AGENCY MOCK TEST 3 (Eng)

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Q. 121. Fire Insurance Policy does not cover damage to property even as add-on cover due to___________.

I. Floods

II. Earthquake

III. Fire

IV. Bombing due to war

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122 Consequential Loss (Fire Policy) covers:

I. Loss of profit due to damage to factory

II. Loss of Goodwill

III. Material wear& tear in machinery

IV. Losses due to foreign exchange fluctuations

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123 Premium in Burglary depends on:

I. Security measures

II. Location of Premises

III. Nature of property

IV. All of the above

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124 Contractor's All Risk Policy is a variation of:

I. Fire Insurance

II. Life Insurance

III. Engineering Insurance

IV. Marine Insurance

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125 Employee‟s Compensation Policy is a type of

I. Liability Insurance

II. Fire Insurance

III. Marine Cargo Insurance

IV. Engineering Insurance

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126 Money Insurance Policy covers:

I. Cash in hand

II. Money invested in Mutual Fund

III. Money lying in Saving Bank

IV. Money deposited with post office.

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127 Which of the following activities would not be categorised under professional settlement of claims?

I. Seeking information relating to the cause of the loss

II. Approaching the claim with a prejudice

III. Ascertaining whether the loss was a result of an insured peril

IV. Quantifying the amount payable under the claim

Clear selection

128 Raj is involved in a car accident. His car is insured under a motor insurance policy. Which among the following is the most appropriate thing for Raj to do?

I. Notify the insurer of the loss as soon as reasonably possible

II. Notify the insurer at the time of insurance renewal

III. Damage the car further so as to receive a bigger compensation

IV. Ignore the damage

Clear selection

129 Compare claims investigation and claims assessment.

I. Both claims investigation and assessment are the same thing

II. Investigation tries to determine the validity of the claim whereas assessment is more concerned with the cause and extent of the loss

III. Assessment tries to determine the validity of the claim whereas investigation is more concerned with the cause and extent of the loss

IV. Investigation is done before the claim is paid and assessment is done after the claim is paid

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130 Who is the licensing authority for surveyors?

I. Surveyor Association of India

II. Surveyor Regulatory and Development Authority

III. Insurance Regulatory and Development Authority

IV. Government of India

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131 Which among the following documents is most likely to be requested while examining a cyclone damage claim?

I. Coroner‟s report

II. Report from Fire Brigade

III. Police report

IV. Report from Meteorological Department

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132 Under which principle can the insurer assume the rights of the insured in order to recover from a third party the loss paid under a policy?

I. Contribution

II. Discharge

III. Subrogation

IV. Indemnity

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133 If the insurer decides that a certain loss is not payable because it is not covered under the policy then who decides on such matters?

I. Insurer‟s decision is final

II. Umpire

III. Arbitrator

IV. Court of Law

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134 Intimation of loss is to be made:

I. at the exact time of the loss

II. after 15 days

III. as soon as reasonably possible

IV. any time after the loss

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135 Investigation of loss is done by:

I. unlicensed surveyor

II. licensed and qualified surveyor

III. insured‟s representative

IV. any person with a degree in engineering

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136 For personal accident claims, report of________ is necessary.

I. Surveyor

II. Doctor

III. Police

IV. Coroner

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137 Independent surveyors are required for claims above_______ as per the Insurance Act.

I. Rs. 40,000

II. Rs. 15,000

III. Rs. 20,000

IV. Rs. 25,000

Clear selection

138 Claims assessed outside the country in case of travel insurance polices are assessed by:

I. Indian surveyors

II. Local surveyors in the country of loss

III. Insurer‟s own employees

IV. Claims settling agents named in the policy

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139 In case of a fire claim, a report from the fire brigade:

I. is not required

II. is optional for the insured

III. is necessary

IV. is part of the police report

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140 What is TAT?

I. Time and Turn

II. Till a Time

III. Time and Tide

IV. Turnaround Time

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141 On payment of loss, salvage belongs to:

I. Surveyors

II. Insured

III. Insurer

IV. Local authorities

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142 Arbitration is a claim settlement process done ______________.

I. in the court of law

II. by a group of surveyors

III. by arbitrator(s) chosen by the parties involved

IV. arbitrarily by the insurance company‟s employees

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143 Insurers under right of subrogation are allowed to recover the loss paid from:

I. Shipping companies only

II. Railways and road carriers only

III. Airlines and Port Trusts only

IV. Shipping companies and railway and road carriers and airlines and port trusts

Clear selection

144 What is meant by customer lifetime value?

I. Sum of costs incurred while servicing the customer over his lifetime

II. Rank given to customer based on business generated

III. Sum of economic benefits that can be achieved by building a long term relationship with the customer

IV. Maximum insurance that can be attributed to the customer

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145 Identify the scenario where a debate on the need for insurance is not required.

