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Category: IC92 ACTUARIAL ASPECTS – 06

IC92 ACTUARIAL ASPECTS – 06

Que. 1 : Q1)Who among the below is not allowed to buy an insurance product?

   1.  a) A senior citizen

   2.  b) A person above 18 years of age

   3.  c) A person below 18 years of age

   4.  d) An unmarried woman

Que. 2 : Q2)Mr.X Buys an Endowment Assurance contract with profits for a sum assured of Rs.1,00,000 policy term is of 20 years. He dies in the 6th policy year (after payment of 6 annual premiums). Insurer’s bonus declarations were(for this contract) per 1000 Sum Assured. 1st policy year:45 2nd – 50 3rd – 45 4th – 55 5th – 60 6th – 65 Calculate Benefit payable on death?

   1.  a) Rs.1,00,000

   2.  b) Rs.1,15,000

   3.  c) Rs.1,32,000

   4.  d) Rs.1,48,000

Que. 3 : Q3)Which of the following APS defines the minimum MAD to be used for reserving?

   1.  a) APS – 1

   2.  b) APS – 2

   3.  c) APS – 7

   4.  d) APS – 6

Que. 4 : Q4)For every life that is reinsured, the excess of T over X is refereed to as __________.

   1.  a) Maturity amount

   2.  b) Claim amount

   3.  c) Retention amount

   4.  d) Cession amount

Que. 5 : Q5)Which of the following was happened in 1912?

   1.  a) The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

   2.  b) The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

   3.  c) Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning

   4.  d) Bombay Mutual life Assurance Society, the first Indian life insurance company started its business