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? |
| Preamble |
| Operative Clause |
| Proviso |
| True Copy |
| Attestation |
| Q8.The preamble includes the proviso and __. |
| Operative Clause |
| Attestation |
| Conditions |
| Schedule |
| 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. |
| Accounting |
| Agency |
| Appointment |
| Schedule |
| Bonus |
| Q10.Which insurance policy is exempt from stamp duty payments ? |
| Term Insurance |
| Health Insurance |
| Rural Insurance |
| Postal Life Insurance |
| Home Insurance |