axondendriteplus/IC38-Insurance-Agent-Questions huggingface dataset:
Category: Life
Question: What is FLEXA in Householder's Insurance coverage?
1. Losses from fire, lightning, explosion, and aircraft fall/impact damage
2. Losses from flood and inundation
3. Losses from electrical and mechanical failure of appliances
4. Losses from personal baggage during travel
Answer: 1
Category: Life
Question: The earliest kind of risks to be handled through the concept of insurance was losses due to:
1. Train accidents
2. Road accidents
3. Misadventure at sea
4. Earthquakes
Answer: 3
Category: Life
Question: _______ Insurance covers factories and shopping complexes. 
1. Medical
2. Life
3. Commercial
4. Agricultural
Answer: 3
Category: Life
Question: For EAR Policies the Premium chargeable depends on the nature of the project, its cost and tenure, the location of execution and ________
1. The Nature of Goods
2. The Period of Testing
3. The Probability of Failure
4. The Apportioned Loss
Answer: 2
Category: Life
Question: The insurance which provides cover in respect of breakdown of machinery and contractors plant_________. 
1. Marine insurance
2. Universal health insurance
3. Hull insurance
4. Engineering insurance
Answer: 4
Category: Life
Question: Suggest a Class of Insurance, that will provide the Protection against Loss of Goodwill. 
1. Life Assurance
2. Property Insurance
3. Liability Insurance
4. Personal Insurance
Answer: 3
Category: Life
Question: Which of the following movable and immovable properties can be insured under the Standard Fire and Special Perils Policy
1. Only buildings and plant and machinery
2. Only stocks at suppliers/ customer's premises
3. Both movable and immovable property located at a particular premises
4. None of the above
Answer: 3
Category: Life
Question: What is covered under the perils of the Fire policy for commercial risks
1. Riot strike and malicious damage
2. Theft
3. Earthquake
4. Life
Answer: 1
Category: Life
Question: What type of enterprises are Bharat Sookshma Policy and Bharat Laghu Policy suitable for
1. Small and Medium Enterprises (SMEs)
2. Large Business Enterprises
3. Both a) and b)
4. None of the above
Answer: 1
Category: Life
Question: What is the waiver provided under the Bharat Sookshma Udyam Suraksha policy
1. Waiver of premium payment
2. Waiver of policy coverage
3. Waiver of claim settlement
4. Waiver of underinsurance to the extent of 15%
Answer: 4
Category: Life
Question: What does a reinstatement value policy cover
1. Stocks
2. Buildings, plant, machinery, furniture, fixture, fittings
3. Both (a) and (b)
4. None of the above
Answer: 2
Category: Life
Question: What is the sum insured for a declaration policy based on
1. Market value
2. A fixed value determined by the insurer
3. The highest value expected to be stored in the godown during the policy period
4. The value of stocks at the beginning of the policy period
Answer: 3
Category: Life
Question: What are floater policies
1. Policies issued for covering stocks stored at various specified locations under one sum insured
2. Policies issued for covering stocks on market value basis
3. Policies issued for covering hazardous goods held in storage areas
4. Policies issued for covering industrial complexes only
Answer: 1
Category: Life
Question: What does Business Interruption Insurance provide indemnity for
1. Loss of gross profit and increased cost of working
2. Loss of merchandise goods
3. Loss of property damage
4. Loss of standing charges
Answer: 1
Category: Life
Question: What risks are covered under burglary insurance
1. Loss of property due to natural calamities
2. Loss of property due to employee negligence
3. Loss of property due to power failure
4. Loss of property following actual forcible and violent entry into the premises or loss followed by actual, forcible and violent exit from the premises or hold up
Answer: 4
Category: Life
Question: What is the key clause in the cash cover of the burglary insurance policy
1. Cash lost from the safe following the use of the original key to open is covered only where such key has been obtained by violence or threats of violence or through means of force
2. Cash lost from the safe following the use of the original key to open is covered without any conditions
3. Cash lost from the safe following the use of any key to open is covered
4. Cash lost from the safe following the use of any key to open is not covered
Answer: 1
Category: Life
Question: What is meant by PML in First Loss Insurance
1. Probable Maximum Liability
2. Probable Minimum Liability
3. Probable Maximum Loss
4. Probable Minimum Loss
Answer: 3
Category: Life
Question: What does Fidelity Guarantee Insurance cover against
1. Fire and theft
2. Natural disasters
3. Fraud and dishonesty of employees
4. Product liability
Answer: 3
Category: Life
Question: What is the basis on which Bankers Indemnity Insurance policy is issued
1. Discovery basis
2. Occurrence basis
3. Loss basis
4. Negligence basis
Answer: 1
Category: Life
Question: What are the items covered under Jeweler’s Block Policy
1. Furniture and fixtures
2. Electronics and appliances
3. Jewellery, gold & silver articles, diamonds, precious stones, and wrist watches
