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270+ Insurance Exam (LIFE) Solved MCQs

These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Uncategorized topics .

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101.

The Insurance Regulatory and Development Authority (I.R.D.A.) was established in the Year: --, under The Insurance Regulatory and Development Authority (I.R.D.A.) Act, 1999.

A. 1999
B. 2000
C. 2002
D. 2003
Answer» B. 2000
discuss
102.

Insurance Act, 1938, prohibits the Use of Rebates, as an Inducement to take an Insurance Policy, under --.

A. Section 38
B. Section 41
C. Section 45
D. Section 64-VB
Answer» B. Section 41
discuss
103.

Insurance Act, 1938, specifies the Rules for Nomination of Insurance-Policies under --.

A. Section 39
B. Section 41
C. Section 45
D. Section 64-VB
Answer» A. Section 39
discuss
104.

Minimum Academic Qualification of a Sepcified Person is --.

A. Class 10
B. Class 12
C. Graduate
D. Post-Graduate
Answer» B. Class 12
discuss
105.

An Applicant, seeking an Appointment as an Insurance Agent of an Insurer, shall submit an Application in Form: --, to the --- of the Insurer.

A. I-A, Designated Official
B. A.I-A, Appellate Officer
C. I-B, Designated Official
D. I-B, Appellate Officer
Answer» A. I-A, Designated Official
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106.

Integrated Grievance-Management-System (I.G.M.S.) has been launched by --.

A. Policy-Holders' Association of India
B. Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
C. Life Insurance Council
D. Government of India
Answer» B. Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
discuss
107.

Which One of the Following, can form the Basis for a Valid Consumer-Complaint?

A. Shop-Keeper, Not Giving Any Discounts on the Product.
B. Price, Charged by Shop- Keeper, is as per Maximum Retail Price (M.R.P.) on Package.
C. Shop-Keeper fails to provide a Certain Product.
D. The Goods, Bought by Consumer, suffers from One or More Defects.
Answer» D. The Goods, Bought by Consumer, suffers from One or More Defects.
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108.

Which One of the Following, cannot form the Basis for a Valid Consumer-Complaint?

A. Price, charged by Shop- Keeper, is in Excess of What is Displayed on the Package.
B. The Goods, Bought by Consumer, suffers from One or More Defects.
C. Shop-Keeper fails to provide a Certain Product.
D. An Un-Fair Trade- Practice or Restrictive Trade-Practice has been adopted.
Answer» C. Shop-Keeper fails to provide a Certain Product.
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109.

Which One of the Following, is a Tool for Monitoring the Grievance-Redressal in the Insurance-Industry?

A. National Commission
B. Ombudsman
C. Integrated Grievance- Management-System (I.G.M.S.)
D. State Commission
Answer» C. Integrated Grievance- Management-System (I.G.M.S.)
discuss
110.

Which One of the Following Consumer-Disputes- Redressal-Agencies, have the Powers of a Civil Court?

A. District Forum
B. State Commission
C. National Commission
D. All of the Above.
Answer» D. All of the Above.
discuss
111.

Which One of the Following Consumer-Disputes' Redressal-Agencies, has Supervisory Jurisdiction over State Commission?

A. District Forum
B. National Commission
C. Ombudsman
D. None of the Above.
Answer» B. National Commission
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112.

Which One of the Following, by Mutual Agreement of the Insured and the Insurer, can act as a Mediator and Counsellor, within the Terms of Reference, in Case of Dispute? Choose the Most Appropriate Option.

A. Insurance Agent
B. Ombudsman
C. Insurer
D. Insurance Broker
Answer» B. Ombudsman
discuss
113.

If a Customer is aggrieved, by an Order, made by the District Forum, then, Where can He or She, appeal against such Order?

A. State Commission
B. National Commission
C. Ombudsman
D. No Appeal can be made.
Answer» A. State Commission
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114.

If a Customer is aggrieved by an Order, made by a State Commission, then, Where can, He or She appeal, against such Order?

A. District Forum
B. National Commission
C. Ombudsman
D. No Appeal can be made.
Answer» B. National Commission
discuss
115.

Which One of the Following Acts, makes the Provision for the Establishment of Consumer-Councils and Other Authorities for the Settlement of Consumer’s Disputes, in India?

