Preview Questions Insurance Advisor | Role Specific Skill

Question 1: In proposing second-to-die life insurance to fund estate tax liabilities, which advanced consultation ensures clients comprehend how changing estate tax laws, asset values, and policy charges affect future liquidity at the second death?

Which action should you take?

Choose only one option

Modeling various estate tax scenarios, asset valuations, and premium funding patterns, illustrating how the policy ensures liquidity at second death

Stating that estate taxes and policy charges won't change over time

Emphasizing only current estate tax rates and ignoring legislative risk

Providing no contingency plans if asset values decline

Question 2: Which of the following regulations governs the sale of insurance products in India?

Which action should you take?

Choose only one option

Prevention of Money Laundering Act (PMLA)

Companies Act

Securities and Exchange Board of India (SEBI) Act

Insurance Regulatory and Development Authority (IRDA) Act

Question 3: In selling life insurance, how do "convertible" policies benefit clients?

Which action should you take?

Choose only one option

They allow term life insurance policies to be converted to permanent policies without additional underwriting

They offer flexible payment terms depending on the client's financial situation

They allow clients to purchase additional coverage without any medical exams

They guarantee a fixed premium for the life of the policy

Question 4: A VIP client is considering policy consolidation across multiple insurers. How does an advisor maintain a strong relationship and stand out as a trusted consultant during this review process?

Which action should you take?

Choose only one option

Pressuring the client to remain loyal without offering new value

Criticizing all competitor products without objective analysis

Presenting a comprehensive consolidation analysis, highlighting cost efficiencies, coverage synergies, and offering ongoing strategic advice aligned with the client's goals

Undercutting competitor insurers' pricing without reviewing needs

Question 5: What is required under GDPR (General Data Protection Regulation) in terms of client data for insurance advisors in BFSI?

Which action should you take?

Choose only one option

Advisors must share client data with third parties on request

Advisors must delete all client data after each sale

Advisors must ensure that client data is kept confidential and only used for the intended purpose

Advisors must store data in cloud servers with global access

Question 6: What is the best way for an insurance advisor to ensure that a client feels valued throughout the sales process?

Which action should you take?

Choose only one option

Offer them a one-time discount

Consistently provide valuable information and be responsive to their needs

Overwhelm them with excessive offers and promotions

Focus on closing the deal as quickly as possible