Insurance

1. Which of the below reflects Principle 2 of the Insurance Marketplace Standards Association (IMSA) principles?

To provide competent and customer-focused sales and service
To engage in active and fair competition
To provide for fair and expeditious handling of customer complaints and disputes
To maintain a system of supervision and review that is reasonably designed to achieve compliance with these principles of ethical market conduct

Detailed SolutionWhich of the below reflects Principle 2 of the Insurance Marketplace Standards Association (IMSA) principles?

2. The license issued to the agent is valid for _________.

One year
Two years
Three years
Five years

Detailed SolutionThe license issued to the agent is valid for _________.

3. Direct marketing involves which of the below?

Telemarketing
Insurance agents
Bancassurance
All of the above

Detailed SolutionDirect marketing involves which of the below?

4. Minimum qualification required for insurance agent is _________ pass.

Graduate
10th
Post-graduate
7th

Detailed SolutionMinimum qualification required for insurance agent is _________ pass.

5. Identify the statement which is not correct. Insurance agent should _________.

Indicate the scale of commission if asked by the customer
Share the commission by way of rebate
Disclose his licence on demand
Indicate the premium to be charged

Detailed SolutionIdentify the statement which is not correct. Insurance agent should _________.

6. The Authority may issue duplicate licence in case it is _________.

Lost
Destroyed
Mutilated
All of the above

Detailed SolutionThe Authority may issue duplicate licence in case it is _________.

7. Applicant shall complete _________ hours training to become an insurance agent.

50
100
30
25

Detailed SolutionApplicant shall complete _________ hours training to become an insurance agent.

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

Ramya dies after 6 months of buying a term insurance plan
Manoj dies after one and half years of buying a term insurance plan
David dies after two and half years of buying a term insurance plan
Pravin dies after five and half years of buying a term insurance plan

Detailed SolutionBased on classification of claims (early or non-early), pick the odd one out?

9. A payment made under a money-back policy upon reaching a milestone will be classified under which type of claim?

Death claim
Maturity claim
Periodical survival claim
Surrender claim

Detailed SolutionA payment made under a money-back policy upon reaching a milestone will be classified under which type of claim?

10. Given below are some events that will trigger survival claims. Identify which of the below statement is incorrect?

Claim paid on maturity of a term insurance policy
An instalment payable upon reaching the milestone under a money-back policy
Claim paid for critical illnesses covered under the policy as a rider benefit
Surrender value paid on surrender of an endowment policy by the policyholder

Detailed SolutionGiven below are some events that will trigger survival claims. Identify which of the below statement is incorrect?

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