Que. 1 : Q1) Which one of the following statements is correct in life insurance?
1. a) The principle of Utmost good faith continues to operate till the policy becomes a claim
2. b) Facts which happen after the policy has commenced, need not be reported
3. c) Illnesses after the policy has commenced must be informed to the insurer
4. d) All the above three statements are correct.
Que. 2 : Q2) In the case of a ULIP which fund invests a major portion of its funds in Government bonds and Securities
1. a) Balanced Fund
2. b) Money Market Fund
3. c) Debt Fund
4. d) Equity Fund
Que. 3 : Q3) ______________policy offers a tax deferred saving a/c.
1. a) Pension plans
2. b) Child education protection plan
3. c) Endowment plans
4. d) Term plans
Que. 4 : Q4) Agreements between Insurers and Reinsurers are called as
1. a) Quota Share
2. b) Treaties
3. c) Excess of Loss
4. d) Pool Arrangement
Que. 5 : Q5) What is the basic purpose of insurance?
1. a) To pay for catastrophes
2. b) To provide risk management
3. c) To reduce loss
4. d) To transfer risk