English ic 33 paper 6 to 10 with answers

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Manish Suryawanshi

English IC 33 Paper 6 (2014-New Syllabus )

Question 1

In which year MWP Act was formed?

A 1999

B 1998

C 1874

D 1940

Question 2

What is the full Form MWP Act?

A Married Wealth Pension Act

B Mortage Wealth Property Act

C Money Mortage Loan Act

D Married Women Property Act

Question 3

The address of the local ombudsman is given in which part of policy

document?

A Policy schedule

B First premium receipt

C Standard provisions

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D Proposal form

Question 4

Which of the below statement is true?

A Life insurance policies are contracts of indemnity while general

insurance policies are contracts of assurance

B Life insurance policies are contracts of assurance while general

insurance policies are contracts of indemnity

C In case of general insurance the risk event protected against is certain

D The certainty of risk event in case of general insurance increases with

time

Question 5

In case the policyholder is not satisfied with the policy, he I she can

return the policy within the free-look period i.e. within

______________ of receiving the policy document.

A 60 days

B 45 days

C 30 days

D 15 days

Question 6

Savings can be considered as a composite of two decisions. Choose

them from the list below.

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A Risk retention and reduced consumption

B Gifting and accumulation

C Spending and accumulation

D Postponement of consumption and parting with liquidity

Question 7

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 8

Inter-temporal allocations means

A Allocation on time

B Allocation across time

C Allocation before time

D Allocation after time

Question 9

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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 Immdiate Annuity

C Joint Life Annuity

D Deferred annuity

Question 10

Mr Rohit has invested a lump sum amount in a pension plan and

immediately starts to receive annuity on a monthly basis, which kind of

Annuity has he taken?

A Deferred Annuity

B Commutation

C Payments

D Immediate Annuity

Question 11

Moral hazard by health insurance companies can result in

_____________

A Community rating

B Adverse selection

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C Abuse of health insurance

D Risk pooling

Question 12

During which stage of life will an individual appreciate past savings the

most?

A Post retirement

B Earner

C Learner

D Just married

Question 13

By transferring risk to insurer, it becomes possible _________

A To become careless about our assets

B To make money from insurance in the event of a loss

C To ignore the potential risks facing our assets

D To enjoy peace of mind and plan one's business more effectively

Question 14

Which is the prime cause of financial distress in financial planning?

A Risk Tolerance

B Unplanned

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C Time Horizon

D Planned

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

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.

A Pneumonia

B Broken back

C Falling off a horse

D Surgery

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Question 17

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 18

_______________ 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 Administrator

D Domiciliary

Question 19

Phases of retirement planning are __________

A Distribution, Accumulation

B Conversation, Accumulation

C Conversation, Distribution

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D Accumulation, Conservation, Distribution

Question 20

Insurance agent represents the___________

A Insurance company

B Sub-agent

C Co-agent

D Broker

Question 21

Can a complaint be launched against a private insurer?

A Complaints can be launched against public insurers only

B Yes, complaint can be launched against private insurers

C Complaint can be launched against private insurers only in the Life

Sector

D Complaint can be launched against private insurers only in the Non-

Life Sector

Question 22

Mrs. Shailaja wishes to buy a product which will provide her both a

death and a survival benefit component. Which plan will you suggest

for her?

A Endowment Assurance Plan

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B Term Assurance Plan

C Money Back Plan

D Annuity Plan

Question 23

The term TPA refers to______________ . (Answer with regards to

health insurance)

A The Primary Associate

B To Provide Assistance


D Third Party Assistance

Question 24

Fire in belly means

A Hunger to excel

B Be feel hungry

C Work only for commission

D None of the above

Question 25

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Complaint can be made to the Ombudsman if __________

A The complainant is not satisfied with the reply given by the insurer

B If the complaint is pending for a long time in any other court

C Complaint can be made within 2 years from the date of rejection

D None of the above

Question 26

Which among the following scenarios warrants insurance?

A The sole bread winner of a family might die untimely

B A person may lose his wallet

C Stock prices may fall drastically

D A house may lose value due to natural wear and tear

Question 27

Ram has taken a plan of 10 Lacs from ABC Ltd. On 1st June 2010. He

died on 20th June 2014 without paying the due premiums of Rs.

30,000. Bonus accumulated during the period was 50,000. Death

benefit payable is?

A 10,00,000

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B 10,50,000

C 10,20,000

D 10,80,000

Question 28

_________________ planning includes current need, future need,

individual risk profile and income to roadmap anticipated need

A Risk Tolerance

B Estate Planning

C Financial Planning

D Time Horizon

Question 29

________________ is an insured who undergoes treatment after

getting admitted in a hospital.

