English ic 33 paper 2 to 5 with answers

1

Manish Suryawanshi

English IC 33 Paper 2 (2014-New Syllabus )

Your answers are highlighted below.

Question 1

______________ is a plan of decreasing term insurance designed to

provide a death amount that corresponds to the decreasing amount

owned on a mortgage loan.

A Loan Redemption Plan

B Cash Redemption Plan

C Mortgage Redemption Plan

D Credit Redemption Plan

Question 2

What benefits are given by the government to promote health

insurance?

A Cash Benefits

B Premium Discontinuance

C No claims Bonus

D Tax Benefits

Question 3

Which of the below is not a strategy to maximise discretionary income?

2

Manish Suryawanshi

A Debt restructuring

B Loan transfer

C Investment restructuring

D Insurance purchase

Question 4

Mahesh has bought a life insurance policy with a critical illness rider. He

has made absolute assignment of the policy in favour of Karan. Mahesh

suffers a heart attack and there is a claim of Rs. 50,000 under the

critical illness rider. To whom will the payment be made in this case?

A Mahesh

B Karan

C The payment will be shared equally by Mahesh and Karan

D Neither of the two because Mahesh has suffered the heart attack but

the policy is assigned in favour of Karam

Question 5

Typical risks faced by people are

A Dying to early

B Living to long

C Living with disability

3

Manish Suryawanshi

D All of the above

Question 6

What does a policy lapse mean?

A Policyholder completes premium payment for a policy

B Policyholder discontinues premium payment for a policy

C Policy attains maturity

D Policy is withdrawn from the market

Question 7

An individual with an aggressive risk profile is likely to follow wealth

_____________ investment style.

A Consolidation

B Gifting

C Accumulation

D Spending

Question 8

Given below are some events that will trigger survival claims. Identify

which of the below statement is incorrect?

A Claim paid on maturity of a term insurance policy

B An installment payable upon reaching the milestone under a money-

back policy

4

Manish Suryawanshi

C Claim paid for critical illnesses covered under the policy as a rider

benefit

D Surrender value paid on surrender of an endowment policy by the

policyholder

Question 9

Types of pension scheme What are the various types of annuity

schemes

A Public Pension

B Occupational Pension

C Personal Pensions

D All of the above

Question 10

Which of the below will be the most appropriate option for a customer

to lodge an insurance policy related complaint?

A Police

B Supreme Court

C Insurance Ombudsman

D District Court

Question 11

5

Manish Suryawanshi

____________ is the feature in which an health insurance policy holder

can transfer his policy with gained credit and time bound exclusion

from one insurer to another.

A Network Provider

B Portablity

C TPA

D Mediclaim

Question 12

Insurance policy is contract between ____________

A Company & Partner

B Agency & Company

C Insured & Policy holder

D Insurer & Policy holder

Question 13

Which of the below is not correct with regards to insurable interest?

A Father taking out insurance policy on his son

B Spouses taking out insurance on one another

C Friends taking out insurance on one another

6

Manish Suryawanshi

D Employer taking out insurance on employees

Question 14

Which among the following is not an objective of tax planning?

A Maximum tax benefit

B Reduced tax burden as a result of prudent investments

C Tax evasion

D Full advantage of tax breaks

Question 15

In health insurance policy premium will be based on

A Occupation

B Income

C Age

D Height

Question 16

Any person who has completed 60 or more years of age as on the date

of commencement or renewal in health insurance policy is called

_________________

7

Manish Suryawanshi

A Family floater

B Group Health Insurance

C Senior Citizen

D Mediclaim

Question 17

A complete insurance planning includes _______________

A Life Insurance

B Health insurance

C Asset Insurance

D All of the above

Question 18

How many life insurance companies are operating in India currently ?

A 26

B 23

C 20

D 24

Question 19

8

Manish Suryawanshi

Anthony has taken a new car and immediately gets his car insured too.

He is paying a premium of Rs.4000 premium for car insurance.

Unfortunately his car meets with an accident and most of the parts are

broken.So that Anthon receives the insurance when should the

insurable interest exist

A At time of Purchasing New Car

B AT time of Paying Premium

C At the time of claim

D None of the above

Question 20

Which of the following statement is correct in relation to claim?

A A claim is the demand of performance by the insurer

B A claim arises only when insured event takes place

C A claim is valid if insured has paid all the premiums

D All of the above

Question 21

Mortagae Redemption Insurance facilitate ____________

A Higher Mortgage Rate

B Cheaper Mortgage Rate

C Higher Interest Rate

9

Manish Suryawanshi

D Higher Profits

Question 22

Which among the following methods is a traditional method that can

help determine the insurance needed by an individual?

A Human Economic Value

B Life Term Proposition

C Human Life Value

D Future Life Value

Question 23

_______________ life insurance pays off a policyholder’s mortgage in

the event of the person’s death.

A Term

B Mortgage

C Whole

D Endowment

Question 24

When is the best time to start financial planning?

A Post retirement

B As soon as one gets his first salary

10

Manish Suryawanshi

C After marriage

D Only after one gets rich

Question 25

During which stage of life will an individual appreciate past savings the

most?

