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. Insurance relates to:
- Avoidance of risk
- Pooling of risk
- Protection of economic value of assets
- Minimization of risk
2. Loss of Life needs:
- To provide for any medical expenses that might arise
- To provide for children’s higher education
- To provide a steady source of income to dependents after death
- None of the above
3. A hazard can be defined as:
- A specific event which might cause a loss
- The chance of damage or loss
- A condition that either increases the chance of a peril happening or cause its effect to be worse
- Uncertainty of an event happening.
4. Which of the following is individual’s assets?
- His properties
- Family properties
- public properties
- none of the above
5. Policy document is:
- Legal contract
- Void contract
- Evidence of contract
6. In life insurance which principle does not apply?
- Principle of utmost good faith
- Insurable interest
- Principle of indemnity
- Principle of Non-disclosure
7. Kailash is working with an MNC and has a co-worker Ramesh who helps him in his work. In the absence of Ramesh Kailash’s work would suffer significantly and he has to work on his own to complete his assignments. Which of the statement is true with regard to
- Insurable Interest exists between Kailash and Ramesh
- Insurable Interest does not exist between Kailash and Ramesh
- Kailash has unlimited insurable interest in life of Ramesh
- Ramesh has unlimited insurable interest in life of Kailash
8. What amount of insurable interest does an individual have in his own life?
- Up to the sum assured taken in the plan
9. The insurance company issues ________________ after accepting proposal
- First Premium Receipt
- Renewal Premium Receipt
- Deposit Receipt
- None of the above
10. Even though the insurer may avoid the contract entirely “ab initio” for the reason of misrepresentation or non-disclosure the Insurance Act 1938 gives a protection to the policy holder making the policy in disputable after 2 years (excepting for fraud)
- Sec.131 of the Insurance Act 1938
- Sec. 38 of the Insurance Act 1938
- Sec. 45 of the Insurance Act 1938
- Sec. 41 of the Insurance Act 1938
11. Shamsher has a health insurance policy of 1,00,000 individually and from his company for 2,00,000. He falls sick and got hospitalized. His hospital bill ran to 50,000. He claimed this amountfrom his individual policy. Also, he placed the request with his company. His company has rejected the claim. What type of contract is this?
- Indemnity contract.
- Value contract.
- Deemed contract
- Rolling contract.
12. The __________ of the policy states that the proposal declaration signed by the proposer forms the basis of contract–
- Operative Clause
13. Certificate from the village panchayat:
- Will be considered as standard age proof
- Will be considered as non-standard age proof
- Will not be accepted
- All are wrong
14. What are the 2 types of Age proof documents?
- Normal & Abnormal
- Standard & Non-Standard
- Important & Unimportant
- Actual & Theoretical
15. Who fills up proposal form?
16. When the life assured and the policyholder are one and the same how the policy will be known?
- Policy taken by another life
- Policy taken on own life by another
- Policy on another life
- Policy on own life
17. ______________ refers to the transfer of the title rights interest of the insurance policy
- None of the above
18. Appointee’s role
- Signature on the proposal
- Medical exams
- insurable interest
- when Nominee is Minor
19. Nomination can be in favor of how many people?
- One person
- Two persons
- Three persons
- It can be any number
20. Insurable Interest is deemed to exist in which of the following relationship?(i) Husband and wife (ii) Parent and children (iii) Employer and employees(iv) Brother and Sister.
- (i) (ii) and (iv)
- (i) (iii) and (iv)
- (ii) (iii) and (iv)
- (i), (ii) and (iii)
21. If a policy holder is not satisfied with terms and conditions of the policy which she/he has received, then there is an option to return policy for cancellation within…days from the date of receipt for policy by policyholder.
- 20 Days
- 25 Days
- 10 Days
22. Types of assignment:
- Term assignment
- Absolute & Conditional
23. Material facts are those:
- That are specified to be so in the proposal
- That are considered to be so by the proposer
- That would influence the decision of the underwriter in accepting the risk
- That are specified so in the Insurance Act 1938
24. The main supplier of the material facts is:
- The agent since he meets the life to be insured
- The proposer as he is alone in the possession of full information about himself
- The insurance company
- The neighbours
25. Duty of disclosure of material information rests with:
- Insured person
- Insurance Company
- Insured and Insurer both
26. In case of life insurance, the insurable interest should exist:
- At the time of taking the policy
- At the time of claim
- At the time policy matures
- At the time of taking the policy & claim
27. Mr. ABC buying Term insurance policy insurer should mention Ombudsman address in which part of policy document?
- operative clause
- Information statement
28. If a contract is signed by a 15 years old boy this contract will be:
- Null and void
29. A & B in enters into a Contract & B accepts the Contract with a condition. Will this be considered as a Contract Between A & B?
- Contract is created only when the acceptance is unconditional.
- Contract is created only when the acceptance is conditional
- Both are Correct
- Both are Incorrect
30. Proposal form & the Declaration signed by the proposer are called____. of the contract:
- Foundation stone
31. In which kind of policy the insurable interest should exist at the time of claim:
- Motor insurance
- Marine insurance
- Liability insurance
- Travel insurance
32. When does insurable interest exist in a life insurance contract?
- inception of the contract
- At claims
- at survival benefits
- Through out the term
33. ______________ comes into existence when one party makes an offer which the other party accepts unconditionally:
- A Policy
- A Contract
- A Proposal
34. If a contract is signed by a 15 years old boy this contract will be:
- Null and void
35. The condition that the policy holder should pay the premiums regularly is mentioned in:
- Policy document
- Proposal form
- All of the above
36. For Quarterly mode of payment days of grace is:
- 20 days
- 25 days
- 15 days
- 30 days
37. Both the parties to a contract must agree and understand the same thing and in the same sense which is called:
- Legality of an object
38. Who should attest the thumb impression on the proposal form?
- A third person
- Proposer himself
- A Second person
39. The process of making changes in the terms and conditions of the policy once it is issued is called:
40. Utmost good faith envisages a positive duty to disclose accurately all information that are:
- Facts of common knowledge
- Facts which are material to the risk being proposed
- Facts of law
- Facts already known to the insurer
41. Insurable interest on one’s own life limited upto:
- 20 times of Gross Annual income
42. Except Surrender how one policy holder can transfer money to a third party barring Nominee?
- By Will
- By doing Assignment
- not possible to transfer
43. The process of making changes in the terms and conditions of the policy once it is issued is called:
44. When an interim bonus is paid under with profit policy This normally represents a bonus covering what period:
- Policy start date to the 1st Anniversary
- start date to the end of the 1st calendar year
- Previous valuation date to claim date
- claim date to next valuation date
45. The insurance contract is mainly an
- Agreement enforceable by law
- Agreement enforceable by insurance company
- Agreement enforceable by IRDA
- Agreement enforceable under the Insurance Act of India
46. Which of the following falls under voidable contract?
- Lack of insurable interest
- None of the above
47. A policy has two nominations. What amount should be given to the two nominees?
- 10% to each nominee
- 25% to each nominee —–???
- Nominee one should not be paid more than nominee two
- There is no specified limit like that
48. Till what period is interim bonus valid:
- as long as policy in force
- Till the next declaration of bonus
- Till the next valuation date
- None of the above.
49. Two people with same term one person had more premium than other because:
- Wife Younger
- Health detioration
- Difference in caste.
50. Moral Hazard reflects the:
- Intentions and attitude of proposer
- Habits and hobbies of proposer
- Occupation and residence of proposer
- Medical and personal history of proposer