system
C Kidney and excretory system
D Stomach, intestine and digestive system
Question 4
Which among the below statements is true? Statement I: Every pension
is an annuity Statement II: Every annuity is a pension
A I and II are true
B I and II are false
C I is true and II is false
D I is false and IF is true
Question 5
In which of the following insurable interest will not exist
A Mr Singh wants to take an insurance policy for his child
B Anita wants to take insurance policy for her friend
C Anuj wants to take an insurance policy for her wife
D All of the above
Question 6
In progressive risk profile Investment style is _____________
22
Manish Suryawanshi
A Accumulation
B Wealth Accumulation
C Estate Planning
D Consolidation
Question 7
What are retained earnings
A Premium
B Surplus
C Bonus
D Assets
Question 8
Health Insurance policies can be obtained by ____________
A Group
B Individual
C Family
D All of the above
Question 9
23
Manish Suryawanshi
Mahesh has taken as decreasing term life insurance policy to repay the
balance of his mortgage loan if he dies before its full repayment... what
policy has he opted for
A Term Insurance
B Life Insurance
C Term & MRI
D MRI
Question 10
Mr Suresh Patil is the main income earner of the family and wants to
save in an insurance plan which gives him life cover till he is alive Which
plan will you suggest for his needs?
A Decreasing Term Assurance
B Pure Endowment Plan
C Pension Plan
D Whole life Insurance Plan
Question 11
The sum assured under keyman insurance policy is generally linked to
which of the following?
A key man income
B Business profitability
24
Manish Suryawanshi
C Business history
D Inflation index
Question 12
A Life Assured is missing for the last 7 years, on which basis will the
death claim be settled?
A Court Decree
B Declaration by Nominee
C Declaration by Agent
D Declaration by Employer
Question 13
Which among the following is an example of coercion?
A Ramesh signs a contract without having knowledge of the fine print
B Ramesh threatens to kill Mahesh if he does not sign the contract
C Ramesh uses his professional standing to get Mahesh to sign a
contract
D Ramesh provides false information to get Mahesh to sign a contract
Question 14
Guiding principles for determining amount of loading are
A Adequacy
B Equity
25
Manish Suryawanshi
C Competitiveness
D All of the above
Question 15
Predominant cause which sets into motion the chain of events
producing the loss is known as _______________
A Contract Adhesion
B Proximate Cause
C Leagality
D Utmost Good Faith
Question 16
Which of the below statements is correct?
A The prime purpose of insurance regulation is to protect the insurance
companies
B The prime purpose of insurance regulation is to protect the
policyholder
C The prime purpose of insurance regulation is to protect the insurance
intermediaries
D The prime purpose of insurance regulation is to protect the
Government
26
Manish Suryawanshi
Question 17
Collecting numerous individual contributions From various People.
These people have similar assets which are exposed to similar risks. This
process is known as __________________
A Peril
B Pooling
C Risk
D asset
Question 18
Money laundering is the process of bringing _____________ money
into an economy by hiding its ____________ origin so that it appears to
be legally acquired.
A Illegal: illegal
B Legal, legal
C Illegal; legal
D Legal, illegal
Question 19
27
Manish Suryawanshi
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?
A Rs..100/-
B Rs..200/-
C Rs80/-
D Rs.4001-
Question 20
Which among the following is not an element of active listening?
A Paying good attention
B Being extremely judgmental
C Empathetic listening
D Responding appropriately
Question 21
The awards by the Ombudsman are governed by the following rules
A Award should not be more than RS 20 Iakhs
B Award should be made within a period of 3 months from the date of
receipt of the complaint
28
Manish Suryawanshi
C Insurer shall comply with the award and send a written intimation to
the ombudsman within 15 days of the receipt of acceptance
D All of the above
Question 22
Judicial channel for grievance established by the central government is
A State Forum
B District Forum
C National forum
D Lifeline
Question 23
Under Sec 47 of insurance Act 1938 when claim is ready for payment
but cannot be paid due lack of proper identification of the payee,
Interest payable would be?
A 2% over Bank Rate
B Bank Rate
C No Interest payable
D 4% over Bank Rate
Question 24
How much Sum assured is permissible in relation to the income
29
Manish Suryawanshi
A 5to 10 times of the annual income
B 10 to 12 times of the annual income
C 12 to 15 times of the annual income
D 15 to 20 times of the annual income
Question 25
During which stage of life will an individual appreciate past savings the
most?
