IC23 - Applications of Life Insurance-3

Access More Mock Tests Now

Q1.Nameandaddressofthebrokercanbeidentifiedthrough_________clause.

Arbitration

Intermediaries

Setoff

Termination clause

Noneoftheabove

Q2.Whichofthefollowingdocumentsisrequiredforsettlingmaturityclaims/survival benefits?

Proof of age

Policy document

Death certificate

Developingafinancialplan

Monitoringthefinancialplan

Q3.__________isacontract,representedbyapolicyinwhichanindividualorentityreceivesfinancialprotectionorreimbursementagainstlosses.

Insurance

Mutual fund

Share certificate

Fixed Deposit

Both(a)&(c)

Q4.Contributionsmadeintoprovidentfund, life insurance, pension funds,nationalsavingscertificateareeligiblefordeductionsunder__________oftheIncomeTaxact.

Section80C

Section80D

Section80E

Section80G

Section80H

Q5.Theaccountsforfireandaccidentproportionalreinsurancearenormallyrenderedonan______

Accountsyearbasis

Underwritingyearbasis

Insuredyearbasis

Theseplansoffersbenefitsofsavingsandinsurance

Theinsuranceportionoftheseplansbecomespayableonlyondeathduringthemembershipofthescheme.

Q6.Whichofthefollowingisnottrueregardingdefinedpensionplan?

ItispaidoutofthecurrentrevenuesintheGovernmentbudget.

Anemployeehastoforfeithis/herrightstothepensionifhe/sheleavesservicebeforecompletingtwentyfiveyears.

Familypensionispayableonthedeathofapensionertotheeligiblefamilymember.

Both(a)&(c)

All are true

Q7.___________methodissuitableforasmallcompanyoranewlyestablishedcompany.

Surplussharereinsurance

Deficitsharereinsurance

Quotasharereinsurance

Smallsharereinsurance

Noneoftheabove

Q8.
FullformofEPFOis___________

Employer’sProvidentFundOrganisation

Employees'ProvidentFundOrganisation

Employee’sPensionFundOrganisation

None of above

Q9.TheSecuritiesExchangeCommissionofPakistanhasdraftedTakafulRulesintheyear________thatstipulatethesetupofdedicatedcompanies,disallowinganykindoftakafulwindowuntil2010.

2001

2003

2005

2007

2008

Q10.WhichofthefollowingistrueregardingExcessoflossratio?

Thisarrangementcoversthewholeaccountandisalsoknownasexcessivelossratioreinsurance

InExcessoflossratio,thereinsurercoverslossesincurredbyaninsurerinaparticularclassofinsurancebusinesswhenhisannuallossratioexceedsanagreedpercentageoftheearnedpremiumincomeforthatclass.

Over the loss ratio,retentionlimitoftheinsurerissetatalevel, which does not guarantee a profit from the insurer.

Only(a)&(b)

All the above

Q11.AgratuityfundismaintainedinIndia___________________.

Throughinitialandannualcontributionmadebytheemployer.

Isanirrevocabletrustfund.

Bybuyinganinsuranceplan

Only(a)&(b)

All the above

Q12.Humanlifevalueisthe________valueofyour_________earnings.

present, future

future, present

total, monthly

total, annual

net, gross

Q13.
Whatistheprimarypurposeofalifeinsuranceproduct? nbsp;

Tax rebates

Safeinvestmentavenue

Protectionagainstthelossofeconomicvalueofanindividual’sproductiveabilities

Wealth accumulation

All the above

Q14.
AaravandPranitaareintheir20swith3youngchildren.Whatwouldprobablynotbetheirmostimportantfinancialplanningconcerns?

LiabilityandInsurancePlanning

SavingsandInvestmentPlanning

EmployeeBenefitsPlanning

AssetAcquisitionPlanning

RetirementandEstatePlanning

Q15.Particularriskarecausedby__________.

Inflation

Hurricanes

Robbery

income and output

Both(b)&(c)



Access More Mock Tests Now