A Inpatient

B Outpatient

C Day patient

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D House patient

Question 30

If Mortality rate for 30-31 years is .0021 , then mortality cost for

insurance would be

A Rs 21 per 100 S.A.

B Rs 21 per 1000 S.A.

C Rs 21 per 10000 S.A.

D Rs 21 per 100000 S. A.

Question 31

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

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D Declined lives

Question 32

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

A I is true

B II is true

C Both I and 1r are true

D Neither I nor II is true

Question 33

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 34

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Free Consent containt Mistake, Fraud, Misrepresentation,_________

and ___________

A Undue Influence

B Coercion

C Both options

D None of the above

Question 35

In the keyman insurance premium is paid by the ____________

A Company

B Employee

C Director

D None of the above

Question 36

How much Sum assured is permissible in relation to the income

A 5to 10 times of the annual income

B 10 to 12 times of the annual income

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C 12 to 15 times of the annual income

D 15 to 20 times of the annual income

Question 37

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.

A inquest report

B Claim form

C Certificate of burial or cremation

D Hospital's certificate

Question 38

Which of the following cases is likely to be declined or postponed by a

life insurer?

A Healthy 18 year old

B An obese person

C A person suffering from AIDS

D Housewife with no income of her own

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Question 39

______________ 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 40

Which of the following is not a case of moral hazard

A proposal is submitted at a branch located far away place of residence

of the proposed insured

B A medical examination is done elsewhere even when a qualified

medical examiner is available near one"s placeof residence

C A stuntman of a film offered high sum assured

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D When a proposal is made on another without having clear insurable

interest

Question 41

Active listening involves:

A Paying attention to the speaker

B Giving an occasional nod and smile

C Providing feedback

D Paying attention to the speaker, giving an occasional nod and smile

and providing feedback

Question 42

Health Insurance policies can be obtained by_______________

A Group

B Individual

C Family

D All of the above

Question 43

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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 44

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

Question 45

In progressive risk profile Investment style is ______________

A Accumulation

B Wealth Accumulation

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C Estate Planning

D Consolidation

Question 46

Prospecting in an insurance sale is ________________

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 47

In Fire Insurance if the proposer discloses the following information at

the time of insurance contract -1) Construction of building & age, 2)

nature of goods in building premises. Then as per the insurance

contract which information is he disclosing _____________

A Material Fact

B Insurable Interest

C Proximate Clause

D Contract of Adhesion

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Question 48

Bonus attached to the contract only on its contractual termination is

A Simple reversionary bonus

B Compound bonus

C Super compound bonus

D Terminal bonus

Question 49

Empathetic listening means

A To agree to everything the customer says....

B Putting yourself in the shoes of the customer and understanding the

experience from his point of view

C Analyzing the customer"s experience in detail and making notes

D To sympathize with the customer"s current situation

Question 50

Mr Kumar wants to transfer his property in the name of his Son Vijay,

this is known as _____________ planning

A Investment Planning

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B Retirement Planning

C Estate Planning

D All of the above

==========================================================


Question 1

What are some non verbal gestures that indicate defensiveness and

non receptivity

A Smiling face

B Arms are crossed in front of you

C Purposeful gestures

D Shoulders held back

Question 2

Which of the following cases is likely to be declined or postponed by a

life insurer?

A Healthy 18 year old

B An obese person

C A person suffering from AIDS

D Housewife with no income of her own

Question 3

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_______________________ was the first legislation enacted to

regulate the conduct of insurance companies in India

A The Insurance Act 1938

B The Life insurance companies Act 1938

C Provident Fund Act 1912

D The Insurance Act 2000

Question 4

Identify the form of insurance that is depicted in the following scenario.

Scenario: Patient pays the health provider and is subsequently

reimbursed by the health insurance company.

A Service Benefit

B Direct contracting

C Indemnity

D Casualty

Question 5

An individual with an aggressive risk profile is likely to follow wealth

______________ investment style.

A Consolidation

B Gifting

C Accumulation

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D Spending

Question 6

Who cannot be covered under a family floater policy?

A Children

B Spouse

C Parents-in-law

D Maternal uncle

Question 7

________________ are unforeseen life events that may call for a large

commitment of funds

A UHF'


C Diversification

D Contingencies

Question 8

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

A I is true

B II is true

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C Bath I and ll are true


Question 9

Which of the below insurance proposal is not likely to qualify under

non- medical underwriting?

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 10

_________________ planning includes current need, future need,

individual risk profile and income to roadmap anticipated need

A Risk. Tolerance

B Estate Planning

C Financial Planning

D Time Horizon

Question 11

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How many life insurance companies are operating in India currently ?

