IC02 (LICENTIATE) Practice of Life Insurance - 16
| Q1.Surrender value is allowed as a percentage of __. |
| Vested amount |
| Sum assured |
| Accumulated premium |
| Deferred value |
| Paid-up value |
| Q2.Which of the following statement(s) is/are correct? A - A lost policy may actually have been assigned B - Once the survival benefits are paid, the policy has no value C - A policy document should be kept safely even after maturity |
| Only statement A is correct |
| Only statement B is correct |
| Only statement C is correct |
| Both statements A and C are correct |
| Both statements A and B are correct |
| Q 3.What are the insurance plans called which are specifically meant to meet regular income needs, post-retirement? |
| Whole life assurance plan |
| Endowment assurance plan |
| Annuities |
| Retirement plan |
| Term assurance |
| Q4.Which of the following statement(s) is/are correct? |
| An agent can be asked for identification even if he is not filling the insurance proposal form |
| A prospect is entitled to ask to see the license of the agent |
| The agent is expected to carry the identity card with him while meeting the clients |
| Only statements 2 and 3 are correct |
| All 1, 2, and 3 are correct |
| Q5.Out of the various offerings by health care insurance companies, which is the most preferred and basic offering? |
| Post hospitalization cover |
| Preferred consultations |
| Reimbursement schemes |
| Outpatient dept (OPD) cover |
| Cashless transaction |
| Q6.A married woman buys a life assurance policy in February 2016 and unfortunately she dies in a car accident in December 2016. Which of the below documents will NOT be required while settling the claim? |
| Police inquest report |
| Certificate of cremation or burial |
| First information report in the local police station |
| Agents confidential report |
| Post mortem report |
| Q7.In insurance terms, the risk of suffering a disability is best described as which type of risk? |
| Homogeneous |
| Fundamental |
| Factious |
| Financial planning |
| Speculative |
| Q 8. A policy document for a money-back policy includes the statement of the proposal and a declaration signed by the proposer form the basis of the contract. This will usually appear in which main section of the policy document? |
| Operative clause |
| Attestation |
| Terms and conditions |
| Preamble |
| All of the above |
| Q9.The 'Schedule' of a Policy Document does NOT contain which of the following date? |
| date of proposal |
| commencement date of the insurance |
| date of last payment of premium |
| date of birth of the nominee |
| date of maturity |
| Q10.Who does the process of valuation in a life insurance company? |
| Insurance Institute of India |
| Actuary |
| IRDAI |
| Ministry of finance |
| Controller Auditor General |