Rap exam questions and answers pdf download

Rap exam questions and answers pdf download

rap exam questions and answers pdf download

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1.       A Risk transfer provides a sense of:        
                Financial instability
                Financial distress
                Financial security
2.       _____________ is an insurer for the insurance company:
                Reinsurance company
3.   3.  Mr. Mahesh is a software engineer. He has taken a term insurance for Rs. 30,00,000/- for 30years. This is an example for:     
                Risk retention
                Risk transfer
                Risk avoidance
                Risk tolerance
4.       What is the maximum cover that can be provided in micro-insurance?   
5.       The Non-Government Organisations (NGOs) help the insurance industry immensely in:               
                Promotional activities
                Drafting new regulations
                Linking buyers and sellers
                Linking third party administrators (TPAs)
6.       …...means before loss what was his financial status and for the same financial status to bring him is called:          
                An indemnity
                material information
                utmost goodfaith
                none of the above
7.       Insurance Agents are    
                Who work only for insurance company
                Who work for customers
                Who work for their own interests
8.       Mr. Varun who owns a multi-chain company would like to take an insurance. What will be the best option for him from the following?       
                He can take Surety insurance
                He can take Business Partner insurance
                He can take Key-man Insurance
                He can take company insurance
9.       Insurance c option because:
                Policyholder gets advantage of market linked investments
                Policyholder gets returns on their investment
                Policyholder can withdraw money whenever they need it
                Insurance products offer flexibility to the policyholders
10.   Amit is looking for term insurance plan for protection of his family he is advised to approach for:              
                Property Insurance
                Life Insurance
                Health Insurance
                Liability Insurance
11.   Which of the following is not a type of insurance organization? 
                Life insurance
                Non-Life insurance
12.   The constituents who participate in deeper penetration of micro-insurance and awareness of insurance in rural areas are:           
                The Surveyors
                Non- Governmental Organizations
                The Regulator IRDA
13.   Why is Insurance required?        
                To Cover Risks of Life
                To plan for Future goals
                For Savings
                All of the above
14.   In life insurance business if a person is working in calculating premium rates of insurance products then he is mostly likely a member of:        
                institutes of actuaries of India
                insurance institute of India
                Chartered institute of insurance
                Insurance institute of risk management
15.   Currently, major percentage of insurance sales in India takes place through:      
                Insurance Brokers
                Corporate agents
                Banc-assurance channel
                Individual insurance agents
16.   I.R.D.A was incorporated as a Statutory body in:
17.   What facility do insurers use to cover risks beyond their exposure limits:              
                Both a & b
                Neither a nor b
18.   One of the most sought after advantage of Insurance is:              
                Huge sum received in case of death
                Huge sum assured by paying small premium
                Tax benefits on payment of premium and all the pay-outs
                Can get the surrender value as per the terms and conditions
19.   Vinay doesn’t want to take insurance on himself. He feels that his family will survive with the funds available in the bank and monthly rentals received from village. This comes under Risk ______:               
20.   The main role of an underwriter in a non-life insurance company is normally to:
                assess the acceptability of particular risks
                certify a loss when claims are submitted
                design the structure of the products to be offered
                negotiate with the industry regulator
21.   The concept of insurance involves a transfer of:               
22.   Akshat is a relatively cautious person. In insurance terms, this will normally increase the likelihood that he will:
be considered an above average insurance risk
be considered a below average insurance risk
require reinsurance cover
23.   How are perils and hazards normally distinguished under term insurance policies?
Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of dying.
Perils are risks that policyholders will die before a specified date and hazards are factors which could influence that risk.
Perils are factors which affect the risk being insured and hazards are the size of the risk being insured.
Perils are factors which could influence an insured event occurring and hazards are the actual events which will trigger a pay-out.
24.   In insurance terms, the risk of suffering a disability is best described as what type of risk?
25.   For a household insurance policy, insurable interest need only exist at outset and at what other point?
The date the cancellation period expires.
The date the policy document is received.
26.   Rahul is employed by Sunny. In respect of this employment, Rahul automatically has insurable interest in Sunny’s life up to what limit, if any?
Rahul’s monthly salary.
Rahul’s pension fund value.
Sunny’s annual profit.
27.   Arun started a 20-year term insurance policy. Once established, when, if at all, is the insurer next entitled to ask him for proof of continuing good health?
After the end of the first 12 months.
At the point when he changes occupation or retires.
When a lapsed policy is revived.
