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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