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Luck
Risk
Bad Luck
Peril
6. Lloyds coffee house is regarded as the place where insurance started the way it was practised
today.Lloyds is located in _________.
Bangalore
Singapore
London
Dubai
7. Risk Transfer through risk pooling is called _________ .
Savings
Investments
Insurance
Transfer
11. Out of 400 Houses, each valued at Rs.20,000 , on an average 4 houses get burned every year
resulting in a combined loss of Rs.80,000 . What should be the annual contribution of each house owner
to make good this loss?
Rs.100
Rs.200
Rs.80
Rs.400
12. Before acceptance of a risk , the insurer arranges a survey and inspection of the property, Why?
To access the risk for rating purposes
To find out how the insured purchased the property
To find out whether other insurers have also inspected the property
To find out whether neighboring property also can be insured
13. Which one of the following does not represent an insurance risk ?
Fire
Stolen Goods
Burglary
Loss of Goods due to ship capsizing
14. Which among the following cannot be an element in a valid insurance contract?
Offer and acceptance
Coercion
Consideration
Legality
15. Mr. Pinto Contracted pneumonia as a result of lying on wet ground after a horse riding
accident. The pneumonia resulted in death of Mr. Pinto. What is the proximate cause of the death?
Pneumonia
Horse
Horse Riding accident
Bad Luck
20. An example of a fact which need not to be disclosed unless asked for is _________by the
insurer . Age of the insured
Presence of fire extinguisher
Heart ailment
Other insurance details
23. Which among the following is not an essential component of the sales process?
Goodwill
Buyer
Seller
Product/ Service
26. General insurance could help in achieving all of the following objectives EXCEPT:
Protection against loss to business premises
Making windfall gains on the occurrence of a contingent event
Protection against errors and omissions
Protection against property losses
29.The key to successful closing lies in helping the prospect to say ________.
No
Don’t know
Yes
Maybe
39.Which among the following activities is prohibited as per the provisions of Insurance Act, 1938?
Keeping aside reserves to meet solvency requirements
Using rebates as a tool to sell insurance policies
Prospecting customers
Limiting management expenses
40.Insurance agents who hold license to act as an agent for a life insurer and a general insurer are called
_______________.
Common insurance agents
Composite insurance agents
Multiple insurance agents
General insurance agents
45.Identify the statement which is not correct. Insurance agent should __________.
Indicate the scale of commission if asked by the customer
Share the commission by way of rebate
Disclose his status with the Insurer on demand
Indicate the premium to be charged
46.If an agent is found guilty of criminal misappropriation, the designated person will _______________.
Terminate the agency appointment.
Issue a duplicate appointment letter
Renew the existing appointment
Take some fees from the agent
48.________________ may deal with all Life Insurance Companies and/or general insurance companies.
Agent
Broker
Corporate agent
Retail agent
50.As per guidelines, an insurance company has to process an insurance proposal within __________.
7 days
15 days
30 days
45 days
53.If certain terms and conditions of the policy need to be modified at the time of issuance, it is done by
setting out the amendments through __________.
Warranty
Endorsement
Alteration
Modifications are not possible
59.Material fact
Is the value of all material covered in a policy
Not important for assessing the risk
Is important as it influences the decision of the underwriter
Is not important as it has no bearing on the decision of the underwriter
63.A warranty
Is a condition expressly stated in the policy
Has to be complied with
Both a and b
None of the above
68.Suggest an insurance scheme for a doctor to protect him from any claims of negligence against him.
Personal accident insurance
Liability insurance
Marine hull insurance
Health insurance
73Hazards are:
Factors that increase the impact of losses
Factors that increases the frequency of loss
Factors that increase the impact and severity of losses
Factors that decrease the impact and severity of losses
84.In shop keeper’s insurance which of the following are usually not covered
Money in till/counter at business premises
Money in transit from bank to business premises
Money in safe at business premises
Money carried by customer to business premises.
86.A fire policy for commercial risks covers the perils of ________
Explosion
Implosion
Both of the above
None of the above
87.A business interruption insurance policy can be taken only in conjunction with ____________.
Standard fire and special perils policy
Standard fire and marine policy
Standard and special perils policy
Standard Engineering and marine policy
91.Which of the below can be covered under a bankers indemnity insurance policy?
Money securities lost or damaged whilst within the premises due to fire
Forgery or alteration of cheques
Dishonesty of employees with reference to money
All of the above
92.In case of a Jeweler’s Block Policy, damage to property insured when it is in transit by registered
parcel will be covered under ____________.
Section I
Section II
Section III
Section IV
93.Delay in start-up policy is also known as ______________.
Machinery Loss of Profits cover
Advance Loss of Profits cover
Contractors All Risk cover
Contractors Plant & Machinery cover
94.Which of the following is not covered under Industrial All Risks insurance?
Fire and special perils as per fire insurance practice
Larceny
Machinery breakdown
Electronic equipment
95.Which branch of insurance offers cover against war perils?
Marine policies
Aviation policies
Both of the above
None of the above
96.Under the Public Liability Insurance Act, 1991, how much is the compensation payable for actual
medical expenses?