A Post retirement
B Earner
C Learner
D Just married
Question 26
Which of the following is not an underwriting decision?
A Risk acceptance at standard rates
B Declinature of risk
C Postponement of risk
D Claim rejection
Question 27
30
Manish Suryawanshi
Who are the beneficiaries in MWP Act?
A Wife & children
B Only Policy holder
C Parents
D Friends
Question 28
Savings can be considered as a composite of two decisions. Choose
them from the list below.
A Risk retention and reduced consumption
B Gifting and accumulation
C Spending and accumulation
D Postponement of consumption and parting with liquidity
Question 29
Mr. Ajay is persuading prospect to buy insurance policy to achieve his
sales target, this behaviour is
A Ethical
B Professional
C Unethical
D Moral
31
Manish Suryawanshi
Question 30
A policy holder need to have a ____________ to avail the benefit of
cashless facility under Health insurance policy.
A Employees FD card
B Identification card
C Policy document
D Smart Card
Question 31
What is the relation between investment horizon and returns?
A Both are not related at all
B Greater the investment horizon the larger the returns
C Greater the investment horizon the smaller the returns
D Greater the investment horizon more tax on the returns
Question 32
Mr Kumar wants to transfer his property in the name of his Son Vijay,
this is known as ______________ planning
A Investment Planning
B Retirement Planning
C Estate Planning
D All of the above
32
Manish Suryawanshi
Question 33
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 __________________
A Standard lives
B Preferred risks
C Substandard lives
D Declined lives
Question 34
In decreasing-term insurance, the premiums paid over
_________________ time.
A Increase
B Decrease
C Remain constant
D Are returned
Question 35
Moral hazard by health insurance companies can result in
_________________
33
Manish Suryawanshi
A Community rating
B Adverse selection
C Abuse of health insurance
D Risk pooling
Question 36
Based on classification of claims (early or non-early), pick the odd one
out?
A Ramya dies after 6 months of buying a term insurance plan
B Manoj dies after one and half years of buying a term insurance plan
C David dies after two and half years of buying a term insurance plan
D Pravin dies after five and half years of buying a term insurance plan
Question 37
When was Variable Life Insurance first introduced in United States?
A 1970
B 1965
C 1977
D 1980
Question 38
Prospecting in an insurance sale is __________________
34
Manish Suryawanshi
A Gathering the names of people who may be interested in insurance
B Preparing a list of all the persons in the city
C Enlisting all the policyholders of the branch office
D Preparing list of all the agents in the neighbourhood
Question 39
Which of the below option is correct with regards to a term insurance
plan?
A Term insurance plans come with life-long renewability option
B All term insurance plans come with a built-in disability rider
C Term insurance can be bought as a stand-alone policy as well as a
rider with another policy
D There is no provision in a term insurance plans to convert it into a
whole life insurance plan
Question 40
Which among the following can be categorized under transactional
products?
A Bank deposits
B Life insurance
C Shares
D Bonds
35
Manish Suryawanshi
Question 41
What are some non verbal gestures that indicate defensiveness and
non receptivity
A Smiling face
B Arms are crossed infront of you
C Purposeful gestures
D Shoulders held back
Question 42
Phases of retirement planning are ________________
A Distribution, Accumulation
B Convertion. Accumulation
C Convertion, Distribution
D Accumulation, Convertion, Distribution
Question 43
During the _______________ period, if the policyholder has bought a
policy and does not want it, he I she can return it and get a refund.
A Free evaluation
B Free look
C Cancellation
36
Manish Suryawanshi
D Free trial
Question 44
What benefits are given by the government to promote health
insurance?
A Cash Benefits
B Premium Discontinuance
C No claims Bonus
D Tax Benefits
Question 45
From the choices mentioned below, select the one that cannot be
categorised as an annuity.
A Rs. 2000 received today, Rs. 2000 received next year and Rs. 2000
received in 2 years
B Electricity Bill
C Car payments
D Mortgage payments
Question 46
Origins of modern insurance business can be traced to
______________
A Bottomry
37
Manish Suryawanshi
B Lloyds
C Rhodes
D Malhotra Committee
Question 47
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.
