IC23 APPLICATIONS OF LIFE INSURANCE – 08

 

Q1.Defined benefit plans are usually insured by ___
 Nomination is allowed
 State Government
 Respective Company
 None of the above
 All the above

 

Q2.The main objective of Takaful is _____.
 To spread happiness among members
 To secure a life
 To diversify the risk among members
 None of the above
 All the above

 

Q3.Which of the following is not true regarding Human Life Value?
 It provides a method to calculate the quantum of life insurance the family bread earner should go in for to provide for his family in his absence.
It is a one-time calculation.
 It helps in determining the value of life insurance one should invest in.
 Section 38(2)
 Section 39(3)

 

Q4.__is the insurance company that accepts the transfer of risk from the ceding company.
 Cede
 Cedent
 Reinsurer
 Insurer
 Reinsurance

 

Q5.The full form of HIPAA is ____
 Health Insurance Portability and Accountability Act
 Health Insurance Practice and Accountability Act
 Health Insurance Premium and Accountability Act
 2002
 2004

 

Q6.What is the minimum qualifying service to receive superannuation pension in Government defined benefit pension plan?
 ten years
 twenty years
twenty-five years
 thirty
thirty-five years

 

Q7.Which of the following is true regarding health protection policies?
 Only (i) & (ii)
 The premium under this scheme ranges from Rs. 150 to Rs. 1500 for self.
The sum assured under this scheme is fixed at 250 times the daily HCB for the insured, spouse, and child.
 Only (i), (ii) & (iii)
 Only (ii)

 

Q8._____policy is aimed at providing compensation for death or bodily injury suffered directly as a result of the accident.
 Long term care insurance
 Unit Linked Health Policies
 Personal Accident Policy
 Disability Income Insurance
 Both (a) & (c)

 

Q9.If the duration of the policy i.e. the time elapsed from the date of commencement of risk to the date of death is less than two years then such a claim is considered as ____.
 High paid executives
 Early claim
 Timely claim
 Both (a) & (b)
 Both (b) & (c)

 

Q10.Which of the following problems arises in the settlement of death claims?
 Obtaining satisfactory proof of death
 Obtaining satisfactory proof of policy
 Obtaining satisfactory proof of name
 Residuary legatee
 None of the above

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