TLDR;
This video by Toppers Point__ By Akash is a revision of important questions related to the LIC Agent exam. It covers various topics including insurance principles, ULIPs, consumer grievance redressal, policy features, and relevant acts. The video encourages viewers to understand the questions rather than memorize them and offers a PDF of the questions to those who engage with the video by answering questions in the comments or contacting the provided WhatsApp number.
- Key topics include insurance principles, ULIPs, and consumer rights.
- The video emphasizes understanding concepts over memorization.
- Engagement is encouraged through questions and PDF offers.
Introduction [0:00]
The video introduces a revision session focusing on important questions for the LIC Agent exam. Viewers are encouraged to subscribe and enable notifications for easy access to new content. A PDF of the questions is offered via comment request or direct WhatsApp message to the provided contact number.
Question 1: Mutuality and Differentiation [0:26]
The video starts with a question asking which of the following is wrong, with options including mutuality (combining funds of different individuals) and differentiation (making money reach different levels). The correct answer is none of the above, as both concepts are valid.
Question 2: Types of Assurance [0:55]
The next question asks which of the following words is not a type of assurance. The options include mortgage redemption insurance, return of premium, increase tenure assurance, and assurance of settlement. Viewers are challenged to provide the correct answer in the comments for a free PDF.
Question 3: Consumer Grievance Redressal Agencies [1:36]
This question asks which consumer grievance redressal agency handles disputes between ₹20 lakh and ₹100 lakh. The options are district forum, state forum, national commission, and district council. The correct answer is the State Commission.
Question 4: Basis of Cover in a Group Policy [2:21]
The question is which of the following can be the basis of cover in a group policy. The options are the height of life insured, the age of the person insured, the family size of the insured, and all of the above. The correct answer is the age of the insured person.
Question 5: Principles of Averima Fideus [3:11]
This question asks which action demonstrates the principle of Averima Fideus (utmost good faith). The options include lying about medical conditions, not disclosing material facts, disclosing material facts, and paying the premium on time. The correct answer is to disclose the material facts at the time of purchasing the policy.
Question 6: Value of Benefits in Initial Years of ULIP [3:59]
The question focuses on the value of benefits in the initial years of a Unit Linked Insurance Plan (ULIP). The options are high, less, liberal, and none of these. The correct answer is less, as the value of benefits is typically lower in the early years of a ULIP.
Question 7: Impact of Saving [5:00]
This question asks at what stage in one's life will saving impact him. The options are retirement, while he is earning, while he is a student, and when he is married. The correct answer is retirement.
Question 8: Disadvantage of ULIP over Traditional Policies [5:33]
The question identifies a disadvantage of ULIPs compared to traditional with-profit policies. The options relate to bonus declarations, discretion of the insurance company, and the bonus structure reflecting asset value. The correct answer is all of the above.
Question 9: Traditional Cash Value Plans [6:13]
This question asks which of the following is incorrect regarding traditional cash value plans. The correct answer is that the cash value component is well defined.
Question 10: Representation of an Insurance Broker [6:41]
The question asks who an insurance broker represents. The options are an insurance company, an insured person, an association of insurance companies, and people in the community who have already taken insurance. The correct answer is an insured person.
Question 11: Elements of a Valid Contract [7:33]
This question asks which of the following is NOT an element of a valid contract. The options are offer and acceptance, ability to pay premiums, consideration, and capacity of the parties. The correct answer is the ability to pay premiums.
Question 12: Occurrence of a Crisis [8:11]
This question involves filling in the blanks regarding the nature of a crisis and its impact on an insured person. The correct answer is that the occurrence of a crisis must be uncertain, and the person affected must not have a creation.
Question 13: First Part of the Policy Document [9:01]
The question asks what the first part of the policy document is. The options are policy claim settlement, Policy Schedule, standard provisions, and specific policy provisions. The correct answer is the Policy Schedule.
Question 14: IRDA Guidelines Implementation [9:44]
This question asks when the IRDA (Insurance Regulatory and Development Authority) guidelines were implemented for the public. The correct answer is 1st July 2014.
Question 15: Insurance Act, 1938 - Section for Claim Rejection [10:34]
The question asks under which section of the Insurance Act, 1938, the right to reject a claim under a policy is subject to. The correct answer is Section 45.
Question 16: Risk Retention in Insurance [11:30]
This question defines risk retention in the context of insurance. The correct answer is that the insured decides to bear the risk and its implications.
Question 17: Stand Alone Health Insurance Company [12:05]
The question defines a stand-alone health insurance company. The correct answer is a general insurance company that sells only health products.
Question 18: Premium and Benefits [12:49]
This question asks which statement is correct regarding premium and benefits. The correct answer is that a higher premium will give more benefits to the beneficiary at the time of claim.
Question 19: Incorrect Statement Regarding Insurance Agents [13:32]
The question asks which statement is incorrect. The correct answer is that an agent today can work for more than one life insurance company.