A Certificate of burial or cremation
B Treating physician's certificate
C Employer's certificate
D Inquest Report
Question 48
Life insurance companies may offer rebate to the buyer on the
premium that is payable on the basis of ________________
A Sum assured chosen by the buyer
B Type of policy chosen by the buyer
C Term of the Wan chosen by the buyer
D Mode of payment (cash, cheque, card) chosen by the buyer
Question 49
38
Manish Suryawanshi
Which insurance is used for business protection purpose
A Children education plan
B Keyman Insurance policy
C Re-insuance
D Term insurance
Question 50
Mr Ajay is interested in buying a health insurance plan. However he
wants to include his wife as well as his daughter in the same plan.
Which feature would be applicable to him?
A Individual
B Family Floater
C Senior Citizen
D Group. Health Insurance Plan
==========================================================
English IC 33 Paper 4 (2014-New Syllabus )
Question 1
A complete insurance planning includes ______________
A Life Insurance
B Health Insurance
C Asset Insurance
39
Manish Suryawanshi
D All of the above
Question 2
_________________is an insured who undergoes treatment after
getting admitted in a hospital.
A inpatient
B Outpatient
C Day patient
D House patient
Question 3
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.
A Judgment method
B Numerical method
C Any of the above method since an [Mess like diabetes does not play a
major role in the underwriting process
D Neither of the above method as diabetes cases are rejected outright
Question 4
Some very basic ethical principles to be followed by people working in
insurance industry
40
Manish Suryawanshi
A Keep your words
B Be true to your self
C Avoid harm and be fair
D All the above
Question 5
Given below are some events that will trigger survival claims. Identify
which of the below statement is incorrect?
A Claim paid on maturity of a term insurance policy
B An installment payable upon reaching the milestone under a money-
back policy
C Claim paid for critical illnesses covered under the policy as a rider
benefit
D Surrender value paid on surrender of an endowment policy by the
policyholder
Question 6
The premium paid for whole life insurance is ____________ than the
premium paid for term assurance.
A Higher
41
Manish Suryawanshi
B Lower
C Equal
D Substantially higher
Question 7
Which among the following is not a pre-requisite for launching a
complaint with the Ombudsman?
A The complaint must be by an individual on a 'Personal Lines'
insurance
B The complaint must be lodged within 1 year of the insurer rejecting
the complaint
C Complainant has to approach a consumer forum prior to the
Ombudsman
D The total relief sought must be within an amount of Rs_ 20 lakhs.
Question 8
Which of the below can be categorised under wealth accumulation
products?
A Bank deposits
B Life insurance
C General insurance
D Shares
42
Manish Suryawanshi
Question 9
Which of the following statement is true?
A Insurance protects the asset
B Insurance prevents its loss
C Insurance reduces possibilities of loss
D Insurance pays when there is loss of asset
Question 10
Given below is a list of policies. Identify under which type of policy, the
claim payment is made in the form of periodic payments?
A Money-back policy
B Unit linked insurance policy
C Return of premium policy
D Term insurance policy
Question 11
Guiding principles for determining amount of loading are
A Adequacy
B Equity
C Competitiveness
D All of the above
43
Manish Suryawanshi
Question 12
______________ relates to inaccurate statements, which are made
without any fraudulent intention.
A Misrepresentation
B Contribution
C Offer
D Representation
Question 13
Raghu"s policy was rejected by underwritter as he is working as a body
guard of a businessman with suspected criminal links. Under which
hazard his policy was rejected
A Occupational hazard due to source of accident
B Occupational hazard due to source of health hazard
C Occupational hazard due to source of financial hazard
D Occupational hazard due to source of moral hazard
Question 14
Phases of retirement planning are ______________
A Distribution, Accumulation
B Conversation, Accumulation
C Conversation, Distribution
44
Manish Suryawanshi
D Accumulation, Conservation, Distribution
Question 15
Optimal method of converting principal (which we may call the corpus
)into annuity payments for meeting income needs post retirement is
known as ____________
A Distribution
B Accumulation
C Conversation
D Estate
Question 16
Which among the following is not an objective of tax planning?
