IC23 Mock Test Sample 11
A legatee inherits property under a will. If nominee dies after assured, payment goes to estate of nominee. Gratuity applies to employers with 10 or more employees. Provident fund schemes are defined contribution plans. Certified copy of will is probate. Tax rate 20% applies to ₹5–7.5 lakh slab. PF applies to 20+ employees. Succession certificate ensures claim payment & governed by Section 372. Large risks are non-standard risks. Capital need = assets from obligations. Insurance need depends on all factors. Gratuity suits high-paid employees. Malaysia has 12 takaful operators. Insurance follows utmost good faith.
1. ______ is a person who inherits property under a will.
a) Legatee
b) Executor
c) Beneficiary
d) Neither (i) nor (ii)
Ans: a) Legatee
2. If nominee dies after assured but before receiving amount?
a) Estate of assured
b) Estate of nominee
c) Spouse of assured
d) Will
Ans: b) Estate of nominee
3. Gratuity is applicable if employees are ______ or more.
a) 5
b) 10
c) 15
d) Part D
Ans: b) 10
4. ______ are defined contribution schemes.
a) Gratuity
b) EPS
c) Provident fund
d) Superannuation
Ans: c) Provident fund
5. Certified copy of will is called ______.
a) Policy
b) Bond paper
c) Probate
d) Prospectus
Ans: c) Probate
6. 20% tax slab applies to ______.
a) ₹2.5–5 lakh
b) ₹5–7.5 lakh
c) ₹7.5–10 lakh
d) ₹10–12.5 lakh
Ans: c) ₹7.5–10 lakh
7. Provident fund applies to organisations with ______.
a) Term assurance
b) 20 or more
c) 30 or more
d) Only (a) & (b)
Ans: b) 20 or more
8. True about succession certificate is ______.
a) Needed when probate required
b) Insurer pays holder
c) Section 372 applies
d) All of the above
Ans: d) All of the above
9. Risks beyond insurer capacity are ______.
a) Life reassurance
b) Non-standard risks
c) Co-insurance
d) Aviation reinsurance
Ans: b) Non-standard risks
10. Capital need analysis = ______.
a) Expenses – income
b) Liabilities – assets
c) Assets – obligations
d) Obligations – assets
Ans: d) Obligations – assets
11. Insurance investment depends on ______.
a) Only (i) & (ii)
b) Only (ii) & (iii)
c) Only (i) & (iii)
d) All (i), (ii) & (iii)
Ans: d) All (i), (ii) & (iii)
12. ______ is attractive for highly paid employees.
a) Gratuity
b) Provident fund
c) Pension
d) EPF
Ans: a) Gratuity
13. Licensed Takaful operators in Malaysia are ______.
a) 5
b) 8
c) 12
d) 17
Ans: c) 12
14. True statement about insurance contract is ______.
a) Only (i)
b) Only (ii) & (iii)
c) Only (i), (ii) & (iii)
d) Only (i) & (ii)
Ans: c) Only (i), (ii) & (iii)
15. In Takaful deficit, operator ______.
a) Ask donation
b) Give interest-free loan
c) Give low interest loan
d) Committee
Ans: b) Give interest-free loan
16. ______ is transfer of assets to heirs.
a) Legal planning
b) Estate planning
c) Transfer planning
d) Resource planning
Ans: b) Estate planning
17. Reinsurance with higher admin cost is ______.
a) Quota share
b) Surplus
c) Facultative
d) Excess loss
Ans: c) Facultative
18. Step to determine future goals is ______.
a) Gathering info
b) Identify goals
c) Analyse preferences
d) Family plan
Ans: b) Identify goals
19. Marine cargo reinsurance uses ______.
a) Excess + surplus
b) Quota + fire
c) Quota + surplus
d) Fire + surplus
Ans: c) Quota + surplus
20. NOT a criteria under partnership insurance is ______.
a) Two
b) All partners insured
c) Capital withdrawn on death
d) Five
Ans: a) Two
