IC23 APPLICATIONS OF LIFE INSURANCE – 14

Q1.Which of the following statement is not TRUE regarding insurance contract?
 Insurance is an agreement where, for a stipulated payment called the premium, one party agrees to pay to the other a defined amount upon the occurrence of a specific loss.
 The defined claim amount of an insurance contract can be a fixed amount or amount equal to reimbursement of all or a part of the loss that occurred.
 The claims of a policyholder are paid out of the premiums collected from him.
 Both (a) & (c)
 All are true

 

Q2.As per___, a taxpayer can avail tax deduction on premium paid towards medical insurance for self, spouse, dependent parents, and children.
 Section 80C
 Section 80D
 Section 80E
 Section 80G
 Section 80H

 

Q3.When did the first reinsurance company was formed in India?
 1946
 1952
 1956
 1962
 1966

 

Q4._____ is a defined contribution plan with a minimum percentage contribution from the employee and no matching contribution from the Government.
 General Provident Fund
 Leave Encashment
 Pension
 Gratuity
 Public Provident Fund

 

Q5.Maturity claims include benefits during the period of assurance is called ___
 Medical benefits
 Survival benefits
 Death benefits
 Health benefits
All the above

 

Q6.____ took the initiative in getting the customers a taste of equity linked insurance products.
 Section 80C
 Government sector
 Private sector
 Section 80G
 Section 80H

 

Q7.Contributions made by employees in a superannuation fund is exempt under __.
 Section 80B
 Section 80C
 Section 80D
 Obtaining satisfactory proof of title
 Only (a) & (d)

 

Q8.Reinsurance accounting is connected with which of the following aspects of reinsurance?
 technical
 financial
 legal
 Section 10 (10D)
 Section 10 (10E)

 

Q9.Which of the following is not true about superannuation funds?
Contributions paid under the scheme are made by the employer in which case it is known as a contributory pension fund.
In case the employer and the employees also contribute to the fund, the scheme is called a non-contributory pension fund.
Permission for the creation of approved superannuation fund is accorded under Part B of the Fourth Schedule of the I.T Act 1961.
 Only (a) & (b)
 All the above

 

Q10.___involves assessing and quantifying risks and then taking steps to control or reduce them.
 Fund management
 Risk management
 Control management
 Financial management
 Cost management

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