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Category: IC23 APPLICATIONS OF LIFE INSURANCE – 20

IC23 APPLICATIONS OF LIFE INSURANCE – 20

Que. 1 : Q1) What is the direct insurance company that transfers the risk?

   1.  a) Cedant

   2.  b) Cede

   3.  c) Reinsurer

   4.  d) Reinsurance

Que. 2 : Q2) The types of annuities that can be opted under the “Defined Contribution Fund” are __________.

   1.  a) Pension for life

   2.  b) Pension guaranteed for a fixed term (5, 10, 15, or 20 years) and life thereafter

   3.  c) Pension for life with return of capital on death

   4.  d) Any of the above

Que. 3 : Q3) Benefits under Section 80C are available for ULIP schemes with a lock-in period of _______ years.

   1.  a) 1

   2.  b) 3

   3.  c) 5

   4.  d) None of the above

Que. 4 : Q4) Which reinsurance is that kind of insurance where the reinsurer takes a definite percentage share of each policy the insurer writes and then shares the premiums and losses in the agreed proportions?

   1.  a) Facultative reinsurance

   2.  b) Non-proportional reinsurance

   3.  c) Treaty reinsurance

   4.  d) Proportional reinsurance

Que. 5 : Q5) Who has adopted a ‘no obstacles, but no special favours’ approach in handling Takaful business and it has only recently approved the first license to a wholly Islamic General Takaful provider?

   1.  a) The Financial Services Authority

   2.  b) The Supervisory authority Saudi Arabian Monetary Agency

   3.  c) Central bank of Bahrain

   4.  d) The Monetary Authority of Singapore