IC23 APPLICATIONS OF LIFE INSURANCE - 08

 25

Que. 1 : Q1) Which of the following are advantages of key man insurance of the firm?

   1.  a) In case of death of a key man the firm gets money to cope up with the loss

   2.  b) It pays to insure the key man to protect the company from any contingencies to the key man

   3.  c) As per regulation only pure term insurance products which do not have any surrender value component are allowed in India.

   4.  d) All of the above

Que. 2 : Q2) Under which payment option, annuitant opts to receive a life income; but if he doesn't live long enough to receive all the premiums back, then in such a case it will refunded to the beneficiary?

   1.  a) Fixed amount

   2.  b) Joint life annuity

   3.  c) Life with refund

   4.  d) Life with period certain

Que. 3 : Q3) What is the process in which a ceding company cedes part of the risk to a reinsurer?

   1.  a) Cedant

   2.  b) Cede

   3.  c) Reinsurer

   4.  d) Reinsurance

Que. 4 : Q4) Which Fund created with the sole purpose of providing provident fund to the members?

   1.  a) Recognized Provident Fund

   2.  b) Public Provident Fund

   3.  c) Statutory Provident Fund

   4.  d) Defined Benefit Fund

Que. 5 : Q5) Under which model, a form of business contract in which one party brings capital and the other personal effort and the proportionate share in profit is determined by mutual agreement at the beginning?

   1.  a) Non-profit Model

   2.  b) Al-wakala Model

   3.  c) Al-mudaraba Model

   4.  d) None of these