A Maximum tax benefit
B Reduced tax burden as a result of prudent investments
C Tax evasion
D Full advantage of tax breaks
Question 17
___________ refers to a hospital/health care provider enlisted by an
insurer to provide medical services to an insured on payment by a
cashless facility
A Day care centre
45
Manish Suryawanshi
B Network provider
C Third Party Administrator
D Domiciliary
Question 18
Amount of annuity payable is inversely related to which of the
following: 1. Principal sum of money 2. Investment period 3. Rate of
return 4. Duration of annuity payments
A 1 only
B 2 only
C 3 only
D 4 only
Question 19
Which of the following is not a standard age proof?
A Passport
B School leaving certificate
C Horoscope
D Birth certificate
Question 20
Select the option that best describes a policy document.
A It is evidence of the insurance contract
46
Manish Suryawanshi
B It is evidence of the interest expressed by the insured in buying an
insurance policy from the company
C It is evidence of the policy (procedures) followed by an insurance
company when dealing with channel partners like banks, brokers and
other entities
D It is an acknowledgement slip issued by the insurance company on
payment of the first premium
Question 21
An individual with an aggressive risk profile is likely to follow wealth
______________ investment style.
A Consolidation
B Gifting
C Accumulation
D Spending
Question 22
Mr. Rahul has recently undergone a surgery in a non-network hospital.
How can he settle his claim?
A Cashless
B TPA
C Reimbursement
D Direct Payment
47
Manish Suryawanshi
Question 23
Mr XYZ is director of a company, Company has taken Keyman insurance
for him, If something happens to Mr XYZ then benefit will paid to
________________
A his Nominee
B His Legal Heir
C Company
D None of the above
Question 24
Which among the following is a limitation of traditional life insurance
products?
A Yields on these policies is high
B Clear and visible method of arriving at surrender value
C Well defined cash and savings value component
D Rate of return is not easy to ascertain
Question 25
Which of the below is not a strategy to maximize discretionary income?
A Debt restructuring
B Loan transfer
48
Manish Suryawanshi
C Investment restructuring
D Insurance purchase
Question 26
What is a policy withdrawal?
A Discontinuation of premium payment by policyholder
B Surrender of policy in return for acquired surrender value
C Policy upgrade
D Policy downgrade
Question 27
_____________ is not a tangible good.
A House
B insurance
C Mobile Phone
D A pair of jeans
Question 28
What does unbundling of life insurance products refers to?
A Correlation of life insurance products with bonds
B Correlation of life insurance products with equities
C Amalgamation of protection and savings element
49
Manish Suryawanshi
D Separation of the protection and savings element
Question 29
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
A I only
B II only
C Both I and II
D Neither I nor II
Question 30
Which of the below consumer grievance redress al agencies would
handle consumer disputes amounting between Rs. 20 lakhs and Rs. 100
lakhs?
A District Forum
B Stale Commission
C National Commission
D Zilla Parishad
50
Manish Suryawanshi
Question 31
What is the full form of PML
A Protection of money Laundering
B Premium of money Laundering
C Prevention of money Laundering
D None of the above
Question 32
What is the relation between investment horizon and returns?
A Both are not related at all
B Greater the investment horizon the larger the returns
C Greater the investment horizon the smaller the returns
D Greater the investment horizon more tax on the returns
Question 33
Mr Prafull is a director of company his monthly income is 11,00,000,
the company has taken a Key insurance for Mr. Prafull his sum assured
is linked to ____________
A Sum Assured of Policy
B Porifitability of Company
C Income of Prafull
D None of the above
51
Manish Suryawanshi
Question 34
Which of the below losses are covered under keyman insurance?
A Property theft
B Losses related to the extended period when a key person is unable to
work
C General liability
D Losses caused due to errors and omission
Question 35
Which Act govern the insurance business in India
A IRDA Act 1999
B Insurance Act 1938
C Consumer Protection Act 1956
D None of the above
Question 36
Savings can be considered as a composite of two decisions. Choose
them from the list below.
A Risk retention and reduced consumption
B Gifting and accumulation
C Spending and accumulation
D Postponement of consumption and parting with liquidity
52
Manish Suryawanshi
Question 37
Leaving a good first impression involves
A The agent demonstrating confident, positive attitude and punctuality
B The Agent Gaffing all the product broschures with him
C The Agent sharing his qualification details with the customer
D None of the above
Question 38
Which among the following methods is a traditional method that can
help determine the insurance needed by an individual?
