The previous examination question paper which is required as study preparation for the IRDA upcoming Entrance Examination is as follows:

(1) Potential purchaser of product is called
(a) Prospect
(b) Consumer
(c) Customer
(d) Client

(2) If policyholder is in grievance, will solve
(a) Grievance officer
(b) Court order
(c) Ombudsman
(d) All the above

(3) 20,000 policies in the 5th year are to be made from sector
(a) Rural
(b) Social
(c) None
(d) Urban

(4) Insurance Agent is governed by
(a) Contract act
(b) Insurance Act
(c) IRDA
(d) All above

(5) Doctors appointed by insurers will be
(a) General Physicians
(b) Specialists
(c) Surgeons
(d) All of above

(6 is the document produced to establish one’s age
(a) Birth Certificate
(b) Affidavit
(c) License
(d) Proof of age

(7) Who is the person who identifies the customer and get the necessary insurance for him ?
(a) Intermediary
(b) Retailer
(c) Broker
(d) Agent


(8) Which kind of Insurance plan can meet all need of a proponent?
(a) Endowment
(b) Money Back
(c) Multipurpose
(d) None of them

(9) The principal is responsible for agent
(a) All the acts of agent
(b) Specified acts of agent
(c) Some of acts agent
(d) None of them

(10) Which of the following statements are True:
a) It is the agent’s responsibility to ensure that all material information is made available
b) If the proposal paper is incomplete, the agent will be held accountable
(a) A Statement
(b) B Statement
(c) Both Statement
(d) Neither of Statement

(11) In the case of a policy under the provision of M.W.P. ACT who can make the death claim?
(a) Beneficiary
(b) Life insured Heirs
(c) Trustee
(d) Any of the above

(12) Which kind policies are not entitled bonuses?
(a) Non participatory
(b) Money back
(c) Children’s
(d) Whole life

(13) Claim in question is Rs.23 lakh which consumer court will it go to:

(14) A policy which has run for 8 years can be called into question if there is a
(a) Fraud
(b) Misrepresentation
(b) Mistake
(c) None of above

(15) What would be the paid up value of a 25-year-old endowment policy for Rs.50, 000 taken in Oct
1988, if the last ½ year’s premium paid was in Oct 2000?
(16) Which of the following statements are True:
a) An insurance agent can be sued under the Consumer Protection Act
b) The Consumer Protection Act does not apply to Govt. Company.
a) A Statement
b) B Statement
c) Both Statements
d) Neither of Statement

(17) If the proponent has no insurable interest in the insured the underwriter will
(a) Accept with reduce sum assured
(b) Decline the proposal
(c) Accept with lien
(d) Accept with extra premium

(18) What is paid by the insurer when the policyholder decides to discontinue the policy
(a) Forfeiture
(b) Surrender Value
(c) Intermediate Claim
(d) Lapse

(19) A person employed to act on behalf of another in dealing with a third person is called
(a) Lawyer
(b) Broker
(c) Employee
(d) Agent