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  #1  
Old August 14th, 2014, 03:14 PM
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Default IRDA LIC Agents Exam Model Question Paper

I need the IRDA LIC Agents Exam Model Question Paper, will you please provide me the same???????

As per your request here I am sharing the IRDA LIC Agents Exam Model Question Paper:

IRDA LIC Agents Exam Model Question Paper

1.A policy, in which payment to the annuitant begins five years after the policy has
commenced, is called ___________annuity.
a. Deferred b. Certain c. immediate d. five year
2.A duplicate policy may be issued when the original has been _______.
a. Mutilated b. burnt c. Stolen d. All the above
3. What right does a consumer have?
a. Right of redressal b. Right to information c. right to education
c. all the above
4. What is required to pay the death claim if there is no will, nomination or
Assignment?
a. Probate b. Birth certificate c. proof of title d. Court order
5. When we agree to pay a claim, it is called _____________.
a. Admission b. payment c. submission d. consideration
6. Which of the statement/s are True?
A. Insurance helps one to be less dependent on others.
B. Insurance is necessary to cover the risk of living too long.
a. Only A b. only B c. Both d. Neither
7. Which of the following are true?
A. The community of policyholders shares insurance claims.
B. In insurance, every policyholder contributes to the losses incurred by
others.
a. Only A b. only B c. both d. neither
8. Which of the following are true?
A. Insurance works on the law of averages.
B. Insurance is possible only when there are many policyholders.
a. Only A b. only B c. both d.neither
9. Annuity covers the risk of ______________
a. Death b. accident c. Living too long d. sickness
10. Which of the following are true?
A. Accident Benefit is an option available on payment of additional amount.
B. Accident Benefit cover is automatic in all life insurance policies.
a. Only A b. only B c. both d. Neither
11. The reduction in the tabular premium for mode or sum assured is called
_____________.
a. Concession b. incentive c. Rebate d. reduction
12. Terminal Bonus is payable on _____________.
a. Maturity b. surrender c. revival d. foreclosure
13. _______________ is the process of deciding on a proposal for
insurance.
a. Decision b. acceptance c. underwriting d. Consideration
14. In case of Moral Hazard _______________
a. Proposal is declined b. Extra premium is charged
c. Sum assured is reduced d. lien is imposed
15. The principal is responsible for ________________acts of the agents.
a. All acts of the agent b. None of the acts of the agents
c. Some of the acts of the agent d. specified act on behalf of the principal
16. Which of the following is true?
A. A wife can take on a policy on her husband.
B. A person can take a policy on the life of a customer to whom he has lent
money.
a. Only A b. only B c. both d. neither
17. A business wherein persons facing same risks are brought together,
to create a fund from which those suffering losses are compensated.
a. Mutual fund b. insurance c. Banking d. security
18. If an immediate annuity is purchased on 10/12/2000 when will the first
half-yearly annuity be paid?
a. 10/12/200 b. 10/03/2001 c. 01/06/2001 d. 10/06/2001
19.The happening of risk in insurance should be
a. Accidental b. Created c. Regular d. Deliberate
20. In LIC, social security fund is created as per instructions of
__________.
a. IRDA b. State Govt. c. Controller of Insurance d. Central Govt.
21. A policy cannot be called in question after 2 years on the grounds of
false information under Section _____ of the Insurance Act.
a. 45 b. 38 c. 44 d. 39
22. A prospect is one who has
a. Need for insurance b. capacity to pay
c. Need and capacity d. none of the above
23. Plans of life insurance are
a. Only term insurance b. Only pure endowment
c. Combination of term and pure endowment d. none of the above
24. Final Additional Bonus is payable on policies which are in full force for
full sum assured for a minimum period of
a. 10 yrs. b. 15 yrs. c. 20yrs. d. 25 yrs.
25. In case of convertible whole life plan, policyholder has to exercise the
option of converting it into endowment assurance at the end of
a. 2 yrs. b. 5 yrs. c. 7 yrs. d. 10 yrs.
26.In case of annuity policies, selection is made by
a. Insurer b. agent c. Annuitant d. Development officer
27. Insurance premium charged depends on
a. Sum assured b. term c. age d. all the above
28. A policy acquires paid up value after payment of premium for
a. 3 yrs. b. 5 yrs. c. 1 yr. d. 7 yrs.
29. For yearly mode of payment of premium rebate allowed in tabular
Premium is
a. 3% b. 1.5% c. 5 % d. 1%
30. S.V. Factor depends on
a. Sum assured b. Duration elapsed c. term d. Term and duration elapsed
31. The present rate of interest for delayed payment of premium is
a. 6% b. 9% c. 7.5% d. 10.5%
32. _________ is the evidence of intimation of risk upto the next due date.
a. FPR b. challan c. renewal receipt d. Deposit receipt
33. _____________ is the evidence of the policy contract.
a. FPR b. Renewal receipt c. proposal form d. policy document
34. Alterations are effected in a policy by
a. Separate endorsement b. correcting the document
c. Issuing a new document d. none of the above
35. _______________ is the basic unit of growth and profit.
a. Branch office b. divisional office c. zonal office d. Central office
36. _______________ Plan is designed to meet the outstanding loans of
Individual
a. Endowment b. Jeevan Griha c. Bima Sandesh d. Mortgage redemption
assurance
