Regulations on Conduct of Business MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on Regulations on Conduct of Business, 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 Regulations on Conduct of Business 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 Regulations on Conduct of Business mcq questions that explore various aspects of Regulations on Conduct of Business problems. Each MCQ is crafted to challenge your understanding of Regulations on Conduct of Business 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 Regulations on Conduct of Business MCQs are your pathway to success in mastering this essential IC 14 Regulations of Insurance Business topic.

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Regulations on Conduct of Business MCQs | Page 30 of 32

Discover more Topics under IC 14 Regulations of Insurance Business

Q291.
What provision allows relaxation to the provisions of section 64 VB (I) for certain categories of insurance?

a.

IRDA guidelines

b.

Insurance Act 1938

c.

Section 64VB of the Insurance Act

d.

Insurance Regulations

Discuss
Answer: (c).Section 64VB of the Insurance Act Explanation:There is relaxation to the provisions of section 64 VB (I) for certain categories of insurance.
Q292.
What term is related to insurance characterized by low premium and designed to serve low-income group people?

a.

Insurance

b.

General insurance

c.

Micro-insurance

d.

Life insurance

Discuss
Answer: (c).Micro-insurance Explanation:Micro-insurance is a type of insurance tailored for low-income individuals, featuring low premiums to make it accessible to this demographic.
Q293.
In which country did the concept of micro-insurance originate?

a.

India

b.

The United States

c.

Pakistan

d.

Bangladesh

Discuss
Answer: (d).Bangladesh Explanation:Bangladesh is the country where the concept of micro-insurance originated.
Q294.
What is the maximum remuneration limit for a micro insurance agent for non-life insurance business?

a.

10% of the premium

b.

15% of the premium

c.

20% of the premium

d.

5% of the premium

Discuss
Answer: (b).15% of the premium Explanation:For non-life insurance business, the maximum remuneration limit for a micro insurance agent is 15% of the premium.
Q295.
Unit Linked Insurance Plans (ULIPs) are _______-linked insurance plans.

a.

insurance

b.

debt

c.

market

d.

indemnity

Discuss
Answer: (c).market Explanation:ULIPs are market-linked insurance plans, providing both life protection and investment opportunities to policyholders.
Q296.
Where data for the performance of a fund of the ULIP is not available for at least one calendar year, past performance _________________.

a.

Of the fund must not be shown.

b.

Of the fund must be shown since inception.

c.

For one calendar year of the benchmark index must be shown.

d.

Of similar funds must be shown.

Discuss
Answer: (a).Of the fund must not be shown. Explanation:According to IRDA guidelines, if ULIP fund performance data is unavailable for at least one calendar year, past performance of the fund should not be displayed.
Q297.
The maximum loan amount that can be sanctioned for any ULIP policy having more than 60% of its funds invested in equities is ______ of the policy’s surrender value.

a.

25%

b.

40%

c.

50%

d.

60%

Discuss
Answer: (b).40% Explanation:For ULIP policies with over 60% of funds in equities, the maximum loan amount sanctioned cannot exceed 40% of the policy’s surrender value.
Q298.
Micro-insurance is based on the concept of ________.

a.

Risk

b.

Eventualities

c.

Pooling

d.

None of the above

Discuss
Answer: (c).Pooling Explanation:Micro-insurance operates on the principle of pooling resources, where premiums from many policyholders are aggregated to provide coverage for all.
Q299.
Who conceived the idea of Grameen Bank in 1974?

a.

Bill Clinton

b.

Professor Muhammad Yunus

c.

Nelson Mandela

d.

None of the above

Discuss
Answer: (b).Professor Muhammad Yunus Explanation:Professor Muhammad Yunus conceived the idea of Grameen Bank in Bangladesh in 1974, revolutionizing the concept of microfinance.
Q300.
For life micro-insurance products, what should be the minimum number of members comprising a group?

a.

20

b.

15

c.

10

d.

30

Discuss
Answer: (a).20 Explanation:The minimum number of members comprising a group for life micro-insurance products is typically 20, ensuring risk sharing among a sufficient number of participants.
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