A. Insurance Act, 1938.
B. Insurance Regulatory and Development Authority (I.R.D.A.) Act, 1999.
C. Banking Regulation Act, 1949.
D. Consumer Protection (Amendment) Act, 2002.
Answer» D. Consumer Protection (Amendment) Act, 2002.
discuss
116.

Which One of the Following, has the Supervisory Jurisdiction over State Commission?

A. District Forum
B. National Commission
C. Ombudsman
D. None of the Above.
Answer» B. National Commission
discuss
117.

What is the Maximum Amount, that can be awarded by Ombudsman, in Case of a Grievance?

A. Up To Rupees 10 Lakhs
B. Up To Rupees 20 Lakhs
C. Up To Rupees 50 Lakhs
D. Up To Rupees 100 Lakhs
Answer» B. Up To Rupees 20 Lakhs
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118.

Which One of the Following Statements, is In-Correct, with Regard to Process of Filing a Complaint with a Consumer-Court?

A. No One Else, Other Than the Complainant, Him-Self or Her-Self, can File a Complaint, with the State Commission or National Commission.
B. There is No Fee, for Filing a Complaint with State Commission or National Commission.
C. The Complaint can be filed Personally, or can even be sent by Post.
D. No Advocate is Necessary for the Purpose of Filing a Complaint.
Answer» A. No One Else, Other Than the Complainant, Him-Self or Her-Self, can File a Complaint, with the State Commission or National Commission.
discuss
119.

Who among the Following, is Not included in the Definition of 'Consumer', as per Consumer Protection (Amendment) Act, 2002?

A. Any Person, who buys Any Goods, for a consideration; and includes Any User of such Goods.
B. Any Person, who hires or avails of Any Services, for a Consideration.
C. Any Person, who avails Any Service; and is also the Beneficiary of that Service.
D. A Person, who obtains the Goods, for Re-Sale or for Any Commercial Purpose.
Answer» D. A Person, who obtains the Goods, for Re-Sale or for Any Commercial Purpose.
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120.

Which One of the Following Protocols, is In-Correct, with Regard to the Recommendations, that the Ombudsman needs to follow?

A. Recommendations should be made, within 6 Months of the Receipt of such a Complaint.
B. The Copies should be sent to Both: the Complainant and the Insurance Company.
C. Recommendations have to be accepted, In- Writing, by the Complainant, Within 15 Days of Receipt of such Recommendation.
D. A Copy of Acceptance- Letter, by the Insured, should be sent to the Insurer, and His or Her Written Confirmation sought, Within 15 Days of His or Her receiving such Acceptance-Letter.
Answer» A. Recommendations should be made, within 6 Months of the Receipt of such a Complaint.
discuss
121.

If a Policy-Holder wishes to File a Complaint with National Commission, then What is the Amount of Fees, Payable by Him or Her?

A. Rupees 100/-.
B. 2.5% of the Claim- Amount or Rupees 500/- , Which-Ever is Lower.
C. 1% of the Claim-Amount.
D. No Fees is Payable for filing Customer- Complaint with National Commission.
Answer» D. No Fees is Payable for filing Customer- Complaint with National Commission.
discuss
122.

Which One of the Following, is a Central Repository of Insurance Grievance Data?

A. National Commission
B. Ombudsman
C. Integrated Grievance- Management-System (I.G.M.S.)
D. State Commission
Answer» C. Integrated Grievance- Management-System (I.G.M.S.)
discuss
123.

Which One of the Following Consumer-Disputes Redressal-Agencies, entertains the Appeals from the District Forum?

A. State Commission
B. National Commission
C. Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
D. No Appeal can be made.
Answer» A. State Commission
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124.

Which One of the Following Consumer-Disputes' Redressal-Agencies, entertains the Appeals, against the Orders of Any State Commission?

A. District Forum
B. National Commission
C. Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
D. No Appeal can be made.
Answer» B. National Commission
discuss
125.

If a Policy-Holder wishes to seek Compensation, up to Rupees 20 Lakhs, from Insurance Company, against a Grievance, then, Where Can, He or She lodge the Complaint? Choose the Most Appropriate Option.

A. District Forum
B. State Commission
C. National Commission
D. Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
Answer» A. District Forum
discuss
126.

