IC 33 Paper 3
Prepared by Manish SuryawanshiMob. No. 07276112117
1Prpared by Manish Suryawanshi
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
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Question 3
Cardio vascular disease refers to the disease which affectA 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 pensionA 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
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Question 5
In which of the following insurable interest will not existA 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 _____________A Accumulation B Wealth Accumulation C Estate Planning D Consolidation
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Question 7
What are retained earningsA 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
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Question 9
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 forA 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 6Prpared by Manish Suryawanshi
Question 11
The sum assured under keyman insurance policy is generally linked to which of the following?A key man income B Business profitability 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
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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 areA Adequacy B Equity C Competitiveness D All of the above
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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 LeagalityD 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
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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
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Question 19
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
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Question 21
The awards by the Ombudsman are governed by the following rulesA Award should not be more than RS 20 IakhsB 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 22
Judicial channel for grievance established by the central government IsA State Forum B District Forum C National forum D Lifeline
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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 incomeA 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
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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
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Question 27
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
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Question 29
Mr. Ajay is persuading prospect to buy insurance policy to achieve his sales target, this behaviour IsA Ethical B Professional C Unethical D Moral
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
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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 ______________ planningA Investment Planning B Retirement Planning C Estate Planning D All of the above
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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 18Prpared by Manish Suryawanshi
Question 35
Moral hazard by health insurance companies can result in _________________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
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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 __________________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
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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 categorised under transactional products?A Bank deposits B Life insurance C Shares D Bonds
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Question 41
What are some non verbal gestures that indicate defensiveness and non receptivityA Smiling face B Arms are crossed in front of you C Purposeful gestures D Shoulders held back
Question 42
Phases of retirement planning are ________________A Distribution, Accumulation B Conversation. Accumulation C Conversation, Distribution D Accumulation, Conservation, Distribution
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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 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
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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 BottomryB Lloyds C Rhodes D Malhotra Committee
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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
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Question 49
Which insurance is used for business protection purposeA Children education plan B Keyman Insurance policy C Re-insuanceD 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 Once you are finished, click the button below. Any items you have not completed will be marked incorrect.
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27Prpared by Manish Suryawanshi