Regulation of insurance business — the IRDAI framework, the Insurance Act 1938, intermediaries and consumer protection.
These are 5 of the 540 IC-14 questions in Certena, taken from across the paper. Every answer key has been checked against a source — a printed answer key, a textbook extract, or arithmetic — not guessed. Reveal the answer and the explanation below each question. No sign-up needed.
Answer: C. At least 35 days before the commencement of each financial year, an insurer shall file note on his underwriting policy with IRDA
According to the Insurance Institute of India (III) Regulation of Insurance Business curriculum (IC-14), 'At least 35 days before the commencement of each financial year, an insurer shall file note on his underwriting policy with IRDA' is the legally and regulatory correct answer. Statutory provisions under the Insurance Act, 1938 and IRDAI Regulations mandate this standard to uphold legal compliance and policyholder rights.
Answer: C. Claimant
As per the 'Law Commission', with a view to encourage ADR, a claimant may have the choice to opt for mediation or conciliation.
Answer: E. All of the above
"All of the above" is correct because a life insurance policy document is expected to state the term, the premium payable, the age and occupation of the insured, and the documents needed to support a claim -- all of these are standard particulars a policy schedule and conditions must capture, not just one of them in isolation. Selecting any single item alone would leave out equally essential policy information.
Answer: B. Underwriters
Several stakeholder groups take a close interest in an insurer's reserving practices, including shareholders, the government and regulator, and underwriters. Underwriters study how reserves develop to understand the true cost of claims for each class of business, so that they can set the right risk premiums.
Answer: C. Forty-five
Under the Insurance Act, 1938 and IRDAI (Reinsurance) Regulations, insurers must maintain a board-approved reinsurance programme and comply with mandatory statutory cessions to the Indian reinsurer (GIC Re). 'Forty-five' reflects this regulatory framework.
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