Which One of the Following, is Not a Direct Indicator of Service-Quality?

A. Reliability
B. Empathy
C. Assurance
D. Sales Data
Answer» D. Sales Data
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127.

Which One of the Following, is Not a Contributor, towards Customer Life-Time Value?

A. Historical
B. Present
C. Potential
D. Speculated
Answer» D. Speculated
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128.

Choose the Correct Expanded Form for I.G.M.S.

A. Indo-German Management School
B. Integrated Government Management System
C. Indian Genome Mapping Scheme
D. Integrated Grievance- Management System
Answer» D. Integrated Grievance- Management System
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129.

--- are a Set of Rules and Regulations that set the Rules and Guide-Lines, to effectively address the Complaints and Grievances of Policy-Holders.

A. Complaints-Handling Procedures
B. Grievance-Redressal Procedures
C. Risk-Grievance Procedures
D. Damage-Grievance Procedures
Answer» B. Grievance-Redressal Procedures
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130.

The --- has framed the Rules, known as, Redressal of Public Grievances Rules, 1998.

A. Insurance Regulatory and Development Authority (I.R.D.A.)
B. Non-Banking Finance Company (N.B.F.C.)
C. Securities and Exchange Board of India (S.E.B.I.)
D. Central Government
Answer» D. Central Government
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131.

The Assignment or Transfer, upon the Reasons, In- Writing, to be communicated to the Policy-Holder, Subject to such Decision being challenged, by Way of Petition, before the --.

A. Grievance-Redressal- Authority
B. Consumer-Redressal Authority
C. Seller-Redressal Authority
D. Administrative Redressal Authority
Answer» A. Grievance-Redressal- Authority
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132.

The Insured can resolve a Dispute, by approaching the Ombudsman, under --.

A. Complaints-Handling Procedure
B. Grievance-Redressal Procedure
C. Risk-Grievance Procedure
D. Redressal of Public Grievances Rules
Answer» D. Redressal of Public Grievances Rules
discuss
133.

Which of the Following, is the Main Objective of Consumer Protection Act?
(i) To Protect the Interests of the Policy-Holders.
(ii) To Protect the Interests of the Investors.
(iii) To Provide a Simple, Speedy, and In-Expensive Redressal to the Consumer-Grievances.

A. Only (i) is Correct.
B. Both: (i) and (ii), are Correct.
C. Only (iii) is Correct.
D. Both: (i) and (iii), are Correct.
Answer» C. Only (iii) is Correct.
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134.

“Redressal of Public Grievances Rules, 1998”, came into Force on --.

A. 12th October, 1991
B. 11th November, 1998
C. 13th December, 1997
D. 14th September, 1983
Answer» B. 11th November, 1998
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135.

Which of the Following, is an Objective of Redressal of Public Grievances Rules?
(i) Aim at Resolving the Complaints, Relating to the Settlement of Disputes.
(ii) Protection of Consumers' Interests.
(iii) Providing the Grievances to Consumers.

A. Only (i) is Correct.
B. Both: (i) and (ii), are Correct.
C. Only (iii) is Correct.
D. Both: (i) and (iii), are Correct.
Answer» A. Only (i) is Correct.
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136.

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.

A. Only (i) is Correct.
B. Both: (i) and (ii), are Correct.
C. Only (iii) is Correct.
D. Both: (i) and (iii), are Correct.
Answer» C. Only (iii) is Correct.
discuss
137.

Which of the Following, has been recommended by Commission, that, the Grievance-Redressal Authorities (G.R.A.s) should be constituted, to deal with?
(i) Disputes between the Insured and the Insurer.
(ii) Disputes between the Insured and the Intermediaries.
(iii) Disputes between the Insurer and the Intermediaries.
(iv) Any Dispute between the Insured, the Insurer, and the Intermediaries.

A. Both: (i) and (ii), are Correct.
B. Both: (i) and (iii), are Correct.
C. Both: (ii) and (iii), are Correct.
D. Only (iv) is Correct.
Answer» D. Only (iv) is Correct.
discuss
138.

Who shall deal with the Disputes, between the Insured and the Insurer?