A Post retirement

B Earner

C Learner

D Just married

Question 26

Keyman insurance indemnify ______________ incurred but

compensates with fixed monetary sum as specified on the insurance

policy

A Actual Losses

B Actual Expenses

C Early Premiums

D Fixed Monetary sum is specify in the policy

Question 27

11

Manish Suryawanshi

What are retained earnings

A Premium

B Surplus

C Bonus

D Assets

Question 28

If an agent wants to earn more commission

A He will meet fixed number of existing customers

B He will have to meet more number of prospects

C Do nothing as he getting renewal commission

D Persuade to surrender exiting policy and buy new one - to existing

customer

Question 29

What is the procedure in which and individual can get the complicated

surgical procedures without getting admitted?

A In patient

B Out patient

C Day care

D Normal Admission

12

Manish Suryawanshi

Question 30

Hurt not other with that which pains yourself is golden rule of which

religion

A Jainsim

B Buddhisim

C Islam

D Christianity

Question 31

Mr X has lost his policy document, company will issue him new policy

document with?

A Minor change in policy terms and condition

B Major change in policy terms and condition

C No change in policy terms and condition

D No change in policy terms and condition

Question 32

Which of the below insurance proposal is not likely to qualify under

non-medical underwriting? I. Savita, aged 26 years, working in an IT

company as a software engineer

13

Manish Suryawanshi

A Savita, aged 26 years, working in an IT company as a software

engineer

B Mahesh, aged 50 years, working in a coal mine

C Satish, aged 28 years, working in a bank and has applied for an

insurance cover of Rs. 1 crore

D Pravin, aged 30 years, working in a departmental store and has

applied for an endowment insurance plan for a tenure of 10 years

Question 33

Deliberate concealment of facts or misrepresentation of facts falls

under which category ___________

A Fraud

B Consideration

C Capacity of the party

D Free Consent

Question 34

Mr Amit is nearing retirement, he has a lump sum amount to invest, he

requires regular cash flow to help cover basic living expenses, Which

type of annuity plan Amit should purchase

A Immediate Annuity

B Deferred Annuity

14

Manish Suryawanshi

C Money back annuity

D Assured Annuity

Question 35

_______________ includes preparing of budget, analysing of expenses

and income flow and predicting the future monthly income & expenses

A Estate Planning

B Investment Planning

C Retirement Planning

D Cash Planning

Question 36

Which of the following statement is correct

A Higher the mortality rate in the mortality table; higher the premiums

would be

B Higher the interest rate assumed, lower the premium

C Both of the above

D Premium would remain unaffected

Question 37

The Cash value component in traditional products is

15

Manish Suryawanshi

A Pre-planned

B Weil defined

C Not well defined

D Not pre-planned

Question 38

As per IRDA norms, an insurance company can provide which of the

below non traditional savings life insurance products are permitted in

India? Choice I: Unit Linked Insurance Plans Choice II: Variable

Insurance Plans

A I only

B II only

C I and II both

D Neither I nor II

Question 39

Interest paid by the insurer for delay in claim settlement would be

A 0.02

B 2% above the bank rate

C No Interest payable

D 0.06

Question 40

16

Manish Suryawanshi

For seeking license to act as a composite agent one has to complete

from an IRDA approved institution at least

A 100 hrs practical training

B 75 hrs practical training

C 60 hrs practical training

D 65 hrs practical training

Question 41

In the keyman insurance the premium paid by the company is treated

as ______________

A Profit of the business

B Business Expense

C Loan of the company

D Sum Assured of the business

Question 42

Rating factors in underwriting does not depend on

A Financial situation

B Family History

C No. of members in the family

D Personal history of health and habits

Question 43

17

Manish Suryawanshi

What is the relation between investment horizon and returns?

A Both are not related at all

B Greater the investment horizon the larger the returns

C Greater the investment horizon the smaller the returns

D Greater the investment horizon more tax on the returns

Question 44

Active listening involves

A Paying attention

B Confidence

C Trust

D Smiling face

Question 45

Which of the following condition will affect a person's insurability

negatively?

A Daily jogs

B Banned substance abuse

C Lazy nature

18

Manish Suryawanshi

D Procrastination

Question 46

Sheena is suffering from acute diabetes. She has applied for an

insurance plan. In this case the underwriter is most likely to use

______________ for underwriting. Choose the most appropriate

option.

A Judgment method

B Numerical method

C Any of the above method since an illness like diabetes does not play a

major role in the underwriting process

D Neither of the above method as diabetes Gases are rejected outright

Question 47

Employer may take out a key persons insurance policy on the

____________ and ______________ of any employee

A Life of all employee

B Employer cannot insure a keyman

C Only health of the employees

D Life or Health of Any employees

19

Manish Suryawanshi

Question 48

In customer relationship the first impression is created:

A By being confident

B By being on time

C By showing interest

D By being on time: showing interest and being confident

Question 49

MR. Shetty wants to purchase a new house. This is which category of

goal?

