IC02 - LICENTIATE - Practice of Life Insurance 46

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Q 1. In which of the following postal life insurance plan the insured gets the sum assured and bonus at the time of maturity

a) Whole Life Insurance Plan

b) Endowment Assurance Plan

c) Convertible Whole Life Insurance Plan

d) Postal Monthly Income Plan
 
Q 2. Find out the Surrender Value, based on the following data, the answer to be rounded off to the next lower rupee. Date of Commencement - 15.06.1992. Endowment with profit for 30 years. SA Rs.30,000/-. Mode Half Yearly. Date of Last Premium paid 15-06-20

a) Rs 3670

b) Rs 3765

c) Rs 8740

d) Rs 4370
 
Q 3. The maximum limit for the amount under dispute for which the Ombudsman can entertain a complaint is up to Rs. _________.

a) 20 lakhs

b) 25 lakhs

c) 50 lakhs

d) 75 lakhs
 
Q 4. Which of the following terms matches closest with Foreclosure?

a) Surrender Value

b) Nominee

c) Death Claim

d) Maturity Claims
 
Q 5. In the case of a policy where the premium payment is annual how many days will be allowed as a grace period for premium payment after the premium due date?

a) 15 days

b) There is no grace period

c) 30 days

d) Till the next premium due date
 
Q 6. What is a good option for Non Forfeiture from a clients perspective?

a) Days of grace

b) Surrender Value

c) Notional Credit

d) Level Premium
 
Q 7. Among the given options, which factor will be affected if the mortality rate changes?

a) Net incurred claims

b) Expenses of management

c) Net earned premium

d) Investment income
 
Q 8. Mihir has been investing in an Annuity since Jan 1st, 2000. His annuity contract with the insurance company will commence on 1 Jan 2015. On Jan 1st, 2015 he withdrew Rs 2 lakh from his investments. He has opted for 20 20-year period of certain annuity. The

a) Jan 1st 2000

b) Jan 1st 2015

c) Jan 5th 2035

d) None of the above
 
Q 9. The business of insurance is connected with the __________.

a) Meta physical value of assets

b) Physical value of assets

c) Intrinsic value of assets

d) Economic value of assets
 
Q 10. On which principle is the business of insurance based?

a) Collective risks

b) Probability of risks

c) Interest rates

d) Claim ratio
 
Q 11. What is the maximum permissible age of an employee for availing of Group Insurance?

a) 50 years

b) 55 years

c) 60 years

d) 61 years
 
Q 12. If there are two nominees how will the policy money be paid?

a) A Joint discharge would be given by both the nominees

b) Claim Proceeds will be paid jointly to all nominees

c) Nominees will stand Invalid

d) Both A and B
 
Q 13. Q13) Which of the following statements are correct? A - In group insurance, the risk of individuals is not assessed B - An insolvent person can take a life insurance policy C - The proposal form should be written by the agent himself

a) Statements A and B are correct

b) Statements A and C are correct

c) Statements C and B are correct

d) All statements are correct
 
Q 14. In case of LIC to continue holding the agency for the next year what is the minimum number of lives that the agent should insure?

a) There is no minimum requirement to retain an agency

b) Twelve lives anytime throughout the year

c) Compulsorily one life every month

d) Twenty-four lives anytime throughout the year
 
Q 15. What is the surrender value with a factor of 16% for a 30-year with pro?t endowment assurance policy whose date of commencement is 3rd June 2000 for a sum assured of Rs 40000 where the mode of premium payment is half yearly with due date of last premium

a) Rs 8699

b) Rs 7416

c) Rs 6308

d) Rs 5741

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