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Insurance Quiz For all upcoming Insurance Exams Set 3

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Hello Aspirants. Welcome to Online Insurance Quiz section in Affairs cloud, which is useful for LIC ADO 2015,UIIC assaistant,OICl AO and many more upcoming insurance exams. We have included Some questions that are repeatedly asked in exams !!

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  1. Insurance company transfers the insurance which cannot bear by them to which of the following ?
    1)TPAs
    2)Bancassurance
    3)Reinsurance
    4)Actuaries
    3)-Reinsurance
    A re insurance company is the Insurer for Insurance company

  2. Which of the following is customer of a Reinsurer?
    1)Insurance Companies
    2)High Networth Individual
    3)Licenced Insurance Agents
    4)NGOs
    1)Ans-Insurance Companies
    Reinsurance company is the Insurer for the Insurance Company

  3. The Non Government organizations(NGO) helps the insurance industry mainly in
    1)Linking third party administrators
    2)Promotional activities
    3)Drafting new regulations
    4)Linking buyers and sellers
    4)Linking buyers and sellers
    NGO spread Awareness as well as In rural on deeper Penetration through Micro Insurance

  4. Investment by foreign direct investors in to Insurance companies is restricted to what percent?
    1)22%
    2)24%
    3)30%
    4)26%
    4)26%
    On recommendation of Mahlotra Committee , Under Joint venture , the foreign player can not have more than 26% stake

  5. Based on which aspect,Churning is bad ?
    1)Agents earn Lower Commission on churning
    2)Policyholders suffer due to surrender charges and benefits
    3)Policyholder gets more benefits
    4)Insurance companies get good branding
    2)Policyholders suffer due to surrender charges and benefits
    Repeatedly encouraging clients to switch policies / Investments from one another is called churning

  6. What is the maximum Time in which The insurer should settle a claim when all documents are submitted
    1)5 days
    2)20 days
    3)30 days
    4)15 days
    3)30 days
    According to IRDA Regulation 2002 , a claim under a life insurance policy will have to be paid or be disputed with giving relevant information within 30 days from the date of receipt of all necessary documents & clarifications

  7. A missing person is considered to be dead after how many years of missing ?
    1)3years
    2)5years
    3)15 years
    4)7years
    4)7years
    Sec 107 & 108 of indian evidence act 1872 deals with presumption of death , Waiting period of 7 years is seen in case of person missing

  8. A insurer advertises through daily news paper . What type of marketing is
    1)cross selling
    2)policy selling
    3)Solicitation of Policy
    4)Insurance selling
    3)Solicitation of Policy
    IRDA regulations on advertisements include all printed and published materials from Insurer as well as Agents

  9. MWP- If the policy is endorsed under MWP – then the beneficiaries are wife and ?
    1)ex wife
    2)children
    3)mother
    4)parents
    2)children
    Beneficiaries under MWPA can be Wife , Children , Wife & Children , Adopted Child

  10. How is complaint to be launched with an insurance ombudsman?
    1)Made face to face
    2)made in writing
    3)through newspaper advertisement
    4)orally over the phone
    2)made in writing