axondendriteplus/IC38-Insurance-Agent-Questions huggingface dataset:
Category: Health
Question: Life Insurance Corporation of India(LIC) was set up under which of the following acts?
1. Life Insurance Corporation Act, 1956
2. The Insurance Act, 1938
3. The Insurance Act, 1938
4. The Insurance Act, 1938
Answer: 1
Category: Health
Question: In the olden days, Chinese traders used to keep their goods in different boats while sailing through treacherous waters. Analyse why?
1. Chinese boats were small and they carried heavy goods
2. The Chinese Government mandated that goods should be distributed among multiple shipping companies so that there is equal distribution of business
3. The Chinese Government mandated that goods should be distributed among multiple shipping companies so that there is equal distribution of business
4. The Chinese Government mandated that goods should be distributed among multiple shipping companies so that there is equal distribution of business
Answer: 3
Category: Health
Question: What is the cost of risk directly proportional to?
1. Probability and impact of the loss
2. Impact of the loss alone
3. Impact of the loss alone
4. Impact of the loss alone
Answer: 1
Category: Health
Question: Which of the below statement is incorrect?
1. Under mutuality, the funds of various individuals are combined
2. Mutuality is also known as pooling when are
3. Mutuality is also known as pooling when are
4. Mutuality is also known as pooling when are
Answer: 3
Category: Health
Question: The earliest type of modern insurance was in the form of protection by business guilds or societies in Europe especially _________ in the 14th century. 
1. Spain
2. France
3. Germany
4. Italy
Answer: 4
Category: Health
Question: In terms of Breach of Utmost Good Faith, which of the following is not correct
1. Concealment is Intentional Non- Disclosure
2. Concealment is Innocent Non-Disclosure
3. Fraudulence is Intentional Misrepresentation
4. Hiding existence of a disease is intentional Non-Disclosure
Answer: 2
Category: Health
Question: Explain difference between peril and hazard. 
1. Peril is the cause of loss and hazard is the consequence of that loss
2. Peril is the direct cause of loss while hazard increases/decreases the probability of loss
3. eril is the direct cause of loss w azard increases/decreases the
4. eril is the direct cause of loss w azard increases/decreases the
Answer: 2
Category: Health
Question: The IRDA was established in the year __________ under the IRDA Act, 1999. 
1. 1999
2. 2000
3. 2002
4. 2003
Answer: 2
Category: Health
Question: Losses caused by an earthquake are ______
1. Critical
2. Collaborative
3. Corollary
4. Common
Answer: 1
Category: Health
Question: Who is protected under the In-Contestability Clause included under a Life Assurance Policy?
1. Insurer
2. Insured
3. Insurance Agent
4. Insurance Broker
Answer: 2
Category: Health
Question: Who among the Following, is Likely to be Exposed to Accidental Hazard, in His or Her Occupation? Choose the Most Appropriate Option. 
1. Medical-Professional
2. Tourist-Guide
3. Demolition-Experts
4. Marketing-Executive, Who is regularly on the Field. 
Answer: 3
Category: Health
Question: Which priciple of insurance implies if the same property is insured with more than one insurance company
1. Contribution
2. Uberrima fides
3. Subrogation
4. Proximate cause
Answer: 1
Category: Health
Question: ____________________is a corollary principle of Indemnity
1. Insurable Interest
2. Uberrima fides
3. Subrogation
4. Proximate cause
Answer: 3
Category: Health
Question: Who among the Following, is Likely to be Exposed to Health-Hazard, in His or Her Occupation?
1. Yoga-Instructor
2. Film-Stunt-Artist
3. Film-Stunt-Artist
4. Film-Stunt-Artist
Answer: 4
Category: Health
Question: Why Do, Insurers need Material Information?
1. For Documentation Purposes. 
2. Decide on the Risk- Acceptance, and the Terms and Conditions, Associated. 
3. To Comply with the Regulatory Requirements. 
4. To Improve the Customer-Service. 
Answer: 2
Category: Health
Question: Compare: Gambling and Insurance. 
