IC23 APPLICATIONS OF LIFE INSURANCE - 09
Q1.The exact amount of investment in insurance should be determined by which of the following? (i) Number of dependents (ii) Existing investments (iii) Life stage |
Only (i) & (ii) |
Only (ii) & (iii) |
Only (i) & (iii) |
Human Life Value |
High Life Value |
Q2.Which of the following statement is true? (i) A contract of insurance is a contract of utmost good faith. (ii) A contract of insurance is based on the principle of Berrima fides. (iii) Riders are additional benefits that can be purchased with an insurance policy. |
Only (i) |
Only (ii) & (iii) |
Only (i), (ii) & (iii) |
Only (i) & (ii) |
Only (iii) |
Q3._____is an attractive method of compensation for highly paid employees. |
Gratuity |
Provident fund |
Pension |
EPF |
Q4.How many licensed Takaful operators are there in Malaysia? |
5 |
8 |
12 |
17 |
21 |
Q5.Under partnership condition of Takaful contract, in case of deficit in Takaful fund, the Takaful operator ___ |
shall ask for a donation |
shall undertake to give an interest-free loan |
shall undertake to give low-interest loan |
Remuneration Committee |
ESOS Committee |
Q6.__refers to the process by which an individual or his/her family arranges the transfer of assets to the legal heirs in the event of death or disability of the individual. |
Legal planning |
Estate planning |
Transfer planning |
Resource planning |
Fund planning |
Q7.In which of the following reinsurance administrative costs are higher? |
Quota share reinsurance |
Surplus reinsurance |
Facultative reinsurance |
Excessive loss ratio reinsurance |
Catastrophe ratio reinsurance |
Q8.Which of the following step of the financial planning process helps to determine where a person wants to be in the future? |
Gathering financial information |
Identification of financial goals |
Analyzing financial preferences |
Family plan |
Reinsurance plan |
Q9.Combination of _____ and ____is frequently used in Marine Cargo reinsurance. |
Excess of loss reinsurance, Surplus reinsurance |
Quota Share reinsurance, Fire reinsurance |
Quota Share reinsurance, Surplus reinsurance |
Fire reinsurance, Surplus reinsurance |
Facultative reinsurance, Excess of loss |
Q10.Which of the following are not the criteria under partnership insurance? |
two |
The lives of all the partners should be insured simultaneously under partnership insurance. |
At the death of the partner, capital must be withdrawn |
five |
six |