IC02 - LICENTIATE - Practice Of Life Insurance 37
IC02 - LICENTIATE - Practice Of Life Insurance 37
To View The Answer Click Here
Q 1. The free cover limit is ________.
The stipulated amount by the insurance company till the medical checkup is not required
The stipulated amount till which the insurance cover is provided for free
The maximum amount till which the insurance companies provide the cover.
The stipulated amount by the insurance company till the medical checkup is essential
None of the above
Q 2. The date of birth of Ramesh is 2nd February 1978. The date of commencement of the insurance policy is 12th January 2010. What will be the age of Ramesh based on the AGE NEXT BIRTHDAY method?
30 years
31 years
32 years
33 years
33.5 years
Q 3. The main function of an insurance agent is to _______.
Solicit and procure life insurance business
Offer rebates to policyholders
Act against the interests of the insurer
All of the above
None of the above
Q 4. On the annuitant's death, 50% of the pension will be paid to the spouse. This option is available under which type of annuity?
Life Annuity
Fixed amount annuity
Increasing annuity
Joint life last survivor annuity
All of the above
Q 5. ULIPs are market-linked insurance plans that combine the features of _______.
Investment and protection
Annuity and protection
Savings and protection.
Investment and savings
Annuity and savings
Q 6. In a ULIP after how many policy completion years does the surrender penalty become zero?
1 year
2 years
3 years
4 years
5 years
Q 7. If there are two nominees, how will the policy money be paid?
Nominees will be invalid
A joint discharge would be given by both nominees
Claim proceeds will be paid jointly to all nominees
Both 2 and 3
Proceeds will be paid as per the age ratio
Q 8. For which of the following insurance plans will the surrender value factor be the highest after three years from inception (if the sum assured of all four policies is the same)?
The insurance plan for 10 years
The insurance plan for 12 years
The insurance plan for 15 years
The insurance plan for 18 years
The insurance plan for 20 years
Q 9. What is the signature on behalf of the insurer called?
Preamble
Operative Clause
Proviso
True Copy
Attestation
Q 10. The preamble includes the proviso and ________.
Operative Clause
Attestation
Conditions
Schedule
Maturity Clause
Q 11. In the case of L.I.C., _________ year is the period from the date of the agent's appointment to the end of the month in which they complete twelve months as an agent and every successive period of twelve months thereafter.
Accounting
Agency
Appointment
Schedule
Bonus
Q 12. Which insurance policy is exempt from stamp duty payments?
Term Insurance
Health Insurance
Rural Insurance
Postal Life Insurance
Home Insurance
Q 13. In which way can a policyholder lodge complaints with IRDAI?
By Newspaper Notice or Toll-Free Number
By E-Mail or Toll-Free Number
By e-mail or Telegram
By Newspaper Notice or Telegram
By E-Mail or Newspaper Notice
Q 14. ___________ means instructing the insurance company to start the periodic payments.
Vesting
Annuitising
Commutation
Deferment
Premium
Q 15. Only if _____ is authorized to draw a loan, then only a loan be granted on a policy taken under the Married Women's Property Act.
The Appointed trustees
Ombudsman
The Nominees
The insured's children
The insured's wife