IC02 - LICENTIATE - Practice Of Life Insurance 40
IC02 - LICENTIATE - Practice Of Life Insurance 40
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Q 1. Rajan took life insurance for his 2-year-old son. Rajan and his wife died in an accident. What will the insurers do?
The policy will be closed with immediate effect.
The guardians will receive the sum assured.
The guardians will be asked to pay the premiums.
The policy will be blocked and re-opened when the child becomes a major
The insurers will continue with the policy and pay the premium.
Q 2. What should be the age group of the employees for availing group insurance term plan?
18 to 50 years
18 to 55 years
18 to 60 years
20 to 50 years
20 to 60 years
Q 3. The loan amount granted against a life insurance policy is generally ____ of its surrender value
50%
60%
70%
80%
90%
Q 4. _______ details the mutual obligations of the insurance company and the insured.
Proviso
Schedule
Operative Clause
Preamble
Proviso Preamble
Q 5. Assignment of policy is not applicable for _________.
Endowment Policies
Pension Plans
Plans under Married Women's Property Act
Both 2 and 3
All of the above
Q 6. Mr. Ayush was born on 1st Feb 1980. On 16 May 2000, he is 20 years 3 months, and 16 days old. What is his age nearer to his birthday?
20 years
21 years
20 years 3 months
21 years 3 months
20 years 6 months
Q 7. Which of the following is/are a type of Policy Revival Scheme?
Ordinary Revival Scheme
Special Revival Scheme
Installment Revival scheme
Loan-Cum-Revival Scheme
All of the above
Q 8. The days of grace clause is not enforced in _________.
Salary Saving Scheme
Postal Life insurance
Mediclaim policies
Place of payment of premium
All of the above
Q 9.
What is the maximum permissible age of an employee for availing of Group Insurance?
50 years
55 years
60-80 years
70-75 years
65 years
Q 10. The market value of the securities held by an Equity Fund is Rs 50,000,00. The number of units is 25000. What is the NAV of this fund? ( Assume 100% investment in equities )
Rs 25
Rs 100
Rs 150
Rs 200
Rs 350
Q 11. If under a policy at least five full years of premium is paid and if the subsequent premium remains unpaid and the death claim arises within twelve months of the first unpaid premium, the claim is settled in full. This is as per __________ of LIC.
Non-Early Death claim policy
Claims Concession
Extended claims concession
Assistance due to death concession
None of the above
Q 12. In ULIP, _________ is the additional amount that can be invested by an individual over and above the regular premium in funds of his choice.
Top Up
Rider
Bonus
Special Premium
Tip
Q 13. The premium the insured pays in a ULIP is divided into ____ parts.
2
3
4
5
10
Q 14. To spread life insurance widely among the country's poor and lower-segment people, IRDA has issued _______.
Macro Insurance Regulations
Micro Insurance Regulations
Term Insurance Regulations
SME Insurance Regulations
Local Insurance Regulations
Q 15. The insurance contract is a legal contract when the insured has an insurable interest in the ________ of insurance.
cover
conditions
clause
benefit
subject matter