IC23 Mock Test Sample 19
Takaful investment should follow Shariah rules; incorrect statement is investment not allowed in Shariah-approved projects. Group savings linked insurance is not statutory. Direct Tax Code aims to replace IT Act. EDLI contribution is 0.05% of wages. Insolvency clause is part of ultimate net loss clause. Key financial planning step is identifying goals. Risk management controls risks. Takaful works on Al-Wakalah & Al-Mudarabah. Deduction under group scheme is Section 80C. Superannuation incorrect statements are (a) & (b). ESIS statements are all correct. Term insurance features are all correct. Reinsurance needed for risk spreading and solvency protection.
1. Which condition is NOT true regarding investment condition of takaful contract?
a) Investment only in approved shares by regulator & Shariah committee
b) Deposits only in Islamic banks
c) Investment should not be made in projects initiated by Shariah committee
d) All are true
2. Which of the following is not a feature of Group Savings Linked Insurance?
a) Endowment assurance on group platform
b) These plans are statutory
c) Preferred by employers for retirement benefits
d) Section 80G
3. __________ is set of rules replacing existing Income Tax Act.
a) Minor nominee
b) Indirect Tax Code
c) Direct Tax Code
d) Claim pending till minor attains 18
4. EDLI contribution is ______ of annual wage bill.
a) 0.01%
b) 0.05%
c) 0.10%
d) Section 80E
5. Insolvency clause forms part of ______ clause.
a) Underwriting
b) Original conditions
c) Ultimate net loss
d) Only (a) & (c)
6. Most important step of financial planning is ______.
a) Achieving goals
b) Identifying financial goals
c) Identifying tools
d) Achieving returns
7. __________ involves assessing and controlling risks.
a) Fund management
b) Risk management
c) Control management
d) Financial management
8. Role of Takaful operator is based on ______.
a) Only Al-Wakalah & Al-Mudarabah
b) Only Al-Mudarabah & Tabarru
c) Only Al-Wakalah & Tabarru
d) Commencement
9. Employee contribution under group savings linked insurance is deductible under ______.
a) Section 10(10D)
b) Section 80G
c) Section 80C
d) Section 80D
10. Which is NOT true about superannuation fund?
a) Employer contribution = contributory fund
b) Employer + employee = non-contributory fund
c) Approved under IT Act 1961
d) Only (a) & (b)
11. Which is true regarding ESIS?
a) Covers sickness, maternity, disability, death
b) Funded by employer, employee & govt
c) Income mainly from contributions
d) All the above
12. Regulatory authority in Bahrain is ______.
a) National Bank of Bahrain
b) Central Bank of Bahrain
c) Bahrain Development Bank
d) Gulf International Bank
13. After 2 years, insurer must prove ______ to avoid liability.
a) Disclosure was made
b) Fact was material
c) Intentional fraud
d) Only (a) & (c)
14. Which is true regarding term insurance?
a) Cheapest form
b) No survival benefit
c) Death benefit provided
d) All the above
15. SEWA is ______.
a) Trade union for farmers
b) Bank for rural development
c) Self-employed women’s association
d) Scheme for senior citizens
16. Why is reinsurance needed?
a) Multiple claims risk
b) Avoid bankruptcy
c) High sum assured cases
d) All the above
17. At ______, good financial habits should be developed.
a) Initial stage
b) Prime earning stage
c) Pre-retirement stage
d) Post-retirement stage
18. NPS Trustee Bank is ______.
a) State Bank of India
b) Bank of India
c) Union Bank of India
d) Five
19. Deferred annuity can be purchased by ______.
a) Only single premium
b) Only instalments
c) Either single premium or instalments
d) 200
20. Which is NOT a feature of Group Savings Linked Insurance?
a) Endowment assurance on group platform
b) These plans are statutory
c) Preferred for retirement planning
d) Section 80G
