Aptitude Mock Test Irda Exam Mock Test 1 / 20 1. Which section of the Income Tax Act provides tax benefits for life insurance premiums? Section 80D Section 24 Section 10(10D) Section 80C Section 80C allows tax deductions on life insurance premiums. 2 / 20 2. What is the grace period for premium payment in life insurance policies? 60 days 15-30 days 90 days 45 days Grace periods usually range from 15-30 days depending on the policy. 3 / 20 3. What is a no-claim bonus (NCB) in general insurance? A special coverage option A bonus for paying premiums on time A penalty for making claims A discount for no claims NCB is a discount given for not making claims during the policy term. 4 / 20 4. What is an annuity plan? A group insurance plan A health coverage plan A short-term investment plan A plan providing regular income post-retirement An annuity plan provides regular income post-retirement. 5 / 20 5. Which IRDAI form must be submitted for an insurance license? Form IRDA-1 Form LIC-2 Form REG-4 Form IRDA-1A Form IRDA-1 is required to obtain an insurance license. 6 / 20 6. What is the maximum tenure for a term insurance plan? 20 years 30-40 years 10 years 5 years Most term insurance plans offer a maximum tenure of 30-40 years. 7 / 20 7. What is the maximum permissible limit for foreign direct investment (FDI) in the insurance sector in India? 51% 49% 26% 74% The FDI limit in insurance is 74% as per recent guidelines. 8 / 20 8. What is reinsurance? Insurance for businesses Insurance for individuals Extra premium insurance Insurance purchased by insurers Reinsurance is insurance purchased by insurers to manage risk. 9 / 20 9. Under the IRDAI regulations, what is the minimum solvency ratio an insurer must maintain? 1 0.5 1.5 2 The minimum solvency ratio ensures the insurer can meet obligations. 10 / 20 10. What does ULIP stand for? Universal Life Insurance Program Uniform Life Investment Policy Unified Loan Insurance Plan Unit Linked Insurance Plan ULIP stands for Unit Linked Insurance Plan, combining insurance and investment. 11 / 20 11. What is the free-look period in an insurance policy? The time for filing claims The time for policy renewal The time for premium payment The time to cancel a policy within 15 days The free-look period allows policyholders to cancel the policy within 15 days. 12 / 20 12. Which document is essential for a life insurance claim? Aadhar card Policy document Driver’s license PAN card A policy document is necessary to file a life insurance claim. 13 / 20 13. What is a cashless claim in health insurance? Cashless claims for network hospitals Claims settled through cash Claims processed after 3 months Cash payments during treatment Cashless claims allow treatment without upfront payment at network hospitals. 14 / 20 14. What is the primary function of the IRDAI? To handle retirement funds To provide loans To manage public sector banks To regulate and promote insurance in India The IRDAI regulates and promotes the insurance industry in India. 15 / 20 15. Which type of policy offers coverage for a specific period and no maturity benefit? Endowment policy Term insurance Whole life insurance ULIP Term insurance provides coverage for a specified period without maturity benefit. 16 / 20 16. What is the role of an insurance agent? To advise clients and sell insurance policies To manage funds To approve claims To calculate premiums Insurance agents advise clients and sell insurance policies. 17 / 20 17. What is the full form of TPA in health insurance? Third Party Administrator Total Policy Assistance Tax Planning Authority Tenure Policy Advisor TPA stands for Third Party Administrator, facilitating claims processing. 18 / 20 18. What is the waiting period in health insurance? The premium payment period The time between policy purchase and issuance The duration of hospitalization The period before specific conditions are covered The waiting period is the time before coverage for specific conditions starts. 19 / 20 19. What is the purpose of an insurance endorsement? To cancel a policy To modify policy terms To increase premiums To extend policy tenure An endorsement modifies or clarifies policy terms. 20 / 20 20. Which type of insurance covers damages caused by natural disasters? General insurance Life insurance Health insurance Travel insurance General insurance typically includes coverage for natural disasters. Your score is LinkedIn Facebook Twitter 0% Restart quiz Practice Some More... SSC Gd Mock Test In Hindi Take Test CPCT Mock Test Take Test