1. Gambling and Insurance, Both, are the Same. 
2. Gambling has No Insurable Interest involved, but Insurance does have. 
3. Insurance has Only Profitable Outcomes, while, Gambling could result in Losses. 
4. Gambling is Legally Enforceable, but, Insurance is Not. 
Answer: 2
Category: Health
Question: Select a Scenario, that showcases the Principle of Uberrima Fides. 
1. Timely Payment of Premium. 
2. Disclosing All Material Information on the Insurance Proposal- Form. 
3. Faking All Material Information on the Insurance Proposal- Form. 
4. Disclosing All Irrelevant Information on the Insurance Proposal- Form. 
Answer: 2
Category: Health
Question: Label the Interest, that the Insured has, in the Subject-Matter of Life Assurance. Choose the Most Appropriate Option. 
1. Speculative Interest
2. Wager Interest
3. Insurable Interest
4. Indemnity Interest
Answer: 3
Category: Health
Question: Expections stated under Section 59 of the Insurance Rules 1939 for advance payment of premium. 
1. No risk to be assumed unless premium is received in advance
2. Insurance cannot be sold on credit basis in India
3. Accepting premiums in instalment in respect of Sickness Insurance, Group Personal Accident Insurance, Medical Benefits Insurance and Hospitalisation Insurance Schemes subject to certain conditions
4. None of the above
Answer: 3
Category: Health
Question: Examine the conditions mentioned below and tell us which is not a valid condition for returning a policy during the free look period. I: Option must be exercised within 15 days of receiving the policy document II: Communication has to be in writing III: Communication can be verbal or written
1. I only
2. II only
3. III only
4. I and III
Answer: 3
Category: Health
Question: Section 45 (Indisputability Clause) of Insurance Act, protects the Insured, from Rejection of Claim, by the Insurer; provided the Policy has completed --. Choose the Most Appropriate Option. 
1. One Year
2. Three Years
3. Five Years
4. Seven Years
Answer: 2
Category: Health
Question: As per the Suicide Clause, if the Life-Assured Dies, as a Result of Suicide, After 3 Years of the Issue of Policy, What Does the Beneficiary Receive as the Claim?
1. Nothing
2. Premium, Paid by the Life-Assured. 
3. (2 × Premium), Paid by the Life-Assured. 
4. Full Face-Amount of the Policy. 
Answer: 4
Category: Health
Question: What Does, First Premium Receipt (F. P. R. ), signify?
1. Free-Look Period has ended. 
2. It is the Evidence, that the Policy- Contract has begun. 
3. Policy cannot be cancelled, Now. 
4. Policy has acquired a Certain Cash-Value. 
Answer: 2
Category: Health
Question: Identify the Document, that evidences a Contract, between the Insurer and the Insured. 
1. Proposal-Form
2. Claim-Form
3. Nomination-Form
4. Policy-Document
Answer: 4
Category: Health
Question: Which One of the Following Statements, isIn- Correct, with Regard to Numerical Rating Method of Underwriting?
1. Under this Method, Underwriters assign the Positive Rating-Points for All Negative or Adverse Factors. 
2. Under this Method, Underwriters assign the Positive Points for Any Positive or Favourable Factors. 
3. Under this Method, the Total Number of Points, so assigned, will decide How Much Extra- Mortality-Rating (E. M. R. ), it has been given. 
4. Under this Method, if the Extra-Mortality- Rating (E. M. R. ) is Very High, Insurance may even be declined. 
Answer: 2
Category: Health
Question: Which One of the Following Statements, isIn- Correct, with Regard to Judgement Method of Underwriting?
