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Irda Exam Mock Test
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1. What is the grace period for premium payment in life insurance policies?
Grace periods usually range from 15-30 days depending on the policy.
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2. Which type of insurance covers damages caused by natural disasters?
General insurance typically includes coverage for natural disasters.
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3. What is the maximum permissible limit for foreign direct investment (FDI) in the insurance sector in India?
The FDI limit in insurance is 74% as per recent guidelines.
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4. What is the maximum tenure for a term insurance plan?
Most term insurance plans offer a maximum tenure of 30-40 years.
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5. What is a cashless claim in health insurance?
Cashless claims allow treatment without upfront payment at network hospitals.
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6. What does ULIP stand for?
ULIP stands for Unit Linked Insurance Plan, combining insurance and investment.
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7. Under the IRDAI regulations, what is the minimum solvency ratio an insurer must maintain?
The minimum solvency ratio ensures the insurer can meet obligations.
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8. What is an annuity plan?
An annuity plan provides regular income post-retirement.
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9. What is the waiting period in health insurance?
The waiting period is the time before coverage for specific conditions starts.
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10. What is the role of an insurance agent?
Insurance agents advise clients and sell insurance policies.
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11. Which document is essential for a life insurance claim?
A policy document is necessary to file a life insurance claim.
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12. What is reinsurance?
Reinsurance is insurance purchased by insurers to manage risk.
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13. What is a no-claim bonus (NCB) in general insurance?
NCB is a discount given for not making claims during the policy term.
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14. Which section of the Income Tax Act provides tax benefits for life insurance premiums?
Section 80C allows tax deductions on life insurance premiums.
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15. Which type of policy offers coverage for a specific period and no maturity benefit?
Term insurance provides coverage for a specified period without maturity benefit.
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16. What is the primary function of the IRDAI?
The IRDAI regulates and promotes the insurance industry in India.
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17. Which IRDAI form must be submitted for an insurance license?
Form IRDA-1 is required to obtain an insurance license.
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18. What is the free-look period in an insurance policy?
The free-look period allows policyholders to cancel the policy within 15 days.
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19. What is the purpose of an insurance endorsement?
An endorsement modifies or clarifies policy terms.
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20. What is the full form of TPA in health insurance?
TPA stands for Third Party Administrator, facilitating claims processing.
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