A 26

B 3

C 20

D 24

Question 12

__________________ life insurance pays off a policyholder’s mortgage

in the event of the persons death.

A Term

B Mortgage

C Whole

D Endowment

Question 13

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

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Question 14

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

A Money

B Property

C Bribe

D Jewellery

Question 15

Mr Rohit has invested a lump sum amount in a pension plan and

immediately starts to receive annuity on a monthly basis, which kind of

Annuity has he taken?

A Deferred Annuity

B Commutation

C Payments

D Immediate Annuity

Question 16

Which of the below statement is true regarding ULIP's?

A Value of the units is determined by a formula fixed in advance

B Investment risk is borne by the insurer

C ULIP's are opaque with regards to their term, expenses and savings

components

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D ULIP's P's are bundled products

Question 17

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

A I is true

B II is true

C Both I and II are true


Question 18

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

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Question 19

Which of the below option best describes the process of insurance?

A Sharing the losses of many by a few

B Sharing the losses of few by many

C One sharing the losses of few

D Sharing of losses through subsidy

Question 20

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 pald

C 20% of the relief sought must be paid as fee

D 10% of the relief sought must be paid as fee

Question 21

Components of premium are

A Mortality & interest

B Bonus loadings

C Reserves & expenses of management

D All of the above

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Question 22

Which of the following is not a part of investment parameters

A Diversification

B Time Horizon

C Retirement Planning

D Risk Tolerance

Question 23

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

Question 24

Which of the following is a standard age proof

A School or College Leaving Certificate

B Horoscope

C Ration Card

D Certificate from the Panchayat

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Question 25

Family history involves which of the following characteristic

A Heredity and longivity of the family

B Habit of chewing tobacco

C working in a chemical factory

D Family religion

Question 26

Which of the below tips are useful for making a good first impression?

A Being on time always

B Presenting yourself appropriately

C Being open, confident and positive

D All of the above

Question 27

Which of the following condition will affect a person's insurability

negatively?

A Daily jogs

B Banned substance abuse

C Lazy nature

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D Procrastination

Question 28

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 instalment 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 29







Question 30

Which among the following can be categorised under contingency

products?

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A Bank deposits

B Life insurance

C Shares

D Bonds

Question 31

Which of the below statement is correct?

A Selling is an art and not a science

B Selling is a science and not an art

C Selling is neither an art or a science

D Selling is both an art and a science

Question 32

Mrs Ananya wants to purchase a ULIP and has shown interest in

investing in a fund where major portion should be invested in equity

related instruments. Which fund would you suggest for her?

A Balanced Fund

B Debt Fund

C Money Market Fund

D Equity Fund

Question 33

If an agent wants to earn more commission

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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 34

Who bears the investment risk in case of ULIPs?

A Insurer

B Insured

C State

D IRDA

Question 35


this is known as _____________ planning

A Investment Planning


C Estate Planning

D All of the above

Question 36

Which of the below death claim will be treated as an early death claim?

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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 37

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.

A Inquest report

B Claim form

C Certificate of burial or cremation

D Hospital's certificate

Question 38

Which of the below is not a strategy to maximise discretionary income?

A Debt restructuring

B Loan transfer

C Investment restructuring

D Insurance purchase

Question 39

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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 40

Mr. Rohit has already opted for Deferred Annuity however he wants to

know how much amount can he withdraw as lumpsum before the start

of annuity phase

A Accumulated Value

B Fund Value

C 1/3 rd of Fund Value

D He can withdraw the entire amount if need be

Question 41

Which of the below statement is correct? I. The typical loading to a net

premium would have 3 parts:

A The typical loading to a net premium would have 3 parts: a) a

constant amount for premiums b) a constant amount for each '1000

sum assured' and c) a constant amount per policy

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B The typical loading to a net premium would have 3 parts: a) a

percentage of premiums b) a constant amount for each '1000 sum

assured' and c) a constant amount per policy

C The typical loading to a net premium would have 3 parts: a) a

percentage of premiums b) a constant percentage for each '1000 sum

assured' and c) a constant amount per policy

D The typical loading to a net premium would have 3 parts: a) a

percentage of premiums b) a constant amount for each "1000 sum

assured' and c) a percentage amount per policy

Question 42

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 43

____________ 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

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D Domiciliary

Question 44

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 45

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 Mario] 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 46

____________________ relates to inaccurate statements, which are

made without any fraudulent intention.

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A Misrepresentation

B Contribution

C Offer

D Representation

Question 47

Can a complaint be launched against a private insurer?

A Complaints can be launched against public insurers only

B Yes, complaint can be launched against private insurers

C Complaint can be launched against private insurers only in the Life

Sector

D Complaint can be launched against private insurers only in the Non-

Life Sector

Question 48

What does a first premium receipt (FPR) signify? Choose the most

appropriate option.