28.   The concept of indemnity is based on the key principle that policyholders should be prevented from:
insuring existing losses.
making false insurance claims.
paying excessively for insurance cover.
profiting from insurance.
29.   Once an absolute assignment is effected under a life insurance policy, who will be the titleholder(s) of this policy?
The assignor in all cases.
The assignee in all cases.
Either the assignor or assignee depending on the type of policy involved.
The assignor and assignee jointly.
30.   How long is the free look-in period under a term insurance policy from the date of receipt of the policy document?
31.   A life insurer issued a quotation on 10 February, guaranteed for 14 days, which was accepted by the customeron day 10. Consequently, the insurer can only decline this risk if the:
customer submits a second quotation request.
insurer increases its underlying premium rates.
market place experiences a significant downturn.
32.   A policy document for a money-back policy includes the statement ‘the proposal and declaration signed by the proposer form the basis of the contract’. In which main section of the policy document will this normallyappear?
33.   A life insurance policy can only be made paid up if what policy feature exists?
34.   The main reason why a life insurance proposal form often asks for the proposer’s height is to enable a reasonable comparison with the proposer’s:
35.   Where annually increasing flexible premiums operate under a life insurance policy, what
rate of increase will generally apply?
36.   The amount paid out by the insurer under a 30-year life insurance policy exceeded the sum insured plus revisionary bonuses. The excess is likely to result from?
37.   What normally happens to the sum insured under a life insurance policy once the period of the lien expires?
It is replaced by a newly-underwritten sum insured.
38.   The main protection need of a 19-year-old is most likely to be:
protection of dependants.
protection of children’s future.
39.   Raunak recently arranged a life insurance policy under which he is classed as the master policyholder. This addresses his role as:
40.   The need for investment advice from an insurance agent normally results from what overriding key factor?
Absence of any long-term goals.
Inability to prioritise future financial needs.
Lack of market knowledge.
Shortage of available funds.
41.   When undertaking financial planning for individuals without capital, what savings need is likely to beaddressed in every single case?
Funds for children’s savings.
Funds for educational costs.
42.   Naveen is addressing his income needs by investing directly in corporate bonds. In what form will he receivethis income?
43.   Nikhil is looking for tax-efficient savings methods for his disposable income. He is considering an equity-linked savings scheme, national savings certificates and an endowment insurance policy. Premiums for which of these investments are allowed to be deducted from his taxable income?
The national savings certificates only.
The equity-linked savings scheme and the national savings certificates only.
The national savings certificates and the endowment insurance policy only.
The equity-linked savings scheme, the national savings certificates and the endowment insurance policy.
44.   An investor holds a wide range of shares. If the Reserve Bank of India announces a series of significantinterest rate increases, the prices of these shares are most likely to
45.   The main purpose of the guaranteed insurability rider benefit is to give the policyholder the right to
cancel a health-based exclusion after a symptom-free period.
include his parents under the policy.
increase cover when a key life event occurs.
maintain cover despite a fall in investment value.
46.   The changes in healthcare costs over recent years has had what general impact on healthcare insurance?
A fall in average premium levels.
A reduction in underwriting requirements.
A rise in the need for cover.
A strengthening of the insurable interest rules.
47.   The general need for a pension policy results from the existence of what key problem?
Anticipated fall in income.
Lack of employment opportunities.
Likely deterioration in health.
Uncertainty over investment performance.
48.   Yash pays health insurance premiums for himself, his wife and his two children aged 13 and 8. Premiums for which of these individuals will qualify as deductible from Yash’s taxable income?
Yash, his wife and his oldest child.
Yash, his wife and both his children.
49.   The sole focus during a client’s fact-find session was healthcare requirements and estate planning. Which main life stage is he most likely to fall into?
Young married with children.
50.   Apart from the salary level, what other key feature of Alok’s job is likely to have a major impact on the level ofhis pension, life insurance and health insurance needs?
Whether the job is office or field-based.
The normal retirement age in relation to the job.
Whether the job is in the public or private sector.
Whether the job is manual or non-manual.
51.   In the context of financial planning, how is the difference between real needs and perceived needs bestdescribed?
Real needs are financial needs and perceived needs are non-financial needs.
Real needs are actual needs and perceived needs are based on a client’s thoughts and desires.
Real needs are identified by the insurance agent and perceived needs are identified by the client.
Real needs are needs which satisfy an objective and perceived needs are needs which do not satisfy anobjective.
