1. State which one of the following statements is correct?
- Every insurer in India has to comply with the Insurance Act *
- Every insurer has to comply with the provisions of the IRDA Act
- Both the statements above are correct
- Both the statements above are wrong
2. The Insurance Act deals with
- Registration of insurers
- Investments of insurance funds
- Licensing of Agents
- All of the above *
3. The Insurance Association is
- A trade union of insurance employees
- A voluntary association of insurers to negotiate with the IRDA
- A body constituted by the IRDA Act
- None of the above *
4. The Insurance Association
- Conducts examination for agents
- Is constituted by the IRDA Act
- Is constituted by the Insurance Act *
- Is none of the above
5. State which one of the following statements is correct?
- It is an offence if an agent gives a rebate
- It is an offence if an insurer gives a rebate
- Both the statements above are correct *
- Both the statements above are wrong
6. Which of the following can a policyholder having a dispute with an insurer, approach?
- IRDA
- Ombudsman
- Consumers Redressal Forum
- Any of the above *
7. State which one of the following statements is correct?
- The Ombudsman is the final authority involving insurers
- The insurer is at liberty to reject the decisions of the Ombudsman
- Both the statements above are correct
- Both the statements above are wrong *
8. State which one of the following statements is correct?
- The Ombudsman’s authority is limited to claims matters only
- The Ombudsman is not a judicial authority *
- Both the statements above are correct
- Both the statements above are wrong
9. State which one of the following statements is correct?
- The Ombudsman sits like a court with witnesses and lawyers
- The Ombudsman will not hear matters already before other courts *
- Both the statements above are correct
- Both the statements above are wrong
10. State which one of the following statements is correct?
- The Ombudsman’s recommendations are not binding on the complainant
- Insurers have to comply, if the complainant accepts what the Ombudsman says
- Both the statements above are correct *
- Both the statements above are wrong
11 State which one of the following statements is correct?
- The Ombudsman’s award is binding on all parties
- The Ombudsman is like a judge appointed by the Chief Justice
- Both the statements above are correct
- Both the statements above are wrong *
12. State which one of the following statements is correct?
- Matters referred to the Ombudsman may not be decided for years
- The Ombudsman cannot modify the terms of acceptance of the proposal *
- Both the statements above are correct
- Both the statements above are wrong
13. Which of the following matters can be referred to the Ombudsman?
- A complaint that the extra charged is not reasonable
- Grievance against the decision of a consumer forum
- Dispute on the amount offered by the insurer to settle a claim *
- All of the above
14. Which of the following matters can be referred to the Ombudsman?
- Dispute on whether a premium had been paid in time or not
- Dispute on whether the policy should be treated lapsed or not
- Complaint that the enquiries being made are unjustified and delaying the claim
- All of the above *
15. Which of the following complaints would be heard by the Ombudsman?
- That the insurer is delaying the claim on the grounds of investigation
- That the premium was paid on time but accounted by the insurer late
- That the policy should not be treated as lapsed
- All of the above *
16. State which one of the following statements is correct?
- Life insurance policies provide savings in taxes *
- The income tax relief will be the same throughout the policy term
- Both the statements above are correct
- Both the statements above are wrong
17. State which one of the following statements is correct?
- The surrender value is not treated as income
- The claim amount is not treated as income
- Both the statements above are correct *
- Both the statements above are wrong
18. State which one of the following statements is correct?
- Tax benefits are part of policy conditions.
- Tax benefits available in the first year of the policy, do not change thereafter
- Both the statements above are correct
- Both the statements above are wrong *
19. State which one of the following statements is correct?
- Tax benefits can be promised while selling the policy
- The tax benefits may be changed at any time through legislation *
- Both the statements above are correct
- Both the statements above are wrong
20 State which one of the following statements is correct?
- A Consumers Forum is set up exclusively for insurance matters
- There is no appeal against the decision of the Consumer Forum
- Both the statements above are correct
- Both the statements above are wrong *
21. State which one of the following statements is correct?
- The Consumer Forum can summon witnesses *
- The Ombudsman can summon witnesses
- Both the statements above are correct
- Both the statements above are wrong
22. State which one of the following statements is correct?
- The income tax privileges for insurance are not guaranteed
- Income tax provisions on rebate can change any time
- Both the statements above are correct *
- Both the statements above are wrong
23. State which one of the following statements is correct?
- The tax provisions are the same for all kinds of savings
- The tax provisions are included in the constitution
- Both the statements above are correct
- Both the statements above are wrong *
24. State which one of the following statements is correct?
- Every agent has to do some business in the rural areas
- A rural area is defined in the Insurance Act
- Both the statements above are correct
- Both the statements above are wrong *
25. State which one of the following statements is correct?
- A rural area is defined in the IRDA Act
- A rural area is an area outside municipal limits
- Both the statements above are correct
- Both the statements above are wrong *
26. State which one of the following statements is correct?
- A rural area is defined in the Constitution of India
- Business in the rural areas can be done only by rural agents
- Both the statements above are correct
- Both the statements above are wrong *
27. State which one of the following statements is correct?
- A rural area is defined in the IRDA act
- A rural area is defined in the IRDA regulations *
- Both the statements above are correct
- Both the statements above are wrong
28. State which one of the following statements is correct?
- Agents are appointed separately to work in the rural sector
- Any agent can do business from the rural areas *
- Both the statements above are correct
- Both the statements above are wrong
29. State which one of the following statements is correct?
- The insurance act has stipulated that insurers must do minimum business in the rural areas
- The IRDA has stipulated the minimum business that is to be done in rural areas
- Both the statements above are correct *
- Both the statements above are wrong
30. State which one of the following statements is correct?
- The requirement of business from the rural areas increases every year
- The minimum requirement is in terms of number of policies
- Both the statements above are correct *
- Both the statements above are wrong
31. State which one of the following statements is correct?
- Every insurer has to do a minimum SA of business from the rural areas
- Every insurer has to do a minimum number of policies from the rural areas *
- Both the statements above are correct
- Both the statements above are wrong
32. State which one of the following statements is correct?
- The social sector is the same as the rural sector
- The social sector is an organised sector
- Both the statements above are correct
- Both the statements above are wrong *
33. State which one of the following statements is correct?
- The social sector consists of social workers
- The social sector includes backward classes *
- Both the statements above are correct
- Both the statements above are wrong
34. State which one of the following statements is correct?
- The social sector is only in the rural areas
- The social sector is only in the urban areas
- Both the statements above are correct
- Both the statements above are wrong *
35. State which one of the following statements is correct?
- The social sector is not only in the urban areas
- The social sector includes the unorganized sector
- Both the statements above are correct *
- Both the statements above are wrong
36. State which one of the following statements is correct?
- Micro insurance is meant for the rural sector only
- Micro insurance can be sold only by specially appointed agents
- Both the statements above are correct
- Both the statements above are wrong *
37. State which one of the following statements is correct?
- Life insurance agents can sell non-life micro insurance products
- Life micro insurance policy cannot exceed Rs. 50000 SA
- Both the statements above are correct *
- Both the statements above are wrong
38 State which one of the following statements is correct?
- A family with 6 children can be given a micro insurance policy
- Health insurance covers can be provided under micro insurance *
- Both the statements above are correct
- Both the statements above are wrong
39. State which one of the following statements is correct?
- Special agents are appointed to sell micro insurance
- Commission for selling micro insurance is less than ordinary insurance
- Both the statements above are correct *
- Both the statements above are wrong
40. State which one of the following statements is correct?
- The term for life micro insurance policies is limited
- A person aged 45 can be given a life micro insurance policy
- Both the statements above are correct *
- Both the statements above are wrong
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