A Free look period has ended

B It is evidence that the policy contract has begun

C Policy cannot be cancelled now

D Policy has acquired a certain cash value

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Question 49

Which Act govern the insurance business in India

A IRDA Act 1999

B Insurance Act 1938

C Consumer Protection Act 1958

D None of the above

Question 50

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

_____________

A Next of kin

B Official Trustee of the State

C Insurer

D Insured

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Question 1

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

A Returns subject to corroding effect of inflation

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B Low accumulation in earlier years

C Lower yields

D Secure investment

Question 2

Which of the following is an example of moral hazard?

A Stunt artist dies while performing a stunt

B A person drinking copious amounts of alcohol because he is inured

C Insured defaulting on premium payments

D Proposer lying on policy document

Question 3






Question 4

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An individual with an aggressive risk profile is likely to follow wealth

_____________ investment style.

A Consolidation

B Gifting

C Accumulation

D Spending

Question 5

When an applicant is seeking license for the first time, he I she is

supposed to undergo _____________ of practical training from an

approved institution in life insurance.

A 25 hours

B 50 hours

C 75 hours

D 100 hours

Question 6

Prospectus is a _____________ Document used by the company that

provides details about the products

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A Informal

B Formal legal

C Illegal

D None of the abovc

Question 7

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?

A Property under Mahesh's name

B Mahesh's bank accounts

C Term life insurance policy purchased under Section 6 of MWP Act

D Mutual funds owned by Mahesh

Question 8

Caveat Emptor relates to ____________

A Uberrima Fides

B Insurable Interest

C Free Consent

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D Capacity of the parties

Question 9

When is it essential for insurable interest to be present in case of life

insurance?

A At the time of taking out insurance

B At the time of claim

C Insurable interest is not required in case of life insurance

D Either at time of policy purchase or at the time of claim

Question 10

Health Insurance policies can be obtained by ______________

A Group

B Individual

C Family

D All of the above

Question 11

What is the procedure in which and indvidual can get the complicated

surgical procedures without getting admitted?

A In patient

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B Out patient

C Day care

D Normal Admission

Question 12

Select the option that best describes a policy document.

A It is evidence of the insurance contract

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 13

Policies which have a provision for participating in profits are called as

______________

A Participating Plans

B Profit Making Plans

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C Dividend Plans

D Investment Plans

Question 14


this is known as ____________ planningA Investment Planning


C Estate Planning

D All of the above

Question 15

With regards to valuation of assets by insurance companies,

_____________ is the value at which the life insurer has purchased or

acquired its assets.

A Discounted future value

B Discounted present value

C Market value

D Book value

Question 16

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In case of _____________ , a company expresses the bonus as a

percentage of basic benefit and already attached bonuses.

A Reversionary bonus

B Compound bonus

C Terminal bonus

D Persistency bonus

Question 17

If a customer’s investment style falls into spending then in which risk

profile will he fall?

A Conservative

B Secured

C Progressive

D Aggressive

Question 18

In Keyman insurance in case the key person dies benefit is paid to

___________

A Nominee first

B Legal heir

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C Company

D Trustee

Question 19

Which of the below statement best describes the concept of claim?

Choose the most appropriate option.

A A claim is a request that the insurer should make good the promise

specified in the contract

B A claim is a demand that the insurer should make good the promise

specified in the contract

C A claim is a demand that the insured should make good the

commitment specified in the agreement

D A claim is a request that the insured should make good the promise

specified in the agreement

Question 20

Mr A, an agent has taken renewal premium of large amount from the

customer. He spends the whole premium amount and fails to deposit

the customers premium amount with the Insurance company. What

action will be taken?

A His licence will be disqualified

B He has to pay a fine of Rs 1000

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C No action will be taken against him

D He will be given a verbal warning by the Insurer

Question 21

______________ are unforeseen life events that may call for a large

commitment of funds

A ULIP


C Diversification

D Contingencies

Question 22

There are no free lunches in sales means

A Agent can not have lunch at customer place

B Agent can not offer rebate to customer

C An Agent is not an employee so insurer does not provide free lunch to

agent

D Success has a price

Question 23

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In which of the following option can the investor spread the investment

and reduce the risk

A Time Horizon

B Marketability

C Risk Tolerance

D Diversification

Question 24

________________ leads to the termination of insurance cover under

the contract?

A Money Back & Installment Claim

B Death Claim

C Critical Illness Claim

D None of the Above

Question 25

What does a product defect mean

A Imperfection

B Shortcoming

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C Inferior quality

D All of the above

Question 26

Which among the following is not a pre-requisite for launching a


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 27

What is the most important part of gaining customers trust over a

period of time

A Clear communication and being present when the customer needs

assistance

B Agree to whatever the customer says

C Try and make some concessions for the customer

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Manish Suryawanshi

D Share the details of all our products on a regular basis

Question 28

Which of the below elements promote trust?

