IC23 Mock Test Sample 14
Reinsurance agreements clearly define scope through standard contract wording (best fit: none of the above). HLV means Human Life Value. UK NHS covers all services including emergency, accidents, dentistry. Insurable risk is a risk that can be insured. GIC Re is a reinsurance company. Health plans often stop premium at 60, cover till 70. Insurance supports asset appreciation and protection. Minimum paid-up value is ₹100. ULIP lock-in is 5 years. Capital Needs Analysis is most comprehensive. Financial planning includes all areas. Malaysia led Takaful regulation. Will maker is Testator. PFRDA full form is correct. 80C limit is 10% of sum assured.
1. _____________ is commonly found in all agreements and describes clearly the business within the scope of a reinsurance contract.
a) Cut through endorsement clause
b) Reinstatement clause
c) Set off clause
d) None of the above
2. Full form of HLV is ________.
a) Human Live Value
b) Human Life Valued
c) Huge Life Value
d) None of the above
3. The National Health Service (UK) covers _________.
i. Emergency services
ii. Accidents
iii. Dentistry
a) Only (i)
b) Only (i) & (ii)
c) Only (i) & (iii)
d) All
4. Which of the following is true regarding insurable risk?
a) It is a risk for which an insurance policy can be purchased
b) It is a loss intentionally caused by insured
c) Loss cannot be defined
d) Financial planning
5. __________ is a reinsurance company.
a) Care Health Insurance Co. Ltd.
b) ManipalCigna Insurance
c) Tata AIA Insurance
d) General Insurance Company of India
6. In health protection plan, premium ceases at ____ and coverage continues till ____.
a) 55, 65
b) 60, 70
c) 65, 75
d) Only (a) & (c)
7. Roles of investment in life insurance include:
i. Asset appreciation
ii. Asset depreciation
iii. Asset protection
a) Only (i) & (ii)
b) Only (ii) & (iii)
c) Only (i) & (iii)
d) All (i), (ii) & (iii)
8. Minimum paid-up value under Section 113(4) is ________.
a) ₹50
b) ₹100
c) ₹500
d) ₹1000
9. Minimum lock-in period for ULIP (Section 80C) is ________.
a) 3 years
b) 5 years
c) 7 years
d) 10 years
10. ________ is most comprehensive method to calculate insurance need.
a) Capital needs analysis
b) Capital retention tool
c) Capital protection tool
d) Capital production tool
11. Key areas of financial planning include:
i. Tax planning
ii. Investment planning
iii. Estate planning
iv. Retirement planning
a) Only (i), (ii) & (iii)
b) Only (i), (ii) & (iv)
c) Only (ii), (iii) & (iv)
d) All (i), (ii), (iii) & (iv)
12. __________ was first country to implement Takaful regulation.
a) Tunisia
b) Libya
c) Malaysia
d) Sudan
13. _______ is a person who makes a will.
a) Legatee
b) Executor
c) Beneficiary
d) Testator
14. Full form of PFRDA is __________.
a) Pension Fund Research and Development Authority
b) Provident Fund Regulatory and Development Authority
c) Pension Fund Regulatory and Development Authority
d) None of the above
15. Deduction under Section 80C is limited to _____ of sum assured.
a) 5%
b) 10%
c) 15%
d) 20%
16. Benefits of insurance include:
i. Risk transfer
ii. Risk sharing
iii. Payment of losses
a) Only (i) & (ii)
b) Only (ii) & (iii)
c) Only (i) & (iii)
d) All are true
17. __________ is used to determine insurance requirement.
a) Present value
b) Future value
c) Human Life Value
d) Financial monitor
18. Full form of CBHI is __________.
a) Community Based Health Insurance
b) Compound Based Health Insurance
c) Community Basic Health Insurance
d) Compulsory Based Health Insurance
19. NHS funding is done through __________.
a) Public sector
b) General taxes
c) Both (a) & (b)
d) None of the above
20. _________ is a person appointed to execute the will of a deceased.
a) Executor
b) Administrator
c) Bond
d) Financial planner
