IRDA Question Paper with solution



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Previous Year IRDA Question Paper with Solution


1  Insurance works on the principle of
a Trust
b Sharing
c Randomness
d All of the above


2 Insurance is legitimate 
a when an adverse happening is likely
b When an adverse happening is unlikely
c When an adverse happening is certain
d In all the above three situations


3 Insurance benefits replace 
a All physical losses, in full
b All physical losses, partly
c All monetary losses, in full
d The monetary losses, but only to some extent


4 Which one of the following statements is correct?
a People hesitate to buy life insurance because they are not aware of their needs
b People hesitate to buy life insurance because they prefer to enjoy the present
c Both the statements are correct 
d Both the statements are wrong


5 Which is the right time for taking life insurance?
a When you are about to get married
b Soon after you have got married
c Just when you are joined a new job
d All the three ‘times’ are right 


6 Retention of risk may be done conveniently by
a Large corporations 
b Small companies
c Single individuals
d None of the three


7 A valuation is done by a life insurer because
a It is a statutory requirement
b It is necessary to be able to declare dividends to shareholders
c It tells the insurer how well it is managing the business
d All of the above 


8 The reason for charging level premiums is
a Risk increases as age increases
b It is convenient to the policyholder
c It is convenient to the insurer
d All the above reasons 


9 What does a premium depend upon?
a The place of worship visited by the person to be insured 
b The state of health of the policyholder
c The decision of the underwriter 
d The report of the agent


10 State which one of the following statements is correct?
a In group insurance, a single policy is issued covering many persons 
b A master policy covers servants of a master
c Both the statements above are correct
d Both the statements above are wrong


11 Which one of the following statements is correct?
a In a limited payment policy, there is a maximum limit to the SA
b In a limited payment policy, there is a maximum limit to the term 
c Both the statements above are wrong 
d Both the statements above are correct


12 Which one of the following statements is true with regard to Children’s policies?
a On vesting, the insured person has an option to change the term of the policy
b On vesting the insured person has an option to increase the SA
c Both the statements above are wrong 
d Both the statements above are correct


13 Which of the following could be the basis of the cover in a group policy?
a Height of the life insured
b Age of the life insured 
c Size of the insured’s family
d All the three above


14 Which one of the following statements is true with regard to Children’s policies?
a On vesting, the insured person has an option to change the term of the policy
b On vesting the insured person has an option to increase the SA
c Both the statements above are wrong 
d Both the statements above are correct


15 Which one of the following statements is correct?
a Every plan of insurance is a combination of two basic plans 
b The name given to a plan indicates the benefits available under the plan
c Both the statements above are correct
d Both the statement s above are wrong


16 Which one of the following statements is correct?
a Underwriting is done only when there is a medical examination
b Medical examination is necessary before a policy can be issued
c Both the statements above are correct
d Both the statements above are wrong 


17 Which one of the following statements is correct?


a The underwriter determines the premium to be charged
b The underwriter is an employee of the insurer
c Both the statements above are correct 
d Both the statements above are wrong


18 Which one of the following statements is correct?
a If the underwriter feels that the risk is more, he will accept at OR
b If the underwriter feels that the risk is more, he may impose a lien 
c Both the statements above are correct
d Both the statements above are wrong


19 Which one of the following statements is correct?
a The schedule of a policy is not altered after the policy is issued
b Changes in the terms of the policy are made through endorsements
c Both the statements above are correct 
d Both the statements above are wrong


20 The date of issue of the FPR indicates
a The date when the risk effectively begins 
b The date when the next premium falls due
c The date when the policy will commence
d None of the above


21 Which one of the following statements is correct?
a In the case of SSS policies, renewal premium receipts are issued
b In the case of SSS policies, FPRs are issued 
c Both the statements above are correct
d Both the statements above are wrong


22 Which one of the following statements is correct?
a Assignee is free from the assignor’s obligations under the policy 
b A nomination is automatically cancelled when a loan is taken under the policy
c Both the statements above are correct 
d Both the statements above are wrong 


23 Which one of the following statements is correct?
a The beneficiaries under the MWP Act can be any member of the family
b A policy can be taken under the MMWP Act for the benefit of parents
c Both the statements above are correct 
d Both the statements above are wrong 


24 Which one of the following statements is correct?
a Foreclosure can be done only with the consent of the policyholder 
b Foreclosure can be done only after informing the policyholder 
c Both the statements above are correct 
d Both the statements above are wrong


25 Which one of the following statements is correct?
a Revivals are not done unless the entire outstanding premium is paid
b Revivals are not done unless the underwriter agrees
c Both the statements above are correct
d Both the statements above are wrong 


26 Which one of the following statements is correct?
a Foreclosure action cannot be taken till a notice is served on the policyholder
b When a foreclosure action is taken, nothing is payable to the policyholder
c Both the statements above are correct 
d Both the statements above are wrong


27 Which one of the following statements is correct?
a The beneficiaries under the MWP Act can be any member of the family
b A policy can be taken under the MMWP Act for the benefit of parents
c Both the statements above are correct 
d Both the statements above are wrong 


