IC23 APPLICATIONS OF LIFE INSURANCE - 15
| Q1.Inconvertible term policies, one may choose to convert the term policy to a whole life or endowment policy __. |
| before the end of the policy |
| before the end of the specified conversion period |
| after six months of taking the policy |
| after five years of taking the policy |
| after ten years of taking the policy |
| Q2.Which of the following condition is not true regarding the investment condition of the takaful contract? |
| Family Takaful fund should be invested only in shares approved by Regulator and Shariah Committee. |
| Deposits should be made only in Islamic banks. |
| Investment should not be made in projects initiated by the Shariah committee. |
| All are true |
| None of the above |
| Q3.At ___, it is important to adopt good financial habits of budgeting, saving, and investing. |
| initial stage |
| prime earning stage |
| pre retirement stage |
| post-retirement stage |
| mid retirement stage |
| Q4.NPS trust holds an account with the ___and this bank is designated as the NPS Trustee Bank. |
| State Bank of India |
| Bank of India |
| Union Bank of India |
| five |
| seven |
| Q5.Which of the following is not a feature of Group savings linked insurance? |
| These are a type of endowment assurance plans available on the group platform. |
| These plans are statutory. |
| These plans are preferred by employers to create a contributory retirement benefit plan for their employees. |
| Section 80G |
| Section 80H |
| Q6.___ is a set of rules that are going to replace the existing Income Tax Act (IT Act). |
| Minor nominee |
| Indirect Tax Code |
| Direct Tax Code |
| Claim settlement will remain pending till the minor attains 18 years of age |
| Either (a) or (c) |
| Q7.Employees who have subscribed to the Employees Deposit Linked Insurance scheme are required to deposit ___of their annual wage bill as a premium. |
| 0.01% |
| 0.05% |
| 0.10% |
| Section 80E |
| Section 80F |
| Q8.The insolvency clause usually forms part of the ___clause. |
| Underwriting |
| Original conditions |
| Ultimate net loss |
| Only (a) & (c) |
| All the above |
| Q9.Which of the following is the most important step of financial planning? |
| achieving financial goals |
| identifying financial goals |
| identifying financial tools |
| achieving good returns |
| None of the above |
| Q10.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 an approved superannuation fund is accorded under Part B of the Fourth Schedule of the I.T Act 1961. |
| Only (a) & (b) |
| All the above |