A Human Economic Value
B Life Term Proposition
C Human Life Value
D Future Life Value
Question 39
Which of the following is not an underwriting decision?
A Risk acceptance at standard rates
B Declinature of risk
C Postponement of risk
D Claim rejection
53
Manish Suryawanshi
Question 40
Ram purchased an Endowment policy of 10 Lakhs sum assured for 20
years . Simple reversionary bonus declared in 2nd year is 60/1000 of
sum assured. Calculate bonus for 2nd year
A 600
B 6000
C 60000
D 600000
Question 41
Mr Raju want a pension plan in which after he dies the annuity is paid
to his spouse for her life time. Which type of Annuity Mr. Raju should
purchase
A Joint Life last surviver with return of purchase of price
B immediate Annuity
C Joint Life Annuity
D Deferred annuity
Question 42
Anthony has taken a new car and immediately gets his car insured too.
He is paying a premium of Rs.4000 premium for car insurance.
Unfortunately his car meets with an accident and most of the parts are
54
Manish Suryawanshi
broken.So that Anthony receives the insurance when should the
insurable interest exist
A .At time of Purchasing New Car
B AT time of Paying Premium
C At the time of claim
D None of the above
Question 43
Which of the below group would not be eligible for a group health
insurance policy?
A Employees of a company
B Credit card holders of an organisation
C Professional association members
D Group of unrelated individuals formed for the purpose of availing
group health insurance
Question 44
_______________ is the feature in which an health insurance policy
holder can transfer his policy with gained credit and time bound
exclusion from one insurer to another.
A Network Provider
B Portablity
55
Manish Suryawanshi
C TPA
D Mediclaim
Question 45
In which insurance plan only the premiums paid over the term are
returned back?
A Unit Linked Insurance Plan
B Participating Plans
C Return of Premium Plan
D Money Back
Question 46
Which of the below mentioned insurance plans has the least or no
amount of savings element?
A Term insurance plan
B Endowment plan
C Whole life plan
D Money back plan
Question 47
The act which provides for presumption of death is
A Insurance Act 1938
56
Manish Suryawanshi
B IRDA Act 1999
C IRDA Regulation 2000
D Indian Evidence Act
Question 48
The payment of money in an insurance contract is known as
______________
A Offer and acceptance
B Consideration
C Legality
D Capacity of the parties
Question 49
According to the new guidelines for regular premium policies, the cover
will be ________ times the annualized premium paid for those below
45 and ___________ times for others.
A 10 and 5
B 10 and 7
C 7 and 10
D 5 and 10
Question 50
57
Manish Suryawanshi
As per Section 182 of the Indian Contract Act,___________ is a person
employed to do any act for another or to represent another in dealing
with a third person.
A Principal 'Officer
B Proxy
C Mediator
D Agent
==========================================================
English IC 33 Paper 5 (2014-New Syllabus )
Question 1
During which stage of life will an individual appreciate past savings the
most?
A Post retirement
B Earner
C Learner
D Just married
Question 2
Rating factors in underwriting does not depend on
58
Manish Suryawanshi
A Financial situation
B Family History
C No. of members in the family
D Personal history of health and habits
Question 3
Which of the below risk cannot be addressed through pensions?
A Life longevity
B Inflation
C Investment risk
D Early death
Question 4
Who provides public pensions?
A State
B Employers
C Insurers
D NGO's
Question 5
59
Manish Suryawanshi
Which of the following condition will affect a person's insurability
negatively?
A Daily jogs
B Banned substance abuse
C Lazy nature
D Procrastination
Question 6
Which forum has the jurisdiction to entertain complaints exceeding Rs
100 lakhs
A District forum
B State forum
C National forum
D Municipal forum
Question 7
Which among the following methods is a traditional method that can
help determine the insurance needed by an individual?
A Human Economic Value
B Life Term Proposition
C Human Life Value
D Future Life Value
60
Manish Suryawanshi
Question 8
__________includes preparing of budget, analysing of expenses and
income flow and predicting the future monthly income & expenses
A Estate Planning
B Investment Planning
C Retirement Planning
D Cash Planning
Question 9
Mr "X" is holding a policy in a life Insurnce Company, He had grievance
which he wanted to take to Ombudsman, from where can he found the
address of the nearby Ombudsman office?