A Communication, assertiveness and being present

B Politeness, affirmation and communication

C Attraction, communication and being present

D Affirmation, assertiveness and attraction

Question 29

Which of the below can be categorized under wealth accumulation

products?

A Bank deposits

B Life insurance

C General insurance

D Shares

Question 30

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Manish Suryawanshi

Mrs. Shailaja wishes to buy a product which will provide her both a

death and a survival benefit component. Which plan will you suggest

for her?

A Endowment Assurance Plan

B Term Assurance Plan

C Money Back Plan

D Annuity Plan

Question 31

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

Question 32

Mortgage redemption insurance (MRI) can be categorised under

_________________

A Increasing term life assurance

B Decreasing term life assurance

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Manish Suryawanshi

C Variable life assurance

D Universal life assurance

Question 33

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 34

Which among the following is the regulator for the insurance industry

in India?

A Insurance Authority of India

B Insurance Regulatory and Development Authority

C Life Insurance Corporation of India

D General Insurance Corporation of India

Question 35

Primary care can be described as _______________

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Manish Suryawanshi

A are provided to patient in an acute setting

B are provided in hospitals

C First point of contact for people seeking healthcare

D Care provided by Doctors

Question 36

In which annuity plan the money is invested for a period of time until

the annuitant is ready to receive annuities

A immediate Annuity

B Deferred Annuity

C Open market

D Commutation

Question 37

Which of the below risk cannot be addressed through pensions?

A Life longevity

B Inflation

C Investment risk

D Early death

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Question 38

Phases of retirement planning are _____________


B Conservation, Accumulation

C Conservation; Distribution

D Accumulation: Conservation, Distribution

Question 39

The Cash value component in traditional products is

A Pre-planned

B Well defined

C Not well defined

D Not pre-planned

Question 40

As per the IRDA Circular of November MO, All Universal Life products

shall be know as _______________

A Unit Variable Plans

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Manish Suryawanshi

B Variable Insurance Plans

C Unit Linked Insurance Plan

D Term Assurance

Question 41

Excessive production and reproduction of cells leads to malignant

tumors is called as

A Tuberculosis

B Cancer

C Liver cirrhosis

D Diabetes

Question 42

Mr. Dsouza works in a factory. Unfortunately the factory catches fire

and Mr Dsouza is critically injured and after spending few days in the

hospital dies. What is the proximity cause in this situation.

A Death

B Sickness

C Fire in Factory

D None of the above

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Question 43

Mortagae Redemption Insurance facilitate _________________

A Higher Mortgage Rate

B Cheaper Mortgage Rate

C Higher Interest Rate

D Higher Profits

Question 44

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 Na Interest payable

D 4% over Bank Rate

Question 45





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Question 46

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

_________________

A Family floater

B Group Health Insurance

C Senior citizen

D Mediclaim

Question 47

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)?

A Judgment

B Arbitrary

C Numerical rating

D Single step

Question 48

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Manish Suryawanshi

Which of the following is not a case of moral hazard

A proposal is submitted at a branch located far away place of residence

of the proposed insured

B A medical examination is done elsewhere even when a qualified

medical examiner is available near one"s place of residence

C A stuntman of a film offered high sum assured

D When a proposal is made on another without having clear insurable

interest

Question 49

Which type of premium does not increase with age but remains

constant throughout the contract period?

A Single premium

B Level Premium

C Flexible Premium

D Risk Premium

Question 50

Surplus allocation could be towards

A Solvency requirement

B Free Assets

C Bonus declaration

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D All of the above


Question 1






Question 2

Which role does the agent play at the policy acceptance stage

A Incase additional information is required he should promptly inform

the customer

B Follow up on FPR issuance and proactively communicate to the

customer about the same

C Understand the financial needs of the customer and recommend a

solution

D Act as a primary underwriter

Question 3

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__________________ is an insured who undergoes treatment after

getting admitted in a hospital.

A Inpatient

B Outpatient

C Day patient

D House patient

Question 4

Time to settle claims as per IRDA Regulations is ________________

A 15 Days

B 30 Days

C 60 Days

D 120 Days

Question 5

What is the primary purpose of a life insurance product?

A Tax rebates

B Safe investment avenue

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C Protection against the loss of economic value of an individual's

productive abilities

D Wealth accumulation

Question 6

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.

A Acceptance at ordinary rates

B Acceptance with extra premium

C Decline the proposal

D Acceptance with a restrictive clause

Question 7

When was Lic formed?

