IC02 - LICENTIATE - Practice Of Life Insurance 37

IC02 - LICENTIATE - Practice Of Life Insurance 37

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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

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