52.   To fulfil the ‘know your customer’ procedures, at what stage in the financial planning process is theinsurance agent most likely to request a copy of the customer’s photograph?
At the end of the fact-find meeting.
At the end of the presentation meeting.
As soon as the application is accepted by the insurer.
As soon as the insurer is ready to issue the policy document.
53.   An agent has recommended an investment product with non-guaranteed benefits. The benefit illustration passed to his client will therefore use assumed annual growth rates of:
54.   The main purpose of including commission details in the documentation to clients is to increase:
55.   A client has been recommended a low-risk investment product by his insurance agent, but the client insiststhe agent arranges for the money to be invested in a higher risk product. What action should the agent take?
Carry out these instructions, but document that this contradicts the recommendation.
Invest a reduced amount of money in this product.
Refuse to act for the client.
56.   An insurance agent has advised a client to surrender an existing investment product and start a newinvestment product. What key indicator should be used to determine whether this advice was ethical?
The best interests of the client.
The difference in potential income and capital growth between the two products.
The flexibility of the new product compared to the old one.
The views expressed by the client.
57.   What key impact will low persistency levels have on insurance policyholders?
An enhancement in product choice.
An improvement in investment performance.
An increase in insurance cover.
58.   Raju died 5 years before the end of his 30-year endowment insurance policy. What factor most likely causedthe insurer to investigate the claim using the early death claim procedures?
He paid the most recent premium during the period of grace.
His cover was originally accepted with a premium loading on medical grounds.
His death resulted from a recently acquired sudden illness.
The policy had lapsed and was revived shortly before he died.
59.   A claim under a term insurance policy is submitted by an individual who has substantially understated his age.As an alternative to paying out the full claim the insurer is most likely to take what action?
Deduct the underpaid premiums from the sum insured.
Pay out the surrender value.
Reject the claim on the grounds of misrepresentation.
60.   On the maturity of an endowment policy, a reduced sum insured is paid out. What is the most likely reasonfor this?
The instalments were commuted by the policyholder.
The policyholder’s health seriously deteriorated during the policy term.
The policy was made paid up during the policy term.
The policy was subject to a lien.
61.   What key event is most likely to prevent insurers from ensuring that each insured person brings a fairpremium to the pool for the risk presented?
A steep rise in inflation.
62.   An insurance agent served an insurer continually and exclusively for 20 years, after which he retired fromwork. In accordance with Section 44 of the Insurance Act 1938, renewal commission due to him after the termination of his agency can only be withheld if:
he ceases to remain a resident of India for tax purposes.
he survives beyond the age of 75.
there has been a change in regulator.
63.   Legislation gives which body the power to specify a code of conduct for surveyors and loss assessors?
Institute of Insurance and Risk Management.
Insurance Regulatory and Development Authority.
Securities and Exchange Board of India.
64.   What key legacy has been left by the activities of the Tariff Advisory Committee?
A central compensation fund.
Customer classification status.
Illustrative projection rates.
Standard policy wordings.
65.   Apart from conducting a comprehensive fact-find, the other main action that an insurance agent can take atoutset to minimise the risk of subsequently receiving a customer complaint is to:
offer commission rebates.
provide detailed disclosures.
register with the Insurance Ombudsman.
66.   An award made by the Insurance Ombudsman will only be binding on the insurer if the:
complainant accepts this decision.
Consumer Forum is involved in the case.
insurer signs a disclaimer.
value of the award is less than 2 lakhs.
67.   A policyholder asked his insurance agent for guidance on submitting a claim for the maturity benefit under hislife insurance policy. Due to pressure of work, the agent declined to assist. Consequently, this action is deemed to be a breach of the:
General Insurance Council’s guidelines.
Insurance Regulatory and Development Authority’s Code of Conduct.
Insurance Ombudsman’s protocols.
Insurance Brokers Association of India’s membership rules.
68.   During the process of applying for life insurance, the customer discloses confidentially to the insurance agentthat he had a mild stroke four months ago, however this was NOT mentioned on the application form. In accordance with the Insurance Regulatory and Development Authority’s Code of Conduct, how should the insurance agent deal with this information?
Ask the policyholder’s doctor to send details to the insurer.
Notify the insurer of this matter.
Refuse to act for the customer in this case.
Respect this confidentiality by not discussing it with anyone else.
69.   Which of the following cannot be insured?         
70.   Mr. Kunal used to participate in Car race. While taking up the Insurance policy he disclosed this information. What kind of hazard does it refers to:
Fraudulent representation
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