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Old June 19th, 2016, 01:32 PM
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Default LIC IRDA Exam

Hello, I want to know the details of the LIC IRDA exam, as I want to apply for it, will you please provide me?
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Old June 20th, 2016, 08:47 AM
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Join Date: Mar 2012
Posts: 152,265
Default Re: LIC IRDA Exam

Hello, here I am providing you the details of the LIC IRDA exam as under:

Syllabus of IC 33 Exam
Understanding insurance
Providing technical product information
Providing professional advice
Understanding claims
Fulfilling legal and regulatory requirements
Understanding customer protection and ethics

Candidates should complete 50 hours of training from an IRDA approved training institution to act as Life or General Insurance agent.

Paper pattern:
The Test contains 50 Multiple Choice Questions.
Time is ONE Hour.
Each question carries one mark.
There is NO NEGATIVE MARK for wrong answers.
To qualify a person should get 35% marks.

Once you pass the exam-
You will award a Licence by the IRDA to work as an insurance agent.
You will be appointed as an agent by the Branch Office and you will be a part of the team under your Development Officer.
The Development Officer will impart field training and other valuable inputs which will help you in the market place.

Paper of the exam:
1. Life insurance plans are combinations of two basic plans, viz.
a) Term Assurance, Pure Endowment
b) Term Assurance, Whole Life
c) Pure Endowment, Whole Life
d) Whole Life, Money Back

2. Insurance is normally bought for :
a) Tax Benefit
b) Death
c) Maturity Benefits
d) Death & Old Age

3. RBP stands for
a) Reserve Bank Policy
b) Retirement Benefit Plan
c) Regular Business Policy
d) Retirement Based Policy

4. A) The sum assured under group insurance is not fixed by the individual member.
B) A person whose proposal is declined under individual scheme can get insurance under group policy.
a) Statement A is correct
b) Statement B is correct
c) Both statements are correct
d) None of the above

5. Terminal Bonus is not paid in case of:
a) Surrendered Policies
b) Discounted policies
c) Paid-up policies
d) All of the above

6. A) Annuities are called the reverse of life insurance
B) In annuity contract insurer stops paying on the death of the annuitant
a) Statement A is correct
b) Statement B is correct
c) Both are correct
d) Both are incorrect

7. A) In Joint Life policies each life has to be underwritten separately.
B) A joint life declaration is not necessary to create a joint interest in the policy.
a) Statement A is incorrect
b) Statement B is correct
c) Statement A is correct but B is incorrect
d) None of the above

8. A) Medical examination of annuitants is necessary
B) Annuities cover the risk of living too long
a) Statement A is correct
b) Statement B is correct
c) Both the statements are correct
d) Both the statements are incorrect.

9. The lapse of selected period in case of Deferred annuities is called:
a) Vesting period
b) Free look period
c) Deferment period
d) Term

10. The annuity can be paid for:
a) 15, 20, 25 years
b) 5,10,15 years
c) 20,25, 30, 35, 40 years
d) 5,10,15,20,25 years
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