IC23 - Applications of Life Insurance-9

Explore Additional Mock Tests Here

Q 1. What should be the course of action where the nominee survives the assured but dies before receiving the policy amount?

Evidence of title should be called for the estate of the deceased assured

Evidence of title should be called for the estate of the deceased nominee

Policy amount should be given to the spouse of the deceased assured.

Will

None of the above

Q 2. ________ is a person who inherits the property under a will.

Legatee

Executor

Beneficiary

Neither (i) nor (ii)

Both (i) & (ii)

Q 3. It is mandatory for every employer employing ______ or more people to pay gratuity to its employees if they leave the service due to retirement, death, or resignation.

5

10

15

Part D

Part E

Q 5. _______ is a copy of the will, certified under the seal of a competent court.

Policy

Bond paper

Probate

Prospectus

Attested document

Q 7. The provident fund scheme is meant for organizations employing ________people.

The plan offers pure-term assurance to the employees of the organization

20 or more

30 or more

Only (a) & (b)

All the above

Q 8. Which of the following is true about succession certificate

Succession certificate is granted in those cases where probate is necessary under the Indian Succession Act

The insurance company will pay the policy money to the person holding a succession certificate

Section 372 of the Indian Succession Act deals with Succession certificate

Five years

Six years

Q 9. ___________ means those risks which are beyond the capacity of the insurer to manage.

Life reassurance

Big or Non-Standard risks

Coinsurance

Aviation reinsurance

None of the above

Q 10. In capital need analysis, the required amount of life insurance is calculated by subtracting _________from __________.

total expenses, total income

total liabilities, total assets

total assets, total financial obligations

total financial obligations, total assets

current liabilities, fixed assets

Q 11. The exact amount of investment in insurance should be determined by which of the following? (i) Number of dependents (ii) Existing investments (iii) Life stage

Only (i) & (ii)

Only (ii) & (iii)

Only (i) & (iii)

Human Life Value

High Life Value

Q 12. Which of the following statements is true? (i) A contract of insurance is a contract of utmost good faith. (ii) A contract of insurance is based on the principle of uberrima fides. (iii) Riders are additional benefits that can be purchased with an i

Only (i)

Only (ii) & (iii)

Only (i), (ii) & (iii)

Only (i) & (ii)

Only (iii)

Q 13. ___________is an attractive method of compensation for highly paid employees.

Gratuity

Provident fund

Pension

EPF

PPF

Q 14. How many licensed Takaful operators are there in Malaysia?

5

8

12

17

21

Q 15. Under the partnership condition of the Takaful contract, in case of a deficit in the Takaful fund, the Takaful operator ____________

shall ask for a donation

shall undertake to give interest-free loan

shall undertake to give low-interest loan

Remuneration Committee

ESOS Committee


Explore Additional Mock Tests Here