IC23 Mock Test Sample 15
There are three types of claims. Tax rate for ₹5–7.5 lakh is 10%. In no-death-benefit policy, unit value payable & no death benefit. Direct insurer is cedent. Asset accumulation need arises in prime earning stage. Gambling is haram in Islamic finance. Retirement coverage applies to salaried employees. Young families focus less on retirement/estate planning. Insurable interest must exist at policy inception. CGHS is correct scheme. Employer contribution limit is 25%. Untimely death is not a rider. Catastrophe reinsurance is excess of loss. Family Takaful = life insurance. 80C limit is ₹1.5 lakh.
1. How many types of claims are there which come up before the insurance company?
a) 2
b) 3
c) 4
d) 5
2. What is the income tax rate for income between ₹5 lakhs to ₹7.5 lakhs?
a) 5%
b) 10%
c) 12%
d) None of the above
3. Which is true in case of no death benefit policy?
i. Unit value payable to nominee
ii. 50% death benefit
iii. No death benefit
a) Only (i) & (iii)
b) Only (i) & (ii)
c) Only (ii) & (iii)
d) Only (iii)
4. _______ is the direct insurance company that transfers the risk.
a) Cede
b) Cedent
c) Reinsurer
d) Insured
5. Need for asset accumulation arises at which stage?
a) Pre-retirement stage
b) Post-retirement stage
c) Initial stage
d) Prime earning stage
6. Which investment is haram under Islamic finance?
a) Animal testing products
b) Greenhouse gas production
c) Health & safety breaches
d) Gambling
7. Compulsory retirement coverage in India applies to ________.
a) Self-employed
b) Businessmen
c) Salaried employees
d) Students
8. What is NOT a major concern for young parents with kids?
a) Liability & insurance planning
b) Savings & investment
c) Employee benefits
d) Retirement & estate planning
9. Insurable interest in life insurance must exist ___________.
a) Before policy issue
b) After policy issue
c) At the time of policy issue
d) Anytime
10. Correct name of scheme is __________.
a) Centralised Govt Health Scheme
b) Central Govt Health Insurance Scheme
c) Central Govt Human Insurable Scheme
d) Core Govt Health Scheme
11. Employer contribution limit to PF & pension is ________.
a) 25%
b) 26%
c) 27%
d) 30%
12. Which of the following is NOT a rider?
a) Critical illness
b) Untimely death
c) Permanent disability
d) None of the above
13. __________ is a type of excess of loss reinsurance.
a) Surplus reinsurance
b) Catastrophe reinsurance
c) Quota share reinsurance
d) Small share reinsurance
14. Family Takaful refers to __________.
a) General insurance
b) Health insurance
c) Family floater health
d) Life insurance
15. Maximum deduction under Section 80C group is ________.
a) ₹49,000
b) ₹50,000
c) ₹75,000
d) ₹1,50,000
16. Which is true about annuity?
a) Lump sum payment
b) Provides life cover
c) Regular income for period/lifetime
d) Only for below 50 age
17. __________ clause deals with start and termination of reinsurance.
a) Insolvency clause
b) Errors & omissions clause
c) Alteration clause
d) Commencement & termination clause
18. Loss of both limbs/eyes pays ______ of sum assured.
a) 100%
b) 75%
c) 50%
d) 25%
19. ________ should be monitored and reviewed periodically.
a) Financial plan
b) Insurance plan
c) Retirement plan
d) All of the above
20. Which statement is true about Takaful in Pakistan?
i. Same capital requirements
ii. Operates on Waqf/Wakalah/Mudarabah
a) Only (i) & (ii)
b) Only (i)
c) Only (ii)
d) None of the above