1. Under this Method, Subjective Judgement is used. 
2. This Method is especially used in Case of Complex Cases. 
3. In this Method, the Company may seek Expert Opinion of Medical Doctor. 
4. In this Method, the Underwriter assign Positive or Negative Rating-Points to the Adverse Factors. 
Answer: 4
Category: Health
Question: Mr. Vimal is a 32-Years' Old, Healthy, Non-Smoker, Teetotaller Individual; Who applies for Life Assurance from ABC Limited Insurance Company. Which One of the Following Statements, will Hold True, with Regard to Risk-Acceptance by the Insurance Company?
1. Risk will be Accepted at Ordinary Rates. 
2. Risk will be Accepted With an Extra, Over the Tabular Rate of Premium. 
3. Risk will be Accepted, With a Lien on Sum- Assured. 
4. Risk will be Accepted, With a Restrictive Clause. 
Answer: 1
Category: Health
Question: If, Mr. Brijesh, a 40-Years' Old Individual, is perceived as a 'Sub-Standard Risk', by the Insurance Company, then, Which One of the Following Statements, will Hold True, with Regard to Risk-Acceptance by the Insurance Company?
1. Risk will be Accepted at Ordinary Rates. 
2. Risk will be Accepted at Lower Rates. 
3. Risk will be Accepted With an Extra, Over the Tabular Rate of Premium. 
4. Risk will be Declined. 
Answer: 3
Category: Health
Question: What is meant by 'Risk-Classification'? Choose the Most Appropriate Option. 
1. The Process, in which, Individual Lives are Categorised and Assigned to Different Risk-Classes, Depending on the Degree of Risks, they Pose. 
2. The Tendency of People, Who suspect or know that, their Chance of Experiencing a Loss is High, to seek-out the Insurance, Eagerly; and to gain in the Process. 
3. The Process of Evaluating Each Proposal for Life- Assurance in Terms of the Degree of Risk, it represents; and then Deciding: Whether or Not to Grant the Insurance, and on What Terms. 
4. The Process, in which, the Applicants, Who are Exposed to Similar Degrees of Risk, are Placed in the Same Premium- Class. 
Answer: 1
Category: Health
Question: On payment of claim, the life insurance policy-
1. Can be reinstated on payment of pro- rata premium
2. Stands cancelled
3. Automatically terminates
4. Continues till the end of the policy period
Answer: 3
Category: Health
Question: On payment of claim, the individual fidelity guarantee policy-
1. Can be reinstated on payment of pro- rata premium
2. Stands cancelled
3. Automatically terminates
4. Continues till the end of the policy period
Answer: 3
Category: Health
Question: Arbitrators appoint ________________who presides the meeting. 
1. A President
2. A Chairman
3. An Umpire
4. A Judge
Answer: 3
Category: Health
Question: Dispute relating to question of liability are to be settled through __________________. 
1. Arbitration
2. Communication
3. Litigation
4. Understanding
Answer: 3
Category: Health
Question: Mr. Nimesh bought a 20-Years' Unit-Linked Insurance Plan (U. L. I. P. ). In the Event: Mr. Nimesh dies, Within the Policy-Term, Which of the Following, will be paid?
1. Surrender-Value will be paid. 
2. Premiums paid will be Returned, After Deducting the Dues. 
3. Lower of Sum-Assured or Fund-Value, will be paid. 
4. Higher of Sum-Assured or Fund-Value, will be paid. 
Answer: 4
Category: Health
Question: In Case of Presumption of Death of Life-Assured, Which One of the Following Documents, needs to be submitted, by the Nominee?
1. Death-Certificate from Municipal Corporation. 
2. Decree from a Competent Court. 
3. Employer's Certificate
4. Inquest-Report
Answer: 2
Category: Health
Question: Mr. Brijesh purchased a 20-Years' Unit-Linked Insurance-Plan (U. L. I. P. ), from ABC Insurance Company. If Mr. Brijesh Dies, Before the Maturity of the Policy, then Insurance Company will have to pay - -. 
1. Surrender-Value
2. Premiums, After Deducting the Dues. 
3. Lower of Sum-Assured or Fund-Value. 
4. Higher of Sum-Assured or Fund-Value. 
Answer: 4
Category: Health
Question: Which One of the Following Claims, can be Payable, Only to the Assignee or Nominee?
