RAP examination question set 5

Here you can find most frequently asked question set on RAP examination. Each set contain fifty questions. as per our expertise we have accumulated the question set here. But recent period it has been observed that they frequently change the set. If you carefully study all sets described here, Your passing score will be good on RAP examination.

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  1.  If notification of death is received 3 years after death then the claim can be declared:   
  •                 Death claim
  •                 Rider claim
  •                 Time barred claim
  •                 Maturity claim

 2. In case of confirmed accidental death, the benefit is paid in the form of:      

  •                 Life time annuity
  •                 Lump sum assured plus accidental sum assured
  •                 Sum Assured
  •                 Lump Sum plus life time annuity

3. The delay in settling claim by any insurance co as per IRDA norms has to pay….% if the present bank interest rate is 5.2%:

  •                 0.07%
  •                 0.09%
  •                 0.07%
  •                 0.08%

4. What is the death benefit if the person has multiple sums assured under different policies?

  •                 Death Benefit will be the amount with highest SA policy
  •                 No amount will be paid
  •                 Sum of all SA in different policies
  •                 Not more than 20lacs

5. How much proportion of accumulated fund can be commuted in case of annuity policies?           

  •                 Upto 1/3rd
  •                 Upto 1/4th
  •                 Upto 1/5th
  •                 Upto ½

6.    No of days in which the death claim has to be paid after the necessary documents have been received:               

  •                 15 days
  •                 30 days
  •                 45 days
  •                 60 days

7. An Agent can receive maximum of ________ %of the premium as commission in the first year

  •                 Thirty Percent
  •                 Twenty percent
  •                 Thirty Five Percent
  •                 None of this

8. What is the reason that an advisor is getting more than 35% Commission in the 1st Year?             

  •                 Not possible
  •                 Alternate channel
  •                 Mis-selling
  •                 Higher charge product

9. During product recommendation, the agent should explain the product in relation to:   

  •                 The needs that came to fore in fact find process
  •                 Benefits of the products
  •                 Commission on the products
  •                 None of the above

10. The best way to prove that customer of a ULIP policy is given awareness about the commission paid to the Agent is:             

  •                 Ask the insurer to give a policy endorsement letter
  •                 From the fact details
  •                 From signed copy of benefit illustration
  •                 From ticked columns of proposal form  

11. What are the key aspects that advisors do for better persistency?           

  •                 Selling product as per need & policy servicing
  •                 Surrender
  •                 Selling products having higher Commission
  •                 Not keeping in touch with client

12. According to IRDA agent’s code of conduct, what is the best method of showing the amount of commission earned by the advisor?

  •                 Signed copy of sales illustration
  •                 Brochure
  •                 Policy document
  •                 First premium Receipt

13. If the agent recommends the client to terminate an endowment plan and take a whole life in order to earn higher commission, it is termed as:         

  •                 Switching
  •                 Doing a financial planning
  •                 Churning
  •                 Need analysis

14. Churning is bad, based on which aspect:

  • Agents earn Lower Commission on churning
  • Policyholder gets more benefits
  • Policyholders suffer due to surrender charges and benefits
  • Insurance companies get good branding

15. An advisor will do a churn to:     

  •                 Avoid a customer complaint
  •                 Minimize paper work
  •                 Service the customer
  •                 To earn extra commission

16. If Sales Target get reduced, then Churning will:

  • Increase
  • Decrease
  • will not affect
  • Partially

17. What is meant by Higher persistency to the insurers?    

  •                 More productivity
  •                 Higher attrition
  •                 Higher Profits
  •                 Higher S.A

18. Transactions of sale of life insurance products to the insurable clients are viewed in the insurance market mostly as:           

  •                 Sales transactions
  •                 Relationship transactions
  •                 Monetary transactions
  •                 Assured transactions

19. As per the IRDA circular an insurance agent:       

  •                 Need not disclose the amount of commission
  •                 needs to disclose the amount of commission
  •                 needs to disclose the amount of commission on demand
  •                 should not disclose

20. Insurer has rejected an insurance proposal with intimation along with reasons to client and with copy to agent. What should agent do?  

