IC23 Mock Test Sample 8
Fire reinsurance deals with property loss/damage risks. Health protection policies include hospital cash, surgical, and domiciliary benefits. EPF Act was enacted in 1952. Young individuals should opt for term insurance. Pension for non-government employees is governed by the EPF Act. Fixed annuity gives assured returns. Takaful boards meet quarterly. Accounting clause manages reinsurance settlements. In guaranteed pension, payments continue to beneficiaries. Monitoring helps adapt to changes. Paid-up policies do not participate in profits. Operative clause defines obligations. Takaful follows Islamic principles. Insolvency clause protects reinsurer. Indemnity means financial protection. EPS provides pension benefits.
1. __________ mainly deals with physical loss or damage to property.
a) Fire reinsurance
b) Facultative reinsurance
c) Treaty reinsurance
d) Intermediaries clause
Ans: a) Fire reinsurance
2. Health protection policies provide benefits like ______.
a) Only (i) & (ii)
b) Only (i) & (iii)
c) Only (ii)
d) All (i), (ii) & (iii)
Ans: d) All (i), (ii) & (iii)
3. EPF Act was enacted in the year ______.
a) 1950
b) 1951
c) 1952
d) 1953
Ans: c) 1952
4. Suitable plan for young & single person?
a) Whole life plan
b) Term insurance plan
c) Child insurance plan
d) Pension plan
Ans: b) Term insurance plan
5. Pension system for non-government employees governed by ______.
a) RBI Act
b) IRDAI Act
c) EPF Act
d) General Provisions Act
Ans: c) EPF Act
6. In which annuity investor knows exact return?
a) Immediate annuity
b) Deferred annuity
c) Fixed annuity
d) All the above
Ans: c) Fixed annuity
7. Takaful Board meetings are held ______.
a) Monthly
b) Quarterly
c) Half yearly
d) Yearly
Ans: b) Quarterly
8. ______ provides procedure for reinsurance accounting.
a) Accounting clause
b) Loss advice clause
c) Alterations clause
d) Operative clause
Ans: a) Accounting clause
9. If subscriber dies during guaranteed pension period?
a) Lump sum immediately
b) Lump sum later
c) Pension stops
d) Pension continues to beneficiary
Ans: d) Pension continues to beneficiary
10. Step helping to adapt to changing investments?
a) Analysing preferences
b) Monitoring financial plan
c) Developing plan
d) Underwriter
Ans: b) Monitoring financial plan
11. Section 113(3) states policy ______.
a) Participates in profit
b) Does not participate in profit
c) Lapses after 3 years
d) Only (a) & (c)
Ans: b) Does not participate in profit
12. Clause showing mutual obligations is ______.
a) Conditions clause
b) Common clause
c) Settlement clause
d) Operative clause
Ans: d) Operative clause
13. Insurance based on Islamic principles is ______.
a) Dakaful
b) Takaful
c) Hakaful
d) Lakaful
Ans: b) Takaful
14. Clause protecting reinsurer from other reinsurer default is ______.
a) Access to records
b) Insolvency clause
c) Alterations
d) Net retained lines
Ans: b) Insolvency clause
15. Protection against financial loss is called ______.
a) Indemnifier
b) Indemnified
c) Indemnity
d) Indemnee
Ans: c) Indemnity
16. Which is NOT a family takaful product?
a) Savings takaful
b) Investment takaful
c) Education takaful
d) None of the above
Ans: d) None of the above
17. Scheme providing pension on retirement/disability/death is ______.
a) Atal Pension Yojana
b) PPF
c) Employees’ Pension Scheme
d) NPS
Ans: c) Employees’ Pension Scheme
18. Employer retirement plans are categorized into ______.
a) Federal govt
b) Compulsory/voluntary
c) Defined benefit & defined contribution
d) None
Ans: c) Defined benefit & defined contribution
19. Sum assured in HCB is ______ times daily benefit.
a) 50
b) 100
c) 150
d) 200
Ans: b) 100
20. Third step of financial planning process is ______.
a) Gathering information
b) Implementing plan
c) Identification of goals
d) Analysing financial preferences
Ans: d) Analysing financial preferences
