Preview Questions Insurance Advisor | Role Specific Skill

Question 1: In an endowment policy, which of the following is typically true regarding the maturity benefit?

Which action should you take?

Choose only one option

It pays a return of investment without any risk coverage

It pays a lump sum benefit equal to the sum assured and bonuses

It only pays the premiums accumulated over time

It provides a benefit equivalent to the premiums paid only

Question 2: Under the IRDAI's regulations, what is the penalty for failing to adhere to the disclosure requirements for insurance products?

Which action should you take?

Choose only one option

A mandatory training session

No penalty as long as the policy is sold

A fine or suspension of the advisor's license

An advisory warning to the firm

Question 3: In an annuity, what is the primary function of the accumulation phase?

Which action should you take?

Choose only one option

To accumulate funds for future payouts

To allow the annuity to convert to a whole life policy

To ensure pension benefits are tax-free

To provide immediate lifetime income

Question 4: What is the role of the Financial Intelligence Unit (FIU) in insurance regulatory compliance?

Which action should you take?

Choose only one option

Preventing fraud and money laundering

Offering investment advice

Verifying the authenticity of insurance claims

Monitoring and regulating insurance premiums

Question 5: Which of the following must insurance advisors do before offering a policy to a client according to the Insurance Regulatory and Development Authority of India (IRDAI) guidelines?

Which action should you take?

Choose only one option

Provide clients with a list of the top 5 policies based on commission

Only explain the benefits of the policy

Inform the client of the charges and exclusions within the policy

Offer the policy only after receiving payment

Question 6: When a corporate client's HR department requests frequent policy performance reports for their group plans, which relationship management practice ensures the advisor remains a valuable partner rather than a mere vendor?

Which action should you take?

Choose only one option

Delaying reports until the HR department complains

Only offering insights when asked repeatedly by HR

Sending raw data dumps without context

Providing tailored, user-friendly reports with key metrics, clear explanations, and proactive suggestions for plan optimization