1. Death-Claim
2. Maturity-Claim
3. Survival-Benefit
4. Surrender-Value
Answer: 1
Category: Health
Question: Which One of the Following Documents, needs to be submitted, by the Nominee, in the Event of Natural Death of the Life-Assured? Choose the Most Appropriate Option. 
1. Inquest Report
2. Death-Certificate
3. Post-Mortem Report
4. First Information Report (F. I. R. )
Answer: 2
Category: Health
Question: Which of the below statement/statements is/are true with regard to a proposal form? A) The proposal form can be filled in by the proposer in written or electronic format. B) The proposal form contains the details of imsurance cover, warranties, terms and conditions. C) The insurer can decide whether to accept or reject the proposal for insurance based on the information in proposal form. 
1. A & B
2. A & C
3. Only C
4. All of them
Answer: 2
Category: Health
Question: Declaration of the proposer in the proposal form converts _____________________________of Utmost Good Faith to __________________________ of Utmost Good Faith. 
1. Legal Duty, Common Law Principle
2. Contractual Duty, Common Law Principle
3. Common Law Principle, Contractual Duty
4. Common Law Principle, Legal Duty
Answer: 3
Category: Health
Question: You are an insurance agent. Mr. Mahesh has approached you as a customer to buy some insurance. You hear from friends that Mr. Mahesh is involved in sale of pirated goods and all the resultant cash is invested in buying life insurance. What should you do?
1. Concentrate on completing the sale and securing commission
2. Report suspicious transaction along with all the information you have about Mr. Mahesh
3. Blackmail Mr. Mahesh and try to get some monetary benefits out of him
4. Keep mum about the transaction
Answer: 2
Category: Health
Question: Important information that a prospectus discloses includes: I. Any incentives to reward policyholders for early entry II. Any incentives to reward policyholders for continued renewals III. Any incentives to reward policyholders for favourable claims experience
1. Only I
2. I and II
3. II and III
4. I, II and III
Answer: 1
Category: Health
Question: If Complex Language is used to word a Certain Policy- Document, and it has given Rise to an Ambiguity, How Will it generally be construed?
1. In Favour of the Insured. 
2. In Favour of the Insurer. 
3. The Policy will be declared as Void, and the Insurer will be asked to Return the Premium, With Interest, to the Insured. 
4. The Policy will be declared as Void, and the Insurer will be asked to Return the Premium, to the Insured, Without Any Interest. 
Answer: 1
Category: Health
Question: Which of the Following, isNota Part of a Standard Policy-Document?
1. Policy Schedule
2. Standard Provisions
3. Policy-Specific Provisions
4. Policy Forfeiture Provisions
Answer: 4
Category: Health
Question: Gives us, an Example of a Standard Policy-Provision. 
1. A Clause, Precluding the Death Due to Pregnancy, for a Lady, Who is Expecting at the Time of Writing the Contract. 
2. Suicide Clause
3. A Clause, Precluding Certain Illnesses. 
4. A Clause, Granting Certain Privileges to the Policy-Holder. 
Answer: 2
Category: Health
Question: Potential Value means-
1. The value of premiums that is arrived at by persuading the customer to buy additional products
2. Future premiums that may be expected to be received if existing business is retained
3. The value of premiums that could be derived by persuading the customer to buy additional products
4. Future premiums that is expected to be received if existing business is retained
Answer: 3
Category: Health
Question: Elements of Trust are A) Communication, B) Attraction, C) Belief, D) Presence
1. A & B
2. A, B & C
3. A, C & D
4. A, B & D
Answer: 4
Category: Health
Question: ____________ is the most important step in sales process. 
1. Interview
2. Prospecting
3. Handling objections
4. Closing the sale
Answer: 2
Category: Health
Question: An agent need not recommend insurance in certain situations. One of the situation can be-
1. Where the prospect is interested in reducing the cost of handling the risk. 
2. When the risk involved is non-insurable. 
3. Where the risk involved can be managed by means other than insurance. 
4. All of the above
Answer: 3
Category: Health
Question: When is a cover note issued to proposer?