A 1956

B 1999

C 1976

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D 2000

Question 8

Which is the prime cause of financial distress in financial planning?

A Risk Tolerance

B Unplanned

C Time Horizon

D Planned

Question 9

Which among the following is a wealth accumulation product?

A Bank Loans

B Shares

C Term Insurance Policy

D Savings Bank Account

Question 10

Select the correct option_ Stages in the development of the agents

A Handshaking and then handholding

B handholding and then handshaking

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C Handshaking

D None of the above

Question 11

If an agent wants to earn more commission

A He will meet fixed number of existing customers

B He MI 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 12


insurance?

A Cash Benefits


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C No claims Bonus

D Tax Benefits

Question 13

Which among the following can be categorised under contingency

products?

A Bank deposits

B Life insurance

C Shares

D Bonds

Question 14

Which of the following are the elements of Financial Planning

_______________

A Investment & Risk Management

B Tax & Estate Planning

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C Financial One"s need & Retirement Planning

D All of the above

Question 15

Which element of a valid contract deals with premium?

A Offer and acceptance

B Consideration

C Free consent

D Capacity of parties to contract

Question 16

Matters of health, habbit, occupation, Income & family details need to

mentioned in ____________ Reports

A Agent's Reports

B Medical Reports

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C Medical Referee Advice Report

D Company Report

Question 17


and reduce the risk

A Time Horizon

B Marketability

C Risk Tolerance

D Diversification

Question 18

Regulations for claim settlement is defined under

A Protection of Policy holder"s interest: 2002

B Insurance Act 1938

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C IRDA Act, 1999

D IRDA regulations 2000

Question 19

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 20

Nationionalisation of Insurance was on __________________

A 1st September 1956

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B 1st December 1956

C 1st October 1956

D 10th sept 1956

Question 21


A maximum tax benefit


C Tax evasion


Question 22

Which of the following is not an underwriting decision?

A Risk acceptance at standard rates

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B Declinature of risk

C Postponement of risk

D Claim rejection

Question 23

Which insurance is used for business protection purpose

A Children education plan

B Keyman Insurance policy

C Re-insuance

D Term insurance

Question 24

The sum assured under keyman insurance policy is generally linked to

which of the following?

A Keyman income

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B Business profitability

C Business history

D Inflation index

Question 25

Varsha is a house wife. How much insurance cover is permissible to her

life, if her husband has insurance of 25 Lakh on himself

A 5 to 10 Iakh

B 10 to 15 Iakh

C Upto 25 lakh

D 25to 30 Iakh

Question 26

Mr Amit is nearing retirement, he has a lumpsum ammount to invest,

he requires regular cash flow to help cover basic living expenses, Which

type of annuity plan Amit should purchase

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A Immediate Annuity

B Deferred Annuity

C Money back annuity

D Assured Annuity

Question 27

With relation to annuities, explain what does "Liquidation period" refer

to?

A Period between the purchase of annuity and commencement of

payments

B Period during which insurer makes annuity payments

C Time taken to build up the corpus

D Insolvency period

Question 28

____________ relate to one's ability to interact effectively with other

workers and customers, both at work and outside.

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A Hard skills

B Soft skills

C Negotiating skills

D Questioning skills

Question 29

Ram Purchased an insurance policy of 7 lass from ABC co. & died after 3

years. This wont be treated as

A Invalid Claim

B Non early claim

C Early Claim

D Voidable Claim

Question 30

Are there any fee I charges that need to be paid for lodging the


A A fee of Rs 100 needs to be paid

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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 31

Phases of retirement planning are ________________


B Conversation, Accumulation

C Conversation; Distribution

D Accumulation, Conservation, Distribution

Question 32

In the keyman insurance premium is paid by the ______________

A Company

B Employee

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C Director

D None of the above

Question 33

Full form of MRI

A Redemption monetary Value

B Mortagage Redemption Insurance

C Money Reducing Value

D Mortgage Reduction Insurance

Question 34

Which of the below statement is incorrect with regards to decreasing

term assurance?

A Death benefit amount decreases with the term of coverage

B Premium amount decreases with the term of coverage

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C Premium remains level throughout the term

D Mortgage redemption plans are an example of decreasing term

assurance plans

Question 35

The licence of agency is valid for a period of

A 5 Years

B 3 Years

C 1 Year

D 2 Years

Question 36

Bonus attached to the contract only on its contractual termination is


B Compound bonus

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D Terminal bonus

Question 37

_________________ relates to inaccurate statements, which are made

without any fraudulent intention.