A Short Term Gaol

B Log term Goal

C Medium Term Goal

D Option 2& 3

Question 50

The awards by the Ombudsman are governed by the following rulesA

Award should not be more than RS 20 lakhs

B Award should be made within a period of 3 months from the date of

receipt of the complaint

C Insurer shall comply with the award and send a written intimation to

the ombudsman within 1.5 days of the receipt of acceptance

20

Manish Suryawanshi

D All of the above

==========================================================


Question 1

Which among the following would you recommend in order to seek

protection against unforeseen events?

A Insurance

B Transactional products like bank FD's

C Shares

D Debentures

Question 2

Optimal method of converting principal (which we may call the corpus

)into annuity payments for meeting income needs post retirement is

known as ____________

A Distribution

B Accumulation

C Conversation

D Estate

Question 3

Cardio vascular disease refers to the disease which affect

21

Manish Suryawanshi

A Heart and circulatory system(Blood)

B Lungs and respiratory system

C Kidney and excretory system

D Stomach, intestine and digestive system

Question 4

Which among the below statements is true? Statement I: Every pension

is an annuity Statement II: Every annuity is a pension

A I and II are true

B I and II are false

C I is true and II is false

D I is false and IF is true

Question 5

In which of the following insurable interest will not exist

A Mr Singh wants to take an insurance policy for his child

B Anita wants to take insurance policy for her friend

C Anuj wants to take an insurance policy for her wife

D All of the above

Question 6

In progressive risk profile Investment style is _____________

22

Manish Suryawanshi

A Accumulation

B Wealth Accumulation

C Estate Planning

D Consolidation

Question 7

What are retained earnings

A Premium

B Surplus

C Bonus

D Assets

Question 8

Health Insurance policies can be obtained by ____________

A Group

B Individual

C Family

D All of the above

Question 9

23

Manish Suryawanshi

Mahesh has taken as decreasing term life insurance policy to repay the

balance of his mortgage loan if he dies before its full repayment... what

policy has he opted for

A Term Insurance

B Life Insurance

C Term & MRI

D MRI

Question 10

Mr Suresh Patil is the main income earner of the family and wants to

save in an insurance plan which gives him life cover till he is alive Which

plan will you suggest for his needs?

A Decreasing Term Assurance

B Pure Endowment Plan

C Pension Plan

D Whole life Insurance Plan

Question 11

The sum assured under keyman insurance policy is generally linked to

which of the following?

A key man income

B Business profitability

24

Manish Suryawanshi

C Business history

D Inflation index

Question 12

A Life Assured is missing for the last 7 years, on which basis will the

death claim be settled?

A Court Decree

B Declaration by Nominee

C Declaration by Agent

D Declaration by Employer

Question 13

Which among the following is an example of coercion?

A Ramesh signs a contract without having knowledge of the fine print

B Ramesh threatens to kill Mahesh if he does not sign the contract

C Ramesh uses his professional standing to get Mahesh to sign a

contract

D Ramesh provides false information to get Mahesh to sign a contract

Question 14

Guiding principles for determining amount of loading are

A Adequacy

B Equity

25

Manish Suryawanshi

C Competitiveness

D All of the above

Question 15

Predominant cause which sets into motion the chain of events

producing the loss is known as _______________

A Contract Adhesion

B Proximate Cause

C Leagality

D Utmost Good Faith

Question 16

Which of the below statements is correct?

A The prime purpose of insurance regulation is to protect the insurance

companies

B The prime purpose of insurance regulation is to protect the

policyholder

C The prime purpose of insurance regulation is to protect the insurance

intermediaries

D The prime purpose of insurance regulation is to protect the

Government

26

Manish Suryawanshi

Question 17

Collecting numerous individual contributions From various People.

These people have similar assets which are exposed to similar risks. This

process is known as __________________

A Peril

B Pooling

C Risk

D asset

Question 18

Money laundering is the process of bringing _____________ money

into an economy by hiding its ____________ origin so that it appears to

be legally acquired.

A Illegal: illegal

B Legal, legal

C Illegal; legal

D Legal, illegal

Question 19

27

Manish Suryawanshi

Out of 400 houses, each valued at Rs. 20,000, on an average 4 houses

get burnt every year resulting in a combined loss of Rs. 80,000. What

should be the annual contribution of each house owner to make good

this loss?

A Rs..100/-

B Rs..200/-

C Rs80/-

D Rs.4001-

Question 20

Which among the following is not an element of active listening?

A Paying good attention

B Being extremely judgmental

C Empathetic listening

D Responding appropriately

Question 21

The awards by the Ombudsman are governed by the following rules

A Award should not be more than RS 20 Iakhs

B Award should be made within a period of 3 months from the date of

receipt of the complaint

28

Manish Suryawanshi

C Insurer shall comply with the award and send a written intimation to

the ombudsman within 15 days of the receipt of acceptance

D All of the above

Question 22

Judicial channel for grievance established by the central government is

A State Forum

B District Forum

C National forum

D Lifeline

Question 23

Under Sec 47 of insurance Act 1938 when claim is ready for payment

but cannot be paid due lack of proper identification of the payee,

Interest payable would be?

