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Category: IC02 PRACTICE OF LIFE INSURANCE – 13

IC02 PRACTICE OF LIFE INSURANCE – 13

Que. 1 : Q1) “Arrange the Following Parts of a Policy- Document, into Correct Order.
(i) Preamble
(ii) Operative Clause
(iii) Proviso
(iv) Schedule
(v) Attestation
(vi) Conditions and Privileges”

   1.  a) (i) , (iv) , (v) , (vi) , (ii) , and (iii) .

   2.  b) (i) , (iii) , (iv) , (v) , (vi) , and (ii) .

   3.  c) (i) , (v) , (iii) , (iv) , (vi) , and (ii) .

   4.  d) (i) , (ii) , (iii) , (iv) , (vi) , and (v) .

Que. 2 : Q2) What is the minimum number of years a policy must be kept to be able to get surrender value in traditional plans?

   1.  a) 1 year

   2.  b) 2 years

   3.  c) 3 years

   4.  d) 4 years

Que. 3 : Q3) Who is an Annuitant ?

   1.  a) The person who sells the annuity

   2.  b) The person who buys the annuity

   3.  c) The person who guarantees the annuity

   4.  d) The person who advertises the annuity

Que. 4 : Q4) The One time bonus that is provided for long term policies on maturity or death of the insured is known as

   1.  a) Simple reversionary Bonus

   2.  b) Compound reversionary Bonus

   3.  c) Terminal Bonus

   4.  d) Interim Bonus

Que. 5 : Q5) Which of the following statement(s) is/are correct ?

   1.  a) Agent can be asked for identification even if he is not filling the insurance proposal form

   2.  b) A prospect is entitled to ask to see the license of the agent

   3.  c) The agent is expected to carry the identity card with him while meeting the clients

   4.  d) All 1 , 2 and 3 are correct