IC02 PRACTICE OF LIFE INSURANCE - 19

Que. 1 : Q1) Calculate the Surrender Value Payable given the following details. Sum Assured is Rs 1 Lakh. Term is 25 years, payment of premium is discontinued after 25 half yearly payments. Bonus accrued during the life of the policy is Rs 600 per thousand and the surrender value payale is 80%.

   1.  a) Rs 80,000

   2.  b) Rs 40,000

   3.  c) Rs 88,000

   4.  d) Rs 24,000

Que. 2 : Q2) What sets out the circumstances that must be present before an insurance company will pay out any claims to the insured parties, in an insurance policy ?

   1.  a) Proviso

   2.  b) Preamble

   3.  c) Schedule

   4.  d) Operative Clause

Que. 3 : Q3) Which of these is a pure risk cover, which provides for payment of sum assured to the nominee in case of death of the life assured during the policy term ?

   1.  a) Endowment insurance

   2.  b) Term insurance

   3.  c) Whole life insurance

   4.  d) Life insurance

Que. 4 : Q4) What is the minimum education qualification required to be appointed as an insurance agent?

   1.  a) SSC (10th)

   2.  b) HSC (12th)

   3.  c) Graduation

   4.  d) Depends on the population of the place

Que. 5 : Q5) ULIP are market linked Insurance Plans and combine the features of

   1.  a) Investment and Savings

   2.  b) Investment and Protection

   3.  c) Annuity and Protection

   4.  d) Savings and Protection