A 2% over Bank Rate

B Bank Rate


D 4% over Bank Rate

Question 24

How much Sum assured is permissible in relation to the income

29

Manish Suryawanshi

A 5to 10 times of the annual income

B 10 to 12 times of the annual income

C 12 to 15 times of the annual income

D 15 to 20 times of the annual income

Question 25


most?

A Post retirement

B Earner

C Learner

D Just married

Question 26

Which of the following is not an underwriting decision?

A Risk acceptance at standard rates

B Declinature of risk

C Postponement of risk

D Claim rejection

Question 27

30

Manish Suryawanshi

Who are the beneficiaries in MWP Act?

A Wife & children

B Only Policy holder

C Parents

D Friends

Question 28

Savings can be considered as a composite of two decisions. Choose

them from the list below.

A Risk retention and reduced consumption

B Gifting and accumulation

C Spending and accumulation

D Postponement of consumption and parting with liquidity

Question 29

Mr. Ajay is persuading prospect to buy insurance policy to achieve his

sales target, this behaviour is

A Ethical

B Professional

C Unethical

D Moral

31

Manish Suryawanshi

Question 30

A policy holder need to have a ____________ to avail the benefit of

cashless facility under Health insurance policy.

A Employees FD card

B Identification card

C Policy document

D Smart Card

Question 31






Question 32

Mr Kumar wants to transfer his property in the name of his Son Vijay,

this is known as ______________ planning

A Investment Planning

B Retirement Planning

C Estate Planning

D All of the above

32

Manish Suryawanshi

Question 33

Santosh has applied for a term insurance policy. His anticipated

mortality is significantly lower than standard lives and hence could be

charged a lower premium. Under risk classification, Santosh will be

classified under __________________

A Standard lives

B Preferred risks

C Substandard lives

D Declined lives

Question 34

In decreasing-term insurance, the premiums paid over

_________________ time.

A Increase

B Decrease

C Remain constant

D Are returned

Question 35

Moral hazard by health insurance companies can result in

_________________

33

Manish Suryawanshi

A Community rating

B Adverse selection

C Abuse of health insurance

D Risk pooling

Question 36

Based on classification of claims (early or non-early), pick the odd one

out?

A Ramya dies after 6 months of buying a term insurance plan

B Manoj dies after one and half years of buying a term insurance plan

C David dies after two and half years of buying a term insurance plan

D Pravin dies after five and half years of buying a term insurance plan

Question 37

When was Variable Life Insurance first introduced in United States?

A 1970

B 1965

C 1977

D 1980

Question 38

Prospecting in an insurance sale is __________________

34

Manish Suryawanshi

A Gathering the names of people who may be interested in insurance

B Preparing a list of all the persons in the city

C Enlisting all the policyholders of the branch office

D Preparing list of all the agents in the neighbourhood

Question 39

Which of the below option is correct with regards to a term insurance

plan?

A Term insurance plans come with life-long renewability option

B All term insurance plans come with a built-in disability rider

C Term insurance can be bought as a stand-alone policy as well as a

rider with another policy

D There is no provision in a term insurance plans to convert it into a

whole life insurance plan

Question 40

Which among the following can be categorized under transactional

products?

A Bank deposits

B Life insurance

C Shares

D Bonds

35

Manish Suryawanshi

Question 41

What are some non verbal gestures that indicate defensiveness and

non receptivity

A Smiling face

B Arms are crossed infront of you

C Purposeful gestures

D Shoulders held back

Question 42

Phases of retirement planning are ________________

A Distribution, Accumulation

B Convertion. Accumulation

C Convertion, Distribution

D Accumulation, Convertion, Distribution

Question 43

During the _______________ period, if the policyholder has bought a

policy and does not want it, he I she can return it and get a refund.

A Free evaluation

B Free look

C Cancellation

36

Manish Suryawanshi

D Free trial

Question 44

What benefits are given by the government to promote health

insurance?

A Cash Benefits

B Premium Discontinuance

C No claims Bonus

D Tax Benefits

Question 45

From the choices mentioned below, select the one that cannot be

categorised as an annuity.

A Rs. 2000 received today, Rs. 2000 received next year and Rs. 2000

received in 2 years

B Electricity Bill

C Car payments

D Mortgage payments

Question 46

Origins of modern insurance business can be traced to

______________

A Bottomry

37

Manish Suryawanshi

B Lloyds

C Rhodes

D Malhotra Committee

Question 47

Praveen died in a car accident. The beneficiary submits documents for

death claim. Which of the below document is an additional document

required to be submitted in case of accidental death as compared to

natural death.

A Certificate of burial or cremation

B Treating physician's certificate

C Employer's certificate

D Inquest Report

Question 48

Life insurance companies may offer rebate to the buyer on the

premium that is payable on the basis of ________________

A Sum assured chosen by the buyer

B Type of policy chosen by the buyer

C Term of the Wan chosen by the buyer

D Mode of payment (cash, cheque, card) chosen by the buyer

Question 49

38

Manish Suryawanshi

Which insurance is used for business protection purpose

A Children education plan

B Keyman Insurance policy

C Re-insuance

D Term insurance

Question 50

Mr Ajay is interested in buying a health insurance plan. However he

wants to include his wife as well as his daughter in the same plan.