4. Clothing and accessories
Answer: 3
Category: Life
Question: Which policy covers damage due to any cause except those specifically excluded
1. Machinery Breakdown Policy
2. All Risks Policy
3. Boiler Pressure Plant policy
4. Electronic Equipment Policy
Answer: 2
Category: Life
Question: Which of the following is covered under Boiler and Pressure Plant Policy
1. Damage, other than by fire, to the boilers and/or other pressure plant and to surrounding property of the insured
2. Damage caused due to fire
3. Damage caused due to natural calamities
4. Damage caused due to wear and tear
Answer: 1
Category: Life
Question: What does Electronic Equipment Policy cover
1. Only computer systems
2. Various kinds of electronic equipment, including the entire computer system, keyboards, monitors, printers, etc. , and auxiliary equipment
3. Only auxiliary equipment such as air- conditioning, heating and power conversion
4. Only loss and damage due to burglary, housebreaking, and theft
Answer: 2
Category: Life
Question: Who is Electronic Equipment Policy available to
1. Only the owner of the equipment
2. Only the lessor of the equipment
3. Only the hirer of the equipment
4. All of the above, depending on their responsibility or liability
Answer: 4
Category: Life
Question: How many sections does Electronic Equipment Policy usually have
1. 1
2. 2
3. 3
4. 4
Answer: 3
Category: Life
Question: What kind of machinery is covered under the Contractors Plant & Machinery Policy
1. Machinery used in agriculture
2. Machinery used in the food industry
3. Machinery used in construction
4. Machinery used in the textile industry
Answer: 3
Category: Life
Question: Who is the Deterioration of Stock Policy suitable for
1. Cold storage owners and lessees
2. Building owners and lessees
3. Car owners and lessees
4. Boat owners and lessees
Answer: 1
Category: Life
Question: Which policy is suitable for the principal or contractors of a project whereas plant and machinery is being erected as it is exposed to various external risks
1. Contractors Plant & Machinery (CPM) Policy
2. Erection All Risks (EAR) Policy
3. Deterioration of Stock Policy
4. Civil Engineering Completed Risk
Answer: 2
Category: Life
Question: What is the Industrial All Risks Policy designed to cover
1. Only manufacturing facilities
2. Only storage facilities
3. Industrial properties - both manufacturing and storage facilities
4. Commercial properties
Answer: 3
Category: Life
Question: What does marine cargo insurance cover
1. Loss of goods during transit within the country only
2. Loss of goods due to sea misadventures only
3. Loss of goods during transit by road and sea only
4. Loss of goods during transit by rail, road, sea, air or registered post
Answer: 4
Category: Life
Question: Who can insure the cargo under marine cargo insurance
1. Only the seller of the goods
2. Only the buyer of the goods
3. Both the seller and the buyer of the goods, depending on the contract of sale
4. Only the carrier of the goods
Answer: 3
Category: Life
Question: Under which Act is liability imposed on those who handle hazardous substances
1. Public Liability Insurance Act, 1991
2. IRDA Act 1999
3. Insurance Act 1938
4. Income Tax Act 1968
Answer: 1
Category: Life
Question: What is the maximum compensation payable for temporary partial disablement under Compulsory Public Liability Policy
1. Rs. 25, 000
2. Rs. 1, 000 per month, maximum 3 months
3. Rs. 12, 500
4. Rs. 3, 000
Answer: 2
Category: Life
Question: What does Employee’s Compensation Insurance provide indemnity for
1. Legal liability to pay compensation to third parties
2. Legal liability to pay compensation to employees who sustain personal injury by accident or disease arising out of and in the course of employment
3. Legal liability to pay compensation for damage to property
4. Legal liability for pollution liability
Answer: 2
Category: Life
Question: To apply for a claim, in case of damage caused by flood or cyclone, a report from ______ would be necessary
1. Police Department
2. Meteorological Office
3. Fire Department
4. Surveyor/ Loss Assessor
Answer: 2
Category: Life
Question: A police report may not be needed in the following case
1. Damage by Cyclone
2. Damage by Fire
3. Damage In Road Accident
4. Damage In Transit
Answer: 1
Category: Life
Question: The most important function of an insurance company is
1. To settle claims of policy holders on the happening of a loss event
2. To settle balance of policy holders on the happening of a profit event
3. To settle sum amount of policy holders
4. To settle claims of policy holders
Answer: 1
Category: Life
Question: In case of Fire, claim is assessed on the basis of______
1. An agent report
2. A police report
3. Survey report
4. Policy report
Answer: 3
Category: Life
Question: To Submit reports to an insurance company, the surveyors and Loss Assessors expected to a) examine the property in question b) Verify the causes and circumstances of the loss c) Estimate the quantum of the loss
1. Only Statement (a) is correct
2. Both (a) & (b) are correct
3. Both (a) & (c) are correct
4. (a), (b) and (c) are correct
Answer: 4
Category: Life
Question: Under which type of policy is notice required to be served on the Railways?
