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modal question paper for irda online examination

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irda modal question paper

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  1. paafamily
    Question Paper For (Insurance Regulatory and Development Authority) IRDA Examination

    1)  Insurance works on the principle of
    a Trust
    b Sharing
    c Randomness
    d All of the above

    2 Insurance is legitimate
    a when an adverse happening is likely
    b When an adverse happening is unlikely
    c When an adverse happening is certain
    d In all the above three situations

    3 Insurance benefits replace
    a All physical losses, in full
    b All physical losses, partly
    c All monetary losses, in full
    d The monetary losses, but only to some extent

    4 Which one of the following statements is correct?
    a People hesitate to buy life insurance because they are not aware of their needs
    b People hesitate to buy life insurance because they prefer to enjoy the present
    c Both the statements are correct
    d Both the statements are wrong

    5 Which is the right time for taking life insurance?
    a When you are about to get married
    b Soon after you have got married
    c Just when you are joined a new job
    d All the three ‘times’ are right

    6 Retention of risk may be done conveniently by
    a Large corporations
    b Small companies
    c Single individuals
    d None of the three

    7 A valuation is done by a life insurer because
    a It is a statutory requirement
    b It is necessary to be able to declare dividends to shareholders
    c It tells the insurer how well it is managing the business
    d All of the above

    8 The reason for charging level premiums is
    a Risk increases as age increases
    b It is convenient to the policyholder
    c It is convenient to the insurer
    d All the above reasons

    9 What does a premium depend upon?
    a The place of worship visited by the person to be insured
    b The state of health of the policyholder
    c The decision of the underwriter
    d The report of the agent

    10 State which one of the following statements is correct?
    a In group insurance, a single policy is issued covering many persons
    b A master policy covers servants of a master
    c Both the statements above are correct
    d Both the statements above are wrong

    11 Which one of the following statements is correct?
    a In a limited payment policy, there is a maximum limit to the SA
    b In a limited payment policy, there is a maximum limit to the term
    c Both the statements above are wrong
    d Both the statements above are correct

    12 Which one of the following statements is true with regard to Children’s policies?
    a On vesting, the insured person has an option to change the term of the policy
    b On vesting the insured person has an option to increase the SA
    c Both the statements above are wrong
    d Both the statements above are correct

    13 Which of the following could be the basis of the cover in a group policy?
    a Height of the life insured
    b Age of the life insured
    c Size of the insured’s family
    d All the three above

    14 Which one of the following statements is true with regard to Children’s policies?
    a On vesting, the insured person has an option to change the term of the policy
    b On vesting the insured person has an option to increase the SA
    c Both the statements above are wrong
    d Both the statements above are correct

    15 Which one of the following statements is correct?
    a Every plan of insurance is a combination of two basic plans
    b The name given to a plan indicates the benefits available under the plan
    c Both the statements above are correct
    d Both the statement s above are wrong

    16 Which one of the following statements is correct?
    a Underwriting is done only when there is a medical examination
    b Medical examination is necessary before a policy can be issued
    c Both the statements above are correct
    d Both the statements above are wrong

    17 Which one of the following statements is correct?
    a The underwriter determines the premium to be charged
    b The underwriter is an employee of the insurer
    c Both the statements above are correct
    d Both the statements above are wrong

    18 Which one of the following statements is correct?
    a If the underwriter feels that the risk is more, he will accept at OR
    b If the underwriter feels that the risk is more, he may impose a lien
    c Both the statements above are correct
    d Both the statements above are wrong



    19 Which one of the following statements is correct?
    a The schedule of a policy is not altered after the policy is issued
    b Changes in the terms of the policy are made through endorsements
    c Both the statements above are correct
    d Both the statements above are wrong

    20 The date of issue of the FPR indicates
    a The date when the risk effectively begins
    b The date when the next premium falls due
    c The date when the policy will commence
    d None of the above

    21 Which one of the following statements is correct?
    a In the case of SSS policies, renewal premium receipts are issued
    b In the case of SSS policies, FPRs are issued
    c Both the statements above are correct
    d Both the statements above are wrong

    22 Which one of the following statements is correct?
    a Assignee is free from the assignor’s obligations under the policy
    b A nomination is automatically cancelled when a loan is taken under the policy
    c Both the statements above are correct
    d Both the statements above are wrong

    23 Which one of the following statements is correct?
    a The beneficiaries under the MWP Act can be any member of the family
    b A policy can be taken under the MMWP Act for the benefit of parents
    c Both the statements above are correct
    d Both the statements above are wrong

    24 Which one of the following statements is correct?
    a Foreclosure can be done only with the consent of the policyholder
    b Foreclosure can be done only after informing the policyholder
    c Both the statements above are correct
    d Both the statements above are wrong

    25 Which one of the following statements is correct?
    a Revivals are not done unless the entire outstanding premium is paid
    b Revivals are not done unless the underwriter agrees
    c Both the statements above are correct
    d Both the statements above are wrong

    26 Which one of the following statements is correct?
    a Foreclosure action cannot be taken till a notice is served on the policyholder
    b When a foreclosure action is taken, nothing is payable to the policyholder
    c Both the statements above are correct
    d Both the statements above are wrong

    27 Which one of the following statements is correct?
    a The beneficiaries under the MWP Act can be any member of the family
    b A policy can be taken under the MMWP Act for the benefit of parents
    c Both the statements above are correct
    d Both the statements above are wrong

