Attempt IRDA Mock test Questions for IRDA Insurance Agents Exam from IC33 from The Insurance Times. Extracts from Question/Answer Book published by Sashi Publications, Kolkata. Refer the book for detailed questions on each chapter. www.sashipublications.com  (Answers are marked in Bold)
Q. In which Insurance plan, the insurance company pays the fund value (or in some cases the fund value and sum insured) as the maturity claim, at the end of the plan™s term.
A) Money back policy B) Return of premium
C) Endowment plan D) ULIP
Q. A claim under a term insurance policy is submitted by an individual who has substantially understated his age. As an alternative to paying out the full claim the insurer is most likely to take what action?
A) Deduct the underpaid premiums from the sum insured.
B) Make the policy paid up.
C) Pay out the surrender value.
D) Reject the claim on the grounds of misrepresentation
Q. Under which section of the Insurance act, 1938 stipulates no insurance agent can be refused payment of renewal commission due to him on renewal premium, in respect of life insurance business conducted in India under the agreement.
A) Section 41(1) B) Section 40(1)
C) Section 40A(1) D) Section 44
Find the odd man out:
Q. Under married women™s Property Act 1874 the proposer should be
A) A married man B) A divorced man
C) An unmarried man D) A widowed man
Q. Find the odd man out
Which of the following issues the central Government Provides to the IRDA
A) Rules for carrying out the provisions of the act.
B) Grants
C) Returns, Statements and particulars on program.
D) Directions on questions of policy.
Q. The Reserve bank of India was set up in the year?
A) 1st April 1949 B) 1st April 1934
C) 1st April 1935 D) 1st April 1951
Q. An award made by the Insurance Ombudsman will only be binding on the insurer if the
A) Complainant accepts this decision.
B) Consumer Forum is involved in the case.
C) Insurer signs a disclaimer.
D) Value of the award is less than 2lakhs.
Q.The Governing body has set up number of offices across the country in order to expedite the disposal of complaints?
A) 10 B) 20
C) 20 D) 12
Find the odd man out:
Q. The code of conduct followed by the every insurance agent, shall
A) Identify himself and the insurance company of whom he is an insurance agent.
B) Disclose his license to the prospect on demand.
C) Induce the prospect to submit wrong information in the proposal form or documents submitted to the insurer for acceptance of the proposal.
D) Disclose the scales of commission in respect of the insurance product offered for sale, if asked by the prospect.
Q. From the following which statement is correct:-
a. Perils refers to wear and tear of assets
b. Insurance is done only when there is certainty of occurrence of loss
c. Both Correct
d. Both Wrong
Q. From the following which statement is correct:-
a. The risk of insurance is distributed only on the insureds facing the risk of same kind.
b. The loss of insurance is paid from the premium collected from the particular insured
c. Both Correct
d. Both Wrong
Q. Insurance pays loss to the insured on exhaustion of its value
A. Statement is correct
B. Statement is not correct
C. Statement is partially correct
D. Statement is partially wrong
E. None of above
Q. Perils refers to wear and tear of assets
A. Statement is correct
B. Statement is not correct
C. Statement is partially correct
D. Statement is partially wrong
E. None of above
Q. Underwriter can have assistance of _________ report for life insurance proposal
A. Actual
B. Physical
C. medical
D. Mental
E. None of above
Q. The adverse selection of lives in insurance scheme is resorted by _____________of material facts
A. Expression
B. Depression
C. suppression
D. Revelation
E. None of above
Q. All risks are insurable
A. Statement is correct
B. Statement is not correct
C. Statement is partially correct
D. Statement is partially wrong
E. None of above
Q. Insurance Act 1938 contain the definition of insurable interest
A. Statement is correct
B. Statement is not correct
C. Statement is partially correct
D. Statement is partially wrong
E. None of above
Q.Risk evaluation method helps to measure frequency of losses.
A. Statement is correct
B. Statement is not correct
C. Statement is partially correct
D. Statement is partially wrong
E. None of above
Q. The loss caused by earthquakes & floods are of Low frequency and high severity
A. Statement is correct
B. Statement is not correct
C. Statement is partially correct
D. Statement is partially wrong
E. None of above
Q.Strict enforcement of No smoking regulations may prevent fire losses.
A. Statement is correct
B. Statement is not correct
C. Statement is partially correct
D. Statement is partially wrong
E. None of above
Q. Ombudsman works as a part of a
A. Ministry of legal affairs
B. Supreme Court
C. High Court
D. IRDA
E. None above
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