IC02 - LICENTIATE - Practice of Life Insurance 50
IC02 - LICENTIATE - Practice of Life Insurance 50
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Q 1. A policy document for a money-back policy includes the statement of the proposal and a declaration signed by the proposer form the basis of a contract. This will usually appear in which main section of the policy document?
a) Operative clause
b) Attestation
c) Terms and conditions
d) Preamble
Q 2. Which of the following is an example of a restrictive condition?
a) No Claim will be paid if the Life Assured commits Suicide
b) If the policyholder does not pay the premium by the due date the policy will be null and void all benefits under the policy will cease and premiums paid to date will be forfeited
c) If the information provided by the policyholder on the proposal, personal statements, or declaration were found to be untrue then the policy would be null and void and all benefits under the policy will cease and premiums paid to date will be forfeit
d) If death takes place the instalments of premium due for the remainder of the policy period will be deducted from the claim amount
Q 3. Which of the following statements is False?
a) The Insurer may consider payment of claim presuming death only after Seven years have elapsed as per Indian Evidence Act
b) As per IRDA regulations the decision on the proposal must be conveyed within 15 days
c) If the agent offers the whole or part of his commission as a Rebate his agency can be terminated
d) The reinstatement of a foreclosed policy is allowed even if the balance surrender value has been paid to the policyholder
Q 4. To avoid the forfeiture clause, premiums for at least how many years are required to be paid by the policyholder?
a) One year
b) Two years.
c) Three years.
d) Four years.
Q 5. In____________annuity is paid to the annuitant for their entire life. On the death of the annuitant, 50% of the pension will be paid to the spouse for as long as the spouse lives.
a) Joint life last survivor annuity
b) Annuity for life with return of premiums
c) Life annuity
d) Term insurance
Q 6. Which insurance policy is exempt from stamp duty payments?
a) Term Insurance
b) Health Insurance
c) Crop Insurance
d) Postal Life Insurance
Q 7. To spread life insurance widely among the poor and the lower-segment people in the country, IRDA has issued __________.
a) Macro Insurance Regulations
b) Micro Insurance Regulations
c) Term Insurance Regulations
d) SME Insurance Regulations
Q 8. The assignment is of two types namely
a) Fixed Assignment and Variable Assignment
b) Absolute assignment and Conditional Assignment
c) Life Assignment and General Assignment
d) None of the above
Q 9. _________ are the extra charges that are added to the premium by the insurance companies
a) Adverse Selection
b) Actuarial Valuation
c) Life Fund
d) Loading
Q 10. The date from which the annuitant starts receiving regular income is known as
a) Deferred date
b) Immediate date
c) Vesting date
d) Commuted date
Q 11. Free Cover Limit is
a) The stipulated amount till which the insurance cover is provided for Free.
b) The maximum amount till which the cover is provided by the insurance companies
c) The stipulated amount by the insurance company till which the medical checkup is essential
d) The stipulated amount by the insurance company till which the medical checkup is not required essential
Q 12. In a pension scheme when the pension amount is known beforehand it is known as
a) Guaranteed benefit pension scheme
b) Group superannuation scheme
c) Defined Contribution Scheme
d) Defined Benefit Scheme
Q 13. Q13) In which part of the policy document will you find details about Sum Assured offered under the policy?
a) Policy Schedule
b) Policy Preamble
c) Attestation
d) Conditions and Privileges
Q 14. Amongst the options given below, which is the simplest form of securing an individual and/or a family from financial difficulties?
a) Mutual Funds
b) Safe Deposits
c) Life Insurance
d) Pension Planning
Q 15. The premium paid by the insured in a ULIP is divided into ______ parts.
a) 2
b) 3
c) 4