IRDA and its Licensing Functions MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on IRDA and its Licensing Functions, a fundamental topic in the field of IC 14 Regulations of Insurance Business. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our IRDA and its Licensing Functions MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of IRDA and its Licensing Functions mcq questions that explore various aspects of IRDA and its Licensing Functions problems. Each MCQ is crafted to challenge your understanding of IRDA and its Licensing Functions principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC 14 Regulations of Insurance Business tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our IRDA and its Licensing Functions MCQs are your pathway to success in mastering this essential IC 14 Regulations of Insurance Business topic.

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IRDA and its Licensing Functions MCQs | Page 3 of 20

Discover more Topics under IC 14 Regulations of Insurance Business

Q21.
Who is authorized to issue and renew licenses for Agents?

a.

Regulatory body independent of the Authority

b.

Designated person in the insurance company

c.

CEO of the insurance company

d.

Chief Executive Officer of IRDA

Discuss
Answer: (b).Designated person in the insurance company Explanation:The designated person in the insurance company has the authority to issue and renew licenses for Agents.
Q22.
What qualifications are required for the Principal Officer of an Insurance Broker?

a.

Minimum qualification and completion of Corporate Insurance Executive course

b.

Minimum qualification and passing the Agent Examination

c.

Minimum qualification and completion of Insurance Broker Examination

d.

Only practical training in insurance brokerage

Discuss
Answer: (c).Minimum qualification and completion of Insurance Broker Examination Explanation:The Principal Officer of an Insurance Broker must possess the minimum qualification and have completed the Insurance Broker Examination.
Q23.
What qualification is required for a Corporate Insurance Executive representing a Corporate Agent?

a.

Minimum qualification and passing the Agent Examination

b.

Completion of Insurance Broker Examination

c.

Completion of Corporate Insurance Executive course

d.

Only practical training in insurance brokerage

Discuss
Answer: (c).Completion of Corporate Insurance Executive course Explanation:A Corporate Insurance Executive representing a Corporate Agent should undergo practical training and complete the Corporate Insurance Executive course.
Q24.
What qualifications are necessary for an Individual Agent to solicit and procure business?

a.

Passing the Insurance Broker Examination

b.

Completing Corporate Insurance Executive course

c.

Receiving practical training and passing the Agent Examination

d.

Possessing a degree in insurance management

Discuss
Answer: (c).Receiving practical training and passing the Agent Examination Explanation:An Individual Agent must receive practical training and pass the Agent Examination to solicit and procure business for the insurance company.
Q25.
What are the functions of an Insurance Broker according to the Regulations?

a.

Placing business, risk management, consultancy, assisting in claims, and maintaining underwriting and claims records

b.

Only placing business and risk management

c.

Consultancy and maintaining underwriting records

d.

Claims management and risk assessment

Discuss
Answer: (a).Placing business, risk management, consultancy, assisting in claims, and maintaining underwriting and claims records Explanation:The functions of an Insurance Broker, as specified in the Regulations, include placing business, risk management, consultancy, assisting in claims, and maintaining underwriting and claims records.
Q26.
How does a corporate agent identify themselves with the insurance company they represent?

a.

By using a unique identification code

b.

By following a specific dress code

c.

By placing business on behalf of the insurance company

d.

By adhering to the code of conduct given in Regulations

Discuss
Answer: (d).By adhering to the code of conduct given in Regulations Explanation:A corporate agent identifies themselves with the insurance company by following the code of conduct given in the Regulations.
Q27.
How does an individual agent identify themselves with the insurance company they represent?

a.

By using a unique identification code

b.

By wearing a badge with the insurance company's logo

c.

By placing business on behalf of the insurance company

d.

By adhering to the code of conduct given in Regulations

Discuss
Answer: (d).By adhering to the code of conduct given in Regulations Explanation:An individual agent identifies themselves with the insurance company by adhering to the code of conduct given in the Regulations.
Q28.
What disqualifications are applicable to applicants for an Insurance Broker license?

a.

Disqualifications specified under Section 42 of the Insurance Act

b.

Disqualifications specified under Sub Section (5) of Section 42D of the Insurance Act

c.

Disqualifications specified under Section 42D of the Insurance Act

d.

No disqualifications are specified for Insurance Broker applicants

Discuss
Answer: (b).Disqualifications specified under Sub Section (5) of Section 42D of the Insurance Act Explanation:Applicants for an Insurance Broker license shall not suffer from any of the disqualifications specified under Sub Section (5) of Section 42D of the Insurance Act.
Q29.
What disqualifications are applicable to both corporate agents and individual agents?

a.

Disqualifications specified under Section 42 of the Insurance Act

b.

Disqualifications specified under Sub Section (5) of Section 42D of the Insurance Act

c.

Disqualifications specified under Section 42D of the Insurance Act

d.

No disqualifications are specified for corporate agents and individual agents

Discuss
Answer: (a).Disqualifications specified under Section 42 of the Insurance Act Explanation:Both corporate agents and individual agents shall not suffer from disqualifications under Section 42 of the Insurance Act.
Q30.
What is the mandatory training requirement for the Principal Officer and persons soliciting and procuring business in the case of Insurance Brokers?

a.

50 hours of theoretical and practical training

b.

75 hours of theoretical and practical training

c.

100 hours of theoretical and practical training

d.

150 hours of theoretical and practical training

Discuss
Answer: (c).100 hours of theoretical and practical training Explanation:The Principal Officer and persons soliciting and procuring business for Insurance Brokers shall undergo at least 100 hours of theoretical and practical training from an institution recognized by the Authority.
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