IC23 APPLICATIONS OF LIFE INSURANCE - 02
| Q1.___ are additional benefits that can be purchased with an insurance policy. |
| Flexi premiums |
| Tax savings |
| Riders |
| Perks |
| None of the above |
| Q2.In ULIP, benefits under ____are available for only those plans where the minimum lock-in period is 5 years. |
| Section 80C |
| Section 80D |
| Section 80E |
| Section 80G |
| Section 80H |
| Q3.Which of the following is not true about a deferred annuity? |
| The payout starts from a specified future date. |
| It is suitable for people who wish to draw income immediately. |
| In a deferred annuity, the principal amount is invested and allowed to grow tax-deferred over a specified time period. |
| Variable annuity |
| None of the above |
| Q 4.As per Section 113(2) of Insurance Act 1938, a policy of insurance company which has a surrender value _____. |
| shall lapse if the premium payment is not done for continuous three years. |
| shall not lapse by reason of non-payment of premium |
| shall be kept alive to the extent of the paid-up sum insured |
| Only (b) & (c) |
| Only (a) & (c) |
| Q5.NIVESH PLUS of LIC is a _____ |
| Endowment plan |
| Money-back plan |
| Unit linked plan |
| Guaranteed plan |
| Traditional plan |
| Q6.Which of the following is specific reinsurance covering a single risk? |
| Facultative reinsurance |
| Stop-loss reinsurance |
| Surplus reinsurance |
| Quota Share reinsurance |
| None of the above |
| Q7.___ is paid out of the current revenues in the Government’s budget. |
| Gratuity |
| General Provident Fund |
| Defined benefit pension plan |
| Public Provident Fund |
| Pension Fund |
| Q8.First Takaful company was established in which country? |
| Algeria |
| Sudan |
| Tunisia |
| Libya |
| Tanzania |
| Q9.Succession certificate empowers the person ____. |
| To receive interest and dividends |
| To negotiate the transfer |
| with respect to the securities of a deceased person |
| Section 41 |
| Section 42 |
| Q10.Which of the following is true about group term assurance? |
| Variable benefit and variable contribution plans. |
| The plan works on a one-year renewal group term assurance basis. |
| The plan is voluntary and very easy to administer. |
| Compulsory and voluntary plans |
| None of the above |