YOU WERE LOOKING FOR: Life Insurance Exam Questions And Answers Pdf
This is because the beneficiary must be at risk of suffering some type of loss should the insured pass away. Which of the following deals with a set of relationships where one person is authorized to act on behalf of another in order to create a...
To redeem the deceased employee's stock b. I and III only c. All of the above d. None of the above There are many purposes in which the proceeds of corporate owned life insurance may be used. Policy Components, Riders and Non-forfeiture Options ...
LIC Agent Mocks provides the scope of the question paper. LIC Agent online exam improve your time management skill. Attempting multiple mock tests helps students revise the entire LIC Agent exam syllabus. This way they memorize concepts and perform well in the LIC Agent exam. Mock tests make students familiar with the style and scope of the LIC Agent question paper. The exam mainly comprises of insurance related subjects and general rules in this field. As per the eligibility criteria, the candidate should have passed class 12 examination. Here, you can find mock tests for preparation. Study notes. Life Insurance Concepts - Videos Post navigation. Search Govt Jobs. Vacancy - IC38 Trainer.
Become LIC Agent. Hire New Agents. Search Result for lic agent. Take Free Test Details. This is a mock test. Post Comments. Using TCY. Using Facebook. Buy Now. The exam is conducted in 3 stages- Prelims, Mains and Interview. Prepare for this course by attempting the best Life Insurance Agents question paper and sample paper available online and assess yourself on basis of the result. These Life Insurance test papers help you improve on your weak zone and put up a level up in the examination hall. IRDA Exams. Principles of Insurance Exam. Free Demo. Buy Premium. In the Procedure to become LIC agent, one must complete minimum 10th class and the age should be 18 completed.
After successful completion of exam with min As an insurance agent, one is allowed to offer many different lines of coverage - provided that the required training and testing qualifications have been met. Those who wish to sell life and health insurance are required to posses the proper licensing for each state in which they conduct business. In order to obtain a life and health insurance license, individuals must IC Exam Material free ic 38 free demo exam free ic exam IC Exam.
No need to study thousands of questions. According to actual examination pattern mock test have 50 objective questions. You get 1 marks for every right answer and there is no negative marks for wrong answer. Time available for actual exam in 1 hour, students are advised to attempt each mock test within 1 hour. Count down watch is displayed to track your time on Mock Test page. Students are advised to always attempt all questions in Practicing online mock tests for LIC AAO exam will help you in knowing your strong and weak areas, so that you can work upon them.
LIC AAO free mock tests will help you analyze your performance and will help in knowing where you stand among your peers. Free Mock. Related Mocks. Trending Questions. Ask your questions. Manveer Singh. Mohan distributed his total assets to his wife, t… Comments Unlock now. Top LIC agents earns nearly Rs. You have the freedom to set your own working hours. You have the Skip to content. In the context of the multiplicity of products and practices among life insurers, the study course has adopted a generic approach.
Download IC38 books as per the revised Practice with online According to the IRDAI portal, fees for online registration are higher than for offline registration. The fee structure is as follows. Online Training Fee: Rs. Pre Recruitment Test Online fee: Rs. Total: Rs. General Insurance Question Answers Online. You can practice as much as you can to gather knowledge of how to answers Insurance critical type papers in short time and this can be a big factor for cracking all India level exam.
Insurance Questions and Answers. Congratulations - you have completed Insurance Questions and Quote: Originally Posted by avi m. Can you please send me lic agent test sample paper of irda? Please reply. I need irda exam question and answer paper for new advisior The students have to signup by entering all the details on the website. Choose from the two medium either Hindi or English. Test series will appear on the screen 4. Students should have to attempt the mock test series. They should complete the process of submission of mock test series 6.
Now they can check the answer sheet and result which will appear on the same screen. Aspirants should check preparation through mock test series Home; Online Test; Instruction: Total number of questions: 50; Time alloted: 50; Each question carry 1 mark, no negative marks. Note: Click the 'Submit Test' button given in the bottom of this page to Submit your answers. Latest IC38 material with Regular update in These papers can be practiced offline. This license authorises them to sell life insurance products offered by LIC only. Become an insurance advisor Join us. Download Mintpro App. Recent Posts. Have a look at the insurance sector's Instruction 3 Sections You will be provided with one section at a time You will be taken to the next section once you submit the current section Once you submit the section, you will not be able to go back to it, Quant 35 Questions in 20 mins
While practice questions can help you learn a point or two for your exam, they are not meant as a substitute for a comprehensive pre-licensing course; rather, they should be used to familiarize yourself with the insurance exam question format. In all states those who discuss insurance transactions e. Be sure to get your license before doing any previously mentioned insurance processes. Because insurance licensing exams are typically written by third-party companies that have an incentive to make the exams as difficult and tricky as possible—the more times you take the test, the more money they make. Studying the practice test questions alone is not enough—you need the comprehensive information our courses provide. What kind of questions do they put on the insurance license exam? All of the insurance exam questions are multiple choice.
