IC23 APPLICATIONS OF LIFE INSURANCE – 02

Q1.___ are additional benefits that can be purchased with an insurance policy.
 Flexi premiums
 Tax savings
 Riders
 Perks
 None of the above

 

Q2.In ULIP, benefits under ____are available for only those plans where the minimum lock-in period is 5 years.
 Section 80C
 Section 80D
 Section 80E
 Section 80G
 Section 80H

 

Q3.Which of the following is not true about a deferred annuity?
The payout starts from a specified future date.
 It is suitable for people who wish to draw income immediately.
In a deferred annuity, the principal amount is invested and allowed to grow tax-deferred over a specified time period.
 Variable annuity
 None of the above

 

Q 4.As per Section 113(2) of Insurance Act 1938, a policy of insurance company which has a surrender value _____.
 shall lapse if the premium payment is not done for continuous three years.
shall not lapse by reason of non-payment of premium
shall be kept alive to the extent of the paid-up sum insured
 Only (b) & (c)
 Only (a) & (c)

 

Q5.NIVESH PLUS of LIC is a _____
 Endowment plan
Money-back plan
 Unit linked plan
 Guaranteed plan
 Traditional plan

 

Q6.Which of the following is specific reinsurance covering a single risk?
 Facultative reinsurance
Stop-loss reinsurance
 Surplus reinsurance
 Quota Share reinsurance
 None of the above

 

Q7.___ is paid out of the current revenues in the Government’s budget.
 Gratuity
 General Provident Fund
 Defined benefit pension plan
 Public Provident Fund
 Pension Fund

 

Q8.First Takaful company was established in which country?
 Algeria
 Sudan
 Tunisia
 Libya
 Tanzania

 

Q9.Succession certificate empowers the person ____.
 To receive interest and dividends
 To negotiate the transfer
 with respect to the securities of a deceased person
 Section 41
 Section 42

 

Q10.Which of the following is true about group term assurance?
 Variable benefit and variable contribution plans.
The plan works on a one-year renewal group term assurance basis.
 The plan is voluntary and very easy to administer.
 Compulsory and voluntary plans
 None of the above

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