Rs. 6,250
Rs, 12,500
Rs. 25,000
Rs. 50,000
97.In Engineering insurance CAR stands for
Motor Car
Contractors All Risks
Company’s All Risks
Companies All Requirements
98.An employer insures himself from dishonest act of his employees by _________
Employees compensation policy
Public Liability Insurance policy
Fidelity Guarantee Insurance policy
Declaration policy
99._________ refers to the body of the ship.
Hull
Cargo
Piracy
Jettison
102.Though the duration of cover for pre-hospitalization expenses would vary from insurer to insurer
and is defined in the policy, the most common cover is for ________ pre-hospitalization.
Fifteen days
Thirty days
Forty Five days
Sixty days
103.As per IRDA guidelines, a ________ grace period is allowed for renewal of individual health policies.
Fifteen days
Thirty days
Forty Five days
Sixty days
104. Which of the below statement is correct with regards to a hospitalization expenses policy?
Only hospitalization expenses are covered .
Hospitalization as well as pre and post hospitalization expenses are covered .
Hospitalization as well as pre and post hospitalization expenses are covered and a lump sum
amount is paid to the family members in the event of insured’s death .
Hospitalization expenses are covered from the first year and pre and post hospitalization
expenses are covered from the second year if the first year is claim free..
107.Identify the correct full form of PPN with regards to hospitals in health insurance.
Public Preferred Network
Preferred Provider Network
Public Private Network
Provider Preferential Network
110. 1) In a group health insurance, any of the individual constituting the group could anti-select against
the insurer.
2) Group health insurance provides coverage only to employer-employee groups.
Statement 1 is true and statement 2 is false
Statement 2 is true and statement 1 is false
Statement 1 and statement 2 are true
Statement 1 and statement 2 are false
111.Which of the following factor does not affect the morbidity of an individual?
Gender
Spouse job
Habits
Residence location
113.The first and the primary source of information about an applicant, for the underwriter is his
________________.
Age proof documents
Financial documents
Previous medical records
Proposal form
115.Who among the following is considered as primary stakeholder in insurance claim process?
Customers
Owners
Underwriters
Insurance agents/brokers
116.Girish Saxena’s insurance claim was denied by insurance company. In case of a denial, what is the
option available to Girish Saxena, apart from the representation to the insurer?
To approach Government
To approach legal authorities
To approach insurance agent
Nothing could be done in case of case denial
117.During investigation, of a health insurance claim presented by Rajiv Mehto, insurance company
finds that instead of Rajiv Mehto, his brother Rajesh Mehto had been admitted to hospital for
treatment. The policy of Rajiv Mehto is not a family floater plan. This is an example of
___________fraud.
Impersonation
Fabrication of documents
Exaggeration of expenses
Outpatient treatment converted to in-patient / hospitalization
119.Which of the following codes capture the procedures performed to treat the illness?
ICD
DCI
CPT ( Current Procedure Termonology )
PCT
120..What is meant by customer lifetime value?
Sum of costs incurred while servicing the customer over his
Rank given to customer based on business generated
Sum of economic benefits that can be achieved by building along term relationship with the
Customer
Maximum insurance that can be attributed to the customer
121.Identify the scenario where a debate on need for insurance is not required.
Property insurance;
Business liability insurance
Motor insurance for third party liability;
Fire insurance
122.As per the consumer protection act,1986 who cannot be classified as a consumer?
Hires goods / services for personal use
A person who buys goods for resale purpose
Buys goods and services for a consideration and uses them
Uses the services of another for a consideration
123. What does not go on to make a healthy relationship?
Attraction;
Trust;
Communication;
Skepticism
124. Which among the following is not an element of active listening?
Paying good attention;
Being extremely judgmental
Empathetic listening;
Responding appropriately
125. which among the following is not a characteristic of ethical behavior?
Making adequate disclosures to enable the clients to make an informed decision
Maintaining confidentiality of client’s business and personal information
Placing self-interest ahead of client’s interests
Placing client’s interest ahead of self interest.
126.___________is not a tangible good.
House;
Insurance;
Mobile phone;
A pair of jeans
127.___________is not an indicator of service quality.
Cleverness;
Reliability;
Empathy;
Responsiveness
128. In India ___________insurance is mandatory.
Motor third party liability;
Fire insurance for houses
Travel insurance for domestic travel
Personal accident
135. Active Listening Involves
Paying attention to the speaker
Giving an occasional nod and smile
Providing feedback
Paying attention to the speaker, giving an occasional nod and smile and providing feedback
136 . Which among the following are the two basic qualities that make a good sales person?
Empathy and ego drive;
Prejudice and loathing
Pride and honesty;
Skepticism and perseverance
137. Which among the following is the most likely to contain the IRDA stipulated 50 hours training to help
prospects clear the IRDA examination?
Process training;
Product training;
Pre-recruitment training
Sales Training
138._____is collaboration between banks and insurers to distribute insurance products.
Bancassurance;
Agent;
Broker;
Insurance company
139.Broker represents:
One insurance company;
Multiple insurance companies
Insurance Regulatory and Development Authority
Customer
140.The following is not a benefit of insurance agency.
No limit on income from commission
Fixed salary income
Freedom to decide working hours
social prestige