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Posted Date: 22 Nov 2008      Posted By:: Nilesh    Member Level: Gold  Points: 5 (Rs. 1)

2007 IRDA Agent Licensing – Sample Test papers Module Test 4 Question paper

Course:   University/board:


Fill in the blanks using only one of the alternatives provided in bracket.
1. The definition of rural area is where the total population is __________ (over 5000/ over 10000 / less than 5000)

2. Who in the insurance company is responsible for the solvency of the company_______________

3. The principal is responsible for _________ of the agents
a) all acts b) Some acts c) Specified acts d) Basic acts

4. An agent is expected to report on proponents ___________ status
a) Financial b) Medical c) Both d) None of the earlier

5. In case of corporate agents, the amount of commissions earned from a corporate / organization / group / can not exceed ____ of total commissions
a) 30%, b) 40%, c) 50%, d) 60%

6. State true or false - The issue of licenses required u/s 42 of the Insurance Act, 1938, is regulated by the IRDA Act of 2000 _______________.

7. The amount paid to an agent for procuring policies is called
a) Commission
b) Fees
c) Salary
d) Honorarium

8. _____________ is a document issued under the law authorizing a person to act as an insurance agent
a) Mandate
b) License
c) Certificate
d) Appointment

9. Which statement is Appropriate
A) Going through the existing policies of a prospect whom he is meeting for the first time, the agent suggest that he should allow 3 of them to lapse & go in for a new policies
B) Going through the existing policy of a prospect whom he was meeting for first time, the agent suggest that nomination be made & offered to get them registered by the office
a) A Statement
b) B Statement
c) Both Statement
d) Neither of Statement

10. True or False
a) Nomination can be changed any number of times.
b) Assignment can be effected at the proposal stage.
c) License fee for renewal of agent’s licence is Rs. 100/-.
d) Level premium creates reserves.
e) Agent is an employee of Insurance Company.
f) An employer has no insurable interest in the lives of his employees.
g) An agent can work for two life insurance companies at the same time.
h) Under deferred annuity system, the annuity begins within the first year.
i) For a sum assured of Rs.20, 000/- the rebate for large sum assured is Re.1/-.
j) Individual policies are issued in Group Insurance.
k) The bonus is declared under all plans.
l) Insurance can be granted to those women who observe purdah.

11. Under _______________ premium system the premium is the same throughout the policy term.
a) Level premium
b) Single Premium
c) Regular Premium

12. _______________ is the price paid to purchase an insurance product. premium

13. For half-yearly mode of premium rebate allowed is ______________ 1.5 %

14. Surrender means ___________ (Renewal /Termination / Revival) of the contract.

15. If a proposer does not disclose fully all the material facts at the time of proposal, the principle of __________ (Indemnity / Insurable Interest / Utmost Good faith) is violated.

16. Commission on second year’s premium payable for Endowment policy for 15 years is __________percent (5/7.5/101)

17. Age nearer birthday as on 20.5.2000 of a person with date of birth 13.7.1974 is ____________ years (25/26/27)
18. Before a person decides to buy Life Insurance he is only a _______ and when he buys life Insurance he becomes ________ ( proposer(1)/Life assured(2) / Nominee/ Assignee/Claimant)
19. The terminal bonus is paid to those policies which become claim after completing ___________ years as in force policies (10/15/20)

Mention ‘Appropriate ‘ or ‘Inappropriate’ against each of the following statements –

20. Agent interferes with the clients of other agents.
21. Agent advises to discontinue the earlier, policy of the policy holder taken by another agent.
22. Agent is more concerned with the commission he will earn then the benefit to the prospect.
23. Agent does not collect the premium at the time of sale.
24. Agent becomes argumentative when prospect raises objection.

Say True of False
25. Agent is an employee of insurance company.
26. If a policy document is lost, claim amount cannot be paid.
27. An absolute assignment executed by L.A can be altered by him.
28. Age proof is not important is L.A. Policies.
29. LIC investigates all those death claims which occur within the first 2 years from the date of issue of first premium receipt.
30. LI is a short term contract.
31. Terminal and final additional bonus is the same
32. Employers have no insurable interest in the lives of their employees.
33. A person aged 17 years can be granted agency.
34. Renewal of license is not essential.
35. Disclosure of material facts by the proposer in not necessary
36. Proposal form is the basis of the contract.
37. Broker represents only one insurance company.
38. Assignment can be effected at the time of completion of proposal.
39. Assignment cancels the previous nomination effected on the policy.
40. Insurer is legally bound to remind policy holders about premium due.
41. The nominee must be a closer relation of L.A.
42. Revival of a lapsed policy is allowed.
43. The nominee becomes entitled to policy moneys on maturity of policy.
44. Age is a relevant factor in risk assessment.
45. Nomination can be cancelled by a will.
46. Contract of insurance comes into force only when insurance policy is issued.

50. A lapsed policy can be revived within a period of ------ years from the date of first unpaid premium.
a) Three
b) Four
c) Five
d) Six

51. Renewal receipts are not issued in respect of policies under
a) Salary Saving Scheme
b) Non Participatory Policies
c) Savings Plan
d) None of the above

52. Bonus notices are
a) Sent to individual policyholders
b) Not sent to individual policyholders
c) Sent in advance
d) Sent once in two years

53. L.I.C. allows a rebate of ----- and ------for yearly and half yearly mode
a) 1.5%, 3%
b) 3%, 1.5%
c) 3%, 5%
d) 1.5%, 5%

54. For monthly mode L.I.C.
a) Charges 1.5% extra
b) Charges 3% extra
c) Charges 5% extra
d) Does not charge extra

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