IC23 APPLICATIONS OF LIFE INSURANCE - 01
| Q1.Inconvertible term policies, one may choose to convert the term policy to a whole life or endowment policy __. |
| before the end of the policy |
| before the end of the specified conversion period |
| after six months of taking the policy |
| after five years of taking the policy |
| after ten years of taking the policy |
| Q2.Which of the following condition is not true regarding the investment condition of the takaful contract? |
| Family Takaful fund should be invested only in shares approved by Regulator and Shariah Committee. |
| Deposits should be made only in Islamic banks. |
| Investment should not be made in projects initiated by the Shariah committee. |
| All are true |
| None of the above |
| Q3.Amendments with the consent of both the parties is possible due to which of the following clause? |
| Arbitration clause |
| Intermediaries clause |
| Alterations clause |
| Accounting clause |
| Errors and Omissions clause |
| Q4.SEWA is ____ |
| Straight Earning Women's Association |
| Self Employment Women’s Association |
| Self Employed Women’s Association |
| Straight Employed Wealth Association |
| State Employment Women’s Association |
| Q5.Why there is a need for reinsurance? |
| Because insurance companies face the danger of having to pay a multitude of claims at the same time. |
| Because if liability is greater than the accumulated funds, the insurance company may face bankruptcy. |
| Because many a times insurer has to deal with a client who seeks a high sum assured plan. |
| All the above |
| Both (a) & (c) |
| Q6.At ___, it is important to adopt good financial habits of budgeting, saving, and investing. |
| initial stage |
| prime earning stage |
| pre retirement stage |
| post-retirement stage |
| mid retirement stage |
| Q7.NPS trust holds an account with the ___and this bank is designated as the NPS Trustee Bank. |
| State Bank of India |
| Bank of India |
| Union Bank of India |
| five |
| seven |
| Q8.Which of the following is not a feature of Group savings linked insurance? |
| These are a type of endowment assurance plan available on the group platform. |
| These plans are statutory. |
| These plans are preferred by employers to create a contributory retirement benefit plan for their employees. |
| Section 80G |
| Section 80H |
| Q9.___ is a set of rules that are going to replace the existing Income Tax Act (IT Act). |
| Minor nominee |
| Indirect Tax Code |
| Direct Tax Code |
| Claim settlement will remain pending till the minor attains 18 years of age |
| Either (a) or (c) |
| Q10.Employees who has subscribed to the Employees Deposit Linked Insurance scheme are required to deposit ___of their annual wage bill as a premium. |
| 0.01% |
| 0.05% |
| 0.10% |
| Section 80E |
| Section 80F |