IC02 (LICENTIATE) Practice of Life Insurance - 07
| Q1.Whom can a policyholder approach if he/she is not satisfied with the award of the Insurance Ombudsman? |
| IRDA |
| SEBI |
| Commerce Ministry |
| Consumer Forum and Court of law |
| Institute of Actuaries of India |
| Q2.At the end of the term of a policy, the maturity claim will be payable only if ____. |
| The insurance company is making profits |
| Life assured survives till the maturity date |
| Life assured survives till the maturity date and all premiums are paid till the maturity date |
| The life assured dies before the maturity date |
| All premiums are paid till the maturity date |
| Q3.Which of the foll statement(s) is/are correct? 1. Underwriting is a process that ensures that all insured share the same risk 2. The amount of bonus that vests are the same for all policies issued by an insurer 3. In an immediate annuity policy, the annuity payments begin within the first year of the policy |
| All statements are correct |
| All statements are incorrect |
| Statement 1 and 2 are correct |
| Statement 2 and 3 are correct |
| Statement 1 and 3 are correct |
| Q4.Which of the following term does not match the other four ie. Find the odd one out? |
| Early claims |
| Non-early claims |
| Deed of assignment |
| Foreclosure |
| Claimant's statement |
| Q5.What can a favorably performing market contribute to? |
| Increase in Net incurred claims |
| Increase in Net earned premium |
| Increase in Investment income |
| Increase in Expenses of management |
| All of the above |
| Q6.Why is a pension policy needed? |
| Its a compulsion in the Income Tax laws |
| Due to the risk of dying |
| Due to likely deterioration in employment |
| Due to the risk of living long |
| Due to likely deterioration in health |
| Q7___ is the process of receiving a lump sum amount as a certain proportion of corpus on the vesting date and using the remaining amount to purchase an annuity for the annuitant. |
| Arbitrage |
| Vesting |
| Assimilation |
| Super annuation |
| Commutation |
| Q 8. What is the outcome of insurance churning? |
| It gives a positive image to the insurance agents |
| It gives a positive image to the insurance companies |
| Agents get lower commissions due to churning |
| Policyholders is at a disadvantage due to surrender charges |
| Policyholders are at an advantage due to churning |
| Q9.If a policy is taken under the Married Women's Property Act, it does not allow to ___. |
| Complete an addendum |
| Provide benefits to multiple parties |
| Appoint a trustee |
| Married man |
| Have joint life policies for multiple parties |
| Q10.Life assurance is viewed as a ___ rather than a product for ____. |
| Compulsion, Investment |
| Tax saving scheme, Investment |
| Saving method, Protection against risk |
| Investment, Future protection |
| Long term saving, Investment |