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Which of the following is most likely responsible for regulation and development of insurance industry in India?
Which of the following statement is correct?
Statement A: Insurance penetration is measured as the percentage of insurance premium to GDP while insurance density is the ratio of premium to population.
Statement B: Insurance density is measured as the percentage of insurance premium to GDP while insurance penetration is the ratio of premium to population.
Which of the following is least likely a type of general insurance?
Securities Appellate Tribunal (SAT) is most likely:
Which of the following is most likely a feature of agency relationship?
Which of the following statement correctly define Doctrine of waiver?
Which of the following is least likely related to equitable estoppel?
Which of the following statement is correct:
Statement 1 – Assume an individual fails to disclose some information in the insurance proposal form and the insurer does not request that information and issues the insurance policy it represents a waiver. Now in future when a claim arises the insurer cannot question the contract on the basis of non-disclosure. This is estoppel.
Statement 2 – Assume an individual fails to disclose some information in the insurance proposal form and the insurer does not request that information and issues the insurance policy it represents estoppel. Now in future when a claim arises the insurer cannot question the contract on the basis of non-disclosure. This is waiver.
The Motor Vehicles Act, 1988 regulates all aspects of road transport vehicles in India. Which one of the following is a correct provision of Motor Insurance under the Act?
There are four insurance concepts that apply to insurance law that affects the operation of the insurance policy. The transfer of rights and entitlements from one individual to another most likely falls under which of the concepts?
The insurance industry is of prime significance for any country’s economic development.
Which of the following least likely represent the objective of IRDAI?
Which of the following statement best describe the purpose of Corporate Governance Guidelines for Insurers in India – 2016?
Is the statement made below correct?
Statement A – Only insurance companies expected to perform and function under the aegis of the rules framed by IRDAI.
Statement B – IRDAI serves as an industry watch-dog for regulating and promoting the insurance and reinsurance industries in India.
Which of the following is least likely a function of Tariff Advisory Committee?
Which of the following correctly represent the mission of insurance council?
The statement made below most likely represent the function of: “It acts as sole point for the whole insurance industry data provide benchmark rates for the industry and provide the mandated inputs for policy analysis and insurance industry development activities.”
If a person has complaints regarding an insurer such as non-issuance of insurance documents to policyholders after receipt of premium delay in settlement of claims dispute on the legal construction of the policies etc. He may go to:
____ for the purpose of promoting insurance education and training to people working or intending to work in the insurance sector. It is a professional institute devoted mainly for insurance-related education.
A person made the following statement which is incorrect?
Statement A – Agents serve as representatives of the insurance companies and sell policies on behalf of the insurers. The insurer enters into a contractual agreement with the agent that specifies the types of products the agent may sell and the commission the insurer will pay for each.
Statement B – Agents serve as representatives of the insurance companies and sell policies on behalf of the insurers but there is no contractual agreement between insurer and agent that specifies the types of products the agent may sell and the commission the insurer will pay for each.
Which of the following correctly represents the features of Corporate agents?
The arrangement of selling an insurance product by the insurance company through a bank is known as:
Composite brokers refer to:
_____ are licensed to supply data relating to insurance products comparison of comparable products offered by different insurance companies and have linkages to websites of various insurers from where customers will choose and get policies online.
Point of sales person is not authorized to sell which of the following?
Responsibility of Surveyor and Loss Assessor are:
Which of the following statement is least accurate?
Which of the following is least likely the responsibility of insurance companies?
Which of the following is not a source of revenue for insurance companies?
_____ is the determination of what rates or premiums to be charged for insurance.
What are the elements to be considered while fixing the premium for an insurance cover?
Which of the following statement is correct?
Statement 1: Pure premium consists of that part of the premium that is necessary to pay for losses and loss related expenses.
Statement 2: Gross premium is the pure premium minus Load.
Which of the following is least likely a factor to be considered by the insurer while underwriting and pricing the policy?