    28 Which one of the following statements is correct?
    a A presumption of death is not the same as proof of death
    b Presumption of death allows inheritance of property
    c Both the statements above are correct
    d Both the statements above are wrong

    29 When does a claim arise under an insurance policy?
    a Whenever the policyholder feels the need for money
    b When the insured events happen
    c When a premium is not paid
    d Whenever any of the three things mentioned above happen

    30 Which one of the following statements is correct?
    a Maturity claim cheques are paid to the trustees in a MWP Act case
    b Maturity claim cheques are paid to the beneficiaries in a MWP Act case
    c Both the statements above are correct
    d Both the statements above are wrong

    31 If a claim is made in January 2007 under a policy, which commenced in May 2002, stating that the life insured had died in April 2004,
    a Section 45 of the Act will not apply
    b The claim can be treated as an early claim
    c Foul play must be suspected
    d All the three statements above are correct

    32 Which one of the following statements is correct?
    a A policy reported to be lost, may actually have been assigned
    b A policy has no value after the payment of survival benefits
    c Both the statements above are correct
    d Both the statements above are wrong

    33 Which one of the following statements is correct?
    a The foreign exchange regulations apply if the life insured is a non-resident
    b The foreign exchange regulations apply if the claimant is a non-resident
    c Both the statements above are correct
    d Both the statements above are wrong

    34 State which of the following statements is correct
    a ULIPs provide for flexibility
    b ULIPs are better than traditional policies
    c Both the above statements are correct
    d Both the above statements are wrong

    35 State which of the following statements is correct
    a In ULIPs, the offer bid spread is the difference between the two prices
    b In ULIPs, the offer bid spread, will in some cases be zero
    c Both the above statements are correct
    d Both the above statements are wrong

    36 State which of the following statements is correct
    a In ULIPs the insurance cover must be a minimum multiple of the premium
    b ULIPs can be surrendered after two years
    c Both the above statements are correct
    d Both the above statements are wrong

    37 State which one of the following statements is correct
    a Life insurance is the best savings scheme for all persons
    b Life insurance is the best investment scheme for young persons
    c Both the statements above are correct
    d Both the statements above are wrong

    38 Which of the following statements is correct?
    a An insurance agent has fixed working hours
    b An insurance agent has to mark his attendance in office every day
    c An insurance agent works according to his schedule
    d An insurance agent cannot do any other work

    39 State which one of the following statements is correct
    a When vital information is not disclosed, the policyholder is benefited
    b When a claim is repudiated, the agent’s trustworthiness is affected
    c Both the statements above are correct
    d Both the statements above are wrong

    40 State which one of the following statements is correct?
    a The social sector is not only in the urban areas
    b The social sector includes the unorganized sector
    c Both the statements above are correct
    d Both the statements above are wrong

    41 State which one of the following statements is correct?
    a The Ombudsman’s authority is limited to claims matters only
    b The Ombudsman is not a judicial authority
    c Both the statements above are correct
    d Both the statements above are wrong

    42 State which one of the following statements is correct?
    a The tax provisions are the same for all kinds of savings
    b The tax provisions are included in the Constitution
    c Both the statements above are correct
    d Both the statements above are wrong

    43 A proposal for SA of Rs. 10 lakhs with DAB for monthly mode under SSS. Proposer had a previous policy of Rs. 5 lakhs with DAB. Proposal was accepted with health extra of Rs. 2.75 per thousand SA premium for DAB Re 1 per thousand. 5% extra for monthly mode. large SA rebate of Rs 2/- per thousand for 1 lakh and above. Tabular premium Rs. 48.20 maximum total SA on which DAB is allowed is Rs. 10/- lakhs.

    Find monthly (SSS) premium, rounded off to the next higher rupee
    a 4102
    b 4121
    c 4183
    d 4195

    44 Find out surrender value on the basis of following data (the answer to be rounded off to the next lower rupee). SA Rs.30, 000 DOC- 15.6.1992, Endowment with profit - 30 years Due date of last premium paid 15-06-2007 mode half yearly Accrued bonus Rs.750/- per thousand SA. SV factor 23%
    a 3670
    b 3765
    c 8740
    d None of these

    45 A money back policy for SA. of Rs.50,000/- Matured after 25 years. urvival benefits of 15% each had been paid at the end of 5th, 10th, 15th,  and 20th years. Bonus had accrued at Rs.965/- per Rs.1000/- SA. Interim bonus @ Rs.25/- per thousand SA is payable. What is the maturity claim amount?
    a 68250
    b 69500
    c 98250
    d 99500

    Correct Answers :

    1 d 16 d 31 d  2 a 17 c 32 a 3 d 18 b 33 c 4 c 19 c 34 a 5 d 20 a 35 c 6 a 21 b 36 a 7 d 22 d 37 d 8 d 23 d 38 c 9 c 24 b 39 b 10 a 25 d 40 c 11 c 26 a 41 b 12 c 27 d 42 d 13 b 28 c 43 b 14 c 29 b 44 c 15 a 30 a 45 b

  2. Guest5027
    hi
  3. Guest8017
    1 a 2 c 3 d
  4. Guest8962
    38 c
  5. Guest1449
    1 c 2 d 3 a 4 b
  6. Guest4409
    1 B 50 C 49 C
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