Menu Close

Category: IC23 APPLICATIONS OF LIFE INSURANCE – 06

IC23 APPLICATIONS OF LIFE INSURANCE – 06

Que. 1 : Q1) Will, succession certificates, nomination and assignment of policies are some of the mechanisms of estate planning. Say whether True or False.

   1.  a) True

   2.  b) False

   3.  

   4.  

Que. 2 : Q2) Which deferred annuities offers a guaranteed interest rate for a set period of time and Earnings grow tax deferring until the annuitant begins to withdraw the income?

   1.  a) Fixed deferred annuities

   2.  b) Variable deferred annuities

   3.  

   4.  

Que. 3 : Q3) In which type, the annuitant receives annuity for a specified term say 5, 10, 15 years and then the annuity continues for life thereafter. If death occurs before the end of the pre-decided term, the company pays the annuity till the end of that term to the nominee/legal heirs as the case may be?

   1.  a) Variable annuity

   2.  b) Life annuity guaranteed

   3.  c) Life annuity with return of purchase price

   4.  d) Flexible annuity

Que. 4 : Q4) Which of the following pension is payable throughout the lifetime?

   1.  a) Guaranteed Pension

   2.  b) Lifetime Pension

   3.  c) Pension with return of purchase price

   4.  d) Increasing annuity

Que. 5 : Q5) The process of risk classification should serve which of the following primary purposes?

   1.  a) It should protect the insurance system’s financial soundness

   2.  b) It should be fair

   3.  c) It should permit economic incentives to operate and thus encourage widespread availability of coverage

   4.  d) All of the above