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Old July 12th, 2014, 02:53 PM
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Default IRDA model question paper

Here I am looking for the IRDA model question paper, will you please provide me the same????
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Old July 12th, 2014, 04:32 PM
Rohit Barla
Super Moderator
Join Date: Mar 2012
Posts: 147,698
Default Re: IRDA model question paper

As on your demand I am sharing the IRDA model question paper:

1 Sanjeev is an insurance expert who has rich experience in determining premium levels for product, what is his profile like

an actuary
loss adjuster
risk manager
2 The Non Government organizations(NGO) helps the insurance industry immensely in

Promotional activities
Drafting new regulations
Linking buyers and sellers
Linking third party administrators
3 Investment by foreign direct investors in to Insurance co's is restricted to

4 Which market does the Micro Insurance Concentrate on ?

People with large families
People with Low Income
Government Employees
people living in Metro cities
5 What facility do the insurer use to cover Risk beyond their Limits ?

Re Insurance
Banca assurance
6 What is the max level under which micro insurance can be done

1 lac
7 Who is the customer of a Re insurer

High Networth Individual
Insurance Companies
Licenced Insurance Agents
Non Government Organisation
8 Insurance company transfers the insurance which cannot bear by them to

9 A policy holder takes two insurance policy and the premium amount is identical and he gets lesser commission in one of contract the reason is likely to be

one policy has more SA
ONE POLICY has more term
one policy is a single premium
One of the policy has higher Premium
10 An agent reveals his commission received from insurance sales to X&Y .Both plans are of same duration . Why is commission of X far higher that that of Y

X has brought other limited premium product
Y has brought a single premium product
X is married
Y is Single
11 Customer asks the agent to disclose the commission . The agent should

disclose on demand
Not disclose
Should call up the Insurer
Should avoid the topic
12 The best way to prove that customer of a ULIP policy is given awareness about the commission paid to the agent is

Ask the insurer to give a policy endorsement letter
From the fact details
From signed copy of benefit illustration
From ticked column of proposal form
13 Churning is bad , based on which aspect

Agents earn Lower Commission on churning
Policyholder gets more benefits
Policyholders suffer due to surrender charges and benefits
Insurance companies get good branding
14 What over riding criteria an insurance agent consider while proposing a solution

15 Sales Target is reduced . Churning will

Will not affect
16 Higher persistency to the insurer ensures what ?

More productivity
Higher attrition
Higher Profits
Higher S.A
17 Persitency =has increased from 82 % in previous year to 86 % this year . That means

more lapsation
more attrition
less lapsation
No profits
18 What is the maximum Time in which The insurer should settle a claim when all documents are submitted

3 days
15 days
30 days
10 days
19 A missing person is considered to be dead after

12 years
20 The delay in settling claim by any insurance co, as per IRDA norms has to pay....% if the present bank interest rate is 5.2%

21 A claim was submitted & in how many days company should ask for additional documents if required

15 days
20 days
30 days
22 Vivek takes insurance policy and dies after 8 months . If the claim needs to be excluded basis the exclusion cause what could be the cause

Death was due to Accident
Body not found
23 An advisor while explaining the policy and to sell he accepts to give a part of his Agents commission, what is th limits

He cannot offer any commission
He can offer up to 50%
24 Consumer Forum at district level will hear complaints up to

25 How much is the rebate allowed by IRDA to client

26 The controller of insurance in india is

Insurance ombusdmen
27 A insurer advertises through daily news paper . What type of marketing is

cross selling
direct selling
Solicitation of Policy
Brand building
28 Investment by NRI(Non Resident Indian) will be

No risk
Low risk
Medium risk
High risk
29 MWP- If the policy is endorsed under MWP - then the beneficiaries are wife and ?

ex wife
30 Mr.Sunil is doing premium calculation for his company, as per which authority is his profession related to

Council of Actuaries
Insurance council of India
Insurance institiute of India
31 Basic qualifications of agent

sound mind & graduate
sound mind & good income level
Age and income level
His contacts in the market to solicit Insurance
32 Which Institution was Constituted by Insurance Act 1938

Insurance Institute of India
Life Insurance Council
Insurance Broker Association
General Insurance Council
33 What is the role of National Insurance Academy?