Statement: Insurance cannot protect an asset from loss or damage.

I. Property insurance

II. Business liability insurance

III. Motor insurance for third party liability

IV. Fire insurance

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146 As per the Consumer Protection Act, 1986, who cannot be classified as a consumer?

I. Hires goods / services for personal use

II. A person who buys goods for resale purpose

III. Buys goods and services for a consideration and uses them

IV. Uses the services of another for a consideration

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147 What does not go on to make a healthy relationship?

I. Attraction

II. Trust

III. Communication

IV. Scepticism

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148 Which among the following is not an element of active listening?

I. Paying good attention

II. Being extremely judgemental

III. Empathetic listening

IV. Responding appropriately

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149 Which among the following is not a characteristic of ethical behaviour?

I. Making adequate disclosures to enable the clients to make an informed decision

II. Maintaining confidentiality of client‟s business and personal information

III. Placing self-interest ahead of client‟s interests

IV. Placing client‟s interest ahead of self interest

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150 _____________ is not a tangible good.

I. House

II. Insurance

III. Mobile Phone

IV. A pair of jeans

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151 _______________ is not an indicator of service quality.

I. Cleverness

II. Reliability

III. Empathy

IV. Responsiveness

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152 In India _______________ insurance is mandatory.

I. Motor third party liability

II. Fire insurance for houses

III. Travel insurance for domestic travel

IV. Personal accident

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153 One of the methods of reducing insurance cost of an insured is __________

I. Reinsurance

II. Deductible

III. Co-insurance

IV. Rebate

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154 A customer having complaint regarding his insurance policy can approach IRDA through

I. IGMS

II. District Consumer Forum

III. Ombudsman

IV. IGMS or District Consumer Forum or Ombudsman

Clear selection

155 Consumer Protection Act deals with:

I. Complaint against insurance companies

II. Complaint against shopkeepers

III. Complaint against brand

IV. Complaint against insurance companies, brand and shopkeepers

Clear selection

156 ___________ has jurisdiction to entertain matters where value of goods or services and the compensation claim is up to 20 lakhs

I. High Court

II. District Forum

III. State Commission

IV. National Commission

Clear selection

157 In customer relationship the first impression is created:

I. By being confident

II. By being on time

III. By showing interest

IV. By being on time, showing interest and being confident

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158 Select the correct statement:

I. Ethical behaviour is impossible while selling insurance

II. Ethical behaviour is not necessary for insurance agents

III. Ethical behaviour helps in developing trust between the agent and the insurer

IV. Ethical behaviour is expected from the top management only

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159 Active Listening involves:

I. Paying attention to the speaker

II. Giving an occasional nod and smile

III. Providing feedback

IV. Paying attention to the speaker, giving an occasional nod and smile and providing feedback

Clear selection

160 Which among the following are the two basic qualities that make a good sales person?

I. Empathy and ego drive

II. Prejudice and loathing

III. Pride and honesty

IV. Scepticism and perseverance

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161 Which among the following is the most likely to contain the IRDA stipulated 50 hours training to help prospects clear the IRDA examination?

I. Process training

II. Product training

III. Pre-recruitment training

IV. Sales training

Clear selection

162 ____________ is a representative of the insurance company and is governed by the principal agent relationship.

I. Insurance agent

II. Broker

III. Banks

IV. Underwriter

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163 _________________ is collaboration between banks and insurers to distribute insurance products.

I. Bancassurance

II. Agent

III. Broker

IV. Insurance company

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164 _____________ determines whether the proposal should be admitted, whether risk can be accepted.

I. Agent

II. Insurer

III. Underwriter

IV. Insured

Clear selection

165 Broker represents:

I. One insurance company

II. Multiple insurance companies

III. Insurance Regulatory and Development Authority

IV. Customer

Clear selection

166 _________________ cannot become corporate agent.

I. A co-operative society

II. An individual

III. A bank

IV. A broker

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167 Insurance brokers are licensed by:

I. Insurance Regulatory & Development Authority

II. Reserve Bank of India

III. Security Exchange Board of India

IV. Government of India

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168 The following is not a benefit of insurance agency.

I. No limit on income from commission

II. Fixed salary income

III. Freedom to decide working hours

IV. Social prestige

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169 Following is required in insurance agency career for achieving success:

I. Will to excel

II. Empathy towards customer

III. Truthfulness

IV. Will to excel, empathy towards customer and truthfulness

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170 Following is not an insurance intermediary:

I. Corporate agent

II. Share broker

III. Insurance broker

IV. Insurance agent

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171 An agent can earn upto:

I. 20,000 per month

II. Rs. 10,00,000 per month

III. Rs.1 Crore per year

IV. Unlimited amount based on her efforts

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