Sample Questions

IC 38 Insurance Agent Mock Tests — 5 random MCQs with answers & explanations

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These 5 questions are randomly selected (standard MCQs only, not case-based).

Q1 Which scheme provides life insurance to citizens under government initiative?

  • A. PMJBY Correct Answer
  • B. RBI Scheme
  • C. LIC Savings Plan
  • D. IRDA Policy
Explanation:
Pradhan Mantri Jeevan Jyoti Bima Yojana offers life insurance.

Marks: 1

Q2 Which of the following changes to an insurance policy is generally allowed by the company?

  • A. Extending the time period for paying premiums
  • B. Splitting one policy into two or more separate policies Correct Answer
  • C. Changing a policy from "with profit" to "without profit"
  • D. Increasing the total sum insured
Explanation:
Insurance companies typically permit administrative changes like splitting a policy. Increasing the sum insured or changing fundamental profit structures is often not allowed.

Marks: 1

Q3 When is a policy considered lapsed?

  • A. Premium paid late
  • B. Premium unpaid on due date
  • C. Premium unpaid even after grace period Correct Answer
  • D. Policy surrendered
Explanation:
Failure to pay even during grace period causes policy lapse.

Marks: 1

Q4 What is the primary purpose of commercial insurance?

  • A. Protect personal assets
  • B. Cover business-related risks Correct Answer
  • C. Cover government liabilities
  • D. Protect only employees
Explanation:
Commercial insurance protects businesses from risks such as property damage, liability, and operational interruptions.

Marks: 1

Q5 Credit life insurance is an example of ______.

  • A. Level term insurance
  • B. Term insurance with return of premium
  • C. Increasing term insurance
  • D. Decreasing term insurance Correct Answer
Explanation:
Credit life insurance decreases as the outstanding loan reduces.

Marks: 1

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