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Category: IC23 APPLICATIONS OF LIFE INSURANCE – 17

IC23 APPLICATIONS OF LIFE INSURANCE – 17

Que. 1 : Q1) __________ is a person who inherits the property under a will?

   1.  a) Executor

   2.  b) Legatee/Beneficiary

   3.  c) Probate

   4.  d) Testator

Que. 2 : Q2) By which clause, reinsurer has the right to inspect any book or record of the ceding insurer which are relevant to the business reinsured?

   1.  a) Access to records clause(Inspection by reinsurer

   2.  b) Errors and omissions clause

   3.  c) Insolvency of other re-insurers clause

   4.  d) Intermediaries’ clause

Que. 3 : Q3) Which plans do not guarantee a specific amount of money upon retirement, but the federal government does offer protection from abuse of assets by employers?

   1.  a) Defined contribution plans

   2.  b) Deferred compensation plans

   3.  c) Defined benefit plans

   4.  d) None of these

Que. 4 : Q4) National Pension System(NPS) has been extended to all citizens of India with effect from _________.

   1.  a) 2nd March 2002

   2.  b) 5th April 2005

   3.  c) 1st April 2009

   4.  d) 10th June 2012

Que. 5 : Q5) Which involves assessing and quantifying risks and then taking steps to control or reduce them and it is a logical process or approach that seeks to eliminate or at least minimize the level of risk?

   1.  a) Financial Tools

   2.  b) Financial Resources

   3.  c) Insurable Interest

   4.  d) Risk Management