IC23 APPLICATIONS OF LIFE INSURANCE – 01

Q1.Inconvertible term policies, one may choose to convert the term policy to a whole life or endowment policy __.
 before the end of the policy
 before the end of the specified conversion period
 after six months of taking the policy
 after five years of taking the policy
 after ten years of taking the policy

 

Q2.Which of the following condition is not true regarding the investment condition of the takaful contract?
 Family Takaful fund should be invested only in shares approved by Regulator and Shariah Committee.
 Deposits should be made only in Islamic banks.
Investment should not be made in projects initiated by the Shariah committee.
 All are true
 None of the above

 

Q3.Amendments with the consent of both the parties is possible due to which of the following clause?
 Arbitration clause
 Intermediaries clause
 Alterations clause
 Accounting clause
 Errors and Omissions clause

 

Q4.SEWA is ____
Straight Earning Women’s Association
 Self Employment Women’s Association
 Self Employed Women’s Association
 Straight Employed Wealth Association
 State Employment Women’s Association

 

Q5.Why there is a need for reinsurance?
 Because insurance companies face the danger of having to pay a multitude of claims at the same time.
Because if liability is greater than the accumulated funds, the insurance company may face bankruptcy.
 Because many a times insurer has to deal with a client who seeks a high sum assured plan.
 All the above
 Both (a) & (c)

 

Q6.At ___, it is important to adopt good financial habits of budgeting, saving, and investing.
 initial stage
 prime earning stage
 pre retirement stage
post-retirement stage
 mid retirement stage

 

Q7.NPS trust holds an account with the ___and this bank is designated as the NPS Trustee Bank.
 State Bank of India
 Bank of India
 Union Bank of India
 five
 seven

 

Q8.Which of the following is not a feature of Group savings linked insurance?
These are a type of endowment assurance plan available on the group platform.
 These plans are statutory.
 These plans are preferred by employers to create a contributory retirement benefit plan for their employees.
 Section 80G
 Section 80H

 

Q9.___ is a set of rules that are going to replace the existing Income Tax Act (IT Act).
 Minor nominee
 Indirect Tax Code
 Direct Tax Code
 Claim settlement will remain pending till the minor attains 18 years of age
 Either (a) or (c)

 

Q10.Employees who has subscribed to the Employees Deposit Linked Insurance scheme are required to deposit ___of their annual wage bill as a premium.
 0.01%
 0.05%
 0.10%
 Section 80E
 Section 80F

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