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Resources » Articles/Knowledge Sharing » Placement Papers »
Insurance Institute of India , Pre Agency Examination
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Insurance Institute of India , Pre Agency Examination
1The competition for the business of life insurance ia
a Non-life insurance
b Small savings
c House property
d None of these three
3 State which of the following statements is correct
a Risk is uniform for all assets
b Life insurance improves standards of living
c Both the above statements are correct
d Both the above statements are wrong
4 Which one of the following statements is correct?
a Duty to disclose applies till the claim arises in life insurance
b Insurers are responsible for adverse selection
c Both the statements are correct
d Both the statements are wrong
5 Which one of the following statements is correct, with reference to life insurance?
a The claim payable is subject to the principle of indemnity
b The claim payable will depend on the Sum Assured
c The claim payable will depend on the income of the deceased person
d The claim payable will depend on the size of the family left behind
6 Which of the following statements is correct?
a The principle of indemnity does not apply to life insurance policies
b The principle of indemnity does not apply to insurance on human beings
c The principle of indemnity does not apply to third party motor insurances
d All the above statements are wrong
7 Which one of the following statements is correct?
a The annual premium must be twelve times the monthly premium
b The annual premium may be less than twelve times the monthly premium
c Both the above statements are wrong
d Both the above statements are correct
8 The premium printed on the schedule of the policy is worked out from
a Net premiums
b Risk premiums
c Office premiums
d None of the above
9 Which one of the following statements is correct?
a The life fund belongs to the policyholders
b The life fund belongs to the shareholders
c Both the statements above are correct
d Both the statements above are wrong
10 A plan of insurance is said to be different from another if
a The date of maturity is different
b The date of commencement of risk is different
c The underwriter decides to charge extra premium in one case
d The conditions when the sum assured becomes payable are different
11 Which one of the following statements is true with regard to Children’s policies?
a On the deferred date, the insured child has to be at least 15 years old
b On the deferred date, the insured child need not be a major
c On the deferred date, the policy must have been in force for at least ten years
d All the statements above are wrong
12 In what ways does group insurance differ from salary savings schemes?
a Number of persons insured under a policy
b Responsibility of employer
c Issue of premium receipts
d In all the above three respects
13 Which one of the following statements is correct?
a There is no difference between a term assurance plan and a Whole Life plan
b A Whole Life plan is a term assurance plan with an indefinite term
c Both the statements above are wrong
d Both the statements above are correct
14 Who pays for the premium in the group policy?
a The insured persons only
b The person who has the master policy only
c Both the insured persons and policyholder jointly
d Any one of the three ways above
15 State which one of the following statements is correct?
a A master policy is issued in a group insurance policy
b Each member in a group policy pays the premium directly to the insurer
c Both the statements above are correct
d Both the statements above are wrong
16 Which one of the following statements is correct?
a By writing a truthful report, the agent is helping the insurer
b By writing a truthful report, the agent is helping the life to be insured
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 assesses the risk
b No policy can be issued without the underwriter’s decision
c Both the statements above are correct
d Both the statements above are wrong
18 Which one of the following statements is correct?
a An underwriter is an actuary
b An underwriter uses financial and medical data
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 declaration in the proposal makes the principle of good faith operational
