IC23 APPLICATIONS OF LIFE INSURANCE - 18
| Q1.In which reinsurance, a direct insurer on a very selective basis basically issues these types of covers since they relate to multi-risk exposures from different lines of insurance and for very large values? |
| a) All risks property package reinsurance |
| b) Accident/liability reinsurance |
| c) Industrial all risks reinsurance |
| d) Marine reinsurance |
| Q2.Under which method, the quantum of pension desired to be received on settlement is fixed in advance and the contributions required to be made by an employer to the fund are arrived at using actuarial assumptions? |
| a) Provident fund |
| b) Superannuation funds |
| c) Defined Benefit fund |
| d) Defined Contribution fund |
| Q3.Under deferred annuity, which phase begins when the annuitant decides to take income from his annuity and most of the people opt for it during retirement? |
| a) Accumulation phase |
| b) Payout phase |
| Q4.Which pension is payable throughout his lifetime with the return of purchase price on death along with Group Pension Terminal Bonus, if any? |
| a) Guaranteed Pension |
| b) Lifetime Pension |
| c) Pension with the return of purchase price |
| d) Increasing annuity |
| Q5.The __ is based on the individual's desires and the best possible solution to particular circumstances. |
| a) Risk |
| b) Salvage |
| c) Financial plan |
| d) None of these |
| Q6.Premature death is a___. |
| a) Personal risk |
| b) Property risk |
| c) Speculative risk |
| d) Dynamic risk |
| Q 7.Vijay Contribute Rs.1.5 Lacs p.a. (Rs.12,500 per month) to his family after paying taxes and meeting other expenses. Calculate HLV(Human Life Value) assuming Current Bank FD rates as 5%. |
| a) Rs.10,00,000 |
| b) Rs.15,00,000 |
| c) Rs.20,00,000 |
| d) Rs.30,00,000 |
| Q8.In which scheme the amount of pension and other benefits are defined in the Rules of the Scheme and the contributions required to finance the benefits are determined after actuarial valuation? |
| a) Benefit purchase Scheme |
| b) Money purchase scheme |
| Q9.The declaration should relate to ____ of the person making the will. |
| a) Legal declaration |
| b) Disposition of property |
| c) Revocability |
| d) Death of the testator |
| Q10.Which pension type may also be linked with the market index or price index? |
| a) Guaranteed Pension |
| b) Increasing annuity |
| c) Price index-linked pension |
| d) Joint life last survivor pension with the return of purchase price |