IC23 APPLICATIONS OF LIFE INSURANCE - 12
Que. 1 : Q1) Which of the following arises when there is uncertainty a financial loss from an exposure and it can be managed based on its frequency and severity?
1. a) Changes
2. b) Risk
3. c) Reinsurance
4. d) None of these
Que. 2 : Q2) Which plan designs combine the features of defined benefit and defined contribution plans and in general, they are treated as defined benefit plans for tax, accounting and regulatory purposes?
1. a) Defined contribution plans
2. b) Defined benefit plans
3. c) Simple individual retirement accounts
4. d) Hybrid and cash balance plans
Que. 3 : Q3) In which scheme, where the employee effectively has their own "pot" within the occupational pension fund?
1. a) Final Salary schemes
2. b) UK Occupational schemes
3. c) Level annuities without guarantee
4. d) Money purchase schemes
Que. 4 : Q4) The Direct Tax code is a long-term effort for income tax rationalisation. Say whether True or False.
1. a) True
2. b) False
3.
4.
Que. 5 : Q5) An ___________ assignment is valid only if there is a valuable consideration. One exception is if such assignment is for love and affection where assignee is a close kin.
1. a) Temporary
2. b) Permanent
3. c) Nominated
4. d) Absolute
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