28 Which one of the following statements is correct?
a A presumption of death is not the same as proof of death
b Presumption of death allows inheritance of property
c Both the statements above are correct 
d Both the statements above are wrong 


29 When does a claim arise under an insurance policy?
a Whenever the policyholder feels the need for money
b When the insured events happen 
c When a premium is not paid
d Whenever any of the three things mentioned above happen


30 Which one of the following statements is correct?
a Maturity claim cheques are paid to the trustees in a MWP Act case 
b Maturity claim cheques are paid to the beneficiaries in a MWP Act case
c Both the statements above are correct 
d Both the statements above are wrong 


31 If a claim is made in January 2007 under a policy, which commenced in May 2002, stating that the life insured had died in April 2004,
a Section 45 of the Act will not apply
b The claim can be treated as an early claim
c Foul play must be suspected
d All the three statements above are correct 


32 Which one of the following statements is correct?
a A policy reported to be lost, may actually have been assigned 
b A policy has no value after the payment of survival benefits
c Both the statements above are correct 
d Both the statements above are wrong 


33 Which one of the following statements is correct?
a The foreign exchange regulations apply if the life insured is a non-resident
b The foreign exchange regulations apply if the claimant is a non-resident
c Both the statements above are correct 
d Both the statements above are wrong 


34 State which of the following statements is correct
a ULIPs provide for flexibility 
b ULIPs are better than traditional policies
c Both the above statements are correct
d Both the above statements are wrong


35 State which of the following statements is correct
a In ULIPs, the offer bid spread is the difference between the two prices
b In ULIPs, the offer bid spread, will in some cases be zero
c Both the above statements are correct 
d Both the above statements are wrong


36 State which of the following statements is correct
a In ULIPs the insurance cover must be a minimum multiple of the premium 
b ULIPs can be surrendered after two years
c Both the above statements are correct
d Both the above statements are wrong


37 State which one of the following statements is correct
Life insurance is the best savings scheme for all persons
b Life insurance is the best investment scheme for young persons
c Both the statements above are correct 
d Both the statements above are wrong 


38 Which of the following statements is correct?


a An insurance agent has fixed working hours
b An insurance agent has to mark his attendance in office every day
c An insurance agent works according to his schedule 
d An insurance agent cannot do any other work


39 State which one of the following statements is correct
a When vital information is not disclosed, the policyholder is benefited
b When a claim is repudiated, the agent’s trustworthiness is affected 
c Both the statements above are correct 
d Both the statements above are wrong 


40 State which one of the following statements is correct?
a The social sector is not only in the urban areas
b The social sector includes the unorganized sector
c Both the statements above are correct 
d Both the statements above are wrong 


41 State which one of the following statements is correct? 


a The Ombudsman’s authority is limited to claims matters only
b The Ombudsman is not a judicial authority 
c Both the statements above are correct 
d Both the statements above are wrong 


42 State which one of the following statements is correct? 


a The tax provisions are the same for all kinds of savings
b The tax provisions are included in the Constitution
c Both the statements above are correct 
d Both the statements above are wrong 


43  A proposal for SA of Rs. 10 lakhs with DAB for monthly mode under SSS.
Proposer had a previous policy of Rs. 5 lakhs with DAB. Proposal was 
accepted with health extra of Rs. 2.75 per thousand SA premium for DAB Re 1 per 
thousand. 5% extra for monthly mode. large SA rebate of Rs 2/- per thousand for 
1 lakh and above. Tabular premium Rs. 48.20 maximum total SA on which DAB is allowed is Rs. 10/- lakhs. 
Find monthly (SSS) premium, rounded off to the next higher rupee
a 4102
b 4121
c 4183
d 4195




44 Find out surrender value on the basis of following data (the answer to 
be rounded off to the next lower rupee). SA Rs.30, 000 DOC- 15.6.1992,
Endowment with profit - 30 years 
Due date of last premium paid 15-06-2007 mode half yearly 
Accrued bonus Rs.750/- per thousand SA. SV factor 23%
a 3670
b 3765
c 8740
d None of these


45 A money back policy for SA. of Rs.50,000/- Matured after 25 years.
Survival benefits of 15% each had been paid at the end of 5th, 10th, 15th, 
and 20th years. Bonus had accrued at Rs.965/- per Rs.1000/- SA. Interim bonus 
@ Rs.25/- per thousand SA is payable. What is the maturity claim amount?
a 68250
b 69500
c 98250
d 99500


Solution


1 d 16 d 31 d
2 a 17 c 32 a
3 d 18 b 33 c
4 c 19 c 34 a
5 d 20 a 35 c
6 a 21 b 36 a
7 d 22 d 37 d
8 d 23 d 38 c
9 c 24 b 39 b
10 a 25 d 40 c
11 c 26 a 41 b
12 c 27 d 42 d
13 b 28 c 43 b
14 c 29 b 44 c
15 a 30 a 45 b


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