Free Mock test IC 14 Regulation of Insurance business for Licentiate Exam

Records of transactions reported to the FIU have to be retained for a maximum of how many years?

Out of the below which is an example of low risk customer?

Financial Action Task Force (FATF) was set up in ----

From the below which option is one of the stages of money laundering?

Money Laundering refers to-----

What is the lock-in period for all Unit Linked Products?

For single premium contracts under ULIPs, the minimum sum assured for the age at entry of below 45 years is --- of the single premium paid.

Who is responsible to provide appropriate training to insurance agents / intermediaries before they are authorised to sell Unit Linked Insurance products?

Madhav is going to pay Rs. 50,000 as premium for a ULIP. According to the terms of the ULIP, 60% of the premium will be allocated to the investment chosen by Madhav. Madhav has decided to invest in the balance fund, which has a Net Asset Value of Rs 12. The number of units allocated to Madhav will be---?

In the case of regular premium ULIP policies, most of the insurance companies allow the policyholders to pay premium on a ----basis?

In the case of discontinued linked insurance policies, the policyholder has an option to either---- the policy within the terms and conditions governing the policy or ----the entire funds from the underlying ULIP funds with no risk cover.

Micro-insurance products need prior approval of the authority under the “File & Use” procedure and every such product shall prominently carry the caption “ ----- ”.

For life micro insurance products, what should be the minimum number of members comprising a group?

Who conceived the idea of Grameen Bank in 1974?

Micro-insurance is based on the concept of ----?

The maximum loan amount that can be sanctioned for any ULIP policy having more than 60% of its funds invested in equities is---- of the policy’s surrender value.

Where data for the performance of a fund of the ULIP is not available for at least one calendar year, past performance ----.

Unit Linked Insurance Plans (ULIPs) are ---linked insurance plans

What is the maximum remuneration limit for a micro insurance agent for non-life insurance business?

In which country did the concept of micro-insurance originate?

---is a term related to insurance characterised by low premium and designed to serve low income group people.

As per the IRDA (Life Insurance – Reinsurance Regulations) 2000, an insurer needs to file with the Authority, at least -----days before the commencement of each financial year, a note on its underwriting policy indicating the classes of business, geographical scope, underwriting limits and profit objective.

Which of the following needs to create outstanding claims provision for every reinsurance arrangement accepted on the basis of loss information advices received from Brokers / Cedants and where such advices are not received, on an actuarial estimation basis?

Who is the National Reinsurer of India?

As per IRDA (Life Insurance – Reinsurance Regulations) 2000, the reinsurer chosen by the insurer must enjoy a credit rating of a minimum of----- of Standard and Poor or equivalent rating of any international rating agency.

What does IBNR in insurance business stand for?