Ic01 Mock test 1

IBNR claims are

• a) Included But Not Reviewed

• b) Included But Not Reported

• c) Involved But Not Responsible

• d)Incurred But Not Responsible

• e) Investigated But Not Reported

Which was the first company to conduct life insurance business in India?

• a) LIC of India

• b) Oriental Life Insurance Company

• c)GIC of India

• d)Madras Equitable

• e) Bharath Insurance Companya) LIC of India

In which type of contract the annuitant makes a lump sum payment to the insurance company,

• a) Deferred annuity

• b) Lump Sum Annuity

• c)Immediate Annuity

• d)None of the above

• e) All of the above

What is the purpose of insurance?

• a) Bring people who are exposed to similar risks together

• b) Pay claims

• c) Collect premium

• d) All of the above

• e) Make profit for the insurance company

Which of the below is a reinsurance company?

• a) Life Insurance Corporation (LIC)

• b) Oriental Insurance Company Limited

• c)United India Insurance Company

• d)General Insurance Corporation

• e)New India Insurance Company Limited

----------------gets paid by the insurance companies.

• a) Third Party administrator – TPA

• b) Technical Advisory Committee – TAC

• c) IRDA

• d) All the above

• e) None of the above

7.Loading of premium due to a claim exceeding a specific limit in a non-life insurance policy is known as

• a) Malus

• b) Simple loading

• c) Rate up

• d) Excess claim loading

• e) None of the above

Life Insurance can help in safe guarding people against the risk of living too long in the form of

• a) Term plans

• b) Death plans

• c) Pension Plans

• d) Gratuity

• e) Tax saving plan

Mr. Sudesh has taken an insurance plan from XYZ Insurance company for a sum insured of Rs.1 Crore

for

• a) Endowment assurance plan

• b) Money back plan

• c) Pure Endowment plan

• d) Double endowment plan

• e) Term Assurance Plan

Marketing is all about…………………. between various customers

• a) Diversification

• b) Segmentation

• c) Orientation

• d) All of the above

• e) None of the above