IC23 APPLICATIONS OF LIFE INSURANCE - 15

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Que. 1 : Q1) Ajith Contribute Rs.9 Lacs p.a. (Rs.75,000 per month) to his family after paying taxes and meeting other expenses. Calculate HLV(Human Life Value) assuming Current Bank FD rates as 3%.

   1.  a) Rs.30,00,000

   2.  b) Rs.3,00,000

   3.  c) Rs.3,00,00,000

   4.  d) Rs.3,50,00,000

Que. 2 : Q2) When can a risk be referred to a reinsurer before underwriting by the insurer?

   1.  a) Cases or proposals (risks) involving peculiar occupation which is hazardous in nature

   2.  b) Multiple risk factors on account of health of the proposer

   3.  c) The risk is beyond the financial powers of the basic primary insurer

   4.  d) All of the above

Que. 3 : Q3) Which of the following are Life Insurance based Family Takaful products?

   1.  a) Protection Takaful

   2.  b) Educational Takaful

   3.  c) Medical Takaful

   4.  d) All of the above

Que. 4 : Q4) Which of the below statement is correct with regards to commutation of the superannuation fund by an employee?

   1.  a) Commutation of superannuation fund is not allowed at all

   2.  b) If entitled to gratuity, then 1/3 of the fund can be commuted which will be taxable

   3.  c) If not entitled to gratuity, then 1/2 of the fund can be commuted which will be free of income tax

   4.  d) If entitled to gratuity, then 1/4 of the fund can be commuted which will be free of income tax

Que. 5 : Q5) What means a person appointed by competent authority to administer the estate of a deceased person when there is no executor?

   1.  a) Probate

   2.  b) Executor

   3.  c) Will

   4.  d) Administrator