Identify the incorrect statement out of the following ones.
A. There is a bar on appointment of a minor as agent of an insurance company
B. A person found guilty of fraud or any criminal offence is ineligible for appointment as agent of an insurer
C. A minor can be appointed agent of a life insurance company
D. No applicant is exempt from mandatory training before appointment as agent
Select an option to see the answer and solution.
What is correct?
A. Agency licence is to be renewed once in 3 years
B. An agent’s licence has to be renewed after 5 years of issue
C. A licence has to be renewed once in 10 years
D. There is provision for life time licence, once issued
Select an option to see the answer and solution.
Identify the correct options.
A. Life insurance selling is different from selling of other items
B. Life insurance involves concept selling and hence challenging
C. An agent has to create in his client’s mind need for life insurance
D. All of the above
Select an option to see the answer and solution.
Identify two most important and basic qualities for a good and successful agent.
A. Self-respect and high knowledge
B. Empathy and ego drive
C. Wealth and desire to increase it through life insurance agency
D. Blessings of elders and help from bosses
Select an option to see the answer and solution.
Pick out the incorrect statement.
A. Being open, confident and positive is not so important for an agent
B. Being punctual for appointments is important for an agent
C. Presenting oneself appropriately is important for an agent
D. Being fully prepared for the interview with facts and details is important
Select an option to see the answer and solution.
Active listening is
A. Paying close attention to the speaker and occasionally smiling or nodding one’s head
B. Giving one’s comments on the points raised by the other party
C. While being attentive to the speaker, giving occasional nod and smile along with feedback
D. All of the above
Select an option to see the answer and solution.
Which of the following is not a tangible good?
A. Life Insurance
B. A television set
C. Iphone
D. A farmhouse
Select an option to see the answer and solution.
In Need Analysis the steps followed are
A. Analysis of present and future needs of the client
B. Financial value of the above needs
C. Gap between funds needed for goals fulfilment and the available funds with the client
D. All of the above
Select an option to see the answer and solution.
Identify the incorrect statements.
A. Consumer Disputes involving private insurance companies can be heard by Consumer Forum or commission
B. Life Insurance does not come under Consumer Protection Act 1986
C. Complaints can be lodged against private insurers as also public sector companies/corporation like LIC
D. Complaints can be lodged only life insurance companies as also non-life insurance companies
Select an option to see the answer and solution.
Which is incorrect statement?
A. Complainant has to approach a consumer forum before moving the Ombudsman
B. The complaint has to be lodged with in two year of the insurer rejecting the compliant
C. There is no separate financial limit of various forum and commissions
D. All of the above
Select an option to see the answer and solution.
Identify the correct option out of the following.
A. Licence for agency is issued by the Insurance company
B. Licence for a non-life insurance agency is issued by SEBI
C. Life Insurance agency licence is issued by Life Insurance Council
D. Agency licence in all cases is issued by the IRDA through the Designated Parson of the Insurer
Select an option to see the answer and solution.
Identify the correct statement.
A. Closing a sale is the art of persuading the prospect to buy now based on the recommendation of the agent
B. Offering alternatives as to mode of payments will quicken the closing
C. Undue pressure tactics on the prospect are to be always avoided in a close of sales interview
D. All of the above
Select an option to see the answer and solution.
_________ relates of inaccurate statements, which are made without any fraudulent intention.
A. Misrepresentation
B. Contribution
C. Offer
D. Representation
Select an option to see the answer and solution.
During which stage of life an individual appreciate past savings the most?
A. Post retirement
B. Earner
C. Learner
D. Just Married
Select an option to see the answer and solution.
Who among the following is most to buy variable life insurance?
A. People seeking fixed return
B. People who are risk averse and do not dabble in equity
C. Knowledgeable people comfortable with equity
D. Young people in General
Select an option to see the answer and solution.
From the choices mentioned below , select the one cannot be categorized as an annuity
A. Rs. 2000 received today , Rs 2000 received next year and Rs. 2000 received in 2 years
B. Electricity Bill
C. Car payments
D. Mortgage Payments
Select an option to see the answer and solution.
_________ is a term used to refer pensions that some level of Government administration.
A. Insurance pension fund
B. Public pension fund
C. Private pension fund
D. Market pension fund
Select an option to see the answer and solution.
IRDA stand for _________
A. International Regulatory & development Authority
B. Indian Regulatory & development Authority
C. Insurance Regulatory & development Authority
D. Income Regulatory & development Authority
Select an option to see the answer and solution.
Identify the term of insurance that is depicted in the following scenario. Scenario: patient pays the health provider and is subsequently reimbursed by the health insurance company.
A. Service Benefit
B. Direct Contracting
C. Indemnity
D. Casualty
Select an option to see the answer and solution.
A policy is affected under the MWP Act. If the policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy become payable to the _________
A. Next of kin
B. Official trustee of the State
C. Insurer
D. Insured
Select an option to see the answer and solution.
