IC23 APPLICATIONS OF LIFE INSURANCE – 07

Q1.Which of the following is the third step of the financial planning process?
 Gathering financial information
 Implementing financial plan
 Identification of financial goals
Analyzing financial preference
 Monitoring the financial plan

 

Q2.A Takaful contract should embody which of the following conditions? i. Proprietorship condition ii. Investment condition iii. Specialty condition
 Only (ii)
 Only (i) & (iii)
 Only (ii) & (iii)
 Only (i), (ii) & (iii)
 Only (iii)

 

Q3.Health insurance plans are broadly categorized into __ types.
 two
 three
 four
 five
 six

 

Q4. Which among the following is/are the example of retirement benefits? (i) provident fund (ii) gratuity (iii) Term Insurance
 Only (i) & (iii)
 Only (ii) & (iii)
 Only (i) & (ii)
 Only (i), (ii) & (iii)
 Only (iii)

 

Q5.Which of the following are/are not the functions of reinsurance?
 It decreases the capacity of the insurer to handle large risks.
It stabilizes the operating results from year to year with the reinsurer.
 It provides the ability to write untested and new risk exposures.
 Both (a) & (b)
 All the above

 

Q6.In case of the minor nominee, the life assured can appoint ____to receive policy money on behalf of the minor in case of death of the life assured during the minority period.
 Guardian
 Appointee
 Lawyer
 Either (a) or (c)
 None of the above

 

Q7.What is the limit of deduction as per section 80D if the medical insurance is taken for self, spouse, and dependent children?
 10000/-
 15000/-
 20000/-
 25000/-
 30000/-

 

Q8.A/an __ is valid only if there is a valuable consideration.
 absolute assignment
 partial assignment
 qualified assignment
 Insurance Act 1967
 SEBI Act 1992

 

Q9.National Health Service is very popular in which country?
 USA
 UK
 China
 Brazil
 Japan

 

Q10.Why the payment of maturity claim is considered to be easy?
 Because there is no need on the part of the policyholder to prove the happening of the event.
 Since the policyholder is alive so proof of title does not create any problem
 The insurance company need not await any claim from the policyholder and take initiative to settle the claims expeditiously.
 Only (a) & (c)
 All the above

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