IC83 GROUP INSURANCE - 16
| Q1.In India, IRDA has allowed which methods of reinsurance for group business in case of new insurers? |
| a) Quota share Arrangement |
| b) Surplus Arrangement |
| c) Proportional Reinsurance |
| d) Non-Proportional Reinsurance |
| Q2.Group insurance is cost-efficient because of which of the following reasons? |
| a) Lower acquisition expenses |
| b) Proportionally lower commissions to sales intermediaries |
| c) By its nature pre-empts the need for individual underwriting |
| d) All of the above |
| Q3. If the underlying investments of a ___ underperform, then the employer may have to pay more money into the scheme to honor the guarantees. |
| a) Defined Contribution scheme |
| b) Pay as you go pension schemes |
| c) Defined Benefit scheme |
| d) National pension system |
| Q4.The NPS Subscriber is required to make a Minimum amount per Contribution in Tier I is |
| a) Rs.100 |
| b) Rs.250 |
| c) Rs.500 |
| d) Rs.1000 |
| Q5.Which is a combination of term assurance and pure endowment to ensure payment of certain benefits both on death and on retirement? |
| a) Group Superannuation Schemes |
| b) Group Life Insurance Schemes |
| c) Group Gratuity Schemes |
| d) None of these |
| Q6.Which pensions schemes are based on final salary and the employee is typically promised a pension of a fixed proportion of their salary in the period leading up to retirement? |
| a) Defined Contribution Schemes |
| b) Defined Benefit Schemes |
| c) Individual pension schemes |
| d) Group Pension schemes |
| Q7.Which scheme is a pension scheme for survivors, old aged, and disabled persons? |
| a) Employees Provident Fund and; MP Act, 1952 |
| b) Income Tax Act, 1961 |
| c) Employees Deposit-Linked Insurance Scheme,1976 |
| d) Employee's Pension Scheme,1995 |
| Q8.The sum of all the rider premiums attached to the pension product shall not exceed __ of the premium paid for the pension policy. |
| a) 15% |
| b) 20% |
| c) 25% |
| d) 30% |
| Q9.Expected Return on Plan Assets comprises of A. Interest B. Dividend C. Unrealised gain on the plan assets |
| a) Only A |
| b) Only B |
| c) Both A and B |
| d) A, B, and C |
| Q 10. The scheme rules commonly allow part of the pension to be commuted for a tax-free lump sum at a rate of ____ times final salary for each year of service, leaving a reduced pension of ____ times final salary for each year of service. |
| a) 2/80th,2/80th |
| b) 3/80th,1/80th |
| c) 4/80th,3/80th |
| d) 1/80th,3/80th |