IC23 - Applications of Life Insurance-1
IC23 - Applications of Life Insurance-1
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Q 1. ______ is a good strategy only when it is impossible to transfer the risk.
Risk avoidance
Risk Reduction
Risk transfer
Risk Retention
All the above
Q 2. Which of the following CGHS applies to? (i) Working central government employees (ii) Retired central government employees (iii) Governors
Only (i) & (iii)
Only (ii)
Only (iii)
All (i), (ii) & (iii)
Only (ii) & (iii)
Q 3. Payment of claim amount to claimants who are nonresidents of India is governed by the ____________.
Insurance Regulatory and Development Authority
Reserve Bank of India
Foreign Exchange Control Regulations
Both (a) & (b)
None of the above
Q 4. Which of the following is not an essential characteristic of a will?
Legal declaration
Disposition of property
Death of the testator
Irrevocability
None of the above
Q 5. ___________ is incorporated in the agreement to avoid court proceedings.
Accounting clause
Set off clause
Arbitration clause
21%
25%
Q 6. The full form of HMO is ______
Human Maintenance Organisation
Health Maintenance Organisation
Health Maintaining Organisation
National Pension System
National Pool System
Q 7. The Employee State Insurance Scheme applies to establishments other than power-using factories employing _______people.
five or more
ten or more
fifteen or more
twenty or more
thirty or more
Q 8. Which of the following is true regarding long-term care insurance?
It is suitable for people who can no longer take care of their basic needs.
It helps deal with a younger population
It is not suitable for a disabled person
All the above
None of the above
Q 10. In health protection policies, the HCB grows at ____for each year subject to a maximum limit of 1.5 times the initial daily benefit opted for.
2%
3%
5%
7%
9%
Q 11. To avoid liability under a policy of life insurance two years after the policy was effected the life insurance company will have to prove ____________________.
That there was disclosure of facts by the life-assured
That what was disclosed was a material fact
Such disclosure was made intentionally to defraud the insurance company.
Only (a) & (c)
None of the above
Q 12. Which of the following statements is true regarding term insurance?
It is the cheapest form of life insurance
It does not offer any survival benefits
It offers death benefits
All the above
None of the above
Q 13. In convertible term policies, one may choose to convert the term policy to a whole life or endowment policy _____.
before the end of the policy
before the end of the specified conversion period
after six months of taking the policy
after five years of taking the policy
after ten years of taking the policy
Q 14. Which of the following conditions is not true regarding the investment condition of a takaful contract?
Family Takaful fund should be invested only in shares approved by the Regulator and Shariah Committee.
Deposits should be made only in Islamic banks.
Investment should not be made in projects initiated by the Shariah committee.
All are true
None of the above
Q 15. Amendments with the consent of both parties are possible due to which of the following clauses?
Arbitration clause
Intermediaries clause
Alterations clause
Accounting clause
Errors and Omissions clause
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