IC83 GROUP INSURANCE - 07

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Q1.A typical ___ pattern may provide grades depending on grades in service/salary etc.,
   a) Flat Rate
   b) Graded Schedule
   c) Average Salary
   d) Final salary
 
Q2.What may be expressed as a flat percentage of the premium(Where the percentage varies according to group size) or it may be layered?
   a) Expenses
   b) Commissions
   c) The required return
   d) Risk
 
Q3.Which are post-employment plans other than state plans that pool the assets of various entities that are not under common control and use those assets to provide benefit to employees of more than one entity?
   a) Current Service Cost
   b) Multi-Employer Plans
   c) Fair value of plan assets
   d) Present Value of Organization.
 
Q4.Which pension arrangement are personal pensions, but are linked to an employer and it is established by an employer as a way of providing all or some of its employees with access to a pension plan of either of a life insurer or NPS?
   a) Defined Benefit Schemes
   b) Defined Contribution Schemes
   c) Individual Pensions Plans
   d) Group Personal Pensions
 
Q5.If the bonus is declared only on an annual basis then it is called
   a) Terminal bonus
   b) Regular bonus
   c) Interim bonus
   d) None of these
 
Q6.Which of the following statement is incorrect with regard to the PPF scheme?
   a) Interest earned is fully exempt from tax without any limit
   b) All the balance that accumulates over time is exempt from wealth tax
  c) Balance in PPF account is not subject to attachment under or decree of the court
   d) Tax bracket for PPF is EET
 
Q7.____ are add on to the base policy and one can avail various supplementary riders to the basic life cover under Group Insurance.
   a) OYRGTA
   b) Riders
   c) Premiums
   d) Dependent Insurance
 
Q8.For Single premium products, The guaranteed surrender value shall be at least __ of the total premiums paid less any survival benefits already paid, if surrendered any time within the third policy year.
   a) 45%
   b) 50%
   c) 60%
   d) 70%
 
Q9.As per section 80CCD, any amount contributed by a salaried employee to a notified pension scheme shall be allowed as a deduction from taxable income up to____ of his/her salary.
   a) 5%
   b) 7.5%
   c) 10%
   d) 12.5%
 
Q10.An establishment had 9,10,11,20,21,9 and 8 employees in the years 1998,1999,2000, 2001,2002,2003 and 2004. Are the employees of that establishment covered under the Payment of Gratuity Act, 1972?
   a) Since 1999
   b) Since 2000
   c) Since 2001
   d) Not now covered.

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