1. The banks can withdraw from DICGC coverage after a period of__________

A. One year B. Two years C. Five years D. Cannot Withdraw

Answer: Option D
Explanation: The deposit insurance scheme is compulsory and no bank can withdraw from it.
2. The Insurance Act 1938 restricts the insurers to reject a claim in life insurance policy on any ground, including frauds or misrepresentation, after a period of ____________

A. Five years B. Three years C. Two years D. Six years

Answer: Option B
Explanation: The initial three years in a life insurance contract between the life insurance company and the policyholder is an important milestone. While the rules allow insurers to repudiate (or reject) death claims within the initial three years of a life insurance policy on the ground of misrepresentation or suppression of a material fact, their hands are tied for repudiation of claims, if a death happens after this period.
3. Which Section of the Insurance Act 1938, allows the life insurers to call a policy into question, within the initial 3 years, on the ground of misrepresentation or fraud?

A. Section 27 B. Section 32 C. Section 45 D. Section 12

Answer: Option C
Explanation: The regulation as per Section 45 of the Insurance Act allows insurers for calling a policy in question on the ground of misrepresentation or suppression of a material fact not amounting to fraud only within the initial three years of the policy.
4. What is the duration of time provided by RBI to LIC to reduce its stake in IDBI Bank by 10 percent?

A. 12 years B. 10 years C. 5 years D. 8 years

Answer: Option A
Explanation: RBI, which classified IDBI as a private sector bank, has given LIC 12 years to cut its stake in the bank by 10 per cent.
5. Under the Prime Minister’s Crop Insurance Scheme, farmers will have to pay a uniform premium of _______ percent for Kharif crops?

A. 1.5% B. 1% C. 5% D. 2%

Answer: Option D
Explanation: The Pradhan Mantri Fasal Bima Yojana (Prime Minister’s Crop Insurance Scheme) was launched by Prime Minister of India Narendra Modi on 13 February 2016. It envisages a uniform premium of only 2 per cent to be paid by farmers for Kharif crops, and 1.5 per cent for Rabi crops. The premium for annual commercial and horticultural crops will be 5 per cent

1. Which among the following insurance entity is not regulated by the IRDAI?

A. SBI Life Insurance B. Postal Life Insurance C. Sahara India Life Insurance D. IDBI Federal Life Insurance

Answer: Option B
Explanation: Sec. 44 of the LIC Act describes Postal Life Insurance (PLI) as a “scheme run by the Central Government’. So, PLI is neither a company nor a body corporate, but is part of a department of the Central government and so will not come under the definition of ‘insurer’. Consequently, the IRDA can only advise PLI, and that too not in its capacity as a regulator but just as a well-wisher.
2. When was the Postal Life Insurance (PLI) launched?

A. 11 March 1896 B. 31 January 1906 C. 1 February 1884 D. 30 April 1986

Answer: Option C
Explanation: PLI was launched on February 1, 1884, as a welfare measure for employees of the Post & Telegraph department and then extended gradually, over a century, to cover employees of Central and State governments, local bodies, nationalised banks, public sector undertakings and government aided schools.
3. What is the maximum sum assured limit for plans under PLI?

A. Rs 10 lakhs B. Rs 20 lakhs C. Rs 30 lakhs D. Rs 50 lakhs

Answer: Option D
Explanation: Minimum ₹ 20,000 and maximum ₹ 50 lakhs for all plans except children policy.
4. The maximum sum assured limit for the Children Policy under PLI is________

A. Rs 3 lakhs B. Rs 2 lakhs C. Rs 5 lakhs D. Rs 8 lakhs

Answer: Option A
Explanation: For Children Policy, maximum sum assured limit is ₹ 3 lakh.
5. The Rural Postal Life Insurance (RPLI) was launched on the recommendation of which committee?

A. Rangarajan Committee B. Venkitaramanan Committee C. Malhotra Committee D. Tagore Committee

Answer: Option C
Explanation: As per the recommendations of the Malhotra Committee, rural postal life insurance was launched on March 24, 1995 to extend insurance benefits to the rural population.

1. What is the maximum sum assured limit under RPLI Policy?

A. Rs 5 lakhs B. Rs 10 lakhs C. Rs 20 lakhs D. Rs 30 lakhs

Answer: Option B
Explanation: Minimum ₹ 10,000 and maximum ₹ 10 lakhs for all the plans except children policy.
2. What is the maximum sum assured limit for the Children Policy under RPLI?

A. Rs 1 lakhs B. Rs 2 lakhs C. Rs 3 lakhs D. Rs 5 lakhs

Answer: Option A
Explanation: For Children Policy maximum sum assured limit is ₹. 1 lakh.
3. Under PLI/RPLI, the policyholder below the age of ________can takes a Children’s Policy for its children.

A. 50 years B. 40 years C. 45 years D. 35 years

Answer: Option C
4. What should be the maximum age of the child for whom Children’s Policy can be undertaken by the policyholder?

A. 10 years B. 18 years C. 12 years D. 20 years

Answer: Option D
Explanation: Any PLI/RPLI policy holder who is below the age of 45 years having children between 5 years and 20 years
5. How many children per family are eligible for the Children’s policy of the PLI/RPLI?

A. One B. Two C. Three D. No limit

Answer: Option B
Explanation: Maximum two children in family are eligible to take children policy.