Which feature would be applicable to him?

A Individual

B Family Floater

C Senior Citizen

D Group. Health Insurance Plan

==========================================================


Question 1

A complete insurance planning includes ______________

A Life Insurance

B Health Insurance

C Asset Insurance

39

Manish Suryawanshi

D All of the above

Question 2

_________________is an insured who undergoes treatment after

getting admitted in a hospital.

A inpatient

B Outpatient

C Day patient

D House patient

Question 3

Sheena is suffering from acute diabetes. She has applied for an

insurance plan. In this case the underwriter is most likely to use

_____________ for underwriting. Choose the most appropriate option.

A Judgment method

B Numerical method

C Any of the above method since an [Mess like diabetes does not play a

major role in the underwriting process

D Neither of the above method as diabetes cases are rejected outright

Question 4

Some very basic ethical principles to be followed by people working in

insurance industry

40

Manish Suryawanshi

A Keep your words

B Be true to your self

C Avoid harm and be fair

D All the above

Question 5

Given below are some events that will trigger survival claims. Identify

which of the below statement is incorrect?

A Claim paid on maturity of a term insurance policy

B An installment payable upon reaching the milestone under a money-

back policy

C Claim paid for critical illnesses covered under the policy as a rider

benefit

D Surrender value paid on surrender of an endowment policy by the

policyholder

Question 6

The premium paid for whole life insurance is ____________ than the

premium paid for term assurance.

A Higher

41

Manish Suryawanshi

B Lower

C Equal

D Substantially higher

Question 7

Which among the following is not a pre-requisite for launching a

complaint with the Ombudsman?

A The complaint must be by an individual on a 'Personal Lines'

insurance

B The complaint must be lodged within 1 year of the insurer rejecting

the complaint

C Complainant has to approach a consumer forum prior to the

Ombudsman

D The total relief sought must be within an amount of Rs_ 20 lakhs.

Question 8

Which of the below can be categorised under wealth accumulation

products?

A Bank deposits

B Life insurance

C General insurance

D Shares

42

Manish Suryawanshi

Question 9

Which of the following statement is true?

A Insurance protects the asset

B Insurance prevents its loss

C Insurance reduces possibilities of loss

D Insurance pays when there is loss of asset

Question 10

Given below is a list of policies. Identify under which type of policy, the

claim payment is made in the form of periodic payments?

A Money-back policy

B Unit linked insurance policy

C Return of premium policy

D Term insurance policy

Question 11

Guiding principles for determining amount of loading are

A Adequacy

B Equity

C Competitiveness

D All of the above

43

Manish Suryawanshi

Question 12

______________ relates to inaccurate statements, which are made

without any fraudulent intention.

A Misrepresentation

B Contribution

C Offer

D Representation

Question 13

Raghu"s policy was rejected by underwritter as he is working as a body

guard of a businessman with suspected criminal links. Under which

hazard his policy was rejected

A Occupational hazard due to source of accident

B Occupational hazard due to source of health hazard

C Occupational hazard due to source of financial hazard

D Occupational hazard due to source of moral hazard

Question 14

Phases of retirement planning are ______________


B Conversation, Accumulation

C Conversation, Distribution

44

Manish Suryawanshi

D Accumulation, Conservation, Distribution

Question 15

Optimal method of converting principal (which we may call the corpus

)into annuity payments for meeting income needs post retirement is

known as ____________

A Distribution

B Accumulation

C Conversation

D Estate

Question 16

Which among the following is not an objective of tax planning?

A Maximum tax benefit

B Reduced tax burden as a result of prudent investments

C Tax evasion

D Full advantage of tax breaks

Question 17

___________ refers to a hospital/health care provider enlisted by an

insurer to provide medical services to an insured on payment by a

cashless facility

A Day care centre

45

Manish Suryawanshi

B Network provider

C Third Party Administrator

D Domiciliary

Question 18

Amount of annuity payable is inversely related to which of the

following: 1. Principal sum of money 2. Investment period 3. Rate of

return 4. Duration of annuity payments

A 1 only

B 2 only

C 3 only

D 4 only

Question 19

Which of the following is not a standard age proof?

A Passport

B School leaving certificate

C Horoscope

D Birth certificate

Question 20

Select the option that best describes a policy document.

A It is evidence of the insurance contract

46

Manish Suryawanshi

B It is evidence of the interest expressed by the insured in buying an

insurance policy from the company

C It is evidence of the policy (procedures) followed by an insurance

company when dealing with channel partners like banks, brokers and

other entities

D It is an acknowledgement slip issued by the insurance company on

payment of the first premium

Question 21

An individual with an aggressive risk profile is likely to follow wealth

______________ investment style.

A Consolidation

B Gifting

C Accumulation

D Spending

Question 22

Mr. Rahul has recently undergone a surgery in a non-network hospital.

How can he settle his claim?

A Cashless

B TPA

C Reimbursement

D Direct Payment

47

Manish Suryawanshi

Question 23

Mr XYZ is director of a company, Company has taken Keyman insurance

for him, If something happens to Mr XYZ then benefit will paid to

________________

A his Nominee

B His Legal Heir

C Company

D None of the above

Question 24

Which among the following is a limitation of traditional life insurance

products?

