IC23 APPLICATIONS OF LIFE INSURANCE – 16

Q1.Arrange the below risk management process in a proper sequence (i) Assessing the risk (ii) Measuring the risk (iii) Developing strategies to manage the risk
 (iii), (ii), (i)
 (i), (ii), (iii)
 (ii), (i), (iii)
 (ii), (iii), (i)
 (i), (iii), (ii)

 

Q2.Identify the true statement among the following. (i) Income tax benefits are available under health protection plans. (ii) There is no cover ceasing age for domiciliary treatment benefits in health protection plans. (iii) Premium payment ceases at the age of 65 but coverage continues till 75 for HCB and MSB in health protection plans
 Only (i) & (ii)
 Only (ii) & (iii)
 Only (i) & (iii)
 Home Dependents Health Plan
 Human Deductible Health Plan

 

Q3.Which of the following deals with issues of portability or the changing over from one employer/one insurer to another without any loss to the insured person.
 HSA
 NHS
 HIPPA
 India
 Japan

 

Q4.A ____ is defined as the legal declaration of the intention of the testator, with respect to his property, which he desires to be carried into effect after his death.
 Goodwill
 Patent
 Copyright
 Both (a) & (c)
 Both (a) & (b)

 

Q5.What is the reason behind launching NPS-Lite by PFRDA?
 To extend the NPS coverage to economically advantaged sections
 To extend the NPS coverage to the weaker and economically disadvantaged sections.
To promote small savings during their productive life.
 Rule 89
 Rule 90

 

Q6.Who cannot buy medical expenses insurance?
 Individuals
 Families
 Accountholders of bank
 Groups like employees of an institution
 None of the above

 

Q7.Insurance generally works on ___ principles.
 one
 two
 three
 Developing a financial plan
 Monitoring the financial plan

 

Q8.Which of the following is an example of speculative risk?
 Train accident
 Earthquake
Investment in the stock market
 Car accident
 Both (a) & (c)

 

Q9.Which of the following is the last step of the financial planning process?
Analyzing financial preferences
 Monitoring the financial plan
 Developing a financial plan
 Implementing financial plan
 Gathering financial information

 

Q10._____is the process of handling and safeguarding against future risk of loss and ensuring that sufficient compensation is provided.
 Future planning
 Financial planning
 Insurance planning
 Retirement planning
 Tax planning

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