Lic Agent Exam Model Question Paper

Are you attending for Lic Agent Exam? Then read this collection of important LIC Agent
Interview Question and answer . hen you attend for online Exam you get !uestions in
"ultiple Choice. #elow "entioned are some important Questions as$ed for LIC Agent
Exam.
%& Insurance wor$s on the principle of
a Trust
' (haring
c )andomness
d All of the above
* Insurance is legitimate
a when an adverse happening is likely
' hen an adverse happening is unli$ely
c hen an adverse happening is certain
d In all the a'ove three situations
+ Insurance 'enefits replace
a All physical losses, in full
' All physical losses, partly
c All monetary losses, in full
d The monetary losses but only to some extent
- hich one of the following statements is correct?
a .eople hesitate to 'uy life insurance 'ecause they are not aware of their needs
' .eople hesitate to 'uy life insurance 'ecause they prefer to en/oy the present
c !oth the statements are correct
d #oth the statements are wrong
0 hich is the right time for ta$ing life insurance?
a hen you are a'out to get married
' (oon after you have got married
c 1ust when you are /oined a new /o'
d All the three "times# are right
2 )etention of ris$ may 'e done conveniently 'y
a Large corporations
' (mall companies
c (ingle individuals
d 3one of the three
4 A valuation is done 'y a life insurer 'ecause
a It is a statutory re!uirement
' It is necessary to 'e a'le to declare dividends to shareholders
c It tells the insurer how well it is managing the 'usiness
d All of the above
5 The reason for charging level premiums is
a )is$ increases as age increases
' It is convenient to the policyholder
c It is convenient to the insurer
d All the above reasons
6 hat does a premium depend upon?
a The place of worship visited 'y the person to 'e insured
' The state of health of the policyholder
c The decision of the underwriter
d The report of the agent
%7 (tate which one of the following statements is correct?
a $n group insurance a single policy is issued covering many persons
' A master policy covers servants of a master
c #oth the statements a'ove are correct
d #oth the statements a'ove are wrong
%% hich one of the following statements is correct?
a In a limited payment policy, there is a maximum limit to the (A
' In a limited payment policy, there is a maximum limit to the term
c !oth the statements above are wrongd #oth the statements a'ove are correct
%* hich one of the following statements is true with regard to Children8s policies?
a 9n vesting, the insured person has an option to change the term of the policy
' 9n vesting the insured person has an option to increase the (A
c !oth the statements above are wrong
d #oth the statements a'ove are correct
%+ hich of the following could 'e the 'asis of the cover in a group policy?
a :eight of the life insured
b Age of the life insured
c (i;e of the insured8s family
d All the three a'ove
%- hich one of the following statements is true with regard to Children8s policies?
a 9n vesting, the insured person has an option to change the term of the policy
' 9n vesting the insured person has an option to increase the (A
c !oth the statements above are wrong
d #oth the statements a'ove are correct
%0 hich one of the following statements is correct?
a Every plan of insurance is a combination of two basic plans
' The name given to a plan indicates the 'enefits availa'le under the plan
c #oth the statements a'ove are correct
d #oth the statement s a'ove are wrong
%2 hich one of the following statements is correct?
a <nderwriting is done only when there is a medical examination
' "edical examination is necessary 'efore a policy can 'e issued
c #oth the statements a'ove are correct
d !oth the statements above are wrong
%4 hich one of the following statements is correct?
a The underwriter determines the premium to 'e charged
' The underwriter is an employee of the insurer
c !oth the statements above are correct
d #oth the statements a'ove are wrong
%5 hich one of the following statements is correct?
a If the underwriter feels that the ris$ is more, he will accept at 9)
b $f the underwriter feels that the risk is more he may impose a lienc #oth the
statements a'ove are correct
d #oth the statements a'ove are wrong
%6 hich one of the following statements is correct?
a The schedule of a policy is not altered after the policy is issued
' Changes in the terms of the policy are made through endorsements
c !oth the statements above are correct
d #oth the statements a'ove are wrong
*7 The date of issue of the =.) indicates
a The date when the risk effectively begins
' The date when the next premium falls due
c The date when the policy will commence
d 3one of the a'ove
*% hich one of the following statements is correct?
a In the case of ((( policies, renewal premium receipts are issued
b $n the case of %%% policies &P's are issued
c #oth the statements a'ove are correct
d #oth the statements a'ove are wrong
** hich one of the following statements is correct?
a Assignee is free from the assignor8s o'ligations under the policy
' A nomination is automatically cancelled when a loan is ta$en under the policy
c #oth the statements a'ove are correct
d !oth the statements above are wrong
*+ hich one of the following statements is correct?
a The 'eneficiaries under the ". Act can 'e any mem'er of the family
' A policy can 'e ta$en under the "". Act for the 'enefit of parents
c #oth the statements a'ove are correct
d !oth the statements above are wrong
*- hich one of the following statements is correct?
a =oreclosure can 'e done only with the consent of the policyholder
b &oreclosure can be done only after informing the policyholder
c #oth the statements a'ove are correct
d #oth the statements a'ove are wrong
*0 hich one of the following statements is correct?
a )evivals are not done unless the entire outstanding premium is paid
' )evivals are not done unless the underwriter agrees
c #oth the statements a'ove are correct
d !oth the statements above are wrong
*2 hich one of the following statements is correct?
a &oreclosure action cannot be taken till a notice is served on the policyholder
' hen a foreclosure action is ta$en, nothing is paya'le to the policyholder
c #oth the statements a'ove are correct
d #oth the statements a'ove are wrong
*4 hich one of the following statements is correct?
