IC02 (LICENTIATE) Practice of Life Insurance - 13

Q1.The full form of SV is ___.
 Straight Value
 Stamp Value
 Surrender Value
 Survivor Value
 Summary Valuation
 
Q2.A life insurance company rejects a proposal of life insurance and informs the proposer with a copy to the agent. What will be the next action of the agent?
 The agent will have to take up the matter with the higher authorities
 The agent will have to explain the reasons for rejection of the proposal to the proposer
 The agent will plan to change the life assurance plan
The agent will have to inform the proposer that the insurer has broken a relationship with the proposer
 Both options 3 and 4 are correct
 
Q3.Which of the following is not a type of group insurance scheme?
 Group superannuation scheme
 Group pension scheme
 Group saving scheme
 Group term insurance
 Group gratuity scheme
 
Q4.As per the IRDAI act 1999, an insurance intermediary includes ___.
 Insurance brokers
 Loss assessors
 Re-insurance brokers
 Surveyors
 All of the above
 
Q5.___ is the primary underwriter of a life assurance proposer.
 The Underwriter
 Clearing Bank
 The Insurance company
 Actuary
 The Agent
 
Q6.The business of insurance is connected with the ___.
Metaphysical value of assets
The physical value of assets
The intrinsic value of assets
The market value of assets
The economic value of assets
 
Q7.Mr. Jayant takes a life policy of tenure of 30 years but stops paying the premium after the 16th year. In such a case the insurance cover will be reduced to a lower amount. This re-calculated value of sum assured is based on the concept of __.
 Surrender value
Paid-up value
 Vested amount
 Deferred value
 Accumulated premium
 
Q8.Mr. Kailash is an insurance agent and has advised a client to surrender an existing investment product and start a new Investment product. What key indicator should be used to determine whether this advice was ethical?
 The difference in potential income and capital growth between the two products
 The views expressed by the client
 The best interests of the client
 The flexibility of the new product compared to old one
 All of the above
 
Q9.Buying or investing in insurance is a matter of ___ .
 interest
 choice
 solicitation
 future planning
 risk mitigation
 
Q10.If the tabular premium for plan term 5-35 is Rs 36.75, calculate the premium amount for half-yearly mode with a sum assured of Rs 10 lakhs.
 Rs. 18372
 Rs. 18373
 Rs. 18374
 Rs. 18375
 Rs. 18376

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