IC83 GROUP INSURANCE - 11

 0  0
Q1.Which of the following statement best describes interest costs?
  a) It is the cost that arises because PVO increase due to the service rendered by the employees in the current period
   b) This is arrived at by multiplying the discount rate as determined at the start of the period by 'PVO' at the beginning of the period
  c) It comprises interest, dividends, and other revenue derived from the plan assets and any realized or unrealized gain on the plan assets
   d) It is the amount which an asset could be exchanged or a liability settled between knowledgeable parties
 
Q2.Which of the following is a disadvantage of the free cover limit provided under group insurance?
   a) Cost reduction
   b) Saves time
   c) Spread of the mortality risk
   d) Anti-selection
 
Q3.Accounting standard 15(revised 2005) is not applicable to which of the following firms?
   a) Listed companies on any stock exchange in India
   b) Companies having turnover of more than 50 crores
   c) Companies employing less than 50 employees
   d) Banks/FIs/Insurance companies
 
Q4.What is the annual premium amount that has to be paid by an individual under Pradhan Mantri Suraksha Yojana(PMSSY)?
   a) Rs 10
   b) Rs 12
   c) Rs 500
   d) Rs 5000
 
Q5.Which of the following methods are commonly used to set the contributions for defined benefit pension schemes that are funded in advance by regular contributions?
   a) Prospective methods
   b) Accrued benefit methods
   c) Both a and b
   d) None of these
 
Q6.In light of the concentration of risk in a group, if it is not widely spread, the ____ provides the insurer additional protection on the risks within its retention and also limits the cost of multiple claims as a result of a single incident, such as natural disaster or an accident.
   a) Surplus arrangement
   b) Catastrophe cover
   c) Quota Share Arrangement
   d) Stop loss Reinsurance
 
Q7.Other Long term Employee Benefits include employee benefits other than Short-term employee benefits, post-employment benefits, and termination benefits. Say True or False.
   a) True
   b) False
 
Q8.Insurance companies that sell reinsurance refer to the business as______.
   a) Proportional Reinsurance
   b) Facultative Reinsurance
   c) Treaty Reinsurance
   d) Assumed Reinsurance
 
Q9.Which of the following statements about gratuity is incorrect?
   a) An employer may offer gratuity out of his own funds
   b) An employer can approach a life insurer in order to purchase a group gratuity plan
   c) In case the employer chooses a life insurer, he has to pay annual contributions as decided by the insurer.
   d) None of the above
 
Q10.The sum of all the rider premium attached to the pension product shall not exceed___ of the premium paid for the pension policy.
   a) 10%
   b) 15%
   c) 20%
   d) 25%

Click Here for Answer Key

What's Your Reaction?

like

dislike

love

funny

angry

sad

wow