To regulate
To advise Government
To undertake training activities
To Advertise globally on Indian Insurance
34 According to IRDA act 1999, central governments involve in insurance industry over

Policy matters
complex technical issues
Promotional activities
Licensing of Insurance companies
35 Complaint council bodies other than IRDA grievance readdress forum & COPA

Insurance Institute of India
Insurance Association
36 What are the ways by which a policy holder can make complaints

Toll free No.
Email or Toll free Number
37 What are the ways in which IRDA can be contacted . One is thru toll free number and other is

Insurance ombudsmen
visiting regional office
Through Agents
38 A policy holder submits cancellation of his term insurance policy , the insurer accepts the form and fails to give the benefit and the policy holder writes to IRDA post which the settlement should be within

10 days
15 days
20 days
30 days
39 What is the maximum level of complaint that can be considered and taken action by ombudsmen

20 lac
25 lac
30 lac
50 lac
40 What is the period of award passed to the customer decided by ombudsman?

3 months
5 months
6 months
41 An Award is passed by Ombudsman .In how many days it should be honored by Insurance Co

15 days
30 days
60 days
90 days
42 Karthik written to his insurer about non settlement of a maturity calim,as per regulations,the insurer has to reply to this within how many working days

43 Raju is a certified license holder under what circumstances he needs to hold his certified license with him that is issued by irda

under all circumstances
when he sells term insurance
when he represents himself as another insurer
when he sells pension policies
44 A policy has been rejected by the company under direct intimation to the customer and copy to the Agent, what is the next action of the Agent

He has to inform the customer that the co has broken relationship with the customer
He plans to change the plan
He has to explain the reasons for rejection to the customer
He takes up with the higher authorities
45 Lung Cancer and Smoking .

lung cancer is peril and smoking is moral hazard
smoking is peril and lung cancer is hazard
Death is certain
Is occupational hazard
46 The type of risk that can be insured against is

Speculative Risk
Pure Risk
Pure & Speculative risk
Non Financial Risk
47 Harish takes a life insurance policy for Ramesh. Which of the following statement best describes the principle of Insurable Interest.

Ramesh declares all his liabilities
Ramesh is elder than Harish
Ramesh owes money form Harish
Harish suffers financial loss incase of death of Ramesh
48 What is the min age to enter into the contract of insurance

49 In a whole life plan - The policyholider's responsibility to give disclosure

at the beginning of the contract
through out the contract
Revival stage
beginning of renewal
50 Types of assignment

Term assignment
Absolute & Conditional
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Old April 16th, 2015, 01:36 PM
Guest User
Posts: n/a
Default IRDA Model question paper

I want to get IRDA exam question paper for doing preparation of this exam so will you please provide me that question paper ?
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Old April 16th, 2015, 01:47 PM
Nitin Sharma
Super Moderator
Join Date: Mar 2012
Posts: 23,403
Default Re: IRDA Model question paper

As you want to get IRDA exam question paper for doing preparation of this exam so here I am giving you some questions of that question paper:

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

(20) Which are true
a) Proof of age is necessary for proposal and not for agency application
b) After business is complete agent has no role
a) A Statement
b) B Statement
c) Both Statements
d) Neither of the Statement

(21) Which are true
a) Insurance is necessary to cover risk of living too long
b) Insurance helps one to be less dependent on others
a) A Statement
b) B Statement
c) Both Statements
d) Neither of the Statement

(22) Which statement is not appropriate
A) When the prospect said that he had taken sick leave for a few days because he wanted to go outstation for an interview, the agent suggested he need not mention it
B) Agent suggested to the prospect not to mention the fact that the cause of death of one of the brothers who had died young was cardiac arrest, it was mentioned as accident
a) A Statement
b) B Statement
c) Both Statements
d) Neither of the Statement

(23) Which statement is not appropriate
A) The necessity for medical examination depends on S.A.
B) The nature of employment may be a factor to dispense with medical exam
a) A Statement
b) B Statement
c) Both Statements
d) Neither of the Statement

(24) Why does an office conduct special inquiry in the case of death claim which arose after 4 years
(a) As precaution
(b) As a Routine
(c) On suspicion of suppression of facts
(d) For large sum assured