A Proposal Farm
B First premium receipt
C Policy schedule
D Claim form
Question 10
____________are unforeseen life events that may call for a large
commitment of funds
A ULIP
B Wealth Accumulation
61
Manish Suryawanshi
C Diversification
D Contingencies
Question 11
Employer may take out a key person’s insurance policy on
the_________ and__________ of any employee
A Life of all employee
B Employer cannot insure a keyman
C Only health of the employees
D Life or Health of Any employees
Question 12
Phases of retirement planning are____________
A Distribution, Accumulation
B Conversation, Accumulation
C Convertion, Distribution
D Accumulation, Convertion, Distribution
Question 13
Identify the incorrect statement with regards to a 'qualified' prospect.
A qualified prospect is one who can pay for insurance
B A qualified prospect is one who can be approached on a favourable
basis
62
Manish Suryawanshi
C A qualified prospect is one who is academically well qualified to buy
insurance
D A qualified prospect is one who can pass the company underwriting
requirements
Question 14
What is the objective behind Mortgage Redemption Insurance?
A Facilitate cheaper mortgage rates
B Provide financial protection for home loan borrowers
C Protect value of the mortgaged property
D Evade eviction in case of default
Question 15
Gross Premium includes
A Net premium
B Loading for expenses & contingencies
C Bonus loadings
D All of the above
Question 16
Find out the proximate cause for death in the following scenario? Ajay
Mils off a horse and breaks his back. He lies there in a pool of water and
63
Manish Suryawanshi
contracts pneumonia. He is admitted to the hospital and dies because
of pneumonia.
A Pneumonia
B Broken back
C Falling off a horse
D Surgery
Question 17
Ajay singh is saving in an insurance policy since the past 4 years. Ever
since he has purchased the policy for every query he has to visit the
branch, hence whenever he visits the branch he is irritated... What
according to you is missing in the client Advisor relationship
A Mr Singh’s Advisor is never present when he needs him for a policy
query
B The Advisor has given incomplete information to the customer
C Active listening from the Advisor is missing
D None of the above
Question 18
64
Manish Suryawanshi
_________ is the feature in which an health insurance policy holder can
transfer his policy with gained credit and time bound exclusion from
one insurer to another.
A Network Provider
B Portablity
C TPA
D Mediclaim
Question 19
Net premium is
A Level premium plus loadings
B The discounted present value of all future claim liabilities
C premium required to meet mortality risk of the pool
D None of the above
Question 20
Mr Kumar wants to transfer his property in the name of his Son Vijay,
this is known as _________ planning
A Investment Planning
B Retirement Planning
C Estate Planning
D All of the above
65
Manish Suryawanshi
Question 21
Are there any fee I charges that need to be paid for lodging the
complaint with the Ombudsman?
A A fee of Rs 100 needs to be paid
B No fee or charges need to be paid
C 20% of the relief sought must be paid as fee
D 10% of the relief sought must be paid as fee
Question 22
Which of the below can be categorised under wealth accumulation
products?
A Bank deposits
B Life insurance
C General insurance
D Shares
Question 23
In health insurance policy premium will be based on
A Occupation
B Income
C Age
D Height
66
Manish Suryawanshi
Question 24
Who among the following is most likely to buy variable life insurance?
A People seeking fixed return
B People who are risk averse and do not dabble in equity
C Knowledgeable people comfortable with equity
D Young people in general
Question 25
Which of the following are the elements of Financial Planning
_________
A Investment & Risk Management
B Tax & Estate Planning
C Financial One"s need & Retirement Planning
D All of the above
Question 26
Under risk classification,______________ consist of those whose
anticipated mortality corresponds to the standard lives represented by
the mortality table.
A Standard lives
B Preferred risks
C Sub-standard lives
67
Manish Suryawanshi
D Declined lives
Question 27
Which of the following statement is correct in relation to claim?
A A claim is the demand of performance by the insurer
B A claim arises only when insured event takes place
C A claim is valid if insured has paid all the premiums
D All of the above
Question 28
Primary care can be described as ____________
A Care provided to patient in an acute setting
B Care provided in hospitals
C First point of contact for people seeking healthcare
D Care provided by Doctors
Question 29
Which among the following is a non-traditional life insurance product?