A Misrepresentation

B Contribution

C Offer

D Representation

Question 38

Some common terms in health insurance are

A Inpatient

B Outpatient

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C Day care centre

D All the above

Question 39







Question 40

Which feature of term insurance allows a policyholder to change or

convert a term insurance policy into a permanent plan without

providing fresh evidence of insurablity?A Changeable Term insurance

Policy

B Decreasing Term Assurance Policy

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C Increasing Term Assurance Policy

D Convertability

Question 41

Which of the below statement is true?

A Life insurance policies are contracts of indemnity while general

insurance policies are contracts of assurance

B Life insurance policies are contracts of assurance while general

insurance policies are contracts of indemnity

C In case of general insurance the risk event protected against is certain

D The certainty of risk event in case of general insurance increases with

time

Question 42

Which among the following is not a pre-requisite for launching a


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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 43

____________ 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 44

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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 plan chosen by the buyer

D Mode of payment (cash, cheque, card) chosen by the buyer

Question 45

In a legal contract if pressure is applied on either of the parties through

criminal needs, it is known as

A Coercion

B Fraud

C Undue Influence

D Mistake

Question 46

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From the below given age proof documents, identify the one which is

classified as non-standard by insurance companies.

A School certificate

B Identity card in case of defence personnel

C Ration card

D Certificate of baptism

Question 47

A policy holder need to have a ______________ to avail the benefit of

cashless facility under Health insurance policy.

A Employees ID card

B Identification card

C Policy document

D Smart Card

Question 48

Rates printed in premium table are known as

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A Risk premium

B Gross premium

C Net premium

D Office premium

Question 49

_________________ are unforeseen life events that may call for a large

commitment of funds

A ULIP


C Diversification

D Contingencies

Question 50

State which of the statement is correct.A Life insurer does not provide

guarantee for unit values in case of ULIP

B Life insurer does provide guarantee for unit values in case of ULUP

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C Both the statements are correct.

D Both the statements are incorrect.

==========================================================

=====


Question 1

Based on classification of claims (early or non-early), pick the odd one

out?

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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 2

Which of the following is an example of moral hazard?

A Stunt artist dies while performing a stunt

B A person drinking copious amounts of alcohol because he is inured

C Insured defaulting on premium payments

D Proposer lying on policy document

Question 3

_____________ is not a tangible good.

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A House

B Insurance

C Mobile Phone

D A pair of jeans

Question 4

MR. Shelly 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 5

Under what circumstances would the policyholder need to appoint an

appointee?

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A Insured is minor

B Nominee is a minor

C Policyholder is not of sound mind

D Policyholder is not married

Question 6

Mr. Rohit has already opted for Deferred Annuity however he wants to

know how much amount can he withdraw as lumpsum before the start

of annuity phase

A Accumulated Value

B Fund Value

C 1/3rd of Fund Value

D He can withdraw the entire amount if need be

Question 7

Health insurance is designed to handle which of the following risks?

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A Mortality

B Morbidity

C Infinity

D Serendipity

Question 8

Which among the following is a wealth accumulation product?

A Bank Loans

B Shares

C Term Insurance Policy

D Savings Bank Account

Question 9

With regards to valuation of assets by insurance companies,

________________ is the value at which the life insurer has purchased

or acquired its assets.

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A Discounted future value

B Discounted present value

C Market value

D Book value

Question 10

The sum assured under keyman insurance policy is generally linked to

which of the following?

A Keyman income

B Business profitability

C Business history

D Inflation index

Question 11

Origins of modern insurance business can be traced to

_______________

A Bottamry

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B Lloyds

C Rhodes

D Malhotra Committee

Question 12

In progressive risk profile Investment style is ________________

A Accumulation


C Estate Planning

D Consolidation

Question 13

Which insurance is used for business protection purpose

A Children education plan

B Key man Insurance policy

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C Re-insuance

D Term insurance

Question 14

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 relationshipA 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 15

In the keyman insurance the premium paid by the company is treated

as ______________

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A Profit of the business

B Business Expense

C Loan of the company

D Sum Assured of the business

Question 16

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?

A Lower of sum assured or fund value

B Higher of sum assured or fund value

C Premiums paid will be returned with 2% higher interest rate as

compared to a bank's savings deposit

D Surrender value

Question 17

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Manish Suryawanshi

What does the term "premium" denote in relation to an insurance

policy?

A Profit earned by the insurer

B Price paid by an insured for purchasing the pclic

C Margins of an insurer on a policy

D Expenses incurred by an insurer on a policy

Question 17

What does the term "premium" denote in relation to an insurance

policy?

