Test Your IRDAI - IC 38 Insurance Agent Mock Tests Knowledge in 5 Minutes

1. Which organization supervises and regulates the insurance sector in India?

A. Insurance Authority of India B. Insurance Regulatory and Development Authority of India C. Life Insurance Corporation of India D. General Insurance Corporation of India

2. Which of the following situations represents a secondary burden of risk?

A. Financial loss due to interruption of business B. Loss of goods caused by damage C. Keeping money aside to cover possible future losses D. Medical expenses incurred during hospitalization

3. Which option represents a mechanism through which risk can be transferred?

A. Fixed Deposit in a bank B. Insurance policy C. Equity investment D. Property purchase

4. In which situation would purchasing insurance be most appropriate?

A. A family’s only earning member may pass away unexpectedly B. Someone may misplace their wallet C. Stock market prices might decline D. A building gradually depreciates due to aging

5. Which of the following insurance schemes is operated by insurers rather than being sponsored by the government?

A. Employees State Insurance Corporation B. Crop Insurance Scheme C. Jan Arogya Policy D. All of the above

6. What does the term "customer lifetime value" refer to in the context of insurance business?

A. Total cost incurred while servicing a customer B. Ranking given to customers based on premium amount C. Total economic benefit gained from a long-term relationship with a customer D. Maximum insurance coverage a customer can purchase

7. In which of the following situations is there no need to debate whether insurance is required?

A. Property insurance B. Liability insurance for business C. Third-party motor insurance D. Fire insurance

8. According to the Consumer Protection Act, who is NOT considered a consumer?

A. Person who hires services for personal use B. Individual purchasing goods for resale C. Person buying goods for personal consumption D. Person using services for which payment is made

9. What is the main purpose of the Integrated Grievance Management System (IGMS)?

A. To increase insurance premium collection B. To monitor and resolve policyholder complaints C. To issue insurance policies D. To regulate insurance agents

10. Which authority resolves consumer disputes at the national level in India?

A. District Forum B. State Commission C. National Consumer Commission D. Insurance Ombudsman