a The 'eneficiaries under the ". Act can 'e any mem'er of the family
' A policy can 'e ta$en under the "". Act for the 'enefit of parents
c #oth the statements a'ove are correct
d !oth the statements above are wrong
*5 hich one of the following statements is correct?
a A presumption of death is not the same as proof of death
' .resumption of death allows inheritance of property
c !oth the statements above are correct
d #oth the statements a'ove are wrong
*6 hen does a claim arise under an insurance policy?
a henever the policyholder feels the need for money
b (hen the insured events happen
c hen a premium is not paid
d henever any of the three things mentioned a'ove happen
+7 hich one of the following statements is correct?
a Maturity claim che)ues are paid to the trustees in a M(P Act case
' "aturity claim che!ues are paid to the 'eneficiaries in a ". Act case
c #oth the statements a'ove are correct
d #oth the statements a'ove are wrong
+% If a claim is made in 1anuary *774 under a policy, which commenced in "ay *77*,
stating that the life insured had died in April *77-,
a (ection -0 of the Act will not apply
' The claim can 'e treated as an early claim
c =oul play must 'e suspected
d All the three statements above are correct
+* hich one of the following statements is correct?
a A policy reported to be lost may actually have been assigned
' A policy has no value after the payment of survival 'enefits
c #oth the statements a'ove are correct
d #oth the statements a'ove are wrong
++ hich one of the following statements is correct?
a The foreign exchange regulations apply if the life insured is a non>resident
' The foreign exchange regulations apply if the claimant is a non>resident
c !oth the statements above are correct
d #oth the statements a'ove are wrong
+- (tate which of the following statements is correct
a *L$Ps provide for flexibility' <LI.s are 'etter than traditional policies
c #oth the a'ove statements are correct
d #oth the a'ove statements are wrong
+0 (tate which of the following statements is correct
a In <LI.s, the offer 'id spread is the difference 'etween the two prices
' In <LI.s, the offer 'id spread, will in some cases 'e ;ero
c !oth the above statements are correct
d #oth the a'ove statements are wrong
+2 (tate which of the following statements is correct
a $n *L$Ps the insurance cover must be a minimum multiple of the premium
' <LI.s can 'e surrendered after two years
c #oth the a'ove statements are correct
d #oth the a'ove statements are wrong
+4 (tate which one of the following statements is correct
a Life insurance is the 'est savings scheme for all persons
' Life insurance is the 'est investment scheme for young persons
c #oth the statements a'ove are correct
d !oth the statements above are wrong
+5 hich of the following statements is correct?
a An insurance agent has fixed wor$ing hours
' An insurance agent has to mar$ his attendance in office every day
c An insurance agent works according to his scheduled An insurance agent cannot do
any other wor$
+6 (tate which one of the following statements is correct
a hen vital information is not disclosed, the policyholder is 'enefited
b (hen a claim is repudiated the agent#s trustworthiness is affected
c #oth the statements a'ove are correct
d #oth the statements a'ove are wrong
-7 (tate which one of the following statements is correct?
a The social sector is not only in the ur'an areas
' The social sector includes the unorgani;ed sector
c !oth the statements above are correctd #oth the statements a'ove are wrong
-% (tate which one of the following statements is correct?
a The 9m'udsman8s authority is limited to claims matters only
b The +mbudsman is not a ,udicial authority
c #oth the statements a'ove are correct
d #oth the statements a'ove are wrong
-* (tate which one of the following statements is correct?
a The tax provisions are the same for all $inds of savings
' The tax provisions are included in the Constitution
c #oth the statements a'ove are correct
d !oth the statements above are wrong
-+ A proposal for (A of )s. %7 la$hs with ?A# for monthly mode under (((.
.roposer had a previous policy of )s. 0 la$hs with ?A#. .roposal was
accepted with health extra of )s. *.40 per thousand (A premium for ?A# )e % per
thousand. 0@ extra for monthly mode. large (A re'ate of )s *A> per thousand for
% la$h and a'ove. Ta'ular premium )s. -5.*7 maximum total (A on which ?A# is
allowed is )s. %7A> la$hs.
=ind monthly B(((& premium, rounded off to the next higher rupee
a -%7*
' -%*%
c -%5+
d -%60
-- =ind out surrender value on the 'asis of following data Bthe answer to
'e rounded off to the next lower rupee&. (A )s.+7, 777 ?9C> %0.2.%66*,
Endowment with profit C +7 years
?ue date of last premium paid %0>72>*774 mode half yearly
Accrued 'onus )s.407A> per thousand (A. (D factor *+@
a +247
' +420
c 54-7
d 3one of these
-0 A money 'ac$ policy for (A. of )s.07,777A> "atured after *0 years.
(urvival 'enefits of %0@ each had 'een paid at the end of 0th, %7th, %0th,
and *7th years. #onus had accrued at )s.620A> per )s.%777A> (A. Interim 'onus
E )s.*0A> per thousand (A is paya'le. hat is the maturity claim amount?
a 25*07
' 26077
c 65*07
d 66077
Correct Answers for A'ove Exam Questions
- d . a / d 0 c 1 d 2 a 3 d 4 d 5 c -6 a
-- c -. c -/ b -0 c -1 a -2 d -3 c -4 b -5 c .6 a
.- b .. d ./ d .0 b .1 d .2 a .3 d .4 c .5 b /6 a
/- d /. a // c /0 a /1 c /2 a /3 d /4 c /5 b 06 c
0- b 0. d 0/ b 00 c 01 b