IC02 (LICENTIATE) Practice of Life Insurance - 04

 34
Q1.A special revival scheme is available if the policy has not lapsed for more than __ Years
 1
 2
 3
 4
 5
 
Q2.What kind of premium is charged for life insurance plans, to keep the premium constant throughout the policy term?
 Level premium
 Net premium
 Gross premium
 Risk premium
 Adjusted premium
 
Q3.Which of the below fund invests in instruments with a maturity period of less than one year?
 ELSS Fund
 Equity fund
 Balanced fund
 Money market fund
 Debt fund
 
Q4.In a child insurance plan, the date on which the risk is commenced is known as ___.
 Vesting date
 Deferred date
 Maturity date
 Commencement of the risk date
 Insured date
 
Q5.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
 
Q6.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
 
Q7.The 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
 
Q8.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
 
Q9.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
 
Q10.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

Click Here for Answer Key