There are no fill-ins no need to memorize and no essay no need to be ready to explain anything questions. A multiple choice test will usually test heavily on definitions terminology and numbers dollar amounts and number of days. The exam is drawn from a large pool of questions, delivered one at a time. If you retake the exam, expect to see very few of the questions repeated on the next exam. The content areas will be covered just as consistently but the questions will most likely be different or different variations.
Unless a policy title includes the word "Industrial" or the word "Group," the policy is an Ordinary Life insurance policy. Also, in this test, Whole Life and Straight Life are used as interchangeable terms. As used, either term means "continuous, level-premium Ordinary Life" insurance. A woman has inherited a sum of money. She is age 60 and desires to purchase an annuity that will appreciate with market and economic conditions. What type of annuity should she consider? Fixed B. Deferred C. Variable D. Refund 2. Whole Life insurance B.
Term insurance C. Endowment insurance D. None of the above 3. An employee becomes ineligible for the group plan. Which of the following is true: A. The employee is subject to underwriting for the individual policy C. The insured s policy lapses, which non-forfeiture option should they select to provide lifetime coverage: A. Reduced Paid-up B. Cash Surrender C. Extender Term D. Paid-up Additions 1 2 5. When insuring substandard life-insurance risks, provision is usually made for the expected higher death rate by: A. Charging an extra premium B. Reducing the Death benefit C. Establishing special risk groups D. Reducing the producer's commission 6. The parent is the owner of the policy B. The child is the insured C. The parent is responsible for the premium D. The parent is the insured 7. Lump sum benefit on the death of the annuitant B. Payment each month for 10 years C. Predetermined income for life D. Deferred income to be paid when the age of 65 is reached 8. When a corporation establishes a contributory Group Term contract, what percentage test must be met for participation?
If a proposed insured has a hazardous occupation, the insurance company may: A. Remove the Family Plan benefit B. Cancel the application C. Rate the insured D. Reduce the dividends If a life-insurance policy does not permit the policyholder to change the beneficiary, the beneficiary is: A. Subsequent B. Irrevocable C. Contingent D. Guaranteed 2 3 Life Insurance Practice Exam Which of the following statements about the Automatic Premium Loan provision in a life-insurance policy is true? A loan taken under the provision is not interest-bearing B. The provision must be elected by the policyholder C. The provision cannot be revoked by the policyholder When the primary beneficiary predeceases the insured, the proceeds are paid to the: A.
Tertiary beneficiary B. Alternate beneficiary C. Contingent beneficiary D. Collateral beneficiary A plan, usually funded by Life insurance, to purchase a deceased partner's share of a business is known as a: A. Deferred Compensation plan B. Qualified Retirement plan C. Key Employee Life policy D. Buy and Sell Agreement The plan of Permanent Life insurance that offers cash value at the lowest premium is: A.
A Whole Life policy B. A Limited-Pay Life policy C. A Term policy D. An Annuity contract Which of the following policies provides only a Death benefit that declines over a definite and limited period of time? Joint Life B. Annuity C. Endowment D. Decreasing Term If the insured understated his age and the error is discovered after the insured's death, the insurance company will: A.
Refuse to pay the death claim B. Refund all past premiums paid with any accumulated interest C. Pay the face amount of the policy with a deduction for the amount of the underpayment of premium D. Pay the amount the premium would have purchased at the correct age 3 4 It is often sold by car dealers, banks and other creditors B. The maximum policy period cannot exceed the life of the loan C. The coverage is unlimited D.
It is a type of decreasing term The purpose of a Grace Period provision is to: A. Protect the insurance company against adverse selection by policyholders B. Protect the policyholder against unintentional lapse C. Permit the beneficiary to establish an insurable interest D. Permit the insurance company to determine the cause of death After her policy is issued Darla becomes interested in hang gliding and dies in a hang gliding accident on January 15, , without paying her annual premium.
What will the insurer pay to her beneficiary: A. Zero, since she died hang gliding C. Zero, since she did not pay her premium An employee's evidence of participation in a Group Life plan is the: A. Certificate of Insurance B. Policy C. Master contract D. Proof of Employment When a customer takes cash surrender and then transfers their policy to another insurance company in order to defer tax, it is referred to as a: A. Collateral assignment B exchange C. Absolute assignment D. Viatical settlement When the insured lists a group of beneficiaries it is known as a: A. Class designation B. Individual designation C.
Parol evidence rule Agency Law An understanding of the law of agency is important because an insurance company, like other companies, must act through agents. Agency Law Principles Agency is a relationship in which one person is authorized to represent and act for another person or for a corporation. Although a corporation is a legal "person," it cannot act for itself, so it must act through agents. An agent is a person authorized to act on behalf of another person, who is called the principal. In the field of insurance, the principal is the insurance company and the sales representative or producer is the agent. When one is empowered to act as an agent for a principal, he or she is legally assumed to be the principal in matters covered by the grant of agency.
