IC23 APPLICATIONS OF LIFE INSURANCE - 19
| Q1.The contributions into the scheme are made by the employer, which together with the contribution made into a recognized superannuation fund should not exceed ____ of the annual wage bill of the employer. |
| a) 27% |
| b) 48% |
| c) 65% |
| d) 78% |
| Q2.Which Health insurance plans are mostly sold by non-life insurers in other branches of insurance and the plan tenure is for a year, after which they are renewable? |
| a) Benefit plans |
| b) Group Insurance plans |
| c) Expenditure/Indemnity based plans |
| d) None of these |
| Q3.What refers to the Commodities such as alcohol and pork are forbidden, as are any associated activities? |
| a) Gharar |
| b) Riba |
| c) Haram |
| d) Maysir |
| Q4.Losses are usually dealt with on a cash loss basis and are payable by individual reinsurers upon the rendering of appropriate information by the ceding insurer. Therefore accounts under ___ are substantially in respect of premiums. |
| a) Interest and tax |
| b) Inward accounts |
| c) Brokerage |
| d) Non-Proportional treaties |
| Q5.When can risk be referred to a reinsurer before underwriting by the insurer? |
| a) Cases or proposals (risks) involving peculiar occupation which is hazardous in nature |
| b) Multiple risk factors on account of the health of the proposer |
| c) The risk is beyond the financial powers of the basic primary insurer |
| d) All of the above |
| Q6.What means a person appointed by competent authority to administer the estate of a deceased person when there is no executor? |
| a) Probate |
| b) Executor |
| c) Will |
| d) Administrator |
| Q7.Under which model a contract of agency is one in which one person appoints someone else to perform a certain risk on his behalf, usually for a certain fee? |
| a) Non-profit Model |
| b) Al-wakala Model |
| c) Al-mudaraba Model |
| d) None of the above |
| Q8.Which clause states that reinsurances are fully subject to the same terms and conditions as the original insurance? |
| a) Business covered(Attachment of cessions-Proportional) Clause |
| b) Underwriting clause |
| c) Business covered(Insuring Clause - Non-proportional) clause |
| d) Original conditions clause |
| Q9.The managed care plans that are administered through the HMO are popular in which country? |
| a) Japan |
| b) the United Kingdom |
| c) United States of America |
| d) India |
| Q10. Choose the correct option with regards to the group term assurance plan. |
| a) The cover is renewed every year and the premiums are charged accordingly |
| b) The premiums are fixed for the lifetime |
| c) The premiums are changed every 5 years |
| d) None of the above |