IC23 - Applications of Life Insurance-5

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Q 1. ________ involves uncertainty about the effects of an activity concerning something that humans value often focusing on negative, undesirable consequences.

Financial planning

Accident

Risk

Human life

None of the above

Q 2. Collecting personal and financial information regarding the individual and his family along with the spending habits comes under which step of the financial planning process?

Identification of financial goals

Gathering financial information

Analyzing financial preferences

Original annuity

Fixed annuity

Q 3. Nomination can be done by a _____________

Insurer under a policy on his own life and not otherwise.

Nominee under a policy on his own life and not otherwise.

Policyholder under a policy on his own life and not otherwise.

Either (a) or (c)

Any of the above

Q 4. Which of the following is not mentioned in the policy document?

Name of the life-assured

Address of the nominee

Name of the nominee

Policy number

Date of risk

Q 5. _________ is the legal representative for all purposes of a deceased person and all the property of a testator vests in him.

Legatee

Executor

Testate

All the above

None of the above

Q 6.
The full form of NHS is _____________.

National Health Service

Nation Health Service

National Health Sector

PPO

PPF

Q 7. Takaful insurance is based on ____________.

Principle of Taawun

Principle of Tabaru

Principle of Shariah

Both (a) & (b)

Both (a) & (c)

Q 8. Which of the following is true about reinsurance?

It is a means of risk management, to transfer risk from the insurer to the reinsurer.

It is the process in which a ceding company cedes part of the risk to a reinsurer.

It is often referred to as indirect business.

All the above

None of the above

Q 9. _____________are payable at agreed fixed intervals for expenses incurred towards domiciliary treatment.

Major Surgical Benefit

Hospital Cash Benefit

Domiciliary Treatment Benefit.

All (i), (ii) & (iii)

Only (i) and (iii)

Q 10. In ___________, the insured starts receiving annuity payments after a lapse of a selected period known as the deferment period.

Immediate Annuity

Ordinary annuity

Deferred Annuity

withdrawal

avoidance

Q 11. The plan tenure of indemnity-based plans is for ________.

one year

five year

ten year

fifteen-year

twenty year

Q 12. Which of the following statements is true concerning deduction under Section 80D?

The limit of the deduction for medical insurance for self, spouse, and dependent children is Rs. 25000.

The limit of deduction under section 80D varies with age.

An additional deduction of Rs. 25000 is available for insurance paid for parents aged less than 60 years.

Only (a) & (c)

All the above

Q 13.
In a 75% quota share, the insurer would cede ----- of the premium to the reinsurer.

1/4 th

3/4 th

2/4 th

None of the above

Q 14. Need to plan for retired life arises at which of the following stages?

pre retirement stage

post-retirement stage

initial stage

prime earning stage

Mid earning stage

Q 15. Which of the following statements is false regarding the nomination of life insurance policies? nbsp;

A nomination does not have any beneficial does not have any beneficial interest except to receive the policy monies on the death of the life assured during the term of the policy 

A Policyholder can effect nomination if the policy is on their own life 

A Policyholder can effect nomination if the policy is on his own life 

None of the above 

All the above



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