IC23 - Applications of Life Insurance-10
IC23 - Applications of Life Insurance-10
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Q 1. Employer's contributions in the recognised provident fund are deductible up to a maximum of _____of the annual wage bill of the employer.
5%
8%
12%
15%
20%
Q 2. Variants of medical expenses insurance do not include ___________.
Hospitalization costs
Outpatient cost
Critical care costs
None of the above
All the above
Q 3. Which of the following is true about an assignee?
Assignee can be anybody including a minor.
In case of the death of the assignee, the property will devolve upon his legal successors.
There can be one or more assignees.
Claim assignment
None of the above
Q 4. ___________are a part of endowment policies.
Term policy
Money back policy
Unit linked policy
Both (a) & (c)
All the above
Q 5. Health Insurance Portability and Accountability Act was enacted by the U.S. Congress in ____.
1994
1996
1998
General Provident Fund
Public Provident Fund
Q 6. The tenure of the benefit plan is for __________.
less than a year
more than one year
six months
Either (a) or (b)
Neither (a) nor (b)
Q 7. Which of the following is/are the advantages of health insurance?
Health insurance provides income tax benefits
Health insurance can help avoid the derailment of savings plans.
Health insurance gives a sense of peace to individuals
None of the above
All the above
Q 8.In the case of the minor nominee, the life assured can appoint an appointee to receive policy money on behalf of the minor in case of death of the life assured during the minority period.
minor nominee
policyholder
children, spouse, parents, siblings
None of these
Q 9. Which act provides that the policy of insurance effected by any married man, on his own life, and expressed on the face of it, to be for the benefit of his wife or children or any of them shall ensure and deemed to be a trust for the benefit of his w
Insurance act 1938
Married Women Property Act 1874
Married Women Property Act 1888
All the above
None of the above
Q 10. A/an ____________transfers to the assignee all rights, title and interest of the assignor in the policy.
Absolute assignment
Documented assignment
Conditional assignment
Net Asset Value
None of the above
Q 11. On the maturity of a policy, the period of limitation shall be ___________from the date of maturity.
three years
four years
five years
Controvertible Clause
Conditional Clause
Q 12. Why the succession certificate is issued? i. To realize the debts of the deceased ii. To realize the securities of the deceased iii. To give a valid discharge
Only (i) & (ii)
Only (ii) & (iii)
Only (i) & (iii)
Only (iii)
All (i), (ii) & (iii)
Q 13.
Self-insurance is an example of __________.
Risk reduction
Risk avoidance
Risk-retention
Risk Transfer
Risk reoccurrence
Q 14. Nondisclosure in any document leading to the __________of risk could render the insurance contract null and void.
rejection
acceptance
repudiation
75% taxable
25% taxable
Q 15. Which of the following is the end of a contract of life insurance?
Application form processing
Underwriting of policy
Issuance of policy
Claims acknowledgement
Settlement of claims
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