IC23 - Applications of Life Insurance-7
IC23 - Applications of Life Insurance-7
Get More Mock Tests Here
Q 1. As per Section 113(3) of the Insurance Act 1938, a policy of insurance company ______________.
shall be entitled to participate in any profits declared distributable after the conversion into a paid-up policy.
shall not entitled to participate in any profits declared distributable after the conversion into a paid-up policy.
shall lapse if the premium payment is not done for continuous three years.
Only (a) & (c)
None of the above
Q 2. Which clause of the policy document mentions the mutual obligations and responsibilities of both parties to the contract?
Conditions Clause
Common Clause
Settlement Clause
Operative Clause
Nomination Clause
Q 3. __________ refers to insurance which is based on the principles of Islam.
Dakaful
Takaful
Hakaful
Lakaful
Makaful
Q 4. By the inclusion of ___________clause, it is clarified that the loss to the reinsurer will not be increased due to the inability of the ceding insurer to collect from another reinsurer.
Access to records
Insolvency of other reinsurers
Alterations
Net retained lines
Reinstatement
Q 5. Security or protection against a loss or other financial burden is known an _________.
Indemnifier
Indemnified
Indemnity
Indemnitee
None of the above
Q 6. Which of the following is not a Life Insurance Family Takaful Product?
Savings Takaful
Investment Takaful
Education Takaful
All the above
None of the above
Q 8. Employer-based retirement plans can be categorized into __________.
Federal Government
Compulsory and Voluntary contribution plan
Defined benefit and defined contribution plan
None of the above
All the above
Q 9.
The sum assured under health protection policies is fixed at _______ times the daily HCB for the insured, spouse, and child.
50
100
150
200
Only (iii)
Q 10. Which of the following is the third step of the financial planning process?
Gathering financial information
Implementing financial plan
Identification of financial goals
Analyzing financial preferences
Monitoring the financial plan
Q 11. A Takaful contract should embody which of the following conditions? i. Proprietorship condition ii. Investment condition iii. Specialty condition
Only (ii)
Only (i) & (iii)
Only (ii) & (iii)
Only (i), (ii) & (iii)
Only (iii)
Q 12. Health insurance plans are broadly categorized into _____ types.
two
three
four
five
six
Q 13. Which among the following is/are the example of retirement benefits? (i) provident fund (ii) gratuity (iii) Term Insurance
Only (i) & (iii)
Only (ii) & (iii)
Only (i) & (ii)
Only (i), (ii) & (iii)
Only (iii)
Q 14. Which of the following is/are not the functions of reinsurance?
It decreases the capacity of the insurer to handle large risks.
It stabilizes the operating results from year to year with the reinsurer.
It provides the ability to write untested and new risk exposures.
Both (a) & (b)
All the above
Q 15. In the case of the minor nominee, the life assured can appoint _______to receive policy money on behalf of the minor in case of death of the life assured during the minority period.
Guardian
Appointee
Lawyer
Either (a) or (c)
None of the above
Get More Mock Tests Here