IC02 (LICENTIATE) Practice of Life Insurance - 01

Q1.The main function of an insurance agent is to ____.
 Solicit and procure life insurance business
 Offer rebate to policyholders
 Act against the interests of the insurer
 All of the above
 None of the above
Q 2. On the death of the annuitant, 50% of the pension will be paid to the spouse. This option is available under which type of annuity?
 Life annuity
 Fixed amount annuity
 Increasing annuity
 Joint life last survivor annuity
 All of the above
Q3.ULIP's are market-linked insurance plans and combine the features of ____.
 Investment and protection
 Annuity and protection
 Savings and protection.
 Investment and savings
 Annuity and savings
Q 4.In a ULIP after how many policy completion years does the surrender penalty become zero?
 1 year
 2 years
 3 years
 4 years
 5 years
Q5.If there are two nominees, how will the policy money be paid?
Nominees will stand invalid
 A joint discharge would be given by both the nominees
 Claim proceeds will be paid jointly to all nominees
 Both 2 and 3
 Proceeds will be paid as per the age ratio
Q6.For which of the following insurance plans will the surrender value factor be the highest after three years from inception (if the sum assured of all the four policies is the same)?
 The insurance plan for 10 years
 The insurance plan for 12 years
 The insurance plan for 15 years
 The insurance plan for 18 years
 The insurance plan for 20 years
Q7.What is the signature on behalf of the insurer called?
 Operative Clause
 True Copy
Q8.The preamble includes the proviso and __.
 Operative Clause
 Maturity Clause
Q9.In the case of L.I.C., ___ year is the period from the date of the agent's appointment to the end of the month in which they complete twelve months as agent and every successive period of twelve months thereafter.
Q10.Which insurance policy is exempt from stamp duty payments ?
 Term Insurance
 Health Insurance
 Rural Insurance
 Postal Life Insurance
 Home Insurance

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