CSC RAP Exam Question Answer Key 2023 [Updated] - 100% Pass Guarantee

CSC RAP Exam Question Answer Key 2023 - All Questions & Answers [Updated]

 

आज की इस पोस्ट में हम CSC RAP Exam Question Answer Key 2023 से जुड़े सवाल और उनके जवाब लेकर आये हैं. सभी सवालों को ध्यान से पढ़ें और इनके उत्तर भी इनके साथ ही दिए गए हैं. उम्मीद करते हैं इनसे आपकी काफी मदद हो सकती है.

 

CSC RAP Exam Question Answer Key 2023 - [Updated List]

 

Q. For quarterly mode of payment days of grace is:
Ans. 30 days

 

Q. For renewal of license an Agent has to complete practical training for Hours
Ans. 25 hours

 

Q. For the customer whose claim has been refused by the company the three places where he/she should follow up are – Ombudsman IRDA Customer Grievance Cell and:
Ans. Consumer Forum

 

Q. Free look of an Insurance Policy means.
Ans. Policy holder can cancel the policy after purchasing it

 

Q. Free look option should be exercised within:
Ans. 15 days of purchase of the policy

 

Q. Freshwater Prawn Insurance does not cover:
Ans. Partial Loss

 

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Q. From which investment, a person will have Capital Growth and Dividend?
Ans. Equity

 

Q. General Insurance business was nationalized in India in:
Ans. 1972

 

Q. Generally insurance companies do not hold the premium in case of a fraud or misrepresentation. However, due to which of the following circumstances by insurer can retain the premium the policyholder
Ans. Indisputability clause

 

Q. Geographical Zone for the purpose of rating is based upon:
Ans. Location of R T O concerned

 

Q. Group insurance can be taken in following relationship
Ans. Employee- Employer

 

Q. Choose the correct statement – ​​Statement A: Insurance reduces social costs , Statement B: Insurance is a means of social security!

Ans. Only A is true!

 

Q. Choose the correct statement – ​​Statement A: Insurance reduces social costs! , Statement B: Insurance is a means of social security!

Ans. Both are true!

 

Q. In which year the Insurance Regulatory and Development Authority was established through the IRDA Act!

Ans. year 1999

 

Q. Insurance can be defined as

Ans. transfer of risk from insured to insurer

 

Q. The basic philosophical principle of insurance is

Ans. Many will contribute to reduce the loss of few.

 

Q. Base rates we all face to varying degrees!

Ans. death

 

Q. The following risks are inevitable in life!

Ans. death

 

Q. to provide life insurance

Ans. all of the above

 

Q. Workmen's Compensation Act 1923 is for

Ans. workers compensation for accidents while on duty

 

Q. The Motor Vehicles Act 1988 has specified that

Ans. Third Party Liability Insurance is mandatory!

 

Q. Employees State Insurance Act 1948 is for this!

Ans. Medical assistance to industrial workers and their families

 

Q. National Agricultural Insurance Scheme is called!

Ans. National Agricultural Insurance Scheme

 

Q. cottage insurance plan is for

Ans. Compensation in case of destruction of hut

 

Q. Read the following two statements - Statement A: Information about having other insurance must be given, Statement B: The facts of the law are not required to be disclosed!

Ans. only a is true

 

Q. Insurable interest is being created!

Ans. all of the above

 

Q. the doctrine of supreme good faith, that is

Ans. Disclosing all facts accurately and fully at the time of making the offer, whether or not requested

 

Q. In life insurance, the following needs to be disclosed!

age, height, weight, income and occupation

Ans. both (a) and (b)

 

Q. In fire insurance, the following need to be disclosed

Ans. all of the above

 

Q. insurable interest exists when

Ans. A financial relationship exists between the insured and the subject matter of insurance.

