IC83 GROUP INSURANCE - 13

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Q1.___ in an insured scheme, is a method of funding liability, and the contributions received by the insurer are credited to a running account maintained for the policyholder.
   a) Cash Accumulation System
   b) Definite Funding Method of Costing
   c) Indefinite Funding Method of Costing
   d) Annual Premium Costing
 
Q2.In case the employee is not paid the due amount of gratuity he should apply, ordinarily, within ___, in Form-1 to the employer.
   a) 15 days
   b) 30 days
   c) 45 days
   d) 60 days
 
Q3.Which Entry Age Method rate is determined as the Contribution rate, which, if payable over the expected future membership of a group of new entrants, would provide for the total expected benefits payable in respect of that group?
  a) Entry Age Standard Contribution Rate
   b) Entry Age Actuarial Liability
   c) Standard Contribution rate
   d) None of these
 
Q4.The fund-based group non-linked products may levy a surrender charge not exceeding 0.05 percent of the total policy account value with a maximum of Rs.5,00,000 if the policy is surrendered within the third renewal of the policy.
   a) RS.2,00,000
   b) Rs.3,00,000
   c) Rs.4,00,000
   d) Rs.5,00,000
 
Q5.Other than single premium products, the guaranteed surrender value shall be at least ___ of the total premiums paid less any survival benefits already paid, if surrendered between the second year and third year of the policy, both inclusive.
   a) 10%
   b) 20%
   c) 30%
   d) 40%
 
Q6.What refers to the simplest form-Each member will be granted a union pension and employees may contribute a fixed amount?
   a) Graded Schedule
   b) Average Salary
   c) Flat Rate
   d) Final salary
 
Q7.___ generate guarantee benefits based typically on final pensionable salary and years of services since joining the scheme.
   a) Defined contribution occupational pension scheme
   b) Defined benefit occupational pension scheme
   c) Hybrid occupational pension scheme
   d) None of the above
 
Q8.In which method a defined unit of pension is respect of a year of service will be purchased fully by payment of one single premium in that year?
   a) Single Premium Costing
   b) Annual Premium Costing
   c) Controlled Funding
   d) None of these
 
Q9.In which methods, the Actuarial Liability for active members is based on pensionable service accrued up to the valuation date or to the end of the Control period?
   a) Projected Unit Method
   b) Accrued Benefits Methods
   c) Entry Age Method
   d) Attained Age Method
 
Q10.Which Tier is mandatory for all Government servants joining Government service on or after 1 January 2004?
   a) Tier I
   b) Tier II

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