axondendriteplus/IC38-Insurance-Marketing-Firm-Questions huggingface dataset:
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. Chinese traders placed their goods in multiple boats because it provided insurance against total loss
4. Chinese traders placed their goods in multiple boats because it was cheap
Correct answer: 3
Question: What is the cost of risk directly proportional to?
1. Probability and impact of the loss
2. Impact of the loss alone
3. Probability of loss and object of insurance
4. Impact of loss and the object of insurance
Correct answer: 1
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
3. Under mutuality we have funds flow from one source to many
4. Mutuality provides protection against the economic loss arising as a result of one’s untimely death. This loss is shouldered and addressed through having a fund that pools the contributions of many who have entered into the life insurance contract
Correct answer: 3
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
Correct answer: 4
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
Correct answer: 2
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. Life Insurance Companies Act, 1912
4. Indian Insurance Companies Act, 1928
Correct answer: 1
Question: Which of the following social security scheme is a Health Insurance plan?
1. PMVVY
2. PMFBY
3. PMJAY
4. PMSBY
Correct answer: 3
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. Hazard is the direct cause of loss while peril increases/decreases the probability of loss
4. Peril is probability of loss while hazard is related to impact of loss
Correct answer: 2
Question: The IRDA was established in the year __________ under the IRDA Act, 1999. 
1. 1999
2. 2000
3. 2002
4. 2003
Correct answer: 2
Question: Losses caused by an earthquake are ______
1. Critical
2. Collaborative
3. Corollary
4. Common
Correct answer: 1
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
Correct answer: 2
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. 
Correct answer: 3
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. Dancer in a Night-Club
4. Person, Exposed to Mining Dust
Correct answer: 4
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. 
Correct answer: 2
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. 
Correct answer: 2
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. 
Correct answer: 2
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
Correct answer: 3
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
Correct answer: 1
Question: ____________________is a corollary principle of Indemnity
1. Insurable Interest
2. Uberrima fides
3. Subrogation
4. Proximate cause
Correct answer: 3
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
Correct answer: 3
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
Correct answer: 2
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. 
Correct answer: 4
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. 
Correct answer: 2
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
Correct answer: 4
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
Correct answer: 3
Question: Which One of the Following Statements, is In-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. 
Correct answer: 2
Question: Which One of the Following Statements, is In-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. 
Correct answer: 4
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. 
Correct answer: 1
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. 
Correct answer: 3
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. 
Correct answer: 1
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. 
Correct answer: 4
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
Correct answer: 2
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. 
Correct answer: 4
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
Correct answer: 1
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. )
Correct answer: 2
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
Correct answer: 3
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
Correct answer: 3
Question: Arbitrators appoint ________________who presides the meeting. 
1. A President
2. A Chairman
3. An Umpire
4. A Judge
Correct answer: 3
Question: Dispute relating to question of liability are to be settled through __________________. 
1. Arbitration
2. Communication
3. Litigation
4. Understanding
Correct answer: 3
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
Correct answer: 2
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
Correct answer: 1
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. 
Correct answer: 1
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
Correct answer: 4
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. 
Correct answer: 2
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
Correct answer: 2
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
Correct answer: 3
Question: Which of the following is not a contributor towards Customer Lifetime value
1. Historical
2. Present
3. Potential
4. Speculated
Correct answer: 4
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
Correct answer: 2
Question: The ability to perform the promised service dependably and accurately, can be termed as _________
1. Tangible
2. Reliability
3. Assurance
4. Responsiveness
Correct answer: 2
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
Correct answer: 2
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. 
Correct answer: 1
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
Correct answer: 3
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
Correct answer: 4
Question: ____________ is the most important step in sales process. 
1. Interview
2. Prospecting
3. Handling objections
4. Closing the sale
Correct answer: 2
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
Correct answer: 3
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
Correct answer: 3
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
Correct answer: 2
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
Correct answer: 1
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
Correct answer: 2
Question: Consumer protection Act. comprises of_________ quasi-judicial machinery
1. One-tier
2. Three-tier
3. Two-tier
4. Four-tier
Correct answer: 2
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
Correct answer: 1
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
Correct answer: 2
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
Correct answer: 2
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
Correct answer: 1
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
Correct answer: 1
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
Correct answer: 4
Question: IGMS stands for-
1. Insurance Grievance Management System
2. Integrated Grievance Management System
3. IRDAI Grievance Management System
4. Initial Grievance Management System
Correct answer: 2
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
Correct answer: 4
Question: Consumer dispute redressal agencies are not established at-
1. National level
2. District level
3. City level
4. State level
Correct answer: 3
Question: District Commission has the powers of ________________. 
1. High Court
2. Supreme Court of India
3. Small Causes Court
4. Civil Court
Correct answer: 4
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
Correct answer: 4
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
Correct answer: 2
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
Correct answer: 3
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
Correct answer: 3
Question: Principal Officer of Insurance Marketing Firm means
1. A Director or a Partner
2. Any officer
3. A designated Employee
4. Any of the above
Correct answer: 4
Question: Insurance Marketing Firm can engage Insurance Sales Person for the purpose of soliciting and procuring Insurance Products of
1. One Life Insurer, One General Insurer & One Health Insurer
2. Two Life Insurers, Two General Insurers & Two Health Insurers
3. Three Life Insurers, Three General Insurers & Three Health Insurers
4. Two Life Insurers, One General Insurer & One Health Insurer
Correct answer: 2
Question: Which of the following financial product can be marketed by The Insurance Marketing Firm through the Financial Service Executive (FSE)?
1. Mutual funds regulated by SEBI
2. Pension products regulated by PFRDA
3. Banking/ financial products of banks/ NBFC regulated by RBI
4. All of the above
Correct answer: 4
Question: What is the maximum service charge/fee, the Insurance Marketing Firm may receive from life insurance companies for recruitment, training and mentoring of their ISPs?
1. 30% of first year commission and 5% of renewal commission
2. 40% of first year commission and 10% of renewal commission
3. 50% of first year commission and 10% of renewal commission
4. 50% of first year commission and 20% of renewal commission
Correct answer: 3
Question: FSE(Financial Service Executive) engaged by IMF for marketing Financial products will be govered by the regulations of
1. IRDAI
2. SEBI
3. RBI
4. Regulaions of resepective rgulatorrs. 
Correct answer: 4