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IRDAI CA 2024 > IRDAI & Insurance Facts 2 > Flashcards

IRDAI & Insurance Facts 2 Flashcards

1
Q

IRDAI has issued an advisory to all insurance companies asking them to check their ____ for vulnerabilities and take steps to protect policyholder’s data for breach in ___ company

A

IT system
Star Health & Allied Insurance

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2
Q

Which sector has the 2nd highest share in Life Insurance Premiums?

A

Pension

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3
Q

Top 2 sectors in premium share in General insurance?

A

Health
Motor

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4
Q

Which of the following is an all-in-one affordable insurance product, which offers life, health & property cover?

A

Bima vistaar

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5
Q

Bima vistaar includes life cover premium of Rs. ____, health cover of Rs. ____, personal accident of Rs. ____ & property cover premium of Rs. ____.

A

Life = 820
Health = 500
Personal accident = 100
Property = 80

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6
Q

In Bima vistaar the sum assured for life, personal accident and property cover is? While health cover is?

A

Rs. 2 lakh
Health = Rs. 500 for 10 days of hospitalisation

Most have 2 lakh (sby, jjby ,etc)

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7
Q

Under Bima Vistar the policy will cost Rs. ____ if taken for the entire family on a floater basis. However, it will cost an additional Rs. ____ charged for the rest of family members

A

Rs. 2,420 - floater for entire family
Rs. 900 - additional

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8
Q

IRDAI as part of its vision “Insurance for all by 2047” has alloted ____ to every insurer to increase insurance penetration

A

States & UTs

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9
Q

When was the concept of D-SIIs brought in by IRDAI?

A

2021-22

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10
Q

IRDAI mandated the facility of policy loan for all life insurance savings products. Here, the policy term shall be at least ___ yrs for individuals and ___ yr for group policies

A

5 yr - individual
1 yr - group

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11
Q

IRDAI has barred insurers from advertising ___ as an investment product

A

ULIPs

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12
Q

IRDAI has introduced provisions for better exit payout for life insurance policy holders unwilling or unabe to continue paying for their insurance. Insurers will now be liable to pay the special surrender value if the exit takes place after ___ yrs

A

after 1 yr

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13
Q

Acc to IRDAI’s latest circular on policyholder protection, guidelines for insurers on fairer and quicker customer servicing, the turnaround time (TAT) for most essential services has been now reduced by ____%

A

50%

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14
Q

IRDAI has asked General Insurance Companies to have board approved poicy guidelines for AYUSH coverage and give policyholders an option to choose a treatment of their choice. This will be effective from?

A

Apr 1, 2024

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15
Q

IRDAI has updated the definitions of pre-existing condition & moratorium period. Acc to it Health insurance waiting period has reduced from 48 months to?

A

36 months

3 yrs

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16
Q

IRDAI has updated the definition of pre-existing condition & moratorium period effective Apr 1, 2024. The moratorium preriod has been shortened from ____ to ___ months

A

96 to 60 months

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17
Q

IRDAI has removed age limit for purchasing health insurance policies recently. Earlier it was ____ yrs

A

65 yrs

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18
Q

In 2024, which type of inurance has IRDAI made compulsory for all registered vehicles?

A

3rd party liability insurance

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19
Q

IRDAI has recently introduced a cap on insurance commissions for?

A

To lower insurance premium costs

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20
Q

IRDAI has mandated insurers to increase the claim settlement ratio to atleast ____% for better consumer trust?

A

90%

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21
Q

Which Indian Life insurance company became 1st to operate in GIFT City?

A

IndiaFirst Life

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22
Q

Out of 24 life insurers in 2022-23 how many reported profits?

A

17

Mostly Private

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23
Q

In 2022-23 Life insurers issued 284.7 lakh new policies under individual businesses out of which public sector issued ____%

A

71.75%

24
Q

Claim settlement ratio as of March 2023 of Public Sector insurers was?

A

98.52%

25
Q

Which PSC is not underwriting general insurance outside india?

A

UIIC

26
Q

In 2022-23 ___ public sector general insurers paid dividends and ____ private sector general insurers did

A

0 & 7

27
Q

Solvency ratio stipulated by IRDAI is?