 

Q. You cannot take the insurance policy of Red Fort situated in Delhi?

Ans. because he has no insurable interest

 

Q. Personal accident insurance can be taken from it!

Ans. general insurance company

 

 

Q. A & B in enters into a Contract & B accepts the Contract with a condition. Will this be considered as a Contract Between A& B?
Ans. Contract is created only when the acceptance is unconditional

 

CSC VLE Insurance Exam Question Answer Key 2023 [Updated]

 

Q. A claim under a term insurance policy is submitted by an individual who has substantially understated his age. As an alternative to paying out the full claim the insurer is most likely to take what action?
Ans. Reject the claim on the grounds of misrepresentation

 

Q. A claim was paid in a policy and it was advertised in the newspaper also. This indicates that the policy was
Ans. It was lost

 

Q. A client has been recommended a low-risk investment product by his insurance agent, but the client insists the agent arranges for the money to be invested in a higher risk product. What action should the agent take?
Ans. Carry out these instructions, but document that this contradicts the recommendation

 

Q. A client has got some funds and wants to provide for retirement and margin money. What should be his priority?
Ans. Depends upon his actual age and years left for retirement

 

Q. A contract entered into a drunken person is____:
Ans. Invalid contract

 

Q. A contract exists between insurer and proposes when
Ans. A proposal has been accepted by insurer.

 

Q. A contract which has no effect on either of the contracting parties is:
Ans. Void contract

 

Q. A couple has 7 year kid & wants to Buy some Policy. Which is the best suitable policy for his Son?
Ans. Child insurance plans can be taken out in the form of endowment plans money-back plans or ULIPs

 

Q. A couple has 7 years old son what solution they would be looking for:
Ans. Child education

 

Q. A customer can approach an Ombudsman if:
Ans. The value of the claim is not above Rs. 20 lakh

 

Q. A customer surrenders his policy on Feb 2011. As per Agents code of conduct an agent can get a new policy from this customer from Feb which year?
Ans. 2011

 

Q. A customer while investing in to Recurring deposit or Cumulative deposit. What are the key factors which will matter?
Ans. Interest rates

 

Q. A defect or deficiency is a:
Ans. All the above

 

Q. A fact find is not intended to:
Ans. Reveal client’s personal secrets

 

Q. A family consisting of husband wife and two children aged 6 and 10 what kind of insurance plan can be suggested?
Ans. All of the above

 

Q. A General Insurance policy should contain:
Ans. All the above

 

Q. A hazard can be defined as:
Ans. A condition that either increases the chance of a peril happening or cause its effect to be worse

 

Q. A human being is:
Ans. All of the above

 

Q. A life insurance policy can only be made paid up if what policy feature exists?
Ans. Savings element.

 

Q. A Life Insurance Policy should contain:
Ans. All the above

 

Q. A life insurer issued a quotation on 10 February, guaranteed for 14 days, which was accepted by the customer on day 10. Consequently, the insurer can only decline this risk if the:
Ans. Material facts change

 

Q. A lump sum withdrawal allowed as commutation in pension plan is.
Ans. 1/3 of the accumulation fund

 

Q. A milch cow is covered under Cattle Insurance up to the age of:
Ans. 8 years

 

Q. A person has taken a term insurance of 4 lacs. What is the maximum critical illness rider he can take?
Ans. 4 Lac

 

Q. A person retiring within 3 months need return as pension. What kind of investment plan he need to choose?
Ans. Immediate annuity

 

Q. A person wants to invest in a FD for Tax benefit, how many years he has to take the term of the FD?
Ans. 5 years

 

Q. A person who has a temporary job Loss, where should he look for investing other than FD
Ans. Debt Funds of MF

 

Q. A policy document for a money-back policy includes the statement ‘the proposal and declaration signed by the proposer form the basis of the contract’. In which main section of the policy document will this normally appear?
Ans. Preamble

 

Q. A policy has been rejected by the company under direct intimation to the customer and copy to the Agent. What is the next action of the Agent?
Ans. He has to explain the reasons for rejection to the customer

 

Q. A survey or should submit his report generally within:
Ans. Within 30 days of appointment

 

Q. A VLE can sell policies of:
Ans. All Life, Non-Life and health Insurance companies

 

Q. According to IRDA agent’s code of conduct, what is the best method of showing the amount of commission earned by the advisor?
Ans. Signed copy of sales illustration

 

Q. According to IRDA guidelines, how long does an insurance company have to complete its investigation of claim?
Ans. 180 days

 

