IC02 - LICENTIATE - Practice of Life Insurance 43
IC02---LICENTIATE---Practice-of-Life-Insurance-43
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Q 1. Which part of the policy document makes the proposal and declaration signed by the policyholder part of the contract?
a) Schedule
b) Conditions
c) Operative Clause
d) Preamble
Q 2. A person invested in a life annuity and paid a one-time premium. The insurance company shall pay him periodic payments after some years. What is this process called?
a) Commuting
b) Annutize
c) Vesting
d) Moneyback
Q 3. ULIPs are market-linked insurance plans and combine the features of_______________.
a) Investment and protection
b) Annuity and protection
c) Annuity and savings
d) Investment and savings
Q 4. The loan amount granted against a life insurance policy is generally __________ of its surrender value
a) 50%
b) 60%
c) 70%
d) 90%
Q 5. Which of the following terms does not match the other four?
a) Early claims
b) Non-early claims
c) Claimant’s statement
d) Deed of assignment
Q 6. How many years an Insurance Agent should work to become eligible for Gratuity?
a) Minimum 10 Years
b) Minimum 20 Years
c) 15 Years or more in Service continuously
d) Till the agent becomes 60
Q 7. Which claim needs submission of proof of death?
a) Maturity Claim
b) Survival Benefit Claim
c) Death Claim
d) None of the above
Q 8. If the tabular premium is Rs 55.60, calculate the half-yearly premium amount for a sum assured of Rs. 3 lakhs along with added benefits of Double accident benefit and Extended Permanent Disability benefit at an additional premium of Rs 1.60 sum assured
a) Rs 8500
b) Rs 8580
c) Rs 8470
d) Rs 8690
Q 9. Select the expanded form of EDLI as used in Insurance
a) Employer's Dividend Liability Insurance
b) Employees Deposit Liability Insurance
c) Employees Deposit Linked Insurance
d) Employees Dividend Linked Insurance
Q 10. Which type of annuity guarantees payment for life
a) Commutation of annuity
b) Annuity guaranteed for a fixed period
c) Life Annuity
d) Fixed Annuity
Q 11. As per___________of the Insurance Act 1938, insurance agents cannot offer rebates on whole or part of their commission.
a) Section 41
b) Section 42
c) Section 43
d) Section 44
Q 12. Which of the following terms does not match the other four ie. Find the odd one out?
a) Early claims
b) Nonearly claims
c) Deed of assignment
d) Foreclosure
Q 13. Q13) Raghav is a widower and has one son and one daughter. Both the Son and Daughter are married. Under the MWP act, Raghav has submitted an addendum to include his Son and his Daughter as beneficiaries. He has provided 1/3rd of his property to his son a
a) The entire claim amount shall go to Raghav's Son
b) Children cannot be named as beneficiaries in policies under MWP Act
c) The entire claim amount will go to the Daughter of Raghav since MWP is for Married Women's Property
d) Raghav's Son will receive 1/3rd of the property and the Legal Heirs of Raghavs Daughter will receive 2/3rd of the property
Q 14. The term 'ab initio' means __________.
a) Let's begin
b) From the beginning
c) In the end
d) At the end
Q 15. Nomination is covered under section____________of Insurance Act?
a) 39
b) 40
c) 41