A

1.5

28
Q

As per IRDAI circular, if an isurer does not appeal against the award of insurance ombudsman and does not implement the same within 30 days, a penalty of Rs. ____/day is made payable

A

Rs. 5k per day

29
Q

Investment made by insurance industry stood at 60 lakh crore where the share of Life insurers were ____%

A

91%

Central Govt securities>State govt>Approved invstmnts>Housing

30
Q

Under ESI Act 1948, ceiling of monthly wages for persons with disability is? and under normal scenario is?

Employee State Insurance

A

Rs. 25,000
Rs. 21,000

31
Q

Highest shareholder of Agri Insurance Company India Ltd?

A

GIC @ 35%

Followed by NABARD

32
Q

Acc to IRDAI act 1999, The authority is a ___ member team

A

10 member

32
Q

EDLI scheme provides benefits up to ___ without any contribution from the employee

Employee’s Deposit Linked Insurance Scheme

A

Rs. 7L

33
Q

As per IRDAI Act, the Chairperson & every other whole-time member shall hold office for a term of 5 years from the date of joining and shall be eligible for reappointment provided that they have not attained the age of ___

A

62 yrs - whole time member
65 yrs - chairperson

34
Q

Section 14 of IRDA Act lays down?

A

Duties, powers and functions of IRDAI

35
Q

With the view to make India a Reinsurance hub, Insurance Law (Ammendment) Act ____, has allowed Foreign Reinsurers and Society of Lloyd’s to open their Branches in India

A

2015

normally 1938

36
Q

The ____ Act, ____, mandates protection of unknown & potentially catastrophic risk arising out of nuclear events

A

Civil Liability for Nuclear Damage Act, 2010

37
Q

Indian Market Terrorism Risk Insurance Pool was formed with the IMTRIP initiative of all non-life insurers in India in April ____, after terrorism cover was withdrawn by international reinsurers post 9/11

A

2002

38
Q

How many Reinsurers & Insurance Repositories are there in India?

A

Reinsurers: 1 (GIC)
Repositories: 4 (NSDL, CDSL, CAMS, Karvy)

39
Q

An online IGMS system for grievance management that is not onlt a gateway for registering and tracking grievances online but also acts as an industry wide grievance repository by IRDAI

A

Bima Bharosa

40
Q

IAIS HQ?

International ASsociation of Insurance Supervisors

A

Basel

41
Q

Indian Institute of Insurance Surveyors & Loss Assessors was established by IRDAI under Section 25 of Companies Act, 1956 on Oct, 2005. It is located in?

IIISLA

A

Hyderabad

42
Q

Insurance Institute of India, established in 1955, has been working for the last 68 yrs in Insurance, Academics, Training & Development. It is located in?

A

Mumbai

43
Q

Institute of Insurance & Risk Management is located in?

A

Hyderabad

44
Q

IRDAI has lowered the minimum capital requirement for foreign reinsurance business to Rs. ____ crore from Rs. 100 crore.

A

Rs. 50 crore

45
Q

The government sold a ____% share in LIC through an IPO

A

3.5%

46
Q

PODSCORB theory is by?

A

Luther Gulick & Lyndall Urwick

47
Q

Which UN declaration has highlighted the concept of insurance?

A

Un Declaration of Human Rights 1948

48
Q

Management quote by Peter F. Drucker

A

Management is a multi-purpose organ that manages a business, manages a manager and manages workers and work

49
Q

8 features of an insurance

A
  1. A risk transfer tool
  2. A community solution
  3. A contract
  4. Doesn’t affect probability of loss
  5. Loss minimisation
  6. Insured against the unpredictable only
  7. Speculative risks not covered
  8. Subrogation
50
Q

Oldest Indian texts that mention insurance?

A

Dharmashastra and Arthashastra

51
Q

In how many ways can subrogation happen?

A

4 ways,
1. Tort
2. Contract
3. Statute
4. Subject Matter Insurance

52
Q

What is Value of Risk?

A

Common statistic used to manage and predict risk associated with economic capital
It is the value at high confidence

53
Q

What is Economic Capital?

A

A sufficient surplus capital a financial firm needs to cover the risks it takes on

54
Q

What is indemnity? It not applicable in which case and why?

A

An agreement where the insurer compensates the loss of an insured.
Not applicable for life insurance - life cannot be compensated with a price tag

IRDAI CA 2024 (12 decks)

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