1. Life insurance policies
2. Fire insurance policies
3. Marine insurance policies
4. Cargo rail transit policies
Answer: 4
Category: Life
Question: Who conducts the investigation to determine the cause and extent of loss if the claim amount is small?
1. An officer of the insurer
2. An independent licensed professional surveyor
3. A court of law
4. The insured
Answer: 1
Category: Life
Question: Why is an investigator's report sometimes necessary to assess a fire claim?
1. To determine the cause of the fire
2. To confirm the value of the insured property
3. To verify the insured's identity
4. To determine the insured's eligibility for coverage
Answer: 1
Category: Life
Question: Which of the following is NOT true about how motor insurance claims are assessed in India?
1. Motor third party claims involving death and personal injuries are assessed on the basis of doctor’s report
2. Claims involving third party property damage are assessed on the basis of a survey report
3. Motor own damage claim is assessed on the basis of police report
4. The amount to be paid for third party claims is decided by factors like age and income of the claimant
Answer: 3
Category: Life
Question: What is the purpose of investigation in the context of insurance claims?
1. To assess the amount of loss or damage incurred
2. To ensure that a valid claim has been made and rule out any doubts about the claim
3. To determine whether a claimant has a good driving record
4. To decide whether or not to approve the claim based on the policyholder's past claims history
Answer: 2
Category: Life
Question: Who hires surveyors and loss assessors?
1. The policyholder
2. The insurance company
3. The government
4. The surveyors and loss assessors themselves
Answer: 2
Category: Life
Question: What regulations govern the work of surveyors?
1. The Indian Contract Act, 1872
2. The Consumer Protection Act, 1986
3. The Insurance Act, 1938, Insurance Rules 1939, and specific regulations issued by IRDAI
4. The Companies Act, 2013
Answer: 3
Category: Life
Question: What is the maximum claim amount for which a surveyorneed not be appointed under Section 64 UM of the Insurance Act?
1. For the claim more than Rs. 50, 000 for motor own damage and Rs. 1 lakh for other property damage claims
2. Rs. 1 lakh for motor own damage claims and Rs. 50, 000 for other property damage claims
3. Rs. 50, 000 for all property damage claims
4. Rs. 1 lakh for all property damage claims
Answer: 1
Category: Life
Question: How should an insurance company fulfill its promise to policyholders?
1. By providing unfair and inequitable service
2. By avoiding payment to policyholders
3. By providing prompt, fair, and equitable service
4. By increasing premiums for policyholders
Answer: 3
Category: Life
Question: What kind of report may be necessary for cyclone damage claims?
1. A report from the Meteorological office
2. A report from the Fire Brigade
3. A report from the Police
4. A report from the Coroner
Answer: 1
Category: Life
Question: Why is settling claims professionally important for an insurance company?
1. To avoid paying claims
2. To increase profits
3. To attract more policyholders
4. It is regarded as the biggest advertisement for the company
Answer: 4
Category: Life
Question: Which inscription was found in the board room of a non- life insurance company?
1. "Honesty is the best policy"
2. "We always pay our claims"
3. "Pay if you can; repudiate if you must"
4. "Insurance is a scam"
Answer: 3
Category: Life
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: Life
Question: The IRDA was established in the year __________ under the IRDA Act, 1999. 