b The declaration in the proposal establishes insurable interest
c Both the statements above are correct
d Both the statements above are wrong
20 Which one of the following statements is correct?
a A copy of the proposal has to be given to the proposer
b A copy of the medical report has to be given to the proposer
c Both the statements above are correct
d Both the statements above are wrong
21 Which one of the following statements is correct?
a The policy is the basis of the insurance contract
b The proposal is the basis of the insurance contract
c Both the statements above are correct
d Both the statements above are wrong
22 Which one of the following statements is correct?
a A lapse is effectively a case of adverse selection
b A lapse should make the agent reflect on the correctness of the sale
c Both the statements above are correct
d Both the statements above are wrong
23 Which one of the following statements is correct?
a A nominee must be above 18 years of age
b A nominee must be a close relative
c Both the statements above are correct
d Both the statements above are wrong
24 How does automatic advance of premium differ from extended term assurance?
a In the duration for which the policy will remain in force
b In the amount of SA payable on death
c In the ease of reviving the policy to original terms
d Likelihood of terminating without any cash payment to the policyholder
25 In which of the following aspects do the three non-forfeiture options differ?
a The extent of insurance cover
b The amount of debt on the policy
c The amount payable on maturity
d On all the above three
26 Which one of the following statements is correct?
a Outstanding amounts of loans are deducted from the claim amount
b Fresh loans cannot be taken till the earlier loan is repaid
c Both the statements above are correct
d Both the statements above are wrong
27 Which one of the following statements is correct?
a Age is material information and may affect the terms of underwriting
b If age is found to be different, the only effect is on the premium rate
c Both the statements above are correct
d Both the statements above are wrong
28 Which one of the following statements is correct?
a The claim may be repudiated, if the age is found to be different
b Insurer need not wait for formal death intimation
c Both the statements above are correct
d Both the statements above are wrong
29 When a court orders that a missing insured person is presumed to be dead,
a The premiums paid since his disappearance are returned along with the claim
b The date of death is taken to be the date of court order
c Enquiries will be made as in the case of early death claims
d Suicide clause will operate if the person was missing within one year of policy
30 In which of the above cases, will the help of the agent be most useful?
a Death claims
b Maturity claims
c Survival benefits
d Annuity cases
31 When a court orders that a missing insured person is presumed to be dead,
a The premiums paid since his disappearance are returned along with the claim
b The date of death is taken to be the date of court order
c Enquiries will be made as in the case of early death claims
d Suicide clause will operate if the person was missing within one year of policy
32 Which one of the following statements is correct?
a Rival claimants to policy moneys should resolve the dispute themselves
b The insurer need not examine the validity of rival claims to policy moneys
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 insurer makes enquiries only in the case of death claims
b The insurer makes enquiries in the case of maturity claims also
c Both the statements above are correct
d Both the statements above are wrong
34 State which of the following statements is correct
a In ULIPs, if the policy is terminated earlier, a charge has to be paid
b In ULIPs, an administrative charge has to be paid every year
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 death benefit may be ‘integrated’
b In ULIPs, the death benefit will be the basic SA only
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, one can pay additional premium in any year for investment
b In ULIPs, if one increases the premium, the SA must also be increased.
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 Unethical behaviour can affect the settlement of the claim, if it is early
b Ethical behaviour is beneficial to the policyholder, but not to the agent
c Both the statements above are correct
d Both the statements above are wrong
38 Which of the following laws affect the working of an insurance agent?
a The Insurance Act
b The Contract Act
c The Income Tax Act
d All the three mentioned above
39 State which one of the following statements is correct
a An agent has to ensure that nominations are changed whenever necessary
b An agent is the agent of the proposer / policyholder
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 A rural area is defined in the IRDA Act
b A rural area is an area outside municipal limits
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 A consumers forum is set up exclusively for insurance matters
b There is no appeal against the decision of the consumer forum
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 Every insurer has to do a minimum SA of business from the rural areas
b Every insurer has to do a minimum number of policies from the rural areas
c Both the statements above are correct
d Both the statements above are wrong
43 Given the following information, indicate which of the four options given below
shows the monthly premium (rounded off to the nearest rupee) to be paid
by a person born on 28.6.1974, who has taken an endowment policy on his life.
Sum Assured Rs. 40,000 Term 35 years Date of maturity 24.12.2037
Tabular premium for age nearest birthday 27 - Rs.27.46 per thousand
Tabular premium for age nearest birthday 28 - Rs.27.83 per thousand
Tabular premium for age nearest birthday 29 - Rs.28.37 per thousand
Premium adjustment - 5% extra for monthly mode, Re. 1 less for half yearly mode and
Rs 1.50 less for yearly mode SA Rebate Rs. 1.50 less for Rs. 50,000 and above
a 97
b 97.4
c 97.5
d None of the above
" (a) 97.00 (b) 97.40 (c) 97.50 (d) None of the above "
44 Find out the loan payable at 90% of surrender value on the basis of following
data, (the answer to be rounded off to the next higher rupee)
SA. Rs 50,000 DOC 19.02.2002
Endowment without profit - 20 years
Due date of last unpaid premium 19-02-2006 mode yearly
Bonus declared Rs.60/- per thousand SA. Every year since 2001, SV factor 32%
a 2880
b 8784
c 9760
d None of these
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Responses
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| Author: Arun 23 May 2009 | Member Level: Gold Points : 0 | nice.. very helpful
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