Code of Conduct
In which form should the application be made for a Composite Insurance Agent?
Form 1-B
Can an agent's appointment be suspended without notice?
False
Is violating the terms of appointment a reason for suspension?
True
What is the minimum age requirement for an insurance agent in India?
21
Are banks considered Insurance Intermediaries?
Yes
In India, what is the minimum number of years of experience required to become a Composite Insurance Agent?
No specific number of years
What is the first step in becoming an insurance agent
Simple registration process
How many hours of training is required to become an agent
25 hours
Who conducts the exam for becoming an insurance agent
IRDAI
What is the most basic type of compensation for experienced insurance agents?
Commission
What is the term for an insurance agent who represents multiple insurance companies?
Independent agent or insurance broker
What examination must the applicant pass to become an insurance agent?
Insurance examination
What must the applicant applying to become an insurance agent be free from?
Disqualifications
What should the Designated Official verify about the insurance agent(aplicant) using the PAN number?
Centralized list of agents
What should the Designated Official verify to ensure the applicant to become an insurance agent is not blacklisted?
Centralized list of blacklisted agents
How does the commission differ between a new insurance policy and a policy renewal?
The commission for renewals is usually lower
Why is it important for an insurance agent to explain the significance of disclosing material information in an insurance contract?
To avoid policy rejection due to incomplete information
What is the purpose of updating the Agency Data in the Agency Portal?
Maintain updated centralized list
Within how many days must the Designated Official communicate the reasons for refusal to grant an agency appointment?
21 Days
Which insurance intermediaries are not involved in procuring business?
Surveyors and third-party administrators are not involved in procuring business
To whom can an aggrieved applicant submit a review application?
Appellate Officer
What is the role of the Designated Official in the process of canceling an insurance agent's agency?
The Designated Official passes the final order in writing with reasons.
Where is the order of suspension/cancellation of an insurance agent's appointment displayed?
On the insurer's website and the centralized list of agents maintained by the Authority
What is it prohibited for an insurance agent to do regarding insurance business?
An insurance agent cannot solicit or procure insurance business without being appointed by the insurer
What is prohibited for an insurance agent to do regarding a policyholder's existing policy?
An insurance agent cannot force a policyholder to terminate their existing policy