Q. Aditya wants to take home loan and his monthly take home is 80,000 what as a best practices should be the maximum EMI
Ans. 32,000

 

Q. After doing the need analysis of the client the agent advised the client to opt for ROP product. But the client refuse. According to ethical business practices, what will the agent do?
Ans. Enquire about the refusal from the client

 

Q. After sales service in insurance includes the following:
Ans. All the above

 

Q. Agent offering rebate may be fined with:
Ans. Rs. 500

 

Q. Agents act as an intermediary between the:
Ans. Insurer and the Policyholder.

 

Q. Ajay and Vijay both are unmarried. Ajay has dependent parent. Which need Ajay must take care of on priority, although that will not be a priority for Vijay.
Ans. Health insurance for parents

 

Q. Ajay does not consume alcohol for a month to not detect during medical test is:
Ans. Concealment of a material fact

 

Q. Ajit and Vijit are 2 friends paying same premium for health insurance. Why Ajit has higher tax exemption eligibility than Vijit?
Ans. Ajit is above 65 years of age whereas Vijit is below 65

 

Q. Akash is an unmarried person and employed with company ABC and drawing a handsome salary. He has no liabilities. What kind of plan can be suggested to him?
Ans. ULIP

 

Q. Akshat is a relatively cautious person. In insurance terms this will normally increase the likelihood that he will:
Ans. Require insurance cover

 

Q. All ULIP pension plans have to give how much percentage as guaranteed returns
Ans. 4.50% (or) 0.045

 

Q. Amit is illiterate. He wants to take policy his friend Surya help him in knowing the question and filling the proposal form. What extra requirement is required in this case:
Ans. Left thumb Impression of Amit along with a declaration of his friend

 

Q. Amit is looking for term insurance plan for protection of his family he is advised to approach for:
Ans. Life Insurance

 

Q. AML program of every insurer to include _____ apart from procedure, training and audit:
Ans. Appointment of Principal Compliance Officer

 

Q. An advisor while explaining the policy and to sell he accepts to give a part of his Agent’s Commission. What is the limit?
Ans. He cannot offer any commission

 

Q. An advisor will do a churn to:
Ans. To earn extra commission

 

Q. An Agent can receive maximum of____% of the premium as commission in the first year
Ans. Thirty Five Percent

 

Q. An agent has recommended an investment product with non-guaranteed benefits. The benefit illustration passed to his client will therefore use assumed annual growth rates of:
Ans. 6% and 10%

 

Q. An Agent offered his client that 75% of the first premium will be paid by him out of commission. This offer of rebate on premium will be treated as:
Ans. A breach of IRDA’s code of conduct

 

Q. An agent reveals his commission received from insurance sales to X&Y. Both plans are of same duration. Why is commission of X far higher that of Y?
Ans. Y has brought a single premium product

 

Q. An Award is passed by Ombudsman. In how many days it should be honored by Insurance Co.
Ans. 15 days

 

Q. An award made by the Insurance Ombudsman will only be binding on the insurer if the:
Ans. Complainant accepts this decision.

 

Q. An indemnity bond was signed in a policy when the claim was paid. This indicates that the policy was
Ans. It was lost

 

Q. An individual need a lump sum at the age of retirement. The amount he need to invest annuity for the goal will depend on:
Ans. All the above

 

Q. An insurance agent has advised a client to surrender an existing investment product and start a new investment product. What key indicator should be used to determine whether this advice was ethical?
Ans. The best interests of the client

 

Q. An insurance agent served an insurer continually and exclusively for 20 years, after which he retired from work. In accordance with Section 44 of the Insurance Act 1938, renewal commission due to him after the termination of his agency can only be withheld if:
Ans. there is fraud involved

 

Q. A policy has two nominations. What amount should be given to the two nominees?
Ans. There is no specified limit like that

 

Q. A policy holder asked his insurance agent for guidance on submitting a claim for the maturity benefit under his life insurance policy. Due to pressure of work, the agent declined to assist. Consequently, this action is deemed to be a breach of the:
Ans. Insurance Regulatory and Development Authority’s Code of Conduct

 

Q. A Policy holder can register the following in his Policy:
Ans. All the above

 

