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 |