IC23 APPLICATIONS OF LIFE INSURANCE - 14
| Q1.Which of the following statement is not TRUE regarding insurance contract? |
| Insurance is an agreement where, for a stipulated payment called the premium, one party agrees to pay to the other a defined amount upon the occurrence of a specific loss. |
| The defined claim amount of an insurance contract can be a fixed amount or amount equal to reimbursement of all or a part of the loss that occurred. |
| The claims of a policyholder are paid out of the premiums collected from him. |
| Both (a) & (c) |
| All are true |
| Q2.As per___, a taxpayer can avail tax deduction on premium paid towards medical insurance for self, spouse, dependent parents, and children. |
| Section 80C |
| Section 80D |
| Section 80E |
| Section 80G |
| Section 80H |
| Q3.When did the first reinsurance company was formed in India? |
| 1946 |
| 1952 |
| 1956 |
| 1962 |
| 1966 |
| Q4._____ is a defined contribution plan with a minimum percentage contribution from the employee and no matching contribution from the Government. |
| General Provident Fund |
| Leave Encashment |
| Pension |
| Gratuity |
| Public Provident Fund |
| Q5.Maturity claims include benefits during the period of assurance is called ___ |
| Medical benefits |
| Survival benefits |
| Death benefits |
| Health benefits |
| All the above |
| Q6.____ took the initiative in getting the customers a taste of equity linked insurance products. |
| Section 80C |
| Government sector |
| Private sector |
| Section 80G |
| Section 80H |
| Q7.Contributions made by employees in a superannuation fund is exempt under __. |
| Section 80B |
| Section 80C |
| Section 80D |
| Obtaining satisfactory proof of title |
| Only (a) & (d) |
| Q8.Reinsurance accounting is connected with which of the following aspects of reinsurance? |
| technical |
| financial |
| legal |
| Section 10 (10D) |
| Section 10 (10E) |
| Q9.Which of the following is not true about superannuation funds? |
| Contributions paid under the scheme are made by the employer in which case it is known as a contributory pension fund. |
| In case the employer and the employees also contribute to the fund, the scheme is called a non-contributory pension fund. |
| Permission for the creation of approved superannuation fund is accorded under Part B of the Fourth Schedule of the I.T Act 1961. |
| Only (a) & (b) |
| All the above |
| Q10.___involves assessing and quantifying risks and then taking steps to control or reduce them. |
| Fund management |
| Risk management |
| Control management |
| Financial management |
| Cost management |