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 |
a) Rs.100 |
b) Rs.250 |
c) Rs.500 |
d) Rs.1000 |
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. |
a) 15% |
b) 20% |
c) 25% |
d) 30% |
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. |
a) 2/80th,2/80th |
b) 3/80th,1/80th |
c) 4/80th,3/80th |
d) 1/80th,3/80th |