Preview Questions Insurance Advisor | Role Specific Skill

Question 1: Which of the following regulatory bodies oversees insurance fraud and misconduct in India?

Which action should you take?

Choose only one option

Securities and Exchange Board of India (SEBI)

Ministry of Finance

Insurance Regulatory and Development Authority (IRDAI)

Reserve Bank of India (RBI)

Question 2: How can an insurance advisor demonstrate value to a client who feels the premiums are too high?

Which action should you take?

Choose only one option

By encouraging the client to cancel the policy

By dismissing the client's concerns and continuing with the policy as is

By suggesting cheaper policies without considering coverage limitations

By explaining the value of the coverage and the benefits of the policy in relation to the premium

Question 3: When recommending a policy to a senior citizen with no dependents, which of the following is most appropriate?

Which action should you take?

Choose only one option

Final expense insurance with low premiums

Guaranteed issue life insurance

Term life insurance with extended coverage

Whole life insurance with cash value

Question 4: How often do insurance companies in India need to submit their financial statements to the Insurance Regulatory and Development Authority (IRDAI)?

Which action should you take?

Choose only one option

Annually

Semi-annually

Monthly

Quarterly

Question 5: How should an insurance advisor address a situation where the policy terms and conditions conflict with a client's expectations?

Which action should you take?

Choose only one option

Ignore the discrepancy and proceed with the policy sale

Offer the most expensive policy instead to compensate

Advise the client about exact policy details and recommend changes based on their needs

Try to modify the terms without consulting the client

Question 6: When introducing performance-based rating structures (e.g., usage-based premiums) to a skeptical client, which client management technique fosters acceptance and long-term engagement?

Which action should you take?

Choose only one option

Forcing the client to adopt the new rating system without explanation

Downplaying the rating model and hoping the client won't question it

Presenting only complex actuarial formulas for premium calculations

Demonstrating how performance metrics impact pricing, providing transparent examples, inviting the client to test scenarios, and offering periodic reviews to ensure fairness