  •                 Explain to client the reasons of rejection
  •                 Arrange for refund of client’s expenses
  •                 Intimate the client that the agency relationship has come to an end
  •                 Write about this to the registrar

21. Health ID cards are provided to all their policy holders to validate their identity at the time of admission by:

  • TPA
  • Insurer
  • Hospital
  • None of the above

22. TPA should provide:

  • 24-hour customer support service
  • ID card
  • Claim advice
  • All the above

23. In a cashless Medi-claim policy the claim amount is paid by the Insurance company to the:

  • TPA
  • Policyholder
  • Hospital
  • none of the above

24. Corporate agent Is a corporate body which acts as:

  • Agent for one life, one non-health Insurance Company
  • Agent for all Life and General Insurers
  • Association of all agents
  • None of the above

25. In the Life Insurance segment, there is:

  • One Life Insurance Company in the public sector
  • Four General Insurance companies in the public sector
  • Forty insurance companies in total
  • None of the above

26. What is the frequency of the crediting the interest which is given to the customer in a cumulative deposit?

  • yearly
  • quarterly
  • monthly
  • daily

27. Bank interest is accumulated:

  • Monthly
  • Yearly
  • Quarterly
  • Once in 6 months

28. Where would you have to go if you wanted to buy a KisanVikas Patra?

  • Any Nationalized Bank
  • Insurance Company
  • Post Office
  • Mutual Fund Company

29. KishanVikas’s payment gets cleared at:

  • Bank
  • Post office
  • Insurance company
  • Any one of the above

30. A person wants to invest in a FD for Tax benefit. How many years he has to take the term of the FD?

  • 5 Years
  • 4 Years
  • 3 Years
  • 2 Years

31. Suresh has adequate reserve capital with him and he wishes to protect his income. Moreover, he feels that if he does not die then he would need the amount. What type of plan should he opt for?

  • Term insurance Plan
  • Endowment plan
  • Return of premium plan
  • Pension plan

32. Suresh wants to transfer his physical gold to gold exchange traded fund in relation to access this change will:

  • Increase his liquidity
  • Decrease his liquidity
  • Reduce his encasement for next six months
  • Create a future liability

33. Suresh wants to transfer his physical gold to gold exchange traded fund in relation to access this change will:

  • not hedge against inflation
  • Decrease his liquidity
  • Reduce his encasement for next six months
  • Insure against uncertainties

34. Which is the training institute for providing training to insurance agents?

  • Insurance Institute of India
  • IRDA
  • RBI
  • SEBI

35. Customer asks the agent to disclose the commission. The agent should:

  • disclose on demand
  • Not disclose
  • Should call up the Insurer
  • Should avoid the topic

36. A satisfied client will lead to:

  • Word of mouth publicity for the agent
  • Chances of up selling
  • More reference generation for the agent
  • All the above

37. Mr.Ramesh invested Rs:50000 in pension policy, what is the percentage he can avail as:

  • exemption in Income tax.
  • 33.33%
  • Pension plan is not eligible for tax exemption
  • will depend on his income slab

38. The advantage/disadvantages within cumulative and fixed traditional deposits pertain to-

  • Returns
  • Taxation
  • Look-in Period
  • Investment Frequency

39. Term insurance if best suited for the following need:

  • home loan
  • education need
  • marriage of kids
  • Retirement needs

40. In a joint life plan for a husband & wife, where should the agent’ principal loyalty lay?

  • Insurance company
  • Husband only
  • Husband & wife
  • Insurance company, husband & wife

41. A Risk transfer provides a sense of:

  • Financial instability
  • Financial distress
  • Financial security
  • Financial deficit

42. 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

43. 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

44. 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

45. 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 ______

  • Transfer
  • Control
  • Retaining
  • Avoidance

46. An Agent can receive maximum of ________ %of the premium as commission in the first year

  • Thirty Percent
  • Twenty percent
  • Thirty Five Percent
  • None of this

47. Who deducts premium in Salary Savings Scheme?

  • Employer
  • Employee
  • Insurance Company
  • TPA

48. The date on which the Title/rights under a policy passes on to the child on age 18 is called….:

  • Deferment date
  • Commencement date
  • Vesting date
  • Postponement date

49. Which plan is suitable for those who cannot afford higher premium now but can afford to pay higher premium later?

  • Term insurance
  • Convertible Term insurance
  • Whole life
  • Moneyback

50. A Couple has 7 year kid & wants to Buy some Policy. Which is the best suitable policy for his Son?

  • Only ULIP Plans
  • Only Endowment Policies
  • only Term Plans
  • Child insurance plans can be taken out in the form of endowment plans money-back plans or ULIPs

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