IC23 APPLICATIONS OF LIFE INSURANCE - 11

Que. 1 : Q1) Which clause provides for the procedure for accounting and settlement of balances of accounts between the parties to reinsurance agreement?

   1.  a) Set-off clause

   2.  b) Arbitration clause

   3.  c) Accounting clause

   4.  d) Loss advices and accounting of losses clause

Que. 2 : Q2) Under which reinsurance, Marine cargo business for most countries is predominantly ocean transit and air transit but for countries like India a substantial portion of the premium is derived from Inland transit by rail, road or waterways?

   1.  a) All risks property package reinsurance

   2.  b) Marine reinsurance

   3.  c) Industrial all risks reinsurance

   4.  d) Accident/liability reinsurance

Que. 3 : Q3) Which annuity plan can be purchased by paying a lump sum amount and the plan provides for annuity payment of a stated amount throughout the lifetime of the annuitant?

   1.  a) Deferred annuities

   2.  b) Immediate annuities

   3.  

   4.  

Que. 4 : Q4) Who is the legal representative for all purposes of a deceased person and all the property of a testator vests in him?

   1.  a) Agent

   2.  b) Beneficiary

   3.  c) Executor

   4.  d) Testator

Que. 5 : Q5) What means the copy of a will certified under the seal of a court of competent jurisdiction with a grant of administration to the estate of the testator?

   1.  a) Probate

   2.  b) Executor

   3.  c) Will

   4.  d) Administrator