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 4 of 20

Discover more Topics under IC 14 Regulations of Insurance Business

Q31.
Where is the training and examination conducted for the Principal Officer and persons soliciting and procuring business in the case of Insurance Brokers?

a.

National Institute of Management, Mumbai

b.

National Insurance Academy, Pune

c.

Insurance Regulatory and Development Authority, Hyderabad

d.

Institute of Insurance and Risk Management, Hyderabad

Discuss
Answer: (b).National Insurance Academy, Pune Explanation:The training and examination for the Principal Officer and persons soliciting and procuring business in the case of Insurance Brokers are conducted by the National Insurance Academy, Pune.
Q32.
What are the training and examination requirements for corporate agents as per Regulation 5?

a.

50 hours of practical training and passing a pre-recruitment examination

b.

75 hours of theoretical and practical training

c.

100 hours of practical training and passing a pre-recruitment examination

d.

No specific training and examination requirements for corporate agents

Discuss
Answer: (c).100 hours of practical training and passing a pre-recruitment examination Explanation:Corporate agents are required to undergo 100 hours of practical training and pass a pre-recruitment examination as per Regulation 5.
Q33.
Is there any specified capital requirement for corporate and individual agents according to the regulations?

a.

Yes, there is a minimum capital requirement for both corporate and individual agents

b.

No, there is no capital requirement for either corporate or individual agents

c.

Yes, but the capital requirement is the same for both corporate and individual agents

d.

The capital requirement is mentioned separately for corporate agents and individual agents

Discuss
Answer: (b).No, there is no capital requirement for either corporate or individual agents Explanation:No capital requirement has been specified for corporate and individual agents according to the regulations.
Q34.
What is the validity period of an Insurance Broker license once issued?

a.

1 year

b.

2 years

c.

3 years

d.

5 years

Discuss
Answer: (c).3 years Explanation:An Insurance Broker license, once issued, is valid for a period of 3 years from the date of its issue, unless suspended or cancelled pursuant to the regulations.
Q35.
How long does a license granted by the Authority to a corporate agent remain in force?

a.

1 year

b.

2 years

c.

3 years

d.

5 years

Discuss
Answer: (c).3 years Explanation:A license granted by the Authority to a corporate agent remains in force for 3 years.
Q36.
What is the duration of an agent license, including renewals?

a.

1 year

b.

2 years

c.

3 years

d.

5 years

Discuss
Answer: (c).3 years Explanation:An agent license, including renewals, is granted or renewed for a period of 3 years.
Q37.
Does an individual agent need to take an exam for license renewal?

a.

Yes, an exam is required for every renewal

b.

No, an exam is not required for license renewal

c.

Only a practical training assessment is required

d.

The need for an exam depends on the performance during the previous license period

Discuss
Answer: (b).No, an exam is not required for license renewal Explanation:An individual agent does not have to take an exam for license renewal.
Q38.
How is the renewal application for a license dealt with, according to Regulation 13?

a.

Automatically renewed without application

b.

Subject to a simplified renewal process

c.

Treated in the same manner as a fresh application

d.

Requires an additional examination for renewal

Discuss
Answer: (c).Treated in the same manner as a fresh application Explanation:The renewal application for a license is treated in the same manner as a fresh application, as per Regulation 13.
Q39.
What powers does the Authority have regarding the suspension or cancellation of licenses?

a.

The Authority can only suspend licenses under certain conditions

b.

The Authority can only cancel licenses under specific circumstances

c.

The Authority has the power to suspend or cancel licenses under conditions listed in Regulations 34 and 35

d.

The Authority has no power to suspend or cancel licenses

Discuss
Answer: (c).The Authority has the power to suspend or cancel licenses under conditions listed in Regulations 34 and 35 Explanation:The Authority has the power to suspend or cancel licenses under the conditions listed in Regulations 34 and 35.
Q40.
Under what circumstances can the designated person cancel a license or certificate of a corporate agent?

a.

If the corporate agent suffers from any disqualifications mentioned in Sub-Section (4) of Section 42D of the Act

b.

If the corporate agent fails to pay the annual fee

c.

If the corporate agent violates any provision of Regulation 19

d.

If the corporate agent's performance is below the prescribed standards

Discuss
Answer: (a).If the corporate agent suffers from any disqualifications mentioned in Sub-Section (4) of Section 42D of the Act Explanation:The designated person may cancel a license or certificate of a corporate agent if the corporate agent suffers from any disqualifications mentioned in Sub-Section (4) of Section 42D of the Act.
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