IC23 Mock Test Sample 9
Takaful contracts include all conditions (i, ii, iii). Health insurance has two types. Retirement benefits include provident fund and gratuity. Reinsurance does not decrease insurer capacity. For minor nominee, an appointee is appointed. Section 80D deduction limit is ₹25,000. Assignment needs valuable consideration. NHS is popular in the UK. ESI comes under Employee State Insurance Act 1948. Maturity claims are easy due to all reasons. Nominee is under Section 39. Policy schedule includes all, so none excluded. Provident fund is under Part A. NPS means both system & scheme. Takaful has two models. Variable annuity has no guarantee and market-linked returns.
1. A Takaful contract should embody which conditions?
a) Only (ii)
b) Only (i) & (iii)
c) Only (ii) & (iii)
d) Only (i), (ii) & (iii)
Ans: d) Only (i), (ii) & (iii)
2. Health insurance plans are broadly categorized into ______ types.
a) Two
b) Three
c) Four
d) Five
Ans: a) Two
3. Examples of retirement benefits are ______.
a) Only (i) & (iii)
b) Only (ii) & (iii)
c) Only (i) & (ii)
d) Only (i), (ii) & (iii)
Ans: c) Only (i) & (ii)
4. Which is NOT a function of reinsurance?
a) Decreases insurer capacity
b) Stabilises results
c) Helps write new risks
d) Both (a) & (b)
Ans: a) Decreases insurer capacity
5. In case of minor nominee, appoint ______.
a) Guardian
b) Appointee
c) Lawyer
d) Either (a) or (c)
Ans: b) Appointee
6. Deduction limit under Section 80D is ______.
a) ₹10,000
b) ₹15,000
c) ₹20,000
d) ₹25,000
Ans: d) ₹25,000
7. ______ is valid only if there is valuable consideration.
a) Absolute assignment
b) Partial assignment
c) Qualified assignment
d) Insurance Act 1967
Ans: a) Absolute assignment
8. National Health Service is popular in ______.
a) USA
b) UK
c) China
d) Brazil
Ans: b) UK
9. ESI Scheme comes under ______.
a) Employer State Insurance Act 1948
b) Employee State Insurance Act 1948
c) Insurance Act 1987
d) None
Ans: b) Employee State Insurance Act 1948
10. Maturity claim is easy because ______.
a) No proof needed
b) Policyholder alive
c) Insurer initiates payment
d) All the above
Ans: d) All the above
11. Nominee is defined under ______.
a) Section 38
b) Section 39
c) Section 40
d) Section 41
Ans: b) Section 39
12. Which is NOT mentioned in policy schedule?
a) Event of benefit
b) To whom payable
c) Premium period
d) Dates of premium
Ans: None (All are mentioned) (exam note)
13. Recognised provident fund is under ______.
a) Part A
b) Part B
c) Part C
d) Only (a) & (c)
Ans: a) Part A
14. Full form of NPS is ______.
a) Nation’s Pension Scheme
b) Nation’s Pension System
c) National Pension Scheme
d) Both (b) & (c)
Ans: d) Both (b) & (c)
15. Takaful models are divided into ______ categories.
a) Two
b) Three
c) Four
d) None
Ans: a) Two
16. Variable annuity is ______.
a) Level annuity
b) No guaranteed return
c) Linked to investments
d) All the above
Ans: d) All the above
17. Excess loss ratio reinsurance is ______.
a) Stop loss reinsurance
b) Quota share
c) Catastrophe
d) Both (a) & (b)
Ans: a) Stop loss reinsurance
18. Risk classification is based on ______.
a) Only (i) & (iii)
b) Only (ii) & (iii)
c) Only (i), (ii) & (iii)
d) Only (i) & (ii)
Ans: c) Only (i), (ii) & (iii)
19. Premium of whole life policy ______.
a) Changes
b) Never changes
c) Increases
d) Decreases
Ans: b) Never changes
20. Need for private medical insurance is ______.
a) Avoid delays
b) Better technology
c) Better outcomes
d) All the above
Ans: d) All the above
