IC02 (LICENTIATE) Practice of Life Insurance - 10
| Q1.What does Term Insurance provide? |
| Term Insurance provides for death benefits with accrued bonus |
| Term Insurance provides for periodic payments |
| Term Insurance provides for death benefits if the insured dies |
| Term Insurance provides for death as well as survival benefits |
| None of the above |
| Q2.IRDAI has appointed ____ Insurance Ombudsman across India. |
| 10 |
| 12 |
| 15 |
| 20 |
| 23 |
| Q3.What is the surrender value with a factor of 16% for a 30 year with profit endowment assurance policy whose date of commencement is 3rd June 2000 for a sum assured of Rs 40000 where the mode of premium payment is half-yearly with a due date of the last premium paid is 3rd June 2015 and the accrued bonus is 600/- % sum assured? |
| Rs 8699 |
| Rs 7416 |
| Rs 6308 |
| Rs 5741 |
| Rs 4980 |
| Q4.Mr. Gautam has bought a term insurance policy for a period of 25 years. When can the insurance company can ask Mr. Gautam for proof of continued good health? |
| When Mr. Gautam changes his occupation |
| At the time of survival benefit |
| At the time of revival |
| Whenever the policy riders are changes |
| At no point in time |
| Q5.With respect to Joint Life Assurance policies, which of the following statement(s) is/are true? |
| Underwriting of each life is done separately |
| Underwriting of each life is done similarly |
| A joint life declaration is not necessary to establish a joint insurable interest |
| All the above |
| None of the above |
| Q6.Who is authorized to draw a loan on a policy taken under the Married Women's Property (MWP) Act? |
| The Nominees |
| The insured's wife |
| The insured's children |
| The Appointed trustees |
| The insured's parents |
| Q7.____ an insurance policy is the process of classification, rating, and selection of risks associated with the policy. |
| Formfitting |
| Investing in |
| Selecting |
| Underwriting of |
| Selling of |
| Q8.IRDAI regulations state that IGMS must be set up by ___. |
| All insurers |
| All insurers who have a foreign tie up |
| Only Life insurers |
| Only Non Life insurer |
| Only Private insurers |
| Q9.What type of risk is the risk of suffering a DISABILITY? |
| Financial |
| Fundamental |
| Pure |
| Particular |
| Homogenous |
| Q10.Which are the basic elements of life insurance? |
| Premium and riders |
| Safety and Retirement income |
| Interest yield and variable income |
| Death cover and maturity benefits |
| Accidental benefits and riders |