IC83 GROUP INSURANCE - 03
| Q1.In which method pension rights are not purchased till the member gets eligibility for pension and the premium received will be utilized to secure the total and expected benefits at Normal Pension Date, for the oldest employees as far as the premium permits? |
| a) Single Premium Costing |
| b) Annual Premium Costing |
| c) Controlled Funding |
| d) None of these |
| Q2.On the date of vesting, To extend the accumulation period\deferment period within the same policy with the same terms and conditions as the original policy provided the policyholder is below age of __. |
| a) 55 years |
| b) 60 years |
| c) 65 years |
| d) 70 years |
| Q3.Wages, salaries and social security contributions, paid annual leave and paid sick leave, profit sharing and bonuses are examples of which benefits? |
| a) Post-employment benefits |
| b) Long-term employee benefits |
| c) Short-term employee benefits |
| d) Termination benefits |
| Q4.What means a facility allowing the policyholder to change the investment pattern by moving from one segregated fund, either wholly or in part, to another segregated amongst the segregated funds offered under the underlying unit-linked product of the insurer? |
| a) Redemption |
| b) Switches |
| c) Premium re-direction |
| d) Units |
| Q5.In a Group Insurance Scheme, in case of death of the member, the claim payment is made to the___. |
| a) Other members of the group |
| b) Nominee |
| c) Employer |
| d) Any of the above |
| Q6.In Group savings Variable Insurance Products, the minimum size of the group shall be at least ___ and the maximum size of the group shall not exceed___. |
| a) 10 - 1000 |
| b) 15 - 3000 |
| c) 20 - 5000 |
| d) 30 - 7000 |
| Q7.Section 80CCD of Indian Income Tax speaks about |
| a) Deduction in respect of contribution to certain pensions funds |
| b) Deduction in respect of contribution to certain pension scheme of Central Government |
| c) Components of salary,perquisite/s, and profits in lieu of salary |
| d) None of these |
| Q8.Group insurance typically consists of ____ that pays a fixed benefit to the nominee upon the death of the employee and there are usually no exclusions for the basic life cover other than for suicide in the first year of cover. |
| a) Evidence of insurability |
| b) OYRGTA |
| c) Riders |
| d) Dependent Insurance |
| Q9.___ is the amount at which an asset could be exchanged or a liability settled between knowledgeable parties. |
| a) Past service cost |
| b) Present Value of Obligation |
| c) Current service cost |
| d) Fair Value of plan assets |
| Q10.In Products with a premium Paying Term(PPT) of 10 years or more, if all premiums have been paid for at least ___ consecutive years, the policy shall acquire a guaranteed surrender value. |
| a) 2 |
| b) 3 |
| c) 4 |
| d) 5 |