1. 1999
2. 2000
3. 2002
4. 2003
Answer: 2
Category: Life
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: Life
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: Life
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: Life
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: Life
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: Life
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: Life
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: Life
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: Life
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: Life
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: Life
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: Life
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: Life
Question: An Applicant, seeking an Appointment as an Insurance Agent of an Insurer, shall submit an Application in Form: - -, to the --- of the Insurer. 
1. I-A, Designated Official
2. A. I-A, Appellate Officer
3. I-B, Designated Official
4. I-B, Appellate Officer
Answer: 1
Category: Life
Question: Compare the probability of a contingent event with regards to life and general insurance. 
1. The probability of the event happening stays constant through time with regards to both life and general insurance
2. The probability of the event happening increases in case of general insurance and decreases in case of life insurance
3. The probability of the event happening increases in case of life insurance and decreases in case of general insurance
4. The probability of the event happening increases in case of life insurance and stays constant in case of general insurance over a period of time
Answer: 4
Category: Life
Question: Analyse the two statements below and determine the true one(s) Statement I: The contingent event occurs certainly in case of general insurance Statement II: The contingent event occurs certainly in case of life insurance
1. Only Statement I is true
2. Only Statement II is true
3. Statements I and II are true
4. Statements I and II are false
Answer: 2
Category: Life
Question: Suggest a class of insurance that will provide protection against loss of goodwill. 
1. Life insurance
2. Property insurance
3. Liability insurance
4. Personal insurance
Answer: 3
Category: Life
Question: Analyse the Following Two Statements, and Determine the True One(s): Statement-I: The Contingent-Event occurs Certainly, in Case of General Insurance. Statement-II: The Contingent-Event occurs Certainly, in Case of Life Assurance. 
1. Statement-I is True. 
2. Statement-II is True. 
3. Statement-I and Statement-II are True. 
4. Statement-I and Statement-II are False. 
Answer: 2
Category: Life
Question: Explain: 'Risk-Tolerance'. Choose the Most Appropriate Option. 
1. Types of Risks, One Can Take. 
2. Amount of Risk, One is Willing to Bear, while Investing. 
3. Instruments of Risk- Management. 
4. Period, for which, One is willing to risk His or Her Investments. 
Answer: 2
Category: Life
Question: Which of the following insurances does not cover personal risks?
1. Life Insurance
2. Personal Accident Insurance
3. Fire Insurance
4. Motor Own Damage Insurance
Answer: 3
Category: Life
Question: In case of life insurance, the event of risk covered is:
1. Uncertain
2. Certain
3. Uncertain but the time occurance of event is certain
4. Certain but the time occurance of event is uncertain
Answer: 4
Category: Life
Question: In the policies where level premiums are charged -
1. Excess premiums for later years compensate for deficit premiums for earlier years
2. Excess premiums for earlier years compensate for deficit premiums for later years
3. Deficit premiums for earlier years compensate for excess premiums for later years
4. Deficit premiums for earlier years compensate for deficit premiums for later years
Answer: 2
Category: Life
Question: Life insurance contratcs are often compared with financial products as they involve -
1. Both risk cover and savings
2. Risk cover against the untimely death
3. Risk cover and financial benefits
4. Risk cover and bonuses
Answer: 1
Category: Life
Question: Many life insurance products have _______________________ which can form a significant part of an individual's savings. 
1. Low cash value
2. Saving component
3. Risk premium
4. Savings premium
Answer: 2
Category: Life
Question: The traditional cash value life insurance contratcs are safe and secured investment offering a minimum guaranteed rate of return which _____________________________________. 
1. May increase with the contract duraion. 
2. May decrease with the contract duration. 
3. May increase with the age of the insured. 
4. May decrease with the age of the insured. 
Answer: 1
Category: Life
Question: Life insurance policy provides liquidity to the policyholder, which means that the policyholder can avail ________________ against the policy. 
1. Cash
2. Loan
3. Surrender value
4. Any of them
Answer: 4
Category: Life
Question: An opinion about the traditional life insurance policies is that the guaranteed yield may be:
1. More that other financial products
2. Lower than other financial products
3. Equivalent to other financial products
4. Similar to other financial products
Answer: 2
Category: Life
Question: Assess the impact of inflation on your investment returns. 
1. Inflation has no impact on the investment returns
2. Inflation has a positive impact on the investment returns
3. Inflation has a corroding impact on the investment returns
4. Inflation boosts investment returns
Answer: 3
Category: Life
Question: Identify the stage of life when an individual will appreciate his long term savings the most. 
1. Childhood
2. Just married
3. Teen age
4. Post retirement
Answer: 4