IC02 (LICENTIATE) Practice of Life Insurance - 03

Q1.The additional loan amount generally granted should not exceed what percentage of the surrender value?
 70%
 80%
 90%
 95%
The additional loan cannot be granted
 
Q2.In industrial life insurance, the ____ consists of the details of the policyholders from whom the premium needs to be collected.
 Credit list
 Debit list
Policyholders list
 Collection list
 Receipt list
 
Q3. value of an individual's investment is the _____.
 NAV of the equity fund on any day X Units of the equity fund
 number of units held X NAV
the market value of the equity shares X NAV
the market value of the equity shares / Units of the equity fund
 None of the above
 
Q4.Who is entitled to the maturity claim?
 Assignee when there is no assignment registered
 Nominee
 Appointee
 Policyholder himself if there is no assignment under the policy
 Inheritor
 
Q5.The Turnaround Time (TAT) as per IRDA standards for processing and communication of decisions including requirements/issue of policy/cancellations is __.
 5 days
 10 days
 15 days
 20 days
 25 days
 
Q6.An individual wishes to invest Rs. 58000 in an equity fund. NAV on that particular day for the fund is Rs. 25. How many units will he be allotted? ( Assume no entry load )
 2240 units
 2295 units
 2320 units
 2460 units
 2500 units
 
Q7.Mr. Shah took a money-back policy 15 years back. He took the survival benefits after 5 and 10 years after which he died. What amount will be paid to his son on his death under this policy?
 His son will receive the amount after making deductions of expenses and fund management charges
His son will be asked to continue paying the premium to enjoy the benefits of the policy
 His son will receive the sum insured without deduction the periodic installment and then the policy will be closed
 His son will receive the last installment only
 His son will receive the sum insured with deductions of periodic installments
 
Q8.____ are used by insurance companies for calculating premiums for insurance products
 Mortality tables
 Actuarial valuations
 Underwriters valuations
 Actuarial Surplus
 None of the above
 
Q9.In which of these relationships does 'Insurable Interest' exist?
Husband - Wife
Employer-Employee
 Business Partners
 Lender - Receiver
 All of the above
 
Q10.___ of LIC handles the actuarial and investment functions and __ handles the activities relating to policyholders.
 Delhi Office, Branch Office
 Zonal Office, Branch Office
 Branch Office, Mumbai Office
 Central Office, Branch Office
 Divisional Office, Branch Office

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