IC92 - ACTUARIAL ASPECTS-04

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Q1.Which of the following are advantages of the cash flow method?
  a) It is time-consuming
   b) One cannot generalize the premium rates of all insurance products
   c) Tax can be allowed for more appropriately
   d) None of these
 
Q2.Distributors earn their income by which of the following methods?
   a) Profit sharing
   b) Interest
   c) Commission
   d) Percentage of sales revenue
 
Q3.Mr.X Buys an Endowment Assurance contract with profits for a sum assured of Rs.1,00,000 policy term is of 20 years. He dies in the 6th policy year (after payment of 6 annual premiums). Insurer's bonus declarations were(for this contract) per 1000 Sum Assured. 1st policy year:40 2nd - 45 3rd - 40 4th - 50 5th - 55 6th - 60 Calculate the Benefit payable on death?
   a) Rs.75,000
   b) Rs.1,00,000
   c) Rs.1,15,000
   d) Rs.1,29,000
 
Q4.Who is called as person or entity named in the policy as the recipient of insurance proceeds upon the death of the insured?
   a) Business insurance
   b) Coverage
   c) Beneficiary
   d) Exclusions
 
Q5.What means legal transference and a method by which the policyholder can pass on his interest to another person?
   a) Annuity plans
   b) Assignment
   c) Application form
   d) Endowment policy
 
Q6.Mr.Y Buys an Endowment Assurance contract with profits for a sum assured of Rs.2,00,000 policy term is of 20 years. He dies in the 6th policy year (after payment of 6 annual premiums). Insurer's bonus declarations were(for this contract) per 1000 Sum Assured. 1st policy year:40 2nd - 45 3rd - 40 4th - 50 5th - 55 6th - 60 Calculate Total vested bonuses?
   a) Rs.58,000.
   b) Rs.68,000.
   c) Rs.78,000.
   d) Rs.88,000.
 
Q7.Application of margin will result in into______investment return assumption than the best estimate?
   a) Higher
   b) Lower
   c) Both
   d) None
 
Q8.A ____ is a series of regular payments by the life insurance company to the policyholder as long as he is alive in return for a single advance payment.
   a) Annuity
   b) Endowment
   c) Death Insurance
   d) None of these
 
Q9.In India, the _____ method is used to calculate the reserve of life insurance liabilities.
   a) Gross premium valuation
   b) Net premium valuation
   c) Cash flow method
   d) Formula method
 
Q10._____ plays an important role in insurance product design.
   a) Amount
   b) Regulations
   c) Range
   d) Distribution

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