ACTUARIAL ASPECTS MOCK TEST IC92
ACTUARIAL ASPECTS MOCK TEST - CLICK HERE
| Q1.Who focuses on protecting the interests of the insurance industry through market discipline and ethics and Insurance companies are a part of these meet at regular intervals to solve the common problems? |
| a) Policyholders |
| b) Distributors |
| c) Insurer's Associations |
| d) Consumer Forums |
| Q2.Which is an impact on the sale of insurance products and the wider the network of distributors, the better is the market reach? |
| a) Marketing and advertising |
| b) Distribution network |
| c) Efficiency of administrative staff |
| d) Regulatory systems |
| Q 3. Which endowment contract provides a sum assured at the end of the fixed term, provided the policyholder is then alive and is particularly useful as a means of satisfying the investment need of the policyholder? |
| a) Endowment insurance |
| b) Pure endowments |
| c) Double endowment Insurance |
| d) Double cover endowment |
| Q4.Which means the benefit, agreed at the inception of the contract, which is payable on death as specified in the policy document? |
| a) Death benefit |
| b) Discontinuance |
| c) Grace period |
| d) Discounted policy fund |
Q5.An insurer wants to sell 5-year temporary assurance products to lives aged 60, and he uses the above life table in respect of mortality experience. If we ignored all expenses of the insurer. Calculate Present Value of Single premium for a Sum Assured of Rs. 2000. Assume discounting rate of 10 % and the death benefit is payable at the end of the policy year in which death took place?
 |
| a) 124.8954 |
| b) 144.2658 |
| c) 185.6541 |
| d) 293.2762 |
| Q6.Mr. Sam buys an Endowment Assurance contract with profits for a sum assured of Rs. 200,000/- and a term of 10 years. He dies in the 5th policy year (i.e.after payment of 5 annual premiums). The total vested bonus for 5 years is Rs. 32,000/-. What is the benefit payable on his death? |
| a) Rs. 32,000 |
| b) Rs. 2,00,000 |
| c) Rs. 2,32,000 |
| d) Rs. 1,68,000 |
| Q7.Pension is payable to a member at the rate of Rs. 2000/- p.m. as long as he is alive, and on his death, his spouse is entitled to a pension of Rs. 1000/- p.m., Which is payable as long as the spouse is alive. What annuities are suitable for this member? |
| a) Immediate annuity with survival Benefits and; Increasing immediate annuity |
| b) Annuity certain for n years and for life thereafter |
| c) Joint Life annuity |
| d) Last-survivor annuity and single life annuity |
| Q8.In case of death due to suicide, within __ months from the date of inception, the nominee of the policyholder shall be entitled to at least 80% of the premiums paid. |
| a) 6 months |
| b) 12 months |
| c) 18 months |
| d) 24 months |
| Q9.What is the amount of remuneration paid to a distributor for soliciting and acquiring insurance on behalf of the insurance companies? |
| a) Interest rate |
| b) Dividend rate |
| c) Commission rate |
| d) None of these |
| Q10.____ can be enacted on a risk basis where the reinsurer pays any loss on an individual risk in excess of predetermined retention. |
| a) Level risk premium reinsurance |
| b) Original terms reinsurance |
| c) Risk premium reinsurance |
| d) Excess of loss reinsurance |