IC02 (LICENTIATE) Practice of Life Insurance - 03
| Q1.The additional loan amount generally granted should not exceed what percentage of the surrender value? |
| 70% |
| 80% |
| 90% |
| 95% |
| The additional loan cannot be granted |
| Q2.In industrial life insurance, the ____ consists of the details of the policyholders from whom the premium needs to be collected. |
| Credit list |
| Debit list |
| Policyholders list |
| Collection list |
| Receipt list |
| Q3. value of an individual's investment is the _____. |
| NAV of the equity fund on any day X Units of the equity fund |
| number of units held X NAV |
| the market value of the equity shares X NAV |
| the market value of the equity shares / Units of the equity fund |
| None of the above |
| Q4.Who is entitled to the maturity claim? |
| Assignee when there is no assignment registered |
| Nominee |
| Appointee |
| Policyholder himself if there is no assignment under the policy |
| Inheritor |
| Q5.The Turnaround Time (TAT) as per IRDA standards for processing and communication of decisions including requirements/issue of policy/cancellations is __. |
| 5 days |
| 10 days |
| 15 days |
| 20 days |
| 25 days |
| Q6.An individual wishes to invest Rs. 58000 in an equity fund. NAV on that particular day for the fund is Rs. 25. How many units will he be allotted? ( Assume no entry load ) |
| 2240 units |
| 2295 units |
| 2320 units |
| 2460 units |
| 2500 units |
| Q7.Mr. Shah took a money-back policy 15 years back. He took the survival benefits after 5 and 10 years after which he died. What amount will be paid to his son on his death under this policy? |
| His son will receive the amount after making deductions of expenses and fund management charges |
| His son will be asked to continue paying the premium to enjoy the benefits of the policy |
| His son will receive the sum insured without deduction the periodic installment and then the policy will be closed |
| His son will receive the last installment only |
| His son will receive the sum insured with deductions of periodic installments |
| Q8.____ are used by insurance companies for calculating premiums for insurance products |
| Mortality tables |
| Actuarial valuations |
| Underwriters valuations |
| Actuarial Surplus |
| None of the above |
| Q9.In which of these relationships does 'Insurable Interest' exist? |
| Husband - Wife |
| Employer-Employee |
| Business Partners |
| Lender - Receiver |
| All of the above |
| Q10.___ of LIC handles the actuarial and investment functions and __ handles the activities relating to policyholders. |
| Delhi Office, Branch Office |
| Zonal Office, Branch Office |
| Branch Office, Mumbai Office |
| Central Office, Branch Office |
| Divisional Office, Branch Office |