A Yields on these policies is high

B Clear and visible method of arriving at surrender value

C Well defined cash and savings value component

D Rate of return is not easy to ascertain

Question 25

Which of the below is not a strategy to maximize discretionary income?

A Debt restructuring

B Loan transfer

48

Manish Suryawanshi

C Investment restructuring

D Insurance purchase

Question 26

What is a policy withdrawal?

A Discontinuation of premium payment by policyholder

B Surrender of policy in return for acquired surrender value

C Policy upgrade

D Policy downgrade

Question 27

_____________ is not a tangible good.

A House

B insurance

C Mobile Phone

D A pair of jeans

Question 28

What does unbundling of life insurance products refers to?

A Correlation of life insurance products with bonds

B Correlation of life insurance products with equities

C Amalgamation of protection and savings element

49

Manish Suryawanshi

D Separation of the protection and savings element

Question 29

Ajay pays insurance premium for his employees. Which of the below

insurance premium will not be treated deductible as compensation

paid to employee? Choice I: Health insurance with benefits payable to

employee Choice II: Keyman life insurance with benefits payable to Ajay

A I only

B II only

C Both I and II

D Neither I nor II

Question 30

Which of the below consumer grievance redress al agencies would

handle consumer disputes amounting between Rs. 20 lakhs and Rs. 100

lakhs?

A District Forum

B Stale Commission

C National Commission

D Zilla Parishad

50

Manish Suryawanshi

Question 31

What is the full form of PML

A Protection of money Laundering

B Premium of money Laundering

C Prevention of money Laundering

D None of the above

Question 32






Question 33

Mr Prafull is a director of company his monthly income is 11,00,000,

the company has taken a Key insurance for Mr. Prafull his sum assured

is linked to ____________

A Sum Assured of Policy

B Porifitability of Company

C Income of Prafull

D None of the above

51

Manish Suryawanshi

Question 34

Which of the below losses are covered under keyman insurance?

A Property theft

B Losses related to the extended period when a key person is unable to

work

C General liability

D Losses caused due to errors and omission

Question 35

Which Act govern the insurance business in India

A IRDA Act 1999

B Insurance Act 1938

C Consumer Protection Act 1956

D None of the above

Question 36

Savings can be considered as a composite of two decisions. Choose

them from the list below.

A Risk retention and reduced consumption

B Gifting and accumulation

C Spending and accumulation

D Postponement of consumption and parting with liquidity

52

Manish Suryawanshi

Question 37

Leaving a good first impression involves

A The agent demonstrating confident, positive attitude and punctuality

B The Agent Gaffing all the product broschures with him

C The Agent sharing his qualification details with the customer

D None of the above

Question 38





C Human Life Value

D Future Life Value

Question 39

Which of the following is not an underwriting decision?

A Risk acceptance at standard rates

B Declinature of risk

C Postponement of risk

D Claim rejection

53

Manish Suryawanshi

Question 40

Ram purchased an Endowment policy of 10 Lakhs sum assured for 20

years . Simple reversionary bonus declared in 2nd year is 60/1000 of

sum assured. Calculate bonus for 2nd year

A 600

B 6000

C 60000

D 600000

Question 41

Mr Raju want a pension plan in which after he dies the annuity is paid

to his spouse for her life time. Which type of Annuity Mr. Raju should

purchase

A Joint Life last surviver with return of purchase of price

B immediate Annuity

C Joint Life Annuity

D Deferred annuity

Question 42

Anthony has taken a new car and immediately gets his car insured too.

He is paying a premium of Rs.4000 premium for car insurance.

Unfortunately his car meets with an accident and most of the parts are

54

Manish Suryawanshi

broken.So that Anthony receives the insurance when should the

insurable interest exist

A .At time of Purchasing New Car

B AT time of Paying Premium

C At the time of claim

D None of the above

Question 43

Which of the below group would not be eligible for a group health

insurance policy?

A Employees of a company

B Credit card holders of an organisation

C Professional association members

D Group of unrelated individuals formed for the purpose of availing

group health insurance

Question 44

_______________ is the feature in which an health insurance policy

holder can transfer his policy with gained credit and time bound

exclusion from one insurer to another.

A Network Provider

B Portablity

55

Manish Suryawanshi

C TPA

D Mediclaim

Question 45

In which insurance plan only the premiums paid over the term are

returned back?

A Unit Linked Insurance Plan

B Participating Plans

C Return of Premium Plan

D Money Back

Question 46

Which of the below mentioned insurance plans has the least or no

amount of savings element?

A Term insurance plan

B Endowment plan

C Whole life plan

D Money back plan

Question 47

The act which provides for presumption of death is

A Insurance Act 1938

56

Manish Suryawanshi

B IRDA Act 1999

C IRDA Regulation 2000

D Indian Evidence Act

Question 48

The payment of money in an insurance contract is known as

______________

A Offer and acceptance

B Consideration

C Legality

D Capacity of the parties

Question 49

According to the new guidelines for regular premium policies, the cover

will be ________ times the annualized premium paid for those below

45 and ___________ times for others.

