IC92 Actuarial Aspects

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Q1.Which of the below statement is false?
   a) A person can buy insurance for himself
  b) A husband can buy insurance for his wife
  c) A wife can buy insurance for her husband
  d) A person can buy insurance for a friend
 
Q2.Which of the following is not an example of alteration?
  a) Reduction in a policy term (increase in policy term is generally not allowed, as it could cause reduced premiums)
   b) Change from one mode of premium payment to another (e.g. from monthly mode to yearly mode)
   c) Change from whole life plan to endowment plan (this is rare, but insurers do permit)
   d) Discounting of policy in the last year [usually with no penalties]
 
Q3.There is a ___ risk that parameter values used in the model are incorrect.
   a) Parameter
   b) Model
   c) Experience
   d) Expense
 
Q4.Investment should provide the highest returns to meet the expectations of policyholders, such as equity and property, where capital appreciation is possible refers to?
   a) Single premium products
   b) Regular Premium products
   c) With profit contracts
   d) Without profit contracts
 
Q5.The loan can be available on policy?
  (a) Endowment
  (b) Term policy
  (c) ULIP
  (d) Money back
 
Q6.Under which system, the regulator may monitor the insurer through the 'solvency test' 'asset-liability matching' test?
   a) 'File and; use' system
   b) Free System
   c) Use and File System
   d) None of these
 
Q7.Mr. Pawar purