IC23 APPLICATIONS OF LIFE INSURANCE - 07
| Q1.Which of the following is the third step of the financial planning process? |
| Gathering financial information |
| Implementing financial plan |
| Identification of financial goals |
| Analyzing financial preferences |
| Monitoring the financial plan |
| Q2.A Takaful contract should embody which of the following conditions? i. Proprietorship condition ii. Investment condition iii. Specialty condition |
| Only (ii) |
| Only (i) & (iii) |
| Only (ii) & (iii) |
| Only (i), (ii) & (iii) |
| Only (iii) |
| Q3.Health insurance plans are broadly categorized into __ types. |
| two |
| three |
| four |
| five |
| six |
| Q4.Which among the following is/are the example of retirement benefits? (i) provident fund (ii) gratuity (iii) Term Insurance |
| Only (i) & (iii) |
| Only (ii) & (iii) |
| Only (i) & (ii) |
| Only (i), (ii) & (iii) |
| Only (iii) |
| Q5.Which of the following are not the functions of reinsurance? |
| It decreases the capacity of the insurer to handle large risks. |
| It stabilizes the operating results from year to year with the reinsurer. |
| It provides the ability to write untested and new risk exposures. |
| Both (a) & (b) |
| All the above |
| Q6.In case of the minor nominee, the life assured can appoint ____to receive policy amounts of money on behalf of the minor in case of death of the life assured during the minority period. |
| Guardian |
| Appointee |
| Lawyer |
| Either (a) or (c) |
| None of the above |
| Q7.What is the limit of deduction as per section 80D if the medical insurance is taken for self, spouse, and dependent children? |
| 10000/- |
| 15000/- |
| 20000/- |
| 25000/- |
| 30000/- |
| Q8.A/an __ is valid only if there is a valuable consideration. |
| absolute assignment |
| partial assignment |
| qualified assignment |
| Insurance Act 1967 |
| SEBI Act 1992 |
| Q9.National Health Service is very popular in which country? |
| USA |
| UK |
| China |
| Brazil |
| Japan |
| Q10.Why the payment of maturity claim is considered to be easy? |
| Because there is no need on the part of the policyholder to prove the happening of the event. |
| Since the policyholder is alive so proof of title does not create any problem |
| The insurance company need not await any claim from the policyholder and take initiative to settle the claims expeditiously. |
| Only (a) & (c) |
| All the above |
