Licentiate Exam Mock Test-APPLICATIONS OF LIFE INSURANCE IC23

Licentiate Exam Mock Test-IC23 APPLICATIONS OF LIFE INSURANCEClick Here for full Mock series

Licentiate Exam Question

Q1.In case of pension with the return of purchase price, _____
Pension will be payable till the age of 70 with the return of purchase price on death during that period.
Pension will be payable till the age of 75 with the return of purchase price on death during that period.
Pension will be payable till the age of 80 with the return of purchase price on death during that period.
 shall prohibit sharing of profits
shall undertake to give high-interest loan

 

Q2.Which among the following benefit is provided by the EDLI scheme?
A lump-sum amount equal to the average balance in the member’s EPF account for the period of 12 months preceding death.
A lump-sum amount equal to the total balance in the member’s EPF account for the period of 12 months preceding death.
A lump-sum amount equal to the average balance in the member’s EPF account for the period of 24 months preceding death.
A lump-sum amount equal to the total balance in the member’s EPF account for the period of 24 months preceding death.
Lump-sum amount equal to the total balance in the member’s EPF account for the period of 36 months preceding death.

 

Q3.Accident benefit rider provides of __ of the sum assured over and above the basic sum assured in case of death taking place as a result of an accident.
 75%
 80%
 90%
 None of the above
 All the above

 

Q4.One has to furnish bills to ____for getting a claim under an indemnity policy.
 Deferred annuity
 Insurer
Third-Party Administrator
 Variable annuity
 None of the above

 

Q5.Why there is a need for a pension system in India?
 There is no statutory obligation for the employer to provide pension payment to his employees
Retirement benefits are paid in lump sum spent too quickly or not invested prudently.
Improvement in the longevity of life
 All the above
 None of the above

 

Q6.The benefits of critical illness plans are payable in ____
 lump sum
 installments
 Either (a) or (b)
 Neither (a) nor (b)
 Both (a) & (b)

 

Q 7. The non-profit Takaful model includes enterprises owned by ____. (i) Participants (ii) Society (iii) Government
 Only (i)
 Only (i) & (ii)
 Only (ii) & (iii)
 Indian Reinsurance Corporation
 Indian Reinsurance Company

 

Q8.Which of the following is true as per the Indian Evidence Act?
The burden of proving the death of a person known to have been alive for thirty years is on the person who affirms it.
 A person who has disappeared is presumed to be dead only if he has not been heard of for 7 years by those who would naturally have heard of him if he had been alive.
 Burden of proving that person is alive who has not been heard of for seven years is shifted to the person who affirms it.
 Only (a) & (c)
 All of the above

 

Q9.____ clause permits each party to net amounts due against those payable before making payments.
 Arbitration
 Intermediaries
 Set off
 Accounting
 Errors and Omissions

 

Q10.Employees Deposit Linked Insurance Scheme or EDLI is an insurance cover provided by the __ for private sector salaried employees.
 LIC
 IRDA
 PFRDA
INFO
 National Insurance Co.

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Licentiate Exam Mock Test
Licentiate Exam Mock