IC83 GROUP INSURANCE - 16
|Q1.In India, IRDA has allowed which methods of reinsurance for group business in case of new insurers?
|a) Quota share Arrangement
|b) Surplus Arrangement
|c) Proportional Reinsurance
|d) Non-Proportional Reinsurance
|Q2.Group insurance is cost-efficient because of which of the following reasons?
|a) Lower acquisition expenses
|b) Proportionally lower commissions to sales intermediaries
|c) By its nature pre-empts the need for individual underwriting
|d) All of the above
|Q3. If the underlying investments of a ___ underperform, then the employer may have to pay more money into the scheme to honor the guarantees.
|a) Defined Contribution scheme
|b) Pay as you go pension schemes
|c) Defined Benefit scheme
|d) National pension system
|Q4.The NPS Subscriber is required to make a Minimum amount per Contribution in Tier I is
|Q5.Which is a combination of term assurance and pure endowment to ensure payment of certain benefits both on death and on retirement?
|a) Group Superannuation Schemes
|b) Group Life Insurance Schemes
|c) Group Gratuity Schemes
|d) None of these
|Q6.Which pensions schemes are based on final salary and the employee is typically promised a pension of a fixed proportion of their salary in the period leading up to retirement?
|a) Defined Contribution Schemes
|b) Defined Benefit Schemes
|c) Individual pension schemes
|d) Group Pension schemes
|Q7.Which scheme is a pension scheme for survivors, old aged, and disabled persons?
|a) Employees Provident Fund and; MP Act, 1952
|b) Income Tax Act, 1961
|c) Employees Deposit-Linked Insurance Scheme,1976
|d) Employee's Pension Scheme,1995
|Q8.The sum of all the rider premiums attached to the pension product shall not exceed __ of the premium paid for the pension policy.
|Q9.Expected Return on Plan Assets comprises of A. Interest B. Dividend C. Unrealised gain on the plan assets
|a) Only A
|b) Only B
|c) Both A and B
|d) A, B, and C
|Q 10. The scheme rules commonly allow part of the pension to be commuted for a tax-free lump sum at a rate of ____ times final salary for each year of service, leaving a reduced pension of ____ times final salary for each year of service.
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