IC23 APPLICATIONS OF LIFE INSURANCE – 15

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.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

 

Q4.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

 

Q5.Which of the following is not a feature of Group savings linked insurance?
 These are a type of endowment assurance plans 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

 

Q6.___ 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)

 

Q7.Employees who have 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

 

Q8.The insolvency clause usually forms part of the ___clause.
 Underwriting
 Original conditions
 Ultimate net loss
 Only (a) & (c)
 All the above

 

Q9.Which of the following is the most important step of financial planning?
 achieving financial goals
 identifying financial goals
 identifying financial tools
 achieving good returns
 None of the above

 

Q10.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 an approved superannuation fund is accorded under Part B of the Fourth Schedule of the I.T Act 1961.
 Only (a) & (b)
 All the above

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