Bonuses paid as a percentage of the sum assured at the time of maturity or at the time of policy surrender during the policy term or on the death of the life assured are called ______.
Which of the following is least likely a feature of Terminal Bonus?
______ refers to the bonus paid between two bonus declaration date.
The premium paid should be a maximum of _____ of the sum assured for each individual year for which the policy continues for having maturity exempt under section 10(10 D)S.
Which of the following statement is incorrect:
Statement 1: Maturity proceeds from the life insurance policies are tax-free.
Statement 2: Money received by the family member or the nominee on the death of the policyholder including bonus in respect of the life insurance policy is taxable.
Which of the following are the least likely condition placed by the insurance companies for disbursing loans?
In the group insurance policy (Master policy) who is the ultimate beneficiary of low premium and simple insurability condition?
Which of the following statement is incorrect:
Payment of Gratuity Act applies to organisation with:
Which of the following statement is correct?
Statement 1: Gratuity is payable to an employee (or to a nominee in case of his death) who has rendered continuous service of 5 years or more at the time of his termination of employment superannuation retirement or resignation.
Statement 2: Gratuity is payable to an employee even before completion of 5 years of service in case of termination of employment is due to death or disablement due to accident or disease.
Which of the following is incorrect regarding Unit-Linked Insurance Plans?
Which of the following statement is least likely a claim settlement condition in ULIP
_____ in an insurance policy is the declaration by the insurer and identifies the type of agreement, the date on which the agreement is signed, parties to the agreement, their status, and their addresses.
In a policy document _____ states the promise that the insurer undertakes to pay the benefits of the policy to the insured if the reason(s) for which the policy was incepted happens while the policy is still in force.
In a policy document _____ denotes a condition provision specification included in an agreement, deed, mortgage, lease or contract, the implementation or non-implementation of which affects the instrument’s validity.
A _____ of insurance is that part of an insurance contract that sets out the details specific to the policy.
______ is the act of witnessing the signing of an official document and then also signing it to verify that it was properly signed by those bound by its contents.
Which of the following can be a way of revival of lapsed life insurance policies?
_____ means transfer of the right title and interest of the life insurance policy from one person to another.
In _____ the assignor passes the full benefits of the policy to the assignee, the assignor loses his right of benefit under the policy.
In _____ the policy mat revert to the assignor on happening of a certain event or events or performance of a promised duty by assignor.
Premium amounts are lower for people buying a life insurance policy at a younger age.
Shorter the policy term, higher will be the premium.
_____ refers to insurance firm’s acceptance of applicants who are at a greater than normal risk, but have concealed information about their actual condition which leads to faculty determination of premiums and loss to the insurance company.
If a person takes a life insurance policy for:
Self – Rs. 40000
Spouse – Rs. 35000
Senior citizen parents – Rs. 25000
Married son – Rs. 30000
What is the amount of premium allowed as deduction under Section 80C of Income Tax Act?
Which of the following is least likely a type of general insurance?
Which of the following statement is least likely related to an agent?
Which of the following statement is correct related to an insurance broker?
Which of the following statement is correct?
Statement A: Life insurance is not a contract of indemnity.
Statement B: Non-life insurance is a contract of indemnity.
Which of the following statement is correct in regard to family floater health insurance plan?
The premium paid for health insurance policy is allowed for tax deduction:
What will be the total amount of premium allowed as deduction under section 80 D for an individual who has taken a family floater plan covering spouse and two children paid premium of 35,000 and for his parents above age 60 paid premium Rs. 52,000?
A client wishes to take a health insurance for his independent son and daughter. He also wants take the deduction of premium paid in income tax; premium paid is Rs. 22,000. Is he allowed to do the same?
Agriculture insurance provide cover for:
Which of the following statement is incorrect with reference to credit insurance:
When different insurance companies share the risk by purchasing insurance policy from other insurers to limit their own total loss refer to:
Which of the following is least likely related to reinsurance?
