IC02 (LICENTIATE) Practice of Life Insurance - 08
| Q1.Which of the foll statement(s) is TRUE? |
| If there is any submission of error while taking a policy, it will not be the fault of the agent |
| If the insurance policy does not meet the proposers need then the agent will be at fault |
| It is the agent's duty to see that the proposed policy meets the needs of the prospect |
| Both 1 and 2 are correct |
| Both 2 and 3 are correct |
| Q 2.A change in __ will be a reason due to which the insurance companies can increase the premium amount. |
| IRDA rules |
| Company rules |
| Mortality rates |
| Foreign exchange rates |
| Inflation |
| Q3.What is NOT true about a Mutual Insurance Co? |
| It has stockholders and it operates to earn a profit |
| Surplus is distributed to policyholders as a reduction in premium |
| It is owned by the policyholders |
| It's a cooperative organization |
| Policyholders money is invested as per guidelines |
| Q 4.Which of the foll statement(s) is/are correct if a death claim is made in September 2010 under a life assurance policy commenced in April 2005? |
| The death claim cannot be treated as an early claim |
| Foul play must be suspected |
| Sec 45 of the Insurance Act 1938 will not apply |
| All above statements are correct |
| None of the above |
| Q5.What is an insurance firm known as which is owned by the policyholders? |
| Client Insurance Company |
| Subscribers Assurance Co-operative |
| Mutual insurance company |
| Stock insurance company |
| Re-insurance company |
| Q6.What should be studied while evaluating a Unit linked insurance plan? 1. Number of free withdrawals 2. Amount in the policy fund 3. The amount of risk cover 4. The amount of fixed funds that can be withdrawn |
| Only statements 1, 3 and 4 |
| Only statements 1, 2 and 4 |
| Only statements 1, 2 and 3 |
| Only statements 2, 3 and 4 |
| All statements |
| Q7.If the life insurance policy has a 'dividend option' it gives the policyholder the right to do all the following except ____. |
| Purchase additional paid-up insurance |
| Purchase stock in the company at lower rates than market price |
| Use the surplus amount to pay premiums of other policies |
| Apply dividends towards premium payments |
| Leave the dividends with the company to earn interest |
| Q8.Who does the pricing of an insurance policy scheme ie. the premium etc? |
| Agents |
| SEBI |
| Insurance Councils |
| Insurance Companies |
| IRDA |
| Q9.Which type of plan offers payment of part of the sum assured at intervals during the term of the policy? |
| Retirement Planning |
| ULIPs |
| ELSE |
| Endowment |
| Money back |
| Q10.Which of these offers life insurance protection and also the benefit of equity investments? |
| ELSE |
| CLIP |
| Sectoral Fund |
| GSLI |
| None of the above |