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

10/08/2021

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 ?

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