If an insurer transfers a part of risk insured by him to another insurer by taking reinsurance to reduce its future liability of claims and it can lower the amount of capital required to stay in good financial health to pay the claims of its policyholders. The process refers to:
Liability insurance if taken by a person most likely provide protection against:
Which of the following statement is correct?
Statement 1: Public liability insurance also cover people or establishments involved in hazardous and criminal activities.
Statement 2: Public liability insurance covers costs from legal action if any individual or entity is found liable for injury or death of another person economic loss or damage of property of another person resulting from any negligence on their part.
Which of the following is least likely a feature of Professional indemnity?
Which of the following are the factors on which gratuity depend:
As per the Motor Vehicle Act each vehicle should compulsory have:
_____ set up under the provisions of the Motor Vehicles Act, 1988 to provide a speedier remedy to the victims of motor vehicle related accidents.
An own damage insurance policy provide cover for:
_____ is a legal document which helps the insurance company evaluate all the potential risks in relation to the insurance policy being offered.
_____ in an insurance policy is the declaration by the insurer and identifies the type of agreement the date on which the agreement is signed parties to the agreement, their status and their addresses.
_____ defines what is covered by the policy.
_____ provides details of the insured’s policy including full description of properties covered which are in force in the period of cover against the properties described the amount of coverage, the exclusions, the deductibles, and the payment mode and schedule.
Which is Pure Risk?
What is an example of Pure Risk ?
Which type of policy gives regular income to the insured?
Which is Non – Participating Policy?
These are the Risk Retention examples, excluding?
What do you mean by Insurance Planning?
______ is a risk transfer mechanism where a small premium payment can result in payments from the insurance company to tide over risks from unexpected events.
______ is the amount paid by the insured to the insurer to get the risk insured.
______ are the cause of loss.
______ are the conditions which give rise to perils.
Requirements of Insurable Risk:
Identify the steps in Insurance Planning:
______ refers to the person whose risk is insured.
______ refers to the person who insures risk and make payment on uncertainity due to risk covered.
______ bonus is based on the performance of insurance company.
______ bonus is paid for the first few years of the policy period.
______ bonus is paid at maturity of policy.
______ is the bonus paid between the two successive bonus declaration date.
______ insurance is a pure risk cover product. It pays a benefit only if the policy holder dies during the period for which one is insured.
______ is a level premium plan with a savings feature. At maturity a lump sum is paid out, equal to the sum assured plus any accrued bonus. If death occurs during the term of the policy then the sum assured and any bonus accrued are paid out.
______ provides life insurance cover for the entire life of the insured person or up to a specified age.
______ is an insurance product that combines protection and investment by enabling the policy holder to earn market-linked returns by investing a portion of the premium money in various proportions in the equity and debt markets.
The returns on ULIPs are linked to the performances of the markets.
______ are add-ons to the basic insurance policy to supplement the insurance cover provided.
______ provides twice the amount insured in case the death happens due to the specific reason such as accidental death while the policy is in force.
______ provides a sum that could double the sum assured on diagnosis of a life-threatening illness.
______ enables the insured to receive a periodic payout if temporarily disabled, for a limited period of time.
______ is triggered if there is a disability or loss of income that makes it difficult to pay the premium.
______ insurance provides protection against most risks to property such as fire, theft, etc.
______ policy provides for a lump sum benefit to be paid if the named insured contracts certain specified diseases such as cancer, heart attack, stroke, kidney failure or multiple sclerosis
______ reimburse the medical expenses incurred for the policyholder and identified family members who are covered under the policy.
In case of health insurance policy claim is paid only if patient is admitted in hospital for ____ hours.
Under this insurance the company indemnifies the insured in the event of accident caused by, or arising out of the use of the motor vehicle, anywhere in India against all sums including claimant’s death ,injury cost and expenses which the insured shall become legally liable to pay in respect. Name the type of insurance?
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