37. Life insurance business was nationalised in ___________.
a. 1947 b. 1956 c. 1950 d. 1981
38. An annuity payable for a fixed period is called _____________.
a. Annuity certain b. immediate annuity c. life annuity d. deferred annuity
39. __________ is the price paid by the insured for a life insurance policy.
a. Sum assured b. premium c. Maturity value d. Surrender value
40. Main advantages of group schemes
a. High sum assured b. low cost c. graded cover d. no age proof
41. Premiums paid under Jeevan Suraksha plan are exempt under Sec.
_______ of IT Act.
a. 88 b. 80CCC c. 80D d. 80 G
42. LICI Act has been amended by ______________.
a. IRDA Act, 1998 b. IRDA Act, 1999
c. IRDA Act, 2000 d. None
43. Licence to an insurance agent is issued by ____________.
a. Controller of insurance b. IRDA
c. Marketing Manager d. Branch Manager
44. A composite insurance agent is one who _______________.
a. Works for life insurance b. Works for general insurance
c. Works for life and general insurance d. works for UTI
43. The insurer before claim in case of ______________ can send a
discharge voucher.
a. Death claim b. surrender c. maturity claim d. none
47. Behavioral aspects include
a. Communication b. morale c. motivation d. all the above
48. Ideally the plan to be sold to the prospect is ____________
a. Endowment b. Money back c. plan that suits the needs of the proposer
d. multipurpose
49. Maximum commission payable on first year premium is
a. 35% b. 50% c. 15% d. 25%
50. Minimum business required for an agent every year is __________.
a. 15 policies b. 12 policies c.12 lives d. 15 lives
51. Purchase price in case of a deferred annuity can be paid in
a. Lump sum b. quarterly installments c. yearly installments d. any of these
52. Extended claim concession is applicable to policies where premiums
have been paid for _______________.
a. 3 years b. 10 years c. 5 years d. 2 years
52. If the proposer does not fully disclose fully all the material facts at
the time of proposal , the principle violated is
a. Caveat emptor b. insurable interest c. utmost good faith
d. Sharing of risk
54. A plan of life insurance, which provides for payment of sum assured in
the event of death only during the selected term and nothing payable in the
event of survival is known as
a. Pure endowment b. term assurance c. Immediate annuity
d. Deferred annuity
55. A document required to pay the death claim
a. Birth certificate b. death certificate c. court order d.evidence of
relationship to deceased.
56.The decision not to accept the life proposed to be insured is known as
a. Declining b. Negative c. rejection d. Refusal
54. Surplus in a valuation arises because of Favourable experience in
a. Mortality b. cost of management c. Interest earned
d. all the above
59.The amount paid by the insurer when the policyholder decides that he
does not want to continue with the policy
a. Forfeiture amount b. final claim c. lapse amount d. surrender value
60. The process of recording the correct age of a person insured is
Called ______________.
a. Certification b. age admission c. verification d. Proof of age
61. Infirmities are caused by _______________.
a. Old age b. sickness c. loss of limb d. all of these
62. Doctors appointed by the insurers will be ______________.
a. General physicians b. Specialists c. Surgeons d. All of these
63. To be eligible for bonus, ____________ year’s premiums have to be
paid under an insurance policy
a. 2 years b. 3 years c. 4 years d.5 years
64. A contract, which provides for regular periodic payments for a specified
period which, is fixed without regard to the duration of any life
a. Life annuity b. Deferred annuity c. Fixed annuity d. Annuity certain
65. Licence for life insurance business is granted for _____ years.
a. 3 years b. 5 years c. 6 years d. 4 years
66. ______________ is bringing the policy back to life.
a. Renewal b. Revival c. restart d. Lapsation
67. Payment of claim amount to claimants who are non-residents of India
are governed by
a. Passport b. Foreign Exchange Control Regulations
c. Evidence Act d. Income Tax Act
68. Trust deed in a Group Insurance has to be approved
a. Chairman of LIC b. Commissioner of Income- Tax
c. Marketing manager d. Branch Manager
69. Guaranteed surrender value is 30% of the total amount of premiums
excluding
a. First year’s premium b. extra premiums, if any
c. Accident benefit premium d. all of these
70. The primary component of the distribution channel in life insurance
a. Branch Manager b. agent c. Assistant d. development officer
71. Calculate the half-yearly installment premium given that:
Date of birth 10/01/1976
Date of proposal 10/01/2001
Sum Assured Rs. 10000
Assume that the proposal is without accident benefit and occupational
extra Rs. 4%o is chargeable.
The tabular premium for the plan and term is given below:
For age: 24 years Rs. 75.00
25 years Rs. 76.00
26 years Rs. 77.00
Also assume that there is no mode or sum assured rebate
a. 450 b. 400 c. 800 d. 760
71. Date of commencement : 13/7/1984
Endowment with profits 25 years
Sum Assured Rs.50000
Last premium paid was due on 13/01/2001
Mode: Qly Premium: Rs.450
S.V. Factor 46%
Bonus 1985 - 2000 – 960 /- per thousand
2001-75 /- per thousand
Calculate loan value as on 12.02.2002
a. 33528 b. 33530 c.35500 d.35501

Last edited by Neelurk; February 10th, 2020 at 09:06 AM.
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Old April 7th, 2020, 11:41 AM
MOUSUMIKARAK
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Default TRADE LICENCE RENEWAL

DEAR SIR I WANT TO RENEW MY TRADE LICENCE FOR THE YEAR ODF 2020-2021
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