1. When the underwriting process is complete and policy is issued
2. When the negotiations for insurance are in progress and policy document is prepared
3. When the underwriting process is complete and policy not is issued
4. When the negotiations for insurance are in progress and policy document is issued
Answer: 3
Category: Health
Question: During which period, insurance policy can be returned and refund of premium obtained?
1. Coverage period
2. Free Look Period
3. Waiting Period
4. Grace Period
Answer: 2
Category: Health
Question: If the policy is being purchased electronically, it is agent's duty to-
1. Help the customer to open e-Insutance Account through registered insurance repository
2. Help the customer to register for e- Insurance Policy with OTP through registered insurance repository
3. Help the customer to open e-vault for Insurance Policy through registered insurance repository
4. Help the customer to generate e- Insurance Policy through registered insurance repository
Answer: 1
Category: Health
Question: The customer has choice to continue with same insurer or to switch to another insurance company in following kind of policies:
1. Term Insurance Policy
2. Motor Third Party Policy
3. Endowment Policy
4. Unit Linked Insurance Policy
Answer: 2
Category: Health
Question: Which of the following is not a contributor towards Customer Lifetime value
1. Historical
2. Present
3. Potential
4. Speculated
Answer: 4
Category: Health
Question: Which of the following is NOT an example of non verbal communication?
1. Signaling okay with a hand gesture
2. Gesturing in an empty room
3. Wearing jewelry
4. Raising your voice
Answer: 2
Category: Health
Question: The ability to perform the promised service dependably and accurately, can be termed as _________
1. Tangible
2. Reliability
3. Assurance
4. Responsiveness
Answer: 2
Category: Health
Question: The knowledge, competence and courtesy of service providers and their ability to convey trust and confidence, can be termed as _________
1. Reliability
2. Assurance
3. Responsiveness
4. Tangible
Answer: 2
Category: Health
Question: Select the Correct Statement, with Regard to Grace- Period. Choose the Most Appropriate Option. 
1. The Standard Length of the Grace-Period is 1 Month or 31 Days. 
2. The Standard Length of the Grace-Period is One Quarter. 
3. The Standard Length of the Grace-Period is One Week. 
4. The Standard Length of the Grace-Period is One Fort-Night. 
Answer: 1
Category: Health
Question: No one else in the insurance company has _____________ the client's problems as much as an agent does. 
1. ownership of
2. responsibility towards
3. duty towards
4. role in resolving
Answer: 1
Category: Health
Question: In case where the complaint of a customer is not satisfatorily resolved, the complaint may be raised with-
1. Insurance Grievance Redressal Mechanism
2. Grievance Redressal Officer
3. Consumer Complaints Registration System
4. Integrated Grievance Management System
Answer: 4
Category: Health
Question: IGMS stands for-
1. Insurance Grievance Management System
2. Integrated Grievance Management System
3. IRDAI Grievance Management System
4. Initial Grievance Management System
Answer: 2
Category: Health
Question: Defect means-
1. Imperfection in the quality of product / service
2. deficiency in the nature of product / service
3. inadequacy in the manner of performance of the product
4. All of the above
Answer: 4
Category: Health
Question: Consumer dispute redressal agencies are not established at-
1. National level
2. District level
3. City level
4. State level
Answer: 3
Category: Health
Question: District Commission has the powers of ________________. 
1. High Court
2. Supreme Court of India
3. Small Causes Court
4. Civil Court
Answer: 4
Category: Health
Question: Appeals against orders passed by State Consumer Disputes Redressal Commission are accepted for hearing at ______________. 
1. High Court
2. State Commission
3. Civil Court
4. National Commission
Answer: 4
Category: Health
Question: Which Consumer dispute redressal agency is established by the Central Government?
