Test Your Knowledge - Free MCQ PRACTICE
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INSURANCE
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DRIVINGTEST
A fresh set of 20 random questions is generated every time you open this page and every time you refresh it.
For each of the following multiple choice questions, choose the most appropriate answer :

1. If insured gets the two advance payments in the 5 yrs and on maturity, he gets rest of sum assured, what type of policy it is?
A. Moriey back policy
B. Convertible plan
C. Term plan
D. Endowment policy

2. When can an insurance company give more than 35% first year commission?
A. When the insurance company is in the first 10 years of operation
B. If the agent has worked with the company for more than 5 years
C. If the agent has worked with the company for more than 10 years
D. If the agent is doing more than 3 policies in a month

3. Shailesh has an endowmwnt policy with 30 years policy term. He has paid premium for 8 years, The sum assured is Rs.8.00,000/- and accumulated bonus Rs.60,000/-. What is thepaid up value if bonus accumulated and if not bonus accumulated?
A. 2,13,333 & 2,73,333
B. 2,13,333 & 2,29,333
C. 2,29,333 & 2,73,333
D. 2,29,333 & 2,93,333

4. Consensus ad idem specifically describes which feature of valid contract?
A. Capacity to contract
B. Direct contact with each other
C. Same understanding
D. Consideration

5. In life insurance policy it is later found that the person doesn't have insurable interest then the'contract is
A. Expired
B. Reviewed
C. Void
D. Valid

6. A valid claim is delayed bv the insurer. The interest for the same will have to be paid by the Insurance company after how many days from the date of admission of the claim?
A. 10 days
B. 20 days
C. 30 days
D. 60 days

7. Ashok is a young married man with beautiful young wife and two kids. which types of insurance projects should he select?
A. Contingency funding
B. Health insurance
C. Housing Loan insurance
D. Retirement benefit insurance

8. A policyholder asked his insurance agent for guidance on submitting a claim for the maturity benefit under his life insurance policy. Due to pressure of work, the agent declined to assist. Consequently, this action is deemed to be a breach of the
A. General Insurance Council's guidelines
B. Insurance Regulatory and Development Authority's Code of Conduct
C. Insurance Ombudsman's protocols
D. Insurance Brokers Association of India's membership rules

9. As per IRDA regulations, setting up of Internal Grievance Management System is mandatory for :
A. Large insurance companies
B. Life insurance companies
C. Nonlife insurance companies
D. All insurance companies

10. In normal claim settlement process, if death claim arises within few days of issuing the policy, on priority, the company would check the following :
A. Age proof
B. Material facts
C. FIR
D. FPR

11. In case of presumption of death :
A. Not necessary to pay premium until court decree
B. Necessary to pay premium until court decree
C. Claim not admissible
D. None of these

12. Which of the following is not true with regard to Human Life Value?
A. HLV is used as yardstick to determine how much life insurance cover person slould have
B. HLV is one-time calculation
C. As age increases HLV diminishes
D. Through HLV, insurance company tries to measure the economic value of person

13. Which body has created call center for logging complaint
A. Life Insurance Council
B. IRDA
C. Insurance Association
D. Insurance Institute of India

14. For the customer whose claim has been refused by the company, the three places where the customer may follow up are - Ornbudsman, IRDA Customer Grievance Cell, and :
A. Consumer forum
B. SEBI
C. Life Insurance Council
D. District Congress Committee

15. Payment in Kisan Vikas Patra under post office schemes is done :
A. Regularly, with no fixed term
B. Lump sum, with no fixed term
C. Lump sum for fixed period of time
D. Regularly for fixed period of time

16. Where annually increasing flexible premiums operate under a life insurance policy, what rate of increase will generally apply?
A. 2.5%
B. 3.0%
C. 5.0%
D. 7.5%

17. The concept of insurance involves a transfer of
A. liability
B. needs
C. ownership
D. risk

18. An insurance agent served an insurer continually and exclusively for 20 years, after which he retired from work. In accordance with Section 44 of the Insurance Act 1938, renewal commission due to him after the termination of his agency can only be withheld if
A. he ceases to remain a resident of India for tax purposes
B. he survives beyond the age of 75
C. there has been a change in regulator
D. there is fraud involved

19. Ajay has taken a term Insurance Policy with a Sum Assured of Rs. 4 lacs. As per IRDA Regulations on riders how much maximum sum assured he can take for Critical illness rider :
A. 2 Lac
B. 1 Lac
C. 4 Lac
D. 6 Lac

20. In the process of calculation of net premium, which will be deducted:
A. Bonus
B. Rate of return
C. Incorne from investments
D. Expenses

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