Sample Questions

IRDAI - 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 is NOT part of ULIP premium?

  • A. Policy administration charge
  • B. Investment component
  • C. Mortality charge
  • D. Sales tax charge Correct Answer
Explanation:
ULIP premiums mainly include mortality charges, administrative charges, and investment components.

Marks: 1

Q2 What is the difference between policy lapse and policy withdrawal?

  • A. Lapse means unpaid premiums; withdrawal means surrender Correct Answer
  • B. Both mean surrender
  • C. Both mean cancellation
  • D. No difference
Explanation:
Policy lapse happens when premiums are not paid. Withdrawal means surrendering the policy and receiving surrender value.

Marks: 1

Q3 Which insurance principle identifies the main cause of loss?

  • A. Contribution
  • B. Subrogation
  • C. Proximate Cause Correct Answer
  • D. Indemnity
Explanation:
Proximate cause determines the dominant cause of loss.

Marks: 1

Q4 Which statement about insurance is correct?

  • A. It protects assets
  • B. It prevents losses
  • C. It reduces chance of loss
  • D. It compensates loss Correct Answer
Explanation:
Insurance does not prevent loss; it compensates financially after loss occurs.

Marks: 1

Q5 Risk retention means:

  • A. Avoiding loss
  • B. Transferring risk
  • C. Bearing risk oneself Correct Answer
  • D. Sharing risk
Explanation:
Risk is retained and losses paid by the individual.

Marks: 1

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