IC23 - Applications of Life Insurance-6

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Q 1. The full form of HDHP is __________.

Highly Deductible Health policy
High Deductible Health Plan
Huge Deductible Health Plan
Yield
Returns

Q 2. Unemployment is an example of _________

Fundamental risk

Particular risk

Dynamic risk

Static risk

Personal risk

Q 3. Which of the following is true regarding GPF?

The Government pays interest on GPF at a determined rate that varies yearly.

GPF constitutes a part of the Consolidated Fund of India.

Advances and withdrawals can be made out of the GPF by an employee for specified purposes.

All are true

Only (a) and (b)

Q 4. Arrange the below risk management process in a proper sequence (i) Assessing the risk (ii) Measuring the risk (iii) Developing strategies to manage the risk

(iii), (ii), (i)

(i), (ii), (iii)

(ii), (i), (iii)

(ii), (iii), (i)

(i), (iii), (ii)

Q 5. Identify the true statement among the following. (i) Income tax benefits are available under health protection plans. (ii) There is no cover ceasing age for domiciliary treatment benefits in health protection plans. (iii) Premium payment ceases at t

Only (i) & (ii)

Only (ii) & (iii)

Only (i) & (iii)

Home Dependents Health Plan

Human Deductible Health Plan

Q 6.
Which of the following deals with issues of portability or the changing over from one employer/one insurer to another without any loss to the insured person?

HSA

NHS

HIPAA

India

Japan

Q 7. A __________ is defined as the legal declaration of the intention of the testator, concerning his property, which he desires to be carried into effect after his death.

Goodwill

Patent

Copyright

Both (a) & (c)

Both (a) & (b)

Q 8.
What is the reason behind launching NPS-Lite by PFRDA?

To extend the NPS coverage to economically advantaged sections

To extend the NPS coverage to the weaker and economically disadvantaged sections.

To promote small savings during their productive life.

Rule 89

Rule 90

Q 9. Who cannot buy medical expense insurance?

Individuals

Families

Accountholders of bank

Groups like employees of an institution

None of the above

Q 10. Insurance generally works on ___ principles.

one

two

three

Developing a financial plan

Monitoring the financial plan

Q 11. Which of the following is an example of speculative risk?

Train accident

Earthquake

Investment in the stock market

Car Accident

Both (a) & (c)

Q 12. ______ provides a method to calculate the quantum of life insurance the family bread earner should go in for to provide for his family in his absence.

TLV

HLV

MLV

Both (a) & (b)

All the above

Q 13. For all types of insurance other than ___________, insurable risks must be financial, measurable, and predictable.

Health insurance

Travel Insurance

Property insurance

Life insurance

Fire insurance

Q 14. Proceeds from life insurance that are received by the beneficiaries upon the death of the insured are generally _________

50% taxable

taxable

tax-free

Acknowledgment

Accountability

Q 15. Which of the following is not true concerning a defined benefit plan?

They either pay a lump sum or a guaranteed monthly benefit upon retirement.

They do not guarantee a specific amount of money upon retirement.

The amount received upon retirement is normally based on a preset formula.

Employer and Employee contribution plan

All the above



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