IC02 (LICENTIATE) Practice of Life Insurance - 06
| Q1.When can nomination be done? |
| Before the issue of policy, while filling the proposal form |
| Any time after the commencement of the policy |
| Any of the above |
| Only till the date, the policy papers are received by the insured |
| None of the above |
| Q2.The one-time bonus that is provided for long-term policies, on maturity or death of the insured is known as __. |
| Terminal bonus |
| Simple reversionary bonus |
| Compound reversionary bonus |
| Interim bonus |
| End Bonus |
| Q3.___ are the extra charges that are added to the premium by the insurance companies. |
| Riders |
| Adverse selection |
| Loading |
| Life fund |
| Actuarial valuation |
| Q4.Amar's date of birth is 4th April 1981. The date of commencement of policy is 4th March 2010. Based on this data, what will be the age of the policyholder, as per the AGE LAST BIRTHDAY method? |
| 27 years |
| 28 years |
| 29 years |
| 30 years |
| 31 years |
| Q5.If the policyholder dies after the due date of survival benefit claim but before the settlement of the claim, the rights for that survival benefit would vest in ____. |
| Appointee under the policy |
| The legal heirs of the policyholder |
| Nominee under the policy |
| The money will be retained by the insurance company |
| None of the above |
| Q6.Accepting a policy at O.R means that ___. |
| the policy is accepted with a counteroffer |
| the policy is accepted with exclusions |
| the policy is accepted with additional premium |
| the person to be insured is a standard or normal risk |
| None of the above |
| Q7.In the case of a policy where the premium payment is annual how many days will be allowed a grace period for premium payment after the premium due date? |
| 10 days |
| 10 days |
| 20 days |
| 30 days |
| 45 days |
| Q8.In claim settlement cases, in how many months should the investigations be completed? |
| 1 month |
| 3 months |
| 6 months |
| 9 months |
| 1 year |
| Q9.Under which method do the employers pay gratuity to the employee, when he leaves the company, from the current year revenues? |
| Internal reserve method |
| Internal trust |
| Group gratuity scheme |
| Pay as you go method |
| Exit Gratuity scheme |
| Q10.As per the Evidence Act, after how many years will a missing person be presumed dead? |
| 1 year |
| 3 years |
| 5 years |
| 7 years |
| 10 years |