IC23 Mock Series- APPLICATIONS OF LIFE INSURANCE

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IC23 Mock series questions ( Application of Life Insurance)

Q1.The tenure of the benefit plan is for ____.
 less than a year
 more than one year
 six months
 Either (a) or (b)
 Neither (a) nor (b)

 

Q2.Which of the following is/are the advantages of health insurance?
 Health insurance provides income tax benefits
Health insurance can help in avoiding the derailment of the savings plans.
 Health insurance gives a sense of peace to individuals
 None of the above
 All the above

 

Q3.In the case of the minor nominee, the life assured can appoint an appointee to receive policy money on behalf of the minor in case of death of the life assured during the minority period.
 During the lifetime of the life assured he/she cannot deal with the policy.
 Only (a) & (c)
 All the above
 All the above
 Only (a) & (b)

 

Q4.Which act provides that the policy of insurance effected by any married man, on his own life, and expressed on the face of it, to be for the benefit of his wife or children or any of them shall ensure and deemed to be a trust for the benefit of his wife?
 Insurance act 1938
 Married Women Property Act 1874
 Married Women Property Act 1888
 All the above
 None of the above

 

Q5.A/an ___transfers to the assignee all rights, title, and interest of the assignor in the policy.
 Absolute assignment
 Documented assignment
 Conditional assignment
 Net Asset value
 None of the above

 

Q6.On the maturity of a policy, the period of limitation shall be _____from the date of maturity.
 three years
 four years
 five years
 Controvertible Clause
 Conditional Clause

 

Q7.Why the succession certificate is issued? i. To realize the debts of the deceased ii. To realize the securities of the deceased iii. To give a valid discharge
 Only (i) & (ii)
 Only (ii) & (iii)
 Only (i) & (iii)
 Only (iii)
 All (i), (ii) & (iii)

 

Q8.Self-insurance is an example of ____.
 Risk reduction
 Risk avoidance
Risk-retention
Risk-retention
Risk reoccurrence

 

Q9.Non-disclosure in any document leading to the ____of risk could render the insurance contract null and void.
 rejection
 acceptance
 repudiation
 75% taxable
 25% taxable

 

Q10.Which of the following is the end of a contract of life insurance?
 Application form processing
 Underwriting of policy
 Issuance of policy
Claims acknowledgment
 Settlement of claims

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IC23 Mock Series
IC23 Mock Series