IC23 APPLICATIONS OF LIFE INSURANCE – 20

Q1.Who has adopted a ‘no obstacles, but no special favors’ approach in handling Takaful business and it has only recently approved the first license to a wholly Islamic General Takaful provider?
 a) The Financial Services Authority
 b) The Supervisory authority Saudi Arabian Monetary Agency
 c) Central bank of Bahrain
 d) The Monetary Authority of Singapore

 

Q2.Benefits under Section 80C are available for ULIP schemes with a lock-in period of ____ years.
 a) 1
 b) 3
 c) 5
 d) None of the above

 

Q3.Which reinsurance is that kind of insurance where the reinsurer takes a definite percentage share of each policy the insurer writes and then shares the premiums and losses in the agreed proportions?
 a) Facultative reinsurance
 b) Non-proportional reinsurance
 c) Treaty reinsurance
 d) Proportional reinsurance

 

Q4.The types of annuities that can be opted under the Defined Contribution Fund are ____.
 a) Pension for life
 b) Pension guaranteed for a fixed term (5, 10, 15, or 20 years) and life thereafter
 c) Pension for life with return of capital on death
 d) Any of the above

 

Q5.What is the direct insurance company that transfers the risk?
 a) Cedant
 b) Cede
 c) Reinsurer
 d) Reinsurance

 

Q6.Which of the following options are available for Pensions?
 a) Lifetime Pension
 b) Increasing Annuity
 c) Joint Life Last Survivor Pension
 d) All of the above

 

Q7.Which is a good option for a couple that is in good health and in case of survivorship annuity payout, the annuitant may choose to continue the retirement income to the spouse upon the death of the annuitant?
 a) Life with period certain
 b) Fixed amount
c) Life with a refund
 d) Joint life annuity

 

Q8.What refers to the insurance company that accepts the transfer of risk from the ceding company?
 a) Cedant
 b) Cede
 c) Reinsurer
 d) Reinsurance

 

Q9.What refers to the Uncertainty that is forbidden in both contracts and transactions?
 a) Gharar
 b) Riba
 c) Haram
 d) Maysir

 

Q10.Which reinsurance uses all forms of reinsurance protection developed over the years and the reinsurance market has become heavily involved in the insurance of aviation risks?
 a) Co-insurance
 b) Life reassurance
 c) Aviation reinsurance
 d) Big or Non-standard risks

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