Q. A policy holder is not satisfied with the services at the insurer and complains to ombudsman. In how many days from receipt of the complaint the ombudsman should pass the recommendation
Ans. 1 month

 

CSC TEC Exam Question Answer Key 2023 [Updated]

 

Q. A policy holder submits cancellation of his term insurance policy. The insurer accepts the form and fails to give the benefits. Policy holder writes to IRDA post which the settlement should be made within?
Ans. 15 days

 

Q. A provision for superannuation is a normally taken a high need to
Ans. A Self employed person

 

Q. A public-sector company specialized for Risk Related to Crop insurance is:
Ans. Agriculture Insurance Company of India Limited

 

Q. A public-sector company that specializes in risks related to export credit is:
Ans. Export Credit and Guarantee Corporation of India

 

Q. A Risk transfer provides a sense of:
Ans. Financial security

 

Q. A satisfied client will lead to:
Ans. All the above

 

Q. An Insurance company should be a:
Ans. All the above

 

Q. An Insurer advertises through daily newspaper. What type of marketing is this?
Ans. Direct Selling

 

Q. An Investor has invested in Debt mutual fund he is ideally looking for:
Ans. Savings Income

 

Q. An investor holds a wide range of shares. If the Reserve Bank of India announces a series of significant interest rate increases, the prices of these shares are most likely to
Ans. Decrease

 

Q. An underwriter is a professional who has the ability to:
Ans. Understand the risks to which the underwritten object is exposed

 

Q. Anand received post taxation 5% return on his fixed deposit in bank if his net return is 3%, what can be the reason
Ans. Inflation

 

Q. Annual premium of an insurance product is 32,000 with 4% loading on Quarterly mode of payment. What is the quarterly premium?
Ans. 8,320

 

Q. Any assets, which are no longer suitable or are earning fewer returns than expected, should be
Ans. Cashed in for investment into other assets

 

Q. Apart from conducting a comprehensive fact-find, the other main action that an insurance agent can take at outset to minimize the risk of subsequently receiving a customer complaint is to:
Ans. Provide detailed disclosures

 

Q. Apart from the salary level, what other key feature of Alok’s job is likely to have a major impact on the level of his pension, life insurance and health insurance needs?
Ans. Whether the job is in the public or private sector

 

Q. Appointer’s Role
Ans. When nominee is minor

 

Q. Arun started a 20-year term insurance policy. Once established, when, if at all, is the insurer next entitled to ask him for proof of continuing good health?
Ans. When a lapsed policy is revived

 

Q. As per IRDA regulations IGMS Should be mandatory setup by
Ans. By all insurers

 

Q. As per the IRDA circular an insurance agent:
Ans. Needs to disclose the amount of commission on demand

 

Q. As per the norms of risk assessment U/W both the parents of a policy holder died in their early 30s due to Heart disease. What is the risk assessed?
Ans. Physical Hazard

 

Q. Assessment of needs does not include:
Ans. Priorities of the agent

 

Q. Asvath is illiterate. He wants to take policy anssurya is a friend of his help him is answering questions and answers and also fills proposal. In addition to this requirement is
Ans. Left thumb impression of asvath along with a declaration of his friend

 

Q. Aswin is looking at different plans of insurance for protection at the lowest premium. Which is the best plan for him?
Ans. Term plan

 

Q. At the time of maturity quarter of the SA is paid though the policy was in force:
Ans. Money back

 

Q. Bank interest is accumulated:
Ans. Monthly

 

Q. Basic elements of an insurance plan are:
Ans. Maturity benefit and Death cover

 

Q. Benefit illustration is used to:
Ans. Show the client the nature of the product and its benefits

 

Q. Both the parties to a contract must agree and understand the same thing and in the same sense which is called
Ans. Consensus ad idem

 

Q. Certificate from the village panchayat
Ans. Will be considered as non standard age proof

 

Q. Children policies come in 3 forms. What are they?
Ans. Endowment Money back & ULIP

 

Q. Churning is bad, based on which aspect:
Ans. Policyholders suffer due to surrender charges and benefits

 

Q. Claim was settled. However full Sum assured not paid though the policy was in force due to:
Ans. Lein

 