A. Consumer Group
B. Grievance Redressal Authorities (G.R.A.s)
C. Consumer Authority
D. Consumer Commission
Answer» B. Grievance Redressal Authorities (G.R.A.s)
discuss
139.

Who shall deal with the Disputes between the Insurer and the Intermediaries?

A. Consumer Authority
B. Consumer Group
C. Consumer Commission
D. Grievance-Redressal Authorities (G.R.A.)
Answer» D. Grievance-Redressal Authorities (G.R.A.)
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140.

--- shall have No Jurisdiction in Cases, relating to Third-Party Motor-Vehicle Insurance and Marine Insurance.

A. Consumer Commission
B. Consumer Authority
C. Grievance Redressal Authority (G.R.A.)
D. Consumer Group
Answer» C. Grievance Redressal Authority (G.R.A.)
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141.

Redressal of Public Grievances Rules, 1998 created the System of --.

A. Insurance Agency
B. Insurance-Surveyors
C. Insurance Ombudsman
D. Consumer Forum
Answer» C. Insurance Ombudsman
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142.

On Which Date, was, Consumer Protection Act, formed?

A. 11th April, 1974
B. 24th December, 1968
C. 24th December, 1986
D. 22nd November, 1968
Answer» C. 24th December, 1986
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143.

Which One of the Following, is Not an Example of Non- Verbal Communication?

A. Signaling "Okay" with a Hand-Gesture.
B. Gesturing in an Empty Room.
C. Wearing Jewellery.
D. Raising Your Voice.
Answer» B. Gesturing in an Empty Room.
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144.

Personal Distance is defined as --.

A. 18 Inches to 4 Feet.
B. 12 Feet and Up.
C. Touching to 18 Inches.
D. 4 Feet to 12 Feet.
Answer» A. 18 Inches to 4 Feet.
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145.

Non-Verbal Communication is made up of --.

A. Behavior, Other Than the Words, that is intended to convey a Message
B. Body-Language Actions
C. Any Instance, in which, a Stimulus, Other Than the Words, creates a Meaning in either a Sender's Mind or a Receiver's Mind
D. All Human Behavior
Answer» D. All Human Behavior
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146.

Identify the Place-of-Origin of Modern-Day Insurance.

A. Vatican City in Rome
B. Hanging Gardens of Babylon
C. Lloyds Coffee House in London
D. Big Apple in New York
Answer» C. Lloyds Coffee House in London
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147.

Which One of the Following, can be used, to describe Insurance, in General?

A. Providing the Subsidies to the Poor.
B. Betting of People's Losses.
C. Generating the Profits from Other's Losses.
D. Sharing of the Losses of a Few, by Many.
Answer» D. Sharing of the Losses of a Few, by Many.
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148.

The Inhabitants of Rhodes adopted a Practice, where- by, if Some Goods were lost due to Jettisoning, during Distress, the Owners of Goods (even those who lost Nothing) would bear the Losses in Some Proportion. Which Phenomenon is illustrated, in this Scenario?

A. Capitalism
B. Socialism
C. Mutual Insurance
D. Tyranny
Answer» C. Mutual Insurance
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149.

Illustrate the Principle of Pooling, in Relation to Insurance.

A. Gathering the People, Having Similar Assets, and Exposed to Similar Risks.
B. Gathering the People, Having Different Types of Assets, and Exposed to Different Risks.
C. Gathering the People, Having Similar Types of Assets, but Exposed to Different Risks.
D. Gathering the People, Having Different Types of Assets, but Exposed to Similar Risks.
Answer» A. Gathering the People, Having Similar Assets, and Exposed to Similar Risks.
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150.

In the Olden Days, Chinese Traders used to keep their Goods in Different Boats, while sailing through Treacherous Waters. Analyse, Why?

A. Chinese Boats were Small, and they carried Heavy Goods.
B. The Chinese Government mandated that, Goods should be distributed among Multiple Shipping Companies, so that, there is Equal Distribution of Business.
C. Chinese Traders placed their Goods in Multiple Boats, because it provided Insurance against Total Loss.
D. Chinese Traders placed their Goods in Multiple Boats, because it was Cheap.
Answer» C. Chinese Traders placed their Goods in Multiple Boats, because it provided Insurance against Total Loss.
discuss

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