IC23 APPLICATIONS OF LIFE INSURANCE - 22
| Q1.In a 75% quota share the insurer would cede ____ of the premium to the reinsurer |
| a) 1/4th |
| b) 3/4th |
| c) 2/4th |
| d) None of the above |
| Q2.Which option violates the investment condition in Takaful? |
| a) Investment in Islamic banks Islamic financial institutions |
| b) Investment in an alcohol manufacturing company |
| c) Investment in shariah-compliant high rise buildings |
| d) None of the above |
| Q3.Which of the following is not a criterion for partnership insurance ______? |
| a) Any one of the partners needs to be insured under partnership insurance. |
| b) The partnership agreement should have a clause specifying that the partnership can be revoked definitely if a partner dies. |
| c) At the death of the partner capital must be withdrawn |
| d) None of the above |
| Q4.Which clause states in what circumstances a recovery is available to the ceding insurer and the extent of that recovery? |
| a) Business covered(Attachment of cessions-Proportional) Clause |
| b) Underwriting clause |
| c) Business covered(Insuring Clause - Non-proportional) clause |
| d) Original conditions clause |
| Q5.The Direct Tax code is a long-term effort for income tax rationalization. Say whether True or False. |
| a) True |
| b) False |
| Q6.Section 80C was introduced in ___. |
| a) 2002-03 |
| b) 2004-05 |
| c) 2006-07 |
| d) 2009-10 |
| Q7.How many months will take to obtain the Succession Certificate? |
| a) 1 month |
| b) 2-3 months |
| c) 3-4 months |
| d) 4-5 months |
| Q8.Which type of insurances covered within the scope of the treaty must be enumerated one by one and the underwriting material forms an integral part of the treaty? |
| a) Property reinsurance |
| b) Engineering reinsurance |
| c) Fire reinsurance |
| d) Accident/ liability reinsurance |
| Q9.Which of the below is statement is correct with regards to Life Annuity Guaranteed? |
| a) In this type of annuity, the annuitant receives annuity for a specified term say 5,10 or 15 years and then the annuity continues for life thereafter |
| b) In this type of annuity, the annuitant receives annuity for a specified term say 5,10 or 15 years and then it stops |
| c) In this type of annuity, the annuitant receives annuity for life and on death, the purchase price is returned to the nominee |
| d) If death occurs before the end of the pre-decided term, the company returns the purchase price to the nominee |
| Q10.In the earlier days which method was followed wherein in the event of cancellation of a treaty, the cessions were allowed to run to their natural expiry? |
| a) Cessions running to expiry |
| b) Premium and loss portfolios |
| c) Portfolio transfer method |
| d) Reserves |