A 10 and 5

B 10 and 7

C 7 and 10

D 5 and 10

Question 50

57

Manish Suryawanshi

As per Section 182 of the Indian Contract Act,___________ is a person

employed to do any act for another or to represent another in dealing

with a third person.

A Principal 'Officer

B Proxy

C Mediator

D Agent

==========================================================


Question 1


most?

A Post retirement

B Earner

C Learner

D Just married

Question 2

Rating factors in underwriting does not depend on

58

Manish Suryawanshi

A Financial situation

B Family History

C No. of members in the family

D Personal history of health and habits

Question 3

Which of the below risk cannot be addressed through pensions?

A Life longevity

B Inflation

C Investment risk

D Early death

Question 4

Who provides public pensions?

A State

B Employers

C Insurers

D NGO's

Question 5

59

Manish Suryawanshi

Which of the following condition will affect a person's insurability

negatively?

A Daily jogs

B Banned substance abuse

C Lazy nature

D Procrastination

Question 6

Which forum has the jurisdiction to entertain complaints exceeding Rs

100 lakhs

A District forum

B State forum

C National forum

D Municipal forum

Question 7





C Human Life Value

D Future Life Value

60

Manish Suryawanshi

Question 8

__________includes preparing of budget, analysing of expenses and

income flow and predicting the future monthly income & expenses

A Estate Planning

B Investment Planning

C Retirement Planning

D Cash Planning

Question 9

Mr "X" is holding a policy in a life Insurnce Company, He had grievance

which he wanted to take to Ombudsman, from where can he found the

address of the nearby Ombudsman office?

A Proposal Farm

B First premium receipt

C Policy schedule

D Claim form

Question 10

____________are unforeseen life events that may call for a large

commitment of funds

A ULIP

B Wealth Accumulation

61

Manish Suryawanshi

C Diversification

D Contingencies

Question 11

Employer may take out a key person’s insurance policy on

the_________ and__________ of any employee

A Life of all employee

B Employer cannot insure a keyman

C Only health of the employees

D Life or Health of Any employees

Question 12

Phases of retirement planning are____________


B Conversation, Accumulation

C Convertion, Distribution

D Accumulation, Convertion, Distribution

Question 13

Identify the incorrect statement with regards to a 'qualified' prospect.

A qualified prospect is one who can pay for insurance

B A qualified prospect is one who can be approached on a favourable

basis

62

Manish Suryawanshi

C A qualified prospect is one who is academically well qualified to buy

insurance

D A qualified prospect is one who can pass the company underwriting

requirements

Question 14

What is the objective behind Mortgage Redemption Insurance?

A Facilitate cheaper mortgage rates

B Provide financial protection for home loan borrowers

C Protect value of the mortgaged property

D Evade eviction in case of default

Question 15

Gross Premium includes

A Net premium

B Loading for expenses & contingencies

C Bonus loadings

D All of the above

Question 16

Find out the proximate cause for death in the following scenario? Ajay

Mils off a horse and breaks his back. He lies there in a pool of water and

63

Manish Suryawanshi

contracts pneumonia. He is admitted to the hospital and dies because

of pneumonia.

A Pneumonia

B Broken back

C Falling off a horse

D Surgery

Question 17

Ajay singh is saving in an insurance policy since the past 4 years. Ever

since he has purchased the policy for every query he has to visit the

branch, hence whenever he visits the branch he is irritated... What

according to you is missing in the client Advisor relationship

A Mr Singh’s Advisor is never present when he needs him for a policy

query

B The Advisor has given incomplete information to the customer

C Active listening from the Advisor is missing

D None of the above

Question 18

64

Manish Suryawanshi

_________ is the feature in which an health insurance policy holder can

transfer his policy with gained credit and time bound exclusion from

one insurer to another.

A Network Provider

B Portablity

C TPA

D Mediclaim

Question 19

Net premium is

A Level premium plus loadings

B The discounted present value of all future claim liabilities

C premium required to meet mortality risk of the pool

D None of the above

Question 20

Mr Kumar wants to transfer his property in the name of his Son Vijay,

this is known as _________ planning

A Investment Planning

B Retirement Planning

C Estate Planning

D All of the above

65

Manish Suryawanshi

Question 21

Are there any fee I charges that need to be paid for lodging the

complaint with the Ombudsman?

A A fee of Rs 100 needs to be paid

B No fee or charges need to be paid

C 20% of the relief sought must be paid as fee

D 10% of the relief sought must be paid as fee

Question 22

Which of the below can be categorised under wealth accumulation

products?

A Bank deposits

B Life insurance

C General insurance

D Shares

Question 23

In health insurance policy premium will be based on

A Occupation

B Income

C Age

D Height

66

Manish Suryawanshi

Question 24

Who among the following is most likely to buy variable life insurance?

A People seeking fixed return

B People who are risk averse and do not dabble in equity

C Knowledgeable people comfortable with equity

D Young people in general

Question 25

Which of the following are the elements of Financial Planning

_________

A Investment & Risk Management

B Tax & Estate Planning

C Financial One"s need & Retirement Planning

D All of the above

Question 26

Under risk classification,______________ consist of those whose

anticipated mortality corresponds to the standard lives represented by

the mortality table.

