IC23 Mock Test Sample 16
Pension with return of purchase price provides lifetime pension with return on death. EDLI offers lump sum to nominee. Accident rider usually pays additional sum assured (often 100%). Claims under indemnity require submission to insurer/TPA. Pension system is needed due to longevity, lack of employer obligation, and misuse of lump sum. Critical illness pays lump sum. Non-profit Takaful owned by participants/society. Evidence Act statements are all correct. Set-off clause allows netting. EDLI is managed by EPFO. Swavalamban Scheme gives NPS incentive. Final step is monitoring. Insurance planning manages risk. ULIP lock-in is 5 years.
1. In case of pension with return of purchase price, ___________
a) Pension payable till age 70 with return on death
b) Pension payable till age 75 with return on death
c) Pension payable till age 80 with return on death
d) Shall prohibit sharing of profits
2. Which among the following benefit is provided by the EDLI scheme?
a) Pension to employees
b) Health insurance coverage
c) Lump sum payment to nominee on death of employee
d) Loan facility to employees
3. Accident benefit rider provides _____ of the sum assured over and above the basic sum assured in case of accidental death.
a) 75%
b) 80%
c) 90%
d) None of the above
4. One has to furnish bills to __________ for getting a claim under an indemnity policy.
a) Deferred annuity
b) Insurer
c) Third Party Administrator
d) Variable annuity
5. Why is there a need for pension system in India?
a) No statutory obligation for employers
b) Lump sum benefits may be misused
c) Increased longevity
d) All of the above
6. The benefits of critical illness plans are payable in __________
a) Lump sum
b) Installments
c) Either (a) or (b)
d) Neither (a) nor (b)
7. Non-profit Takaful model includes enterprises owned by __________
a) Only Participants
b) Only Participants & Society
c) Only Society & Government
d) Indian Reinsurance Corporation
8. Which of the following is true as per Indian Evidence Act?
a) Burden of proving death lies on person affirming it
b) Person presumed dead after 7 years missing
c) Burden shifts to person claiming alive after 7 years
d) All of the above
9. __________ clause permits each party to net amounts due before payments.
a) Arbitration
b) Intermediaries
c) Set off
d) Accounting
10. EDLI scheme is provided by ________ for private sector employees.
a) LIC
b) IRDA
c) PFRDA
d) EPFO
11. Government scheme giving ₹1000 incentive to NPS accounts is __________
a) Jeevan Labh Scheme
b) Swavalamban Scheme
c) Varishtha Pension Bima Yojana
d) Premium
12. Last step of financial planning process is __________
a) Analysing preferences
b) Monitoring the financial plan
c) Developing plan
d) Implementing plan
13. __________ is the process of safeguarding against future risk of loss.
a) Future planning
b) Financial planning
c) Insurance planning
d) Retirement planning
14. ULIP schemes under Section 80C have lock-in period of ______ years.
a) 1
b) 2
c) 3
d) 5
15. Under provisions of ______ of Income Tax Rules 1962, employer can provide pension benefits.
a) Rule 86
b) Rule 87
c) Rule 88
d) Pension payable till age 65
16. Components of financial planning include __________
a) Financial resources & tools
b) Financial tools & goals
c) Financial resources, tools & goals
d) Financial resources & goals
17. Annuities are just _________ to life insurance.
a) Similar
b) Same
c) Opposite
d) Near
18. What does haram mean in Islamic law?
a) Uncertainty forbidden in contracts
b) Uncertainty forbidden in transactions
c) Alcohol is forbidden
d) Only (a) & (b)
19. Who manages the Takaful fund?
a) Takaful underwriter
b) Takaful operator
c) Takaful accountant
d) Only (i) & (iii)
20. Which of the following is not a Takaful board committee?
a) Nomination committee
b) Audit committee
c) Finance committee
d) Only (i), (ii) & (iii)