(25) Loans is available only in the policy if
(a) It is a with profit policy
(b) The S.A exceeds Rs.10,000/-
(c) It is in facts underwriter decision
(d) None of the above

(26) Which statement is true
A Lapsed policy can be revived whenever the policy holder choose
B A paid up policy is a lapsed policy
(a) Only statement A
(b) Only statement B
(c) Both false
(d) Both statement

(27) When do the non-forfeiture provision apply
a) When policy is surrendered
b) When loan is taken
c) When premium is not paid
d) All above

(28) True – False
A – DAB is automatic in all life insurance policies
B- DAB is an option on payment of additional payment

(29) True – False
A – Insurance works on the law of large numbers
B – Insurance is possible only when there are many policyholders

(30) True – False
A – A policy that has been in force for 10 years can be called into question for misrepresentation
B – A policy which has been for 10 years called into question for fraud.

(31) True – False
A – An agent must find out the details of proponent and report the same to the insurer. T
B – The income of the proponent must be made known to the insurer.

(32) Loan under policy should not exceed
(a) S.V
(b) S.A.
(c) total premium paid
(d) Bonus

(33) Disability is related to
(a) Sickness
(b) Old age
(c) Loss of limb
(d) all of them

(34) Agent is subject to
(a) IRDA regulation
(b) Term of appointment
(c) Agent’s manual
(d) All of above

(35) The agent has _______freedom to act on behalf of insurer
(a) Limited
(b) Specified
(c) full
(d) none of the above

(36) Write true or false
a) Insurance is an individual issue and not a social one. –
b) “Uberrimae Fides” means “utmost Good Faith”.
c) Whole life policy is the best solution for most of the needs of a person. –
d) There are no “participating” policies in life insurance. –
e) There is no single premium endowment plan. –
F) Loan “Value” is equal to 90% of “Surrender Value”.

(37) Calculate Premium
Date of Birth = 3.06.1954
Date of Calculation = 1.01.2001
Date of commencement of policy = 1.12.2000
Term = 19 years
Sum assured = Rs.1,00,000/-
Mode = Ordinary – monthly
Accident benefit for Rs.50, 000/- only is required.
Tabular Premiums Age 45 = 76.00
Age 46 = 76.80
Age 47 = 78.00

(38) Calculate the premium on basis of data given below:
Age 35 years
S.A.Rs.60, 000/-
T & T 75 – 20
Tabular premium Rs.68.70 per 1000/- mode I) yearly – II) half yearly –
DAB & EPDB Allowed, Occupational Extra Rs.2 per 1000 per year

(39) Calculate paid up value and special S.V.
S.A. Rs.30, 000 /-
T and T 14 – 15
D.O.C. 18.12.1985
L.P.P. 18.3.1991
Mode Quarterly
Bonus addition: Rs.396/- per 1000/- S.A.
S.V.factor 44.2

(44) Match the following
a) Proposal C) let the buyer beware
b) ad idem D) evidence of contract
c) Caveat Emptor E) Pension
d) Policy A) basis of contract
e) Annuity B) of the same mind

(45) Say True or False.
a) A person’s insurable interest in his own life is _____(Unlimited / 10 times his salary / equal to his assets / non of these)
b) How many years must elapse after cancellation of a license, before a new license can be issued (three / four / five)
c) To whom should an application for agency license be given ______________(IRDA / Insurer /Controller of Insurance / any of them)
d) Who fixes the limits of doctors for medical examinations _____________ (IRDA / Medical council / Insurer / None of these)
e) Life Insurance premiums are determined by __________ (Accountants / Underwriter / Actuary)

(46) Calculate paid up value and S.V. in the following case
S.A. Rs. 30,000/-
Mode Half yearly
D.O.C. 28/10/1985
L.P.P. 28/04/1996
S.V. Factor 45
TT 14-25
Bonus Addition Rs.770 per 1000/- S.A.

(47) The route or process through which a product is carried to the customer is known as DISTRIBUTION CHANNEL

(48) Age nearer birthday as on 18/06/2000 of a person with date of birth 28/12/1961 is ________39
(49) The days of grace for monthly mode of premium is ___________ days.15

(50) EDLI scheme is linked to the payment of ________________ (Gratuity / Provident fund / pension)
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