ic38 mock test - Quiz Questions (Page 1 of 2)
This quiz contains 20 questions.
Question 1: What is the primary goal of insurance?
- Risk management (Correct Answer)
- Investment
- Gambling
- Saving
Question 2: Which principle states that insured must not profit from a claim?
- Indemnity (Correct Answer)
- Subrogation
- Utmost Good Faith
- Contribution
Question 3: To whom does an insurance agent primarily owe a duty?
- Insured (Correct Answer)
- Insurer
- Reinsurer
- Government
Question 4: How is life insurance classified?
- Long-term contract (Correct Answer)
- Short-term contract
- Informal contract
- Illegal contract
Question 5: What is a group of insurance policies called?
- Portfolio (Correct Answer)
- Bank
- File
- Collection
Question 6: Which document proves the existence of an insurance contract?
- Policy document (Correct Answer)
- Claim form
- Application form
- Identity proof
Question 7: Who regulates insurance in India?
- IRDAI (Correct Answer)
- SEBI
- RBI
- FICCI
Question 8: What is the term for transferring risk from one insurer to another?
- Reinsurance (Correct Answer)
- Underwriting
- Endorsing
- Investing
Question 9: What is the sum paid by an insurance policyholder called?
- Premium (Correct Answer)
- Dividend
- Loan
- Wage
Question 10: Which principle involves the insurer stepping into the shoes of the insured?
- Subrogation (Correct Answer)
- Contribution
- Indemnity
- Utmost Good Faith
Test your knowledge with our IC38 mock test, designed for aspiring insurance agents. This quiz covers key insurance ideas, rules, and practices to help you prepare for the IRDAI licensing exam. It’s a simple, straightforward practice tool that builds confidence and deepens your understanding of insurance basics. Enjoy a stress-free learning experience that gets you closer to your career goals.
