IC23 APPLICATIONS OF LIFE INSURANCE - 16
| Q1.Arrange the below risk management process in a proper sequence (i) Assessing the risk (ii) Measuring the risk (iii) Developing strategies to manage the risk |
| (iii), (ii), (i) |
| (i), (ii), (iii) |
| (ii), (i), (iii) |
| (ii), (iii), (i) |
| (i), (iii), (ii) |
| Q2.Identify the true statement among the following. (i) Income tax benefits are available under health protection plans. (ii) There is no cover ceasing age for domiciliary treatment benefits in health protection plans. (iii) Premium payment ceases at the age of 65 but coverage continues till 75 for HCB and MSB in health protection plans |
| Only (i) & (ii) |
| Only (ii) & (iii) |
| Only (i) & (iii) |
| Home Dependents Health Plan |
| Human Deductible Health Plan |
| Q3.Which of the following deals with issues of portability or the changing over from one employer/one insurer to another without any loss to the insured person. |
| HSA |
| NHS |
| HIPPA |
| India |
| Japan |
| Q4.A ____ is defined as the legal declaration of the intention of the testator, with respect to his property, which he desires to be carried into effect after his death. |
| Goodwill |
| Patent |
| Copyright |
| Both (a) & (c) |
| Both (a) & (b) |
| Q5.What is the reason behind launching NPS-Lite by PFRDA? |
| To extend the NPS coverage to economically advantaged sections |
| To extend the NPS coverage to the weaker and economically disadvantaged sections. |
| To promote small savings during their productive life. |
| Rule 89 |
| Rule 90 |
| Q6.Who cannot buy medical expenses insurance? |
| Individuals |
| Families |
| Accountholders of bank |
| Groups like employees of an institution |
| None of the above |
| Q7.Insurance generally works on ___ principles. |
| one |
| two |
| three |
| Developing a financial plan |
| Monitoring the financial plan |
| Q8.Which of the following is an example of speculative risk? |
| Train accident |
| Earthquake |
| Investment in the stock market |
| Car accident |
| Both (a) & (c) |
| Q9.Which of the following is the last step of the financial planning process? |
| Analyzing financial preferences |
| Monitoring the financial plan |
| Developing a financial plan |
| Implementing financial plan |
| Gathering financial information |
| Q10._____is the process of handling and safeguarding against future risk of loss and ensuring that sufficient compensation is provided. |
| Future planning |
| Financial planning |
| Insurance planning |
| Retirement planning |
| Tax planning |