A Standard lives

B Preferred risks

C Sub-standard lives

67

Manish Suryawanshi

D Declined lives

Question 27

Which of the following statement is correct in relation to claim?

A A claim is the demand of performance by the insurer

B A claim arises only when insured event takes place

C A claim is valid if insured has paid all the premiums

D All of the above

Question 28

Primary care can be described as ____________

A Care provided to patient in an acute setting

B Care provided in hospitals

C First point of contact for people seeking healthcare

D Care provided by Doctors

Question 29

Which among the following is a non-traditional life insurance product?

A Term assurance

B Universal life insurance

C Endowment insurance

D Whole life insurance

68

Manish Suryawanshi

Question 30

Under which circumstances company requires a medical examination or

other evidence of insurability

A Policy is in lapsed condition for less than 1 year

B Sum assured or face value of the policy is low.

C Customer is buying a new policy

D Customer wants to revive a policy with high sum assured after 1 year

of lapsation

Question 31

___________ Refers to protection against an event that will happen

A Insurance

B Assurance

C Micro Insurance

D Bancassurance

Question 32

Mr XYZ is director of a company, Company has taken Keyman insurance

for him, If something happens to Mr XYZ then benefit will paid to

____________

69

Manish Suryawanshi

A his Nominee

B His Legal Heir

C Company

D None of the above

Question 33

In a legal contract if pressure is applied on either of the parties through

criminal means, it is known as

A Coercion

B Fraud

C Undue Influence

D Mistake

Question 34

__________refers to a hospital/health care provider enlisted by an

insurer to provide medical services to an insured on payment by a

cashless facility.

A Day care centre

B Network provider

C Third Party Admlnistrator

D Domiciliary

Question 35

70

Manish Suryawanshi

Best way to approach a group for insurance

A Testimonial

B E-mails

C Gold Galling

D Conducting Seminars & Events

Question 36

State which of the statement is correct.

A In Ulip the policy holder can surrender the plan post 5 yrs of policy.

B In Ulip the policy holder cannot surrender the plan post 5 yrs of

policy.

C In Ulip the policy holder cannot surrender the plan post 3 yrs of

policy.

D Policyholder cannot surrender the plan

Question 37

Which of the below death claim will be treated as an early death claim?

A If the insured dies within three years of policy duration

B If the insured dies within five years of policy duration

C If the insured dies within seven years of policy duration

D If the insured dies within ten years of policy duration

Question 38

71

Manish Suryawanshi

Section 45 of insurance Sector 1938 is applicable upto ?

A 2 Yrs

B 1 Yrs

C 7 Yrs

D till end of the term

Question 39

Which insurance is used for business protection purpose

A Children education plan

B Keyman insurance policy

C Re-insurance

D Term insurance

Question 40

___________ is a rise in the general level of prices of goods and

services in an economy over a period of time.

A Deflation

B Inflation

C Stagflation

D Hyperinflation

Question 41

72

Manish Suryawanshi

Predominant cause which sets into motion the chain of events

producing the loss is known as ___________

A Contract Adhesion

B Proximate Cause

C Leagality

D Utmost Good Faith

Question 42

Excessive production and reproduction of cells leads to malignant

tumors is called as

A Tuberculosis

B Cancer

C Liver cirrhosis

D Diabetes

Question 43

Which of the following are the components of level premium

A Cash value element

B Term or protection component

C Both of the above

D Cash reserve ratio

Question 44

73

Manish Suryawanshi

As per IRDA regulations issued in February 2013, what is the grace

period allowed beyond the expiry date of the policy, for renewal?

A 15 days

B 30 days

C 45 days

D 60 days

Question 45

______________ is a plan with the provision for return of a part of the

sum assured in periodic installments during the term and balanced of

sum assured at the end of the term.

A Pure Endowment Plan

B Money back plan

C Whole Life Insurance

D Cash back plan

Question 46

Components of premium are

A Mortality & interest

B Bonus loadings

C Reserves & expenses of management

D All of the above

74

Manish Suryawanshi

Question 47

As per the Sec. 42 sub section (4) of Insurance Act 1938, agent license

will be disqualified if she or he

A Not good in communication

B Not holding his own house

C Unsound mind

D Non Educated

Question 48

When is the best time to start financial planning?

A Post retirement

B As soon as one gets his first salary

C After marriage

D Only after one gets rich

Question 49

Under Sec 47 of insurance Act 1938 when claim is ready for payment

but cannot be paid due lack of proper identification of the payee,

Interest payable would be?

A 2% over Bank Rate

B Bank Rate


75

Manish Suryawanshi

D 4% over Bank Rate

Question 50

__________ refers to the ability to perform the promised service

dependably and accurately.

A Reliability

B Responsiveness

C Assurance

D Empathy

Once you are finished, click the button below. Any items you have not

completed will be marked incorrect.

==========================================================

English ic 33 paper 2 to 5 with answers

Business

Transcript of English ic 33 paper 2 to 5 with answers