IC02 (LICENTIATE) Practice of Life Insurance - 09
| Q1.Section __ of the Insurance Act 1938 states that All policies which have been in force for at least 3 years will be entitled to receive a guaranteed surrender value. |
| 98 |
| 101 |
| 106 |
| 113 |
| 127 |
| Q2.Annuities are basically the same as ___. |
| Interest |
| Paybacks |
| Pension |
| Gratuity |
| Dividends |
| Q3.The rider premium for accidental death benefit must not exceed __. |
| 10% of the base policy premium |
| 20% of the base policy premium |
| 25% of the base policy premium |
| 50% of the base policy premium |
| There is no such allocation |
| Q 4.As per __ of the Insurance Act 1938, insurance agents cannot offer rebates on whole or part of their commission. |
| Section 41 |
| Section 42 |
| Section 43 |
| Section 44 |
| Section 45 |
| Q5.Mr. X, a policyholder requests his insurance agent for guidance on submitting a claim for a maturity benefit on his life insurance policy. The agent declined this request as he was very busy. Consequently, this action is deemed to be a breach of __. |
| Code of conduct prescribed by AMFI |
| Code of conduct prescribed by LIC of India |
| Code of conduct prescribed by IRDAI |
| Code of conduct prescribed by Insurance Council |
| Membership rules of Insurance brokers association of India |
| Q6.Compensation for injury or death caused to any person, other than a workman or property, occurring while handling hazardous substances is covered under which act? |
| The Carriage by air act |
| The Railways claim tribunal act |
| The Carriers act |
| Public Liability insurance act |
| Workmen's Compensation act |
| Q 7. The surrender value of an insurance policy is a percentage of the ____. |
| Issued Value |
| Paid-up Value |
| Sum Assured |
| Final Value |
| Collected Premium |
| Q8.The schedule of a policy document does not contain which of these dates? |
| Date of proposal |
| Date of maturity |
| Date of commencement |
| Nominee date of birth |
| The date on which the last premium is to be paid |
| Q9.With respect to Unit linked insurance policies, which of the following statement(s) is/are correct? a) It can be surrendered after 3 years b) It does not have a secured timeline c) The insurance cover must be a minimum multiple of the premium |
| Only statement (a) is correct |
| Only statement (b) is correct |
| Only statement (c) is correct |
| Both (a) and (b) are correct |
| Both (a) and (c) are correct |
| Q10.What does the mortality table contain? |
| Number of deaths of different ages |
| Underwriters calculation of death |
| Number of births |
| Percentage of death rate as per age bracket |
| Statistical probabilities of death |