Regulations of Insurance Business (IC 14): Memory based questions

Regulations of Insurance Business (IC 14): Memory based questions

The insurance institute of India conducts the III exam. Every year, the exam is held four times: once in March, once in May, once in September, and once in November. We are offering Recollected Questions (Memory-based Questions) for the Regulations of Insurance Business (IC 14) exam. The maximum number of questions are repeated in each exam in these papers. As a result, Ambitiousbaba is providing you with a recollected Question on  IC 14, Regulations of Insurance Business
These Regulations of Insurance Business (IC 14).Memory Based Questions can come in handy in the forthcoming Exam.

  •  Lock in period for ulips – [5 Years ]
  • RP for entry above 45 years [7  times the annualized premiums or (0.25 X T X annualized premium) whichever is higher
  • RP for entry below 45 years [10  times the annualized premiums or (0.5 X T X annualized premium) whichever is higher ]
  •  In ULIP  Death Benefits should not be less than 105% of Total Premiums]*
  • Method of calculating age of insured. [Actual or Age Last Birthday, Age Nearer Birthday and Age Next Birthday (Find the odd one out other than these odd one take out]*
  • What are the components of a contract? *[Offer and Acceptance, Consideration, Competent OR Capacity of the parties, Legality, Free Consent, Agreement between parties]*
  • what completes the contract? Preamble, proviso, Consideration, Duration, Negotiation [Consideration
  • If 25 lakhs is sum assured and sushil has 20 yrs plan with half yearly premium and 10 premiums paid. What is his paid up value? [20/40 * 25 Lakhs = 1250 Lakhs]
  •  who appoints head of exec council? [representative each from all insurance companies]
  • Insurance comes under which legislature? [Union List]
  • Complaints taken by insurance ombudsman [ to be within one year of date of complaint ]
  • Motive of IAI (Insurance Association of India ) *[To advise and assist insurers in setting up standards of conduct and sound practice and in the matter of rendering efficient service to policy holders. To advice the Authority in the matter of controlling the expenses of insurers. To inform the Authority of any insurer acting in a manner prejudicial to the interests of policy holders. Answer All of the Above]*
  • Where are all the PLI accounting or financial figures consolidated? [CAG – Comptroller and auditor general]
  • Places where lic has foreign collaboration with. [Mauritius, Fiji, Srilanka, Nepal, Kenya and Bahrain]
  • Insurance ombudsman
  • Grievance redressal council
  • Questions on reserves
  • ICP
  • Web aggregators
  • Stages in AML
  • Capital requirement for brokers, agents
  • Time limit to file the complaint to next consumer redressal forum
  • Calculation on NAV
  • Solvency margin requirement
  • Central legislature is empowered to regulate insurance industry in India
  • Case study on fraud by POS
  • Insurance intermediaries
  • Regulation of insurance industries around the world
  • Two countries which comply with RBI- Are they Nepal and Bhutan?
  • Numericals on Submission of fees to take up the complaints to next higher level mainly questions were based dispute resolution
  • Applications were based on chpt 8
  • Few questions were like
  • What is a policy holder called who can assign or transfer policy What is true for grievance redressal system
  • IRDAI Licensing, Regulations Conduct Of Business 1 & 2, Assignment and Nominations
  • Protection of Policyholder Interest and Dispute resolution mechanism
  • Read this chapters thorough including key note book
  • questions on history
  • questions on various disputes and grievances
  • gic council how many members
  • insurance regulator of bhutan and nepal who ?
  • maximum mortality cover if above 45 in RP
  • maximum mortality cover if below 45 in RPGroup insurance minimum numbers
  • ecgc what does it does
  • AIC plays vital role in
  • lic offices outside india where ?
  • capital to start insurance companies life insurance
  • case studies on principles many questions
  • regulations of conduct of business 2 and protection of policy holders interest and disputes chapter mant questions on critical analysis – like statements are correct, justify, both true any one is correct  tyoes questions
  • questions on ULIP
  • calculation on premium allocation
  • what is swisthing
  • redirection of premium
  • investment risk is borne by whom in ULIP
  • objective of taking conservative fund at higher age
  • various components of insurance contract
  • calculating age of insured
  • bonus calculations
  • reduced sum assured calculations
  • functions of IRDAI
  • Vision of GI COUNCIL
  • Postal life and state insurance not under control of irdai
  • capital limit of surveyor
  • working capital of TPA
  • TPA one of the member should be from Medical Profession
  • AYUSH what all coverd here ?
  • AYUSH related to which Insurance
  • Government schemes premium rates
  • social insurance is strength of national key development and indicator of welfare measures
  • calculate the number of units on given amopunt and NAV
  • Anti Money Laundering
  • proofs for identification
  • time limit to file a case with Insurance ombudsman
  • district court limit  20 Lakhs
  • after national forum within 30 days to appeal for supreme court
  • few questions from  exercises asked
  • who can assign types of assignmnet 4 to 5 questions
  • nomination will be cancelled automatically
  • sec 64vb When advance premium is exempted cases
  • sec 14 of irdai  what is it ?
  • sec 39 insurance act  ?
  • section 41 ?
  • section 41 max penalty
  • Sec 64C is about what ?

 

Check the below table for available iii exam mock tests.

iii Exam Yearly SUBSCRIPTION Online Mock Tests All Subject cover for 1 year validity Click Here
IC 88 Marketing and public relations 600+ Questions Click Here
IC 77 Engineering insurance 1100+ Questions Click Here
IC 23 Application of life Assurance 1000 Questions Click Here
IC 22 Life insurance underwriting 600 Questions Click Here
IC 46 Account preparation and regulations of investment 1100 Questions Click Here
IC 71 Agriculture insurance 500+ Questions Click Here
IC 74 Liability Insurance with Memory based 1100+ Questions Click Here
IC -67 Marine 1300 questions with Actual Memory based Mock Click Here
IC 57 Fire 1300 questions with Actual Memory based Mock Click Here
IC 26 life Insurance finance 1000 questions with Actual Memory based Mock Click Here
IC -11 Practice of general insurance 700 questions with Actual Memory based Mock Click Here
IC-14 Regulation of insurance business 650+ questions with Actual Memory based Mock Click Here
IC -90 HRM 865 questions with Actual Memory based Mock Click Here
IC 92 1000 questions with Actual Memory based Mock Click Here
IC 86 Risk Management 1300 questions with Actual Memory based Mock Click Here
IC 72 Motors 650 questions with Actual Memory based Mock Click Here
IC -78 Misc 1300 questions with Actual Memory based Mock Click Here
IC 85 Reinsurance 1300 questions with Actual Memory based Mock Click Here
IC 76 Aviation 500+ questions with Actual Memory based Mock Click Here
IC 27 Health Insurance 500 questions with Actual Memory based Mock Click Here
IC 45 General insurance underwriting 550 questions with Actual Memory based Mock Click Here
IC 02 Practice of life insurance 410 questions with Actual Memory based Mock Click Here
IC 01 Principal of insurance 600 questions with Actual Memory based Mock Click Here
IC 38 in English 400 Q Click Here
IC 89 Management Accounting 900 Questions Click Here
SURVEYORS EXAMS IC S01 1000+ Questions Click Here

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