1. State Commission
2. National Commission
3. District Commission
4. Both District & State Commission
Answer: 2
Category: Health
Question: A complaint can be filed with the Consumer Dispute Redressal Agencies by-
1. The advocate
2. The agent authorised by the consumer
3. The Consumer or his authorised agent
4. Only the consumer
Answer: 3
Category: Health
Question: The Ombudsman passes an award to insured within _________ from the date of receipt of all the requirements from the insured and insurer. 
1. 2 months
2. 15 days
3. 3 months
4. 1 month
Answer: 3
Category: Health
Question: Consumer protection Act. comprises of_________ quasi-judicial machinery
1. One-tier
2. Three-tier
3. Two-tier
4. Four-tier
Answer: 2
Category: Health
Question: Which of the following statement is incorrect with regard to process of filing a complaint with a Consumer Court?
1. No one else other than the complainant himself / herself can file a complaint with the State or National Commission
2. There is no fee for filing a complaint with State Commission or National Commission
3. The complaint can be filed personally or can even be sent by post
4. No advocate is necessary for the purpose of filing a complaint
Answer: 1
Category: Health
Question: If a policyholder wishes to file a complaint against any insurance company directly with State Commission, then in which of the following cases can he / she do so?
1. Where the value of goods/services and compensation claimed is up to Rs 20 lakh
2. Where the value of goods/services and compensation claimed exceeds Rs. 20 lakh but does not exceed Rs. 100 lakh. 
3. Where the value of goods/services and compensation claimed exceeds Rs. 100 lakh. 
4. Where the value of goods/services and compensation claimed exceeds Rs. 10 crores
Answer: 2
Category: Health
Question: Which of the following statement is incorrect with regard to the State Commission?
1. This redressal authority has original, appellate and supervisory jurisdiction
2. It entertains appeals from the National Commission
3. It has original jurisdiction to entertain complaints where the value of goods/service and compensation, if any claimed exceeds Rs. 1Crore but does not exceed Rs. 10 Crore
4. No fees is charged to file a complaint with state commission
Answer: 2
Category: Health
Question: Which of the following rules is incorrect with regards to the Award that can be passed by the Ombudsman?
1. The Award should be more than Rs. 50 lakh
2. The Award should be made within a period of 3 months from the date of receipt of complaint
3. The insurer shall comply with the Award and send a written intimation to the Ombudsman within 15 days of the receipt of such acceptance letter
4. If the insured does not intimate in writing the acceptance of such Award, the insurer may not implement the Award
Answer: 1
Category: Health
Question: In case of rejection of application, the applicant is communicated the reasons for the rejection in writing within -
1. 25 days of receiving the application
2. 30 days of receiving the application
3. 21 days of receiving the application
4. 14 days of receiving the application
Answer: 3
Category: Health
Question: The insurer is required to communicate his final decision on the review application made by applicant within ____________. 
1. 25 days
2. 15 days
3. 30 days
4. 20 days
Answer: 2
Category: Health
Question: Whom can the aggrieved insurance agent appeal to in case of cancellation of appointment?
1. Designated Official
2. Appellate Authority
3. Appellate Official
4. Appellate Officer
Answer: 4
Category: Health
Question: An aggrieved agent can appeal within _______________ and the officer will give the decision within _______________. 
1. 45 days, 30 days
2. 30 days, 20 days
3. 25 days, 30 days
4. 20 days, 15 days
Answer: 1
Category: Health
Question: The applicant who passes the Insurance Agency Examination is issued a pass certificate by the examination body. The validity of this certificate is _____________ within which the applicant can apply for the appointment as an agent with any insurer for the first time. 
1. Six months
2. 24 months
3. 12 months
4. 36 months
Answer: 3
Category: Health
Question: An agent's appointment can be cancelled / suspended if he -
1. Discloses material facts in the application
2. Violates terms of policy
3. Fails to retain the clients on renewal of the policy
4. Furnishes wrong / false information
Answer: 4