IC23 Mock Series- APPLICATIONS OF LIFE INSURANCE
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IC23 Mock series questions ( Application of Life Insurance)| Q1.The tenure of the benefit plan is for ____. |
| less than a year |
| more than one year |
| six months |
| Either (a) or (b) |
| Neither (a) nor (b) |
| Q2.Which of the following is/are the advantages of health insurance? |
| Health insurance provides income tax benefits |
| Health insurance can help in avoiding the derailment of the savings plans. |
| Health insurance gives a sense of peace to individuals |
| None of the above |
| All the above |
| Q3.In the case of the minor nominee, the life assured can appoint an appointee to receive policy money on behalf of the minor in case of death of the life assured during the minority period. |
| During the lifetime of the life assured he/she cannot deal with the policy. |
| Only (a) & (c) |
| All the above |
| All the above |
| Only (a) & (b) |
| Q4.Which act provides that the policy of insurance effected by any married man, on his own life, and expressed on the face of it, to be for the benefit of his wife or children or any of them shall ensure and deemed to be a trust for the benefit of his wife? |
| Insurance act 1938 |
| Married Women Property Act 1874 |
| Married Women Property Act 1888 |
| All the above |
| None of the above |
| Q5.A/an ___transfers to the assignee all rights, title, and interest of the assignor in the policy. |
| Absolute assignment |
| Documented assignment |
| Conditional assignment |
| Net Asset value |
| None of the above |
| Q6.On the maturity of a policy, the period of limitation shall be _____from the date of maturity. |
| three years |
| four years |
| five years |
| Controvertible Clause |
| Conditional Clause |
| Q7.Why the succession certificate is issued? i. To realize the debts of the deceased ii. To realize the securities of the deceased iii. To give a valid discharge |
| Only (i) & (ii) |
| Only (ii) & (iii) |
| Only (i) & (iii) |
| Only (iii) |
| All (i), (ii) & (iii) |
| Q8.Self-insurance is an example of ____. |
| Risk reduction |
| Risk avoidance |
| Risk-retention |
| Risk-retention |
| Risk reoccurrence |
| Q9.Non-disclosure in any document leading to the ____of risk could render the insurance contract null and void. |
| rejection |
| acceptance |
| repudiation |
| 75% taxable |
| 25% taxable |
| Q10.Which of the following is the end of a contract of life insurance? |
| Application form processing |
| Underwriting of policy |
| Issuance of policy |
| Claims acknowledgment |
| Settlement of claims |