Contracts made by the agent are the contracts of the principal. Payment to the agent, within the scope of his or her authority, is payment to the principal. The knowledge of the agent is assumed to be the knowledge of the principal. Presumption of Agency If a company supplies an individual with forms and other materials signs and evidences of authority that make it appear that he or she is an agent of the company, a court will likely hold that a presumption of agency exists. The company is then bound by the acts of this individual regardless of whether he or she has been given this authority.
Authority An agent has one of three types of authority: Express authority is an explicit, definite agreement. It is the authority the principal gives the agent as set forth in his or her contract. Implied authority is not expressly granted under an agency contract, but it is actual authority that the agent has to transact the principal's business in accordance with general business practices. For example, if an agent's contract does not give him or her the express authority of collecting and submitting the premium, but the agent does so on a regular basis, and the company accepts the premium, the agent is said to have implied authority.
Lingering implied authority means that the agent carries "signs or evidences of authority. When the agency relationship between agent and company has been terminated, the company will try, or should try, to get back all the materials it supplied to the former agent, including sales materials. On the other hand, the public cannot assume that an individual is an agent merely because he or she says so. The agent must carry the credentials for example, the agent's license and appointment and company documents such as applications and rate books that represent him or her as being an agent for an insurance company. Apparent authority is the authority the agent seems to have because of certain actions undertaken on his or her part. This action may mislead applicants or insureds, causing them to believe the agent has authority that he or she does not, in fact, have.
The principal adds to this impression by acting in a manner that reinforces the impression of authority. For instance, an agent's contract usually does not grant him the authority to reinstate a lapsed policy by accepting past due premiums. If, in the past, the company has allowed the agent to accept late premiums for that purpose, a court would probably hold that the policyowner had the right to assume that the agent's acceptance of premiums was within the scope of his or her authority. Collection of Premium All premiums received by an agent are funds received and held in trust. The agent must account for and pay the correct amount to the insured, insurer, or other agent entitled to the money. Any agent who takes funds held in trust for his or her own use is guilty of theft and will be punished as provided by law. The agent has a fiduciary duty to just about any person or organization that he or she comes into contact with as part of the day-to-day business of transacting insurance.
Thus, attorneys, accountants, trust officers, and insurance agents are all considered fiduciaries. As a fiduciary, the agent has an obligation to act in the best interest of the insured. The agent must be knowledgeable about the features and provisions of various insurance policies and the use of these insurance contracts. The agent must be able to explain the important features of these policies to the insured. The agent must recognize the importance of dealing with the general public's financial needs and problems and offer solutions to these problems through the purchase of insurance products. As a fiduciary, the agent must collect and account for any premiums collected as part of the insurance transaction. It is the agent's duty to make certain that these premiums are submitted to the insurer promptly. Failure to submit premiums to the insurer, or putting these funds to one's own personal use, is a violation of the agent's fiduciary duties and possibly an act of embezzlement.
The insured's premiums must be kept separate from the agent's personal funds. Waiver and Estoppel The legal doctrines of waiver and estoppel are directly related to the responsibilities of insurance agents. An insurer may, by waiver, lose the right of making certain defenses that it might otherwise have available. NOTE Waiver is defined as the intentional and voluntary giving up of a known right. An insurance company may waive its right to cancel a policy for nonpayment by accepting late payments. Waiver and estoppel often occur together, but they are separate and distinct doctrines. NOTE Estoppel means that a party may be precluded by his or her acts of conduct from asserting a right that would act to the detriment of the other party, when the other party has relied upon the conduct of the first party and has acted upon it. An insurer may waive a right, and then after the policyowner has relied upon the waiver and acted upon it, the insurer will be estopped from asserting the right.
The agent must be alert in his or her words, actions, and advice to avoid mistakenly waiving the rights of the insurance company. As a representative of the company the agent's knowledge and actions may be deemed to be knowledge and actions of the company. Agent's Responsibilities to Company The agent's contract or agency agreement with the insurer will specify the agent's duties and responsibilities to the principal. In all insurance transactions, the agent's responsibility is to act in accordance with the agency contract and thus for the benefit of the insurer. In accordance with the agent's fiduciary obligation to the insurer and his or her agency agreement, the agent has a responsibility of accounting for all property, including money that comes into his or her possession. As part of the agent's working relationship with the insurer, it is important that pertinent information be disclosed to the insurer, particularly with regard to underwriting and risk selection.
If the agent knows of anything adverse concerning the risk to be insured, it is his or her responsibility to provide this information to the insurer. To withhold important underwriting information could adversely affect the insurer's risk selection process. In accordance with agency law, information given to the agent is the same as providing the information to the insurer. It is the agent's responsibility to obtain necessary information from the insurance applicant and to accurately complete the application for insurance.
A signed and witnessed copy of the application becomes part of the legal contract of insurance between the insured and the insurer. Finally, the agent has a responsibility to deliver the insurance policy to the insured and collect any premium that might be due at the time of delivery. The agent must be prepared to provide the insured with an explanation of some of the policy's principal benefits and provisions. If the policy is issued with any changes or amendments, the agent will also be required to explain these changes and obtain the insured's signature acknowledging receipt of these amendments.
No comments:
Post a Comment