As you want I am here giving you sample test paper for IC 33 exam of Insurance Regulatory and Development Authority (IRDA).

Sample Test Paper:

Identify the choice that best completes the statement or answers the question.

1. Both the parties t6 'a contract must agree and understand the same thing and in the same sense which is calleda. Consideration c. Consensus ad idem
b. Legality of object. d. Acceptance

2. According to Insurance broker association of India, what is the most appropriate relationship between insurer and brokera. Insurance broker represents the client and insurer, remunerate the broker c. Insurer represent both client and broker remuneration
b. The client represents broker and insurer remunerate broker d. Broker only .service the client

3. Reasons for surrender of the policy a. SA c. no commission
b. advisor induced d. Has Financial Problems

4. Which section deals with the licencing of an agent?a. Section 42 of insurance Act 1938 c. Licence section of Insurance Act 1938
b. Section 42of insurance Act l936 d. Licence section of Insurance agent act 1938

5. During fact finding the need revealed requirement for margin money and retirement fund. Which of these assumes higher priority will be determined on the basis ofa. Margin money c. Tenure left for retirement and corpus needed
b. Retirementfund d. Quantum of investment

6. In which of the recognised life stages an indivlducl does not required any protection covera. Childhood c. Pre retirement
b. Young married d. Retirement


7. A customer while investing in a recurring deposit or cumulative deposit what are the key factors which will mattera. Taxation c. Interest rates
b. Frequency of payment d. Tenures


8. Prashant buys an endowment plan with a SA Rs. I lac an to make use of tax benefit under the policy for whole S. much premium would help him avail this benefit-a. Less than Rs. 10,000 c. Less than Rs. 20,000
b. More than Rs. 10,000 d. More than Rs. 20,000


9. In a fact find, a couple discovered their need to be estate planning? In what life stage will they be in?a. Married c. Married with older children
b. Married with children d. Retirement


10. .Jay buys a policy on the life of Nazia. Who is Jay?a. Life Assured c. Proposer
b. Nominee d. Appointee


11. Insurance benefitsa. Individuals c. The society
b. The country d. All the three


12. Breach of duty of utmost good faitha. Nondisclosure of material facts c. Fraudulent presentation
b. concealment of material facts d. All above

13. After maturity in a ULIP customer does not get maturity amoUntk. lump sum. What is the possibility of receiving it in instalments ifI is not annuity plan?a. He has switched his fund c. He hasredirected his past premium
b. He has opted for settlement option d. Policy was lapsed at the time of maturity

14. Insurable interest on one's own life limited uptoa. 20 times of Gross Annual income c. Assets
b. Liabilities d. Unlimited


15. a Policy holder takes a insurance contract for 30 years and the SA reduces after 25 years what could be the likely reason a. No bonus accumulated c. Policy has become paid up
b. Age proof was substantially wrong d. Its a ULIP Plan


16. A person retiring within 3 months need return as pension. What kind of investment plan he need to choose. a. Immediate Annuity c. Anticipated Endowment
b. Deferred Annuity d. ULIP

17. The amount payable under a life Insurance policy depends ona. The income pf the insured person at the time of the claim c. The amount of the sum assured
b. The income of the insured person When he took the insured d. None of the above

18. Payment/investments in Kisan Vikas Patra under post office scheme is donea. Regularly with no fixed term c. Lump sum for fixed period of time
b. Lump sum with no fixed term d. Regularly for fixed period of time


19. Two endowment policies A and B are issued in the same time on the quarterly mode. In both the policies 22 quarterly installments are paid. Both are surrendered immediately after paying 22nd installment. But in policy A surrender value is significantly higa. Term of A policy is higher than B policy c. Policy A is assigned and B is not assigned
b. Term of B policy is higher than A policy d. Policy B is assigned and A is not assigned

20. An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission, what is the limitsa. 0.1 c. He cannot offer any commission
b. 0.2 d. He can offer up to 50%


21. Advisor motivate the client to surrender the existing Endowment plan and buy new Whole life policy for gaining higher commission, is the example of?a. switching c. Revisit the financial planning
b. Building long term relations d. Churning

22. Insurance is helps toa. Reduce the consequence of adverse situations c. Ensure that assets never breakdown
b. Guarantee that assets are always procutive d. Do all of the above


23. An insurer, as a trustee, has to ensure thata. The life fund is safe c. Both of the above
b. The life fund earns the maximum interest d. Neither of the above


24. Benefit illustrations given to a customer quantifies an amount by which investment return is reduced. This reduction reflect the impact ofa. Charges c. Inflation
b. Interest d. Taxation


25. What period of time a client has to be invested to get tax benefit under postal scheme?a. 10 Years c. 6 years
b. 8 years d. 5 years

26. What is the period of award passed to the customer decided by ombudsman?a. 2months c. 5 months
b. 3 months d. 6 months


27. A human beinga. Is an economic assest c. Is a perishable asset
b. Is an income earning assets d. All the above

28. The rates of assumed annual growth to be shared in the benefit illustration has been decided by which of the authoritya. IRDA c. The Royal Bank
b. Life insurance council d. SEBI


29. Responsibility for classification and analysis of proposal form Iii with whom?a. Risk analysis department c. Underwriter
b. Classification of risk deptt. d. Actuary who analysis the risk


30. Life insurance is better than other avenues of saving in respect ofa. Marketibility c. Trancsferability
b. Liquidity d. All the three above