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Insurance Agents (General) Question Bank (India)
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Exam Content: Module 1: Introduction to Insurance Fundamental Concepts of Insurance Customer Service Overview Learning about the grievance redressal mechanism Understanding the regulatory aspect of corporate agency An overview of Insurance Contract Principles Module 2: Understanding Life Insurance Life Insurance Concepts Explaining Financial Planning Life Insurance Product – I Life Insurance Product – II Understanding Life Insurance applications Studying the concepts of pricing and valuation in life insurance Documentation Policy Underwriting Payments ( Life Insurance... Show more
Insurance Agents (General) Question Bank (India)
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25 Questions

1. Who among the Following, is Not included in the Definition of 'Consumer', as per Consumer Protection (Amendment) Act, 2002?
2. A Marine Insurance Underwriter must be Aware about:
3. What led to the Formulation of Insurance?
4. In How Many Categories are the Surveyors and Loss Assessors defined?
5. Underwriting-Skills are acquired, through a Continuous Learning Process, involves:
(a) Adequate Training.
(b) Field-Exposure.
(c) Deep Insights.'
6. The Main Features of Underwriting, are:
(a) Identify the Risk, based upon the Characteristics.
(b) Determine the Level of Risk, presented by the Proposer.
(c) Ensure that, the Insurance Business is conducted on the Sound Lines.'
7. Which One of the Following, is a Tool for Monitoring the Grievance-Redressal in the Insurance-Industry?
8. Disputes, Relating to Question of Liability, are to be settled through ___.
9. The Objectives of Underwriting are achieved, in Short, by Deciding:
(a) The Level of Acceptability.
(b) Adequacy of Premium.
(c) Other Terms.'
10. In the Olden Days, Chinese Traders used to keep their Goods in Different Boats, while sailing through Treacherous Waters. Analyse, Why?
11. As the Value of a Lost Life or a Lost Limb, cannot be estimated or indemnified, the Amounts, Payable for such Disabilities, are termed as ___.
12. In Relation to Life Assurance, Look at the Following Two Statements, and Select the True One(s): I: Age is Material Information, and may affect the Terms of Underwriting. II: If Age is Found to be Different, the Only Effect is on the Premium-Rate.'
13. Which One of the Following, can form the Basis for a Valid Consumer-Complaint?
14. When would You choose, to go for Insurance?
15. The Insured can resolve a Dispute, by approaching the Ombudsman, under ___.
16. If Insurance Firm accepts such Applicants, Who are at a Greater Than Normal Risk or are Not Insurable, but conceal or falsify the Information about their Actual Condition or Situation, so that, they get Insurance, then this will be known as ___. Choose the Most Appropriate Option.
17. Discuss the Difference between Insurance and Assurance.
18. If a Customer is aggrieved by an Order, made by a State Commission, then, Where can, He or She appeal, against such Order?
19. Which One of the Following, is the Basic Insurance Legislation of the Country, that governs Insurance Business in India?
20. An Insurer, Who wants to charge Very High Rates for the Risks, that do not warrant such High Rates, may find that, its Business is ___.
21. Minimum Academic Qualification of a Sepcified Person is ___.
22. Which of the Following, is, a Function of Ombudsman?
(i) Redressal of Grievances to Consumer.
(ii) Protection of Consumer's Interests.
(iii) Redressal of Grievances from the Policy-Holders.'
23. Insurance Act, 1938, specifies the Rules for Nomination of Insurance-Policies under ___.
24. Insurance Act came into Effect, on ___.
25. Which One of the Following Statements, is In-Correct, with Regard to Process of Filing a Complaint with a Consumer-Court?

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