Ic 33 paper 4

IC 33 Paper 4

Prepared by Manish SuryawanshiMob. No. 07276112117

1Prepared by Manish Suryawanshi

Question 1

A complete insurance planning includes ______________A Life Insurance B Health Insurance C Asset Insurance 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 industryA 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 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


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 6Prepared by Manish Suryawanshi

Question 11

Guiding principles for determining amount of loading areA Adequacy B Equity C Competitiveness D All of the above

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 underwriter as he is working as a body guard of a businessman with suspected criminal links. Under which hazard his policy was rejectedA 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 D Accumulation, Conservation, Distribution 8Prepared by Manish Suryawanshi

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 facilityA Day care centre 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 paymentsA 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 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


Question 23

Mr XYZ is director of a company, Company has taken Keyman insurance forhim, If something happens to Mr XYZ then benefit will paid to________________A his NomineeB His Legal HeirC CompanyD 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 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 D Separation of the protection and savings element


Question 29

Ajay pays insurance premium for his employees. Which of the below insurancepremium 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 AjayA I onlyB II onlyC Both I and IID Neither I nor II

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 16Prepared by Manish Suryawanshi

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 PrafullD None of the above


Question 34

Which of the below losses are covered under key man 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 IndiaA 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

Question 37

Leaving a good first impression involvesA The agent demonstrating confident, positive attitude and punctuality B The Agent Gaffing all the product brochures 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


Question 40

Ram purchased an Endowment policy of 10 Lakhs sum assured for 20 years .Simple reversionary bonus declared in 2nd year is 6011000 of sum assured.Calculate bonus for 2nd yearA 600B 6000C 60000D 600000

Question 41

Mr Raju want a pension plan in which after he dies the annuity ispaid to his spouse for her life time. Which type of Annuity Mr. Rajushould purchaseA Joint Life last surviver with return of purchase of priceB immediate AnnuityC Joint Life AnnuityD 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 broken.So that Anthony receives the insurance when should the insurable interest existA .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 organisationC 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 PortablityC 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 isA Insurance Act 1938 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 annualised 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

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


Ic 33 paper 4

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