Question 20: Real Test for an Insurance Company [14:14]
This question asks when an insurance company is put to the real test. The correct answer is while declaring the bonus.
Question 21: Revival of Policy [14:55]
The question states that the revival of a policy is not a requirement of the insured. The correct answer is unconditional.
Question 22: Interest Rate on Delayed Claim Settlement [15:27]
This question addresses the interest rate an insurer must pay if a claim cannot be settled due to proper identification of the payee. The correct answer is the Savings Bank Account rate.
Question 23: Expand IGMS [15:57]
The question asks to expand the acronym IGMS. The correct answer is Integrated Grievance Management System.
Question 24: Insurable Interest [16:15]
This question asks in which case insurable interest does not exist. The correct answer is when a person insures his colleague.
Question 25: Policy Covering Indefinite Period [16:42]
The question asks what a policy that covers for an indefinite period is called. The correct answer is entire life.
Question 26: Free Look Period for Health Insurance [17:00]
This question asks how much free look period is allowed from the date of receipt of a health insurance policy document. The correct answer is 15 days.
Question 27: Not Risky for Insurance [17:33]
The question asks which of the following is not risky for insurance. The correct answer is the natural wear and tear of a property.
Question 28: False Statements [18:06]
This question asks which of the following statements is false. The correct answer is all of the above, indicating that all the provided statements are incorrect.
Question 29: Insurable Interest in General Insurance [19:00]
The question asks when insurable interest should be present in a general insurance contract as per common law. The correct answer is both while taking the policy and at the time of claim.
Question 30: Correct Statements [19:34]
This question asks which of the following statements is correct regarding group policies. The correct answer is that in a group policy, each individual is free to choose the amount of insurance cover.
Question 31: Investment Vehicle [20:15]
The question asks what selecting an appropriate investment vehicle will not depend on. The correct answer is insurance.
Question 32: Distribution of Terminal Bonus [20:35]
This question asks whether the distribution of terminal bonus is a way out for insurance companies. The correct answer is both to reward the policyholder for the unrealized profit of the insurance company and to achieve cohesion among different generations of the policyholder.
Question 33: Funds for Principal Investment in Equities [21:08]
This question asks which of the following funds provides for principal investment in equities. The correct answer is equity fund.
Question 34: Amount of Devski [21:42]
The question asks on which of the following does the amount of Devski depend. The correct answer is all of the listed factors: the principal, the investment period, the rate of return, and the payback period for the year.
Question 35: Unit Liquid Policy Score [22:12]
The question is about Unit Linked Policy Score Regarding Traditional Plan. The correct answer is all of the above, including transparent fee structure, value of units related to the performance index, and both the premium and the sum insured decided by the policyholder.
Question 36: IRDA Universal Biological Products [22:55]
The question asks, as per IRDA, what are all known as universal biological products. The correct answer is variable insurance product.
Question 37: Moral Hazard Report [23:24]
The question asks by whom the moral hazard report is completed. The correct answer is the company officials.
Question 38: MWP Act Cases [23:58]
The question asks which of the following is true regarding MWP (Married Women's Property) Act cases. The correct answer is that death claims are decided in favor of the trustees.
Question 39: Insurance Act 1938 Section 45 [24:18]
The question refers to Section 45 of the Insurance Act 1938. The correct answer is that an insurance company can reject a claim after 2 years from the date of issue of the policy if the material in the proposal is fraudulent.
Question 40: Monetary Transaction [25:01]
The question defines an act of inducing a monetary transaction. The correct answer is selling.
Question 41: Surplus Not Distributed [25:48]
The question asks what the surplus that was not distributed can contribute to. The correct answer is the financial stability of a company.
Question 42: ULIP [26:26]
The question asks which of the following is not correct regarding ULIP. The correct answer is that the life insurer provides a guarantee for the units.
Question 43: Insurance and Gambling [26:48]
The question asks why insurance is not gambling. The correct answer is insurable interest.
Question 44: Life Insurance Policies [27:18]
The question asks which life insurance policy pays the full sum assured on the death of the policyholder during the policy term or on the policy's maturity date. The correct answer is Akshay Nidhi.
Question 45: Riders [27:46]
The question asks which of the following statements regarding riders is incorrect. The correct answer is that a rider means the basic death cover of a life insurance policy.
Question 46: Nominee [28:07]
The question addresses a scenario where more than one nominee is nominated. The correct answer is that jointly the claim of death is silent.
Question 47: Year [28:41]
The question asks what the year relates to, prompting viewers to provide the answer in the comments for a chance to win a free PDF.
Question 48: Lokpal [29:17]
The question asks which of the following statements is correct. The correct answer is that Lokpal is not a judicial authority.
Question 49: Act [29:33]
The question asks which Act speaks about the presumption of death. The correct answer is the Indian Evidence Act.
Question 50: Underwriting [29:54]
The question describes a method of underwriting where the underwriter gives rating points for negative factors and decides the excess mortality rate, prompting viewers to provide the answer in the comments. The video concludes by encouraging viewers to subscribe and enable notifications for more videos.