Q. Which entities are required to maintain an "Insurance Bank Account' and a professional indemnity insurance cover?

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Q. Is it mandatory for every life insurer operating in India to have a programme of reinsurance for lives covered by them?

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Q. What is the policy regarding the maximum retention for general insurers?

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Q. Under what circumstances does the IRDA have the power to ask a General Insurer to justify its retention policy?

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Q. What is the requirement for general insurers in terms of outstanding claims provision for reinsurance arrangements?

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Q. What provision is required to be made by every general insurer for Incurred But Not Reported (IBNR) claims on the reinsurance accepted portfolio?

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Q. In the case of insurance (individual) agent, the agents licence is granted / renewed for a period of ________ years.

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Q. What is the fee charged by the Authority to issue a duplicate copy of licence to Corporate Agents?

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Q. Which of the following is not a fundamental objective of reinsurance of life and non-life insurances?

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Q. Which of the following describes a reinsurance broker?

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Q. What the minimum qualification that the applicant for an insurance agent is required to possess for the areas that have a population of less than 5,000?

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Q. Fill in the blank by choosing the correct option. In the case of an insurance broker, the Principal Officer and persons soliciting and procuring business are required to undergo at least _________ hours of theoretical and practical training from an institution recognized by the Authority.

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Q. Fill in the blank by choosing the correct option. The minimum capital required for a direct broker is __________, a reinsurance broker is ________ and composite broker is ________.

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Q. For which of the following is it mandatory to purchase professional indemnity insurance?

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Q. What does IBNR in insurance business stand for?

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Q. As per IRDA (Life Insurance – Reinsurance Regulations) 2000, the reinsurer chosen by the insurer must enjoy a credit rating of a minimum of __________ of Standard and Poor or equivalent rating of any international rating agency.

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Q. Who is the National Reinsurer of India?

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Q. Which of the following needs to create outstanding claims provision for every reinsurance arrangement accepted on the basis of loss information advices received from Brokers / Cedants and where such advices are not received, on an actuarial estimation basis?

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Q. As per the IRDA (Life Insurance – Reinsurance Regulations) 2000, an insurer needs to file with the Authority, at least _____ days before the commencement of each financial year, a note on its underwriting policy indicating the classes of business, geographical scope, underwriting limits and profit objective.

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