A Term assurance
B Universal life insurance
C Endowment insurance
D Whole life insurance
68
Manish Suryawanshi
Question 30
Under which circumstances company requires a medical examination or
other evidence of insurability
A Policy is in lapsed condition for less than 1 year
B Sum assured or face value of the policy is low.
C Customer is buying a new policy
D Customer wants to revive a policy with high sum assured after 1 year
of lapsation
Question 31
___________ Refers to protection against an event that will happen
A Insurance
B Assurance
C Micro Insurance
D Bancassurance
Question 32
Mr XYZ is director of a company, Company has taken Keyman insurance
for him, If something happens to Mr XYZ then benefit will paid to
____________
69
Manish Suryawanshi
A his Nominee
B His Legal Heir
C Company
D None of the above
Question 33
In a legal contract if pressure is applied on either of the parties through
criminal means, it is known as
A Coercion
B Fraud
C Undue Influence
D Mistake
Question 34
__________refers to a hospital/health care provider enlisted by an
insurer to provide medical services to an insured on payment by a
cashless facility.
A Day care centre
B Network provider
C Third Party Admlnistrator
D Domiciliary
Question 35
70
Manish Suryawanshi
Best way to approach a group for insurance
A Testimonial
B E-mails
C Gold Galling
D Conducting Seminars & Events
Question 36
State which of the statement is correct.
A In Ulip the policy holder can surrender the plan post 5 yrs of policy.
B In Ulip the policy holder cannot surrender the plan post 5 yrs of
policy.
C In Ulip the policy holder cannot surrender the plan post 3 yrs of
policy.
D Policyholder cannot surrender the plan
Question 37
Which of the below death claim will be treated as an early death claim?
A If the insured dies within three years of policy duration
B If the insured dies within five years of policy duration
C If the insured dies within seven years of policy duration
D If the insured dies within ten years of policy duration
Question 38
71
Manish Suryawanshi
Section 45 of insurance Sector 1938 is applicable upto ?
A 2 Yrs
B 1 Yrs
C 7 Yrs
D till end of the term
Question 39
Which insurance is used for business protection purpose
A Children education plan
B Keyman insurance policy
C Re-insurance
D Term insurance
Question 40
___________ is a rise in the general level of prices of goods and
services in an economy over a period of time.
A Deflation
B Inflation
C Stagflation
D Hyperinflation
Question 41
72
Manish Suryawanshi
Predominant cause which sets into motion the chain of events
producing the loss is known as ___________
A Contract Adhesion
B Proximate Cause
C Leagality
D Utmost Good Faith
Question 42
Excessive production and reproduction of cells leads to malignant
tumors is called as
A Tuberculosis
B Cancer
C Liver cirrhosis
D Diabetes
Question 43
Which of the following are the components of level premium
A Cash value element
B Term or protection component
C Both of the above
D Cash reserve ratio
Question 44
73
Manish Suryawanshi
As per IRDA regulations issued in February 2013, what is the grace
period allowed beyond the expiry date of the policy, for renewal?
A 15 days
B 30 days
C 45 days
D 60 days
Question 45
______________ is a plan with the provision for return of a part of the
sum assured in periodic installments during the term and balanced of
sum assured at the end of the term.
A Pure Endowment Plan
B Money back plan
C Whole Life Insurance
D Cash back plan
Question 46
Components of premium are
A Mortality & interest
B Bonus loadings
C Reserves & expenses of management
D All of the above
74
Manish Suryawanshi
Question 47
As per the Sec. 42 sub section (4) of Insurance Act 1938, agent license
will be disqualified if she or he
A Not good in communication
B Not holding his own house
C Unsound mind
D Non Educated
Question 48
When is the best time to start financial planning?
A Post retirement
B As soon as one gets his first salary
C After marriage
D Only after one gets rich
Question 49
Under Sec 47 of insurance Act 1938 when claim is ready for payment
but cannot be paid due lack of proper identification of the payee,
Interest payable would be?
A 2% over Bank Rate
B Bank Rate
C No Interest payable
75
Manish Suryawanshi
D 4% over Bank Rate
Question 50
__________ refers to the ability to perform the promised service
dependably and accurately.
A Reliability
B Responsiveness
C Assurance
D Empathy
Once you are finished, click the button below. Any items you have not
completed will be marked incorrect.
==========================================================
top related