A Profit earned by the insurer

B Price paid by an insured for purchasing the pclic

C Margins of an insurer on a policy

D Expenses incurred by an insurer on a policy

Question 19

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Hurt not other with that which pains yourself is golden rule of which

religion

A Jainsim

B Buddhisim

C Islam

D Christianity

Question 20

______________ Refers to protection against an event that will happen

A Insurance

B Assurance

C Micro Insurance

D Bancassurance

Question 21

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Which of the below statement is correct?

A If agent loses the licence, then no duplicate licence is issued. The

agent has to wait till the time of renewal, when another copy is issued

B If agent loses the licence, then the Authority may issue a duplicate

licence free of cost.

C If agent loses the licence, then the Authority may issue a duplicate

licence only after a RR is lodged and a waiting period of 30 days.

D If the agent loses the licence, then the Authority may issue a

duplicate licence on payment of a fee of rupees fifty.

Question 22

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

D Employer taking out insurance on employees

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Question 23

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 24

What is the waiting period for hospitalisation in an regular health

insurances policy?

A 12 hrs

B 6 months

C 30 days

D 24 hrs

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Question 25

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 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 26

Which of the below insurance proposal is not likely to qualify under

non-medical underwriting? I. avita, aged 26 years, working in an IT

company as a software engineer

A Savita, aged 26 years, working in an IT company as a software

engineer

B Mahesh, aged 50 years, working in a coal mine

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C Satish, aged 28 years, working in a bank and has applied for an

insurance cover of Rs. I crore

D Pravin, aged 30 years: working in a departmental store and has

applied for an

Question 27

____________ has gained much momentum as a preferred marketing

channel for some of the private life insurance co in India

A Bancassurance

B Internet

C Mail Marketing

D Through Brokers

Question 28

Nit is 35 yrs. old. Working for a mutinational company having annual

income of 5 lakh,he can opt for Sum assured in the range of

A 25 to 30 lakh

B 50 to 60 lakh

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C 70 to 80 lakh

D More than 80 lakh

Question 29

The awards by the Ombudsman are governed by the following rules

A 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 15 days of the receipt of acceptance

D All of the above

Question 30

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.

A Pneumonia

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B Broken back

C Falling off a horse

D Surgery

Question 31

With relation to annuities, explain what does "Liquidation period" refer

to?

A Period between the purchase of annuity and commencement of

payments

B Period during which insurer makes annuity payments

C Time taken to build up the corpus

D Insolvency period

Question 32

The most common form of the bonus is


B Compound bonus


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D Terminal bonus

Question 33

An immensely valuable asset possesed by an human being which is also

the source of his productive earning capacity is called ____________

A Human Income

B Human Life Value

C Human Capital

D Human Asset

Question 34


and reduce the risk

A Time Horizon

B Marketability

C Risk Tolerance

D Diversification

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Question 35

Health Insurance policies can be obtained by _______________

A Group

B Individual

C Family

D All of the above

Question 36

Which among the following cannot be termed as an asset?

A Car

B Human Life

C Air

D House

Question 37

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Which act was passed to imporove the protection of consumer

interests

A Consumer protection act 1986

B 1993 the Malhotra committee

C GIBNA 1872

D None of the above

Question 38

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 39

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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 40

Policies which do not participate in the profits are called as

_______________

A Dividend Plans

B Non-Participating Plans

C Non-Dividend Plans

D Non-Investment Plans

Question 41

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Which among the following can be categorised under transactional

products?

A Bank deposits

B Life insurance

C Shares

D Bonds

Question 42

A person is pre- assumed to be dead if not been heard from the last

__________ yrs

A 7 yrs

B 5 yrs

C 2 yrs

D 10 yrs

Question 43

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Question 44

Some common terms in health insurance are

A Inpatient

B Outpatient

C Day care centre

D All the above

Question 45


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A Maximum tax benefit


C Tax evasion


Question 46

An endowment assurance is an combination of _______________ +

___________

A Health Plan + Term Assurance Plan

B Term assurance plan + Pure endowment plan

C Pure endowment + Pension plan

D Term assurance + Pension plan

Question 47

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Miss Julie is an employee of the network 5 and works as a customers

ervice executive there. Currently she is not associated with any

business risk/ loss, can company take a keyman insurance for Miss Julie

A Yes the company can take key man insurance

B No they cannot take key man insurance as she is not the key member

C Some concessions can be mad e

D Her designation does not qualify for the same

Question 48


insurance?

A Cash Benefits


C No claims Bonus

D Tax Benefits

Question 49

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The Cash value component in traditional products is

A Pre-planned

B Well defined

C Not well defined

D Not pre-planned

Question 50

The application document used for making the proposal is commonly

known as the ________________

A Application form

B Proposal form

C Registration form

D Subscription form

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English ic 33 paper 6 to 10 with answers

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Transcript of English ic 33 paper 6 to 10 with answers