IC02 - LICENTIATE - Practice of Life Insurance 59

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Q 1. From the following options which one is significant to assess the risk for an Underwriter

a) Reports of the agent

b) Medical Examiner report

c) Statements made by the proposer in the proposal form

d) All of the above

Q 2. Which of the following persons may be accepted with an extra premium?

a) Divorced Man

b) Partially H and capped Persons

c) Children

d) Married Women

Q 3. Insurance companies can increase the premium amount due to changes in ______________.

a) mortality

b) foreign exchange rates

c) IRDAI rules

d) Company policy

Q 4. In what way do insurance companies allow modifications or alterations to the original policy documents?

a) By way of a written letter

b) By way of surrender

c) By way of endorsement

d) By way of cancellation

Q 5. 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 6. The date of birth of Suresh is 2nd February 1978. The date of commencement of the insurance policy is 12th January 2010. What will be the age as per the AGE NEXT BIRTHDAY method?

a) 30 years

b) 31 years

c) 32 years

d) 33 years

Q 7. 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 8. 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 and 2/

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 9. 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 10. What is the minimum age required to enter into a contract of insurance?

a) 13 years

b) 18 years

c) 20 years

d) 21 years

Q 11. A policy where the policyholder makes a one-time payment of premium is known as a ______________:

a) Money-back policy

b) Single premium policy

c) Salary Savings Scheme policy

d) Annual policy

Q 12. Which of these statements is TRUE?

a) Insurance is a function of uncertainty

b) Damage to an asset due to peril is called risk, which the asset is exposed to

c) Life insurance protects the life of the insured

d) Both 1 and 2 are correct

Q 13. Q13) Select the expanded form of SV as commonly used in life insurance

a) Summary Valuation

b) Selected Value

c) Surrender Value

d) Survivor Value

Q 14. All Insurers in India use extensively _____ as corporate agents

a) Banks

b) Agents

c) Brokers

d) Surveyors

Q 15. For how long have the benefits of Endowment Policies continued?

a) Even after the policy getting lapsed

b) Even after the accidental death of the insured

c) Even after the death of the insured

d) Even after the injury of the insured


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