Q. Client died in 89th day from DOC. In which category he is not eligible for claim?
Ans. Suicide

 

Q. Client has taken Joint Life Policy. Who are responsible in the contract?
Ans. Proposer & Wife

 

Q. Cold canvassing in Insurance refers to:
Ans. Meeting a person not known and with whom he does not have any introduction or any meeting in past

 

Q. Commutation is a feature of which type of policy:
Ans. Annuity

 

Q. Commutation option allows the annuity policy holder to with draw
Ans. 33%

 

Q. Complaint council bodies other than IRDA grievance readdress forum & COPA
Ans. Ombudsman

 

Q. Compound reversionary bonus of 4% will be calculated on:
Ans. Sum assured plus bonus till date

 

Q. Compulsory deductible is applicable to:
Ans. All the above

 

Q. Consumer Court is a:
Ans. Quasi-judicial machinery

 

Q. Consumer Forum at District level will hear complaints upto:
Ans. 20 Lakhs

 

Q. Crop Insurance is based on:
Ans. Total input value

 

Q. Corporate agent Is a corporate body which acts as:
Ans. Agent for all Life and General Insurers

 

Q. Critical illness rider was taken and the rider benefit has been claimed. The rider benefit now gets:
Ans. Terminated

 

Q. Currently, major percentage of insurance sales in India takes place through:
Ans. Individual insurance agents

 

Q. Customer asks the agent to disclose the commission. The agent should:
Ans. Disclose on demand

 

Q. Customer has opted for a 5 year guaranteed annuity option. What will happen to annuity, if the customer survives for 5 years after the end of guarantee period?
Ans. Till he die

 

Q. Danny is married and has two children aged 6 and 10. His parents are aged 68 and 70. who all can be included in Family floater option of a health plan
Ans. Danny his wife and his children

 

Q. De-tariffication is a process by which pricing of insurance
Ans. Insurers can price their product on their self past experiences

 

Q. Select the correct option

Ans. Old age and death are certain in life!

 

Q. In which year was the life insurance business nationalized in India?

Ans. year 1956

 

Q. In which year was the general insurance business nationalized in India?

Ans. year 1972

 

Q. Life insurance companies are investing funds according to the norms set by

Ans. IRDA

 

Difference Between CSC RAP Insurance And CSC VLE Insurance - Registration | Products | Commission

 

Q. Insurance is a social security tool!

Ans. truth

 

Q. Insurance works on the law of probability!

Ans. truth

 

Q. Choose the correct statement - Statement A: Insurance is relevant only if there is a possibility of economic loss Statement B: An event that will definitely happen and will not be insured!

Ans. Both are true!

 

Q. During fact finding what will be the next step after identifying clients need:
Ans. Prioritize client needs

 

Q. During financial planning session if the agent finds out the following needs which one should be given the top priority. Needs: Income protection Childs education marriage and emergency funds
Ans. Income protection

 

Q. During product recommendation, the agent should explain the product in relation to:
Ans. The needs that came to fore in fact find process

 

Q. During the process of applying for life insurance, the customer discloses confidentially to the insurance agent that he had a mild stroke four months ago, however this was NOT mentioned on the application form. In accordance with the Insurance Regulatory and Development Authority’s Code of Conduct, how should the insurance agent deal with this information?
Ans. Notify the insurer of this matter

 

Q. During the recommendation stage the advisor needs to:
Ans. Recommend the products that best meet the client’s needs

 

Q. Duty of disclosure of material information rests with:
Ans. Insured and Insurer both

 

Q. Embedding Ethics means that:
Ans. Ensuring practice of ethics at all levels consistently and coherently

 

Q. Ethical practices lead to____:
Ans. Positive image for the company

 

Q. Even though the insurer may avoid the contract entirely “ab initio” for the reason of misrepresentation or non-disclosure the Insurance Act 1938 gives a protection to the policy holder making the policy in disputable after 2 years (excepting for fraud)
Ans. Sec. 45 of the Insurance Act 1938

 

Q. Except Surrender how one policy holder can transfer money to a third party barring Nominee?
Ans. By doing Assignment

 

Q. Fact finding sheet allows the agent to:
Ans. Analyse customer needs

 

Q. Family floater health insurance plan covers:
Ans. All members of a family

 

Q. For a household insurance policy, insurable interest need only exist at outset and at what other point?
Ans. The date a claim occurs

 

Q. For logging a policy which document is more preferable – Baptism Certificate or
Ans. Baptism Certificate

 

Q. Group insurance is a contract between____:
Ans. Employer & Insurance Company

 

Q. Hari wants a constant life cover till his 31st birthday. But he can’t afford to pay high premiums. The best suited products for him would be:
Ans. Term plan

 

Q. Harish takes a life insurance policy for Ramesh. Which of the following statement best describes the principle of insurable interest.
Ans. Harish suffers financial loss in cese of death of Ramesh

 

Q. Harsh’s policy matured, however he was paid only 25% of the sum insured in spite at all his premiums been paid on time . This indicates that his policy is a
Ans. Money back plan

 

Q. Health ID cards are provided to all their policy holders to validate their identity at the time of admission by:
Ans. Hospital

 

Q. Health insurance is needed because:
Ans. Cost of healthcare has increased significantly

 

Q. Higher persistency to the insurer ensure what
Ans. Higher profits

 

Q. HIT and run cases meAns.
Ans. Vehicle and driver disappear after the accident and the liability is not known

 

Q. HLV is used as a Yardstick to determine: The correct cover needed to compensate economical loss to their family in case of
Ans. Death of the earning member

 

Q. How are perils and hazards normally distinguished under term insurance policies? 

Ans. Perils are risks that policyholders will die before a specified date and hazards are factors which could influence that risk

 

Q. How long is the free look-in period under a term insurance policy from the date of receipt of the policy document?
Ans. 15 days.

 

Q. How much is the rebate allowed by IRDA to client?
Ans. Nil

 

Q. How much proportion of accumulated fund can be commuted in case of annuity policies?
Ans. Upto 1/3rd

 

Q. How riders will help the customer in life insurance
Ans. Allow policyholder to customize their insurance cover with accidental (or) Additional benefits

 

Q. How the Daily Hospitalization cash benefit will provide benefits to policyholder who is hospitalized
Ans. A fixed amount on a daily basis is paid irrespective of the actual cost of treatment

 

Q. Human life is exposed to different type of risks. Which of these risks is not currently covered by Indian insurers?
Ans. Unemployment not caused by disability

 

Q. If a person is absconding, then after how many years will he be considered as dead & SA paid to the nominee:
Ans. 7 years

 

Q. If a person is concentrating more on health plan and retirement plan then at which stage at life is he in
Ans. Pre Retirement

 

Q. In case of a Paid up policy, what is the claim payable?
Ans. Fund value

 

Q. In case of Conditional Assignment, the claim monies can be paid to:
Ans. Assignee

 

Q. In case of confirmed accidental death, the benefit is paid in the form of:
Ans. Lump sum assured plus accidental sum assured

 

Q. In case of delay of Claim settlement under Life Insurance Policy the company shall:
Ans. Pay interest on the claim amount at a rate which is 2% above the bank rate

 

Q. In case of double insurance with different insurers, which of the policies would be cancelled?
Ans. Policy commencing later

 

Q. If a person is missing, then after how many years will he be considered as dead & SA paid to the nominee?
Ans. 7

 

Q. If a person want to maintain emergency funds the best place is a bank or:
Ans. ULIP

 

Q. If a policy holder is not satisfied with terms and conditions of the policy which she/he has received, then there is an option to return policy for cancellation within _____ days from the date of receipt for policy by policyholder.
Ans. 15 Days

 

Q. If a policy is endorsed under MWP Act the beneficiaries are wife and
Ans. Children

 

Q. If an Agent focusses on Commission, then it is:
Ans. Unethical

 

Q. If an Insurance company appoints a TPA under health Insurance:
Ans. The liability to settle the claim remains with the insurers

 

Q. If any consumer is dissatisfied with customer care cell any insurance company to whom they can escalate their grievances
Ans. Nodal Officer

 

Q. If bonus is given under a plan the additional premium added is known as
Ans. Loading

 

Q. If notification of death is received 3 years after death then the claim can be declared:
Ans. Death claim

 

Q. If Sales Target get reduced, then Churning will:
Ans. Decrease

 

Q. If the agent recommends the client to terminate an endowment plan and take a whole life in order to earn higher commission, it is termed as:
Ans. Churning

 

Q. If the annual premium for a plan is 32000 and a frequency loading of 4% is added in a quarterly premium what is the instalment premium that needs to be paid.
Ans. 8,320

 

Q. If the client does not wish to proceed with the recommendations right at the moment, the agent should:
Ans. Should ask for a future date from the client

 

Q. If the license of an agent has been disqualified by a designated authority in 2010 then the person can apply for license in which year
Ans. 2015

 

Q. If the policyholder dies before receipt of Survival Benefit claim then to whom the Survival Benefit claim monies are payable?
Ans. Nominee

 

Q. If there is no claim in a year, then what will be the benefit to the customer as No Claim Bonus:
Ans. Discount in next year premium

 

Q. If there is no insurable interest, then the contract is:
Ans. Invalid contract

 

Q. IGMS is a platform for registering complaints & mandatorily to be used by
Ans. All insurers

 

Q. In a 20 year with profit policy, persistency Bonus is paid at the end of
Ans. 20th year

 

Q. In a cashless Medi-claim policy the claim amount is paid by the Insurance company to the:
Ans. TPA

 

Q. In a claim the customer got much more than the Sum Assured. Why?
Ans. Nature of payment

 

Q. In a health insurance plan, what feature is likely to cause the insurer to decrease the renewal premium:
Ans. No claim bonus

 

Q. In a joint life plan for a husband & wife, where should the agent’ principal loyalty lay?
Ans. Insurance company, husband & wife

 

Q. In a pension plan illustration what are the parts which shows the benefit for an annuitant
Ans. Guaranteed and non-guaranteed part

 

Q. In a whole life plan- The policyholder’s responsibility to give disclosure
Ans. At the beginning of the contract

 

Q. In case of General Insurance Policy Claims, the company will appoint:
Ans. Surveyor for assessing the loss

 

Q. In case of life insurance, the insurable interest should exist:
Ans. At the time of taking the policy

 

Q. In case of no fault liability the minimum compensation that will be paid to the person injured due to motor vehicle without proving the fault of the driver is
Ans. Rs. 50,000/- for death and Rs 25,000/-for grievous hurt

 

Q. In cumulative bank deposit the interest that in normally compounded on what basis.
Ans. Quarterly

 

Q. In daily hospitalization cash benefit scheme
Ans. The insurance company may pay an additional amount on a daily basis if the insured is admitted to the intensive care unit (ICU)

 

Q. In endowment policy, we give SA + Bonus- :
Ans. Outstanding premium

 

Q. I.R.D.A was incorporated as a Statutory body in:
Ans. Dec-1999

 

Q. If a contract is signed by a 15 years old boy this contract will be:
Ans. Invalid

 

Q. If a person chooses cumulative deposit than Recurring deposit difference will be in:
Ans. Frequency of interest calculation

 

Q. If a person consumes alcohol regularly and does not disclose the same in proposal form-what is the type of hazard?
Ans. Moral

 

Q. If a person consuming alcohol-what is the type of Hazard
Ans. Moral

 

Q. In fact-finding, why client’s income analysis is necessary?
Ans. To do financial planning according to the needs of the client

 

Q. In life insurance business if a person is working in calculating premium rates of insurance products then he is mostly likely a member of:
Ans. Insurance institute of risk management

 

Q. In life insurance which principle does not apply?
Ans. Insurable interest

 

Q. When material elements are not manipulated! then the insurance contract will be

Ans. Illegal

 

Q. legal right to insure means

Ans. insurable interest

 

Q. Through which method is the principle of compensation implemented?

Ans. deduction and depreciation

 

Q24. There are methods of providing compensation!

Ans. All

 

Q. Consider the following two statements - Statement A: Proposer need not disclose facts which he does not consider material Statement B: Facts which are common knowledge of which insurer is expected to know! That doesn't need to be disclosed!

Ans. only b is true

 

Q. Which of the following principles of law prevents an insured from not making profit from his loss?

Ans. Compensation

 

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