IC26 LIFE INSURANCE FINANCE - 02
| Q1.Among those listed below, which is a direct expense of the unit-linked plan? |
| Management fees |
| Incentive payment to other marketing officials |
| Training expenses |
| Receipt stamps |
| Repairs and maintenance |
| Q2.This is true with respect to Term life insurance policies - 1. Provides death benefit equal to the face amount of the policy if the insured dies during the policy period 2. Provides death protection and varies with interest rates 3. Provides death protection and savings accumulation |
| Only 1 |
| Only 2 |
| Only 3 |
| Both 1 and 2 |
| Both 2 and 3 |
| Q3.Which if the given formulae computes Net Value Added (NVA)? (Where S= Sales Revenue, B = Bought in cost of materials, Dep = Annual Depreciation charges ) |
| NVA = S + B + Dep |
| NVA = S - B + Dep |
| NVA = S - B - Dep |
| NVA = S + B |
| NVA = S + B - Dep |
| Q4.Which books are used for reconciliation, classification, and posting to control accounts? |
| Reconciled Cash and Bank Book |
| IBNR book |
| Deposit adjustment book |
| Claims books |
| Daily entry journal |
| Q5.In ULIPs, where does a growth fund invests the majority of its fund in? |
| Gilt Securities |
| Derivatives |
| Equities |
| Tax saving funds |
| Mutual Funds |
| Q6.With respect to annuity plans how much is the maximum lump sum amount that can be withdrawn before the start of regular annuity payments? |
| 100% of the accumulated fund |
| 1/2 of the accumulated fund |
| 1/4th of the accumulated fund |
| 1/3rd of the accumulated fund |
| 2/3rd of the accumulated fund |
| Q7.The amount which is payable at fixed periodic intervals is called ___. |
| Premature redemptions |
| Survival benefits |
| Annuity payments |
| Maturity claims |
| Surrender value payments |
| Q8.If a person buys a Single Premium whole life policy, it means he/she __. |
| makes a premium payment for a limited number of years and then receives a pension in a post that for whole life |
| makes the same premium payment each year |
| pays the entire premium in a lump sum when the policy is issued and is covered for his whole life |
| makes a premium payment for a limited number of years and is then covered for his whole life |
| makes a premium payment each year for their whole life and is then covered for his whole life |
| Q9.The Government charges a levy on a product, income, or activity and this is known as __. |
| GST |
| VAT |
| Cess |
| Tax |
| Commission |
| Q10.State your opinion: The AS15 Employee Benefits does not apply to those retirement benefits for which the employer’s obligations cannot be reasonably estimated. |
| Yes, agree |
| No, Disagree |
| It depends on the company's MOU and AOA |
| It depends on the type of retirement benefit obligation |
| It depends on the materiality of the obligation |