IC26 LIFE INSURANCE FINANCE - 06
| Q1.In which of the given cases will result in claim payment being exclusively made from the fund unit under a Unit-linked policy? 1. In cases where the sum assured is higher than fund value 2. In cases where fund value is higher than the sum assured 3. In cases where there is an excess of sum assured over the fund value of units as on date of booking liability |
| Only 1 |
| Only 2 |
| Only 3 |
| Both 1 and 3 |
| Both 2 and 3 |
| Q2.Which of the following is a life insurance policy that is designed primarily to provide a living benefit and secondarily to provide life insurance protection? |
| Super annulation policy |
| Money back policy |
| Whole life policy |
| Endowment policy |
| Term insurance policy |
| Q3.Which of these can be categorized as internal users for an organization? |
| The Debtors |
| The Shareholders |
| The Investors |
| The people related to the organization |
| The Customers |
| Q4.As per guidelines for the appointment of statutory auditors of insurance companies, the maximum ceiling limit for an audit firm with regards to engaging in the statutory audit of insurance companies is ____. |
| Maximum 1 company |
| Maximum 2 companies |
| Not more than 1 life insurance company and no limit of non-life |
| Maximum 3 companies with a ceiling of 2 non-insurance |
| Maximum 3 companies with a ceiling of 2 life insurance |
| Q5.____ involves the movement of cash. |
| Bonus Issue |
| Rights Issue |
| Depreciation by Straight line method |
| Depreciation by Reducing balance method |
| Both 1 and 2 |
| Q6.As per the principle of ____ in cash management, an entity should be able to convert an asset to cash within a short period of time for a payout of claims to policyholders as and when due. |
| flexibility |
| emergency |
| safety |
| liquidity |
| profitability |
| Q7.Which of the given schemes invest a major portion of their money in Government Securities like Treasury Bills and Long dated securities? |
| ELSS schemes |
| Debt schemes |
| Gilt schemes |
| Money market schemes |
| Balanced schemes |
| Q8.Which of the given below Functional Ratios is used most commonly in the life insurance industry? |
| Fixed to worth |
| Cost of telephone charges per force policy percentage of Surplus Fund to the total premium |
| Interest cover |
| Distribution yield |
| Quick ratio |
| Q 9. The main advantage of a VA statement is __. |
| VA statement helps in promoting greater accountability |
| VA statement provides a good measure of the size and importance of a company |
| VA statement increases transparency |
| VA statement helps identify a gap in compliance's |
| VA statement helps to identify problem areas in growth |
| Q10.Which of the below statements correctly explains Annuity Insurance Plan? |
| Annuity Insurance plans are insurance plans in which the life assured is allowed to make a lump-sum withdrawal of 1/3 of the accumulated fund and the remaining 2/3 of the amount of the accumulated fund is invested by the insurance company and regular annuity payments are made to the life assured from it. |
| Annuity Insurance Plan are insurance plans in which the insurance company pays the life assured the promised sum assured and the accumulated bonuses (if any) at the end of the tenure of the plan |
| Annuity Insurance Plan are insurance plans in which the insurance companies pay the life assured the fund value on the maturity of the plan and the sum assured |
| Annuity Insurance Plan are insurance plans in which the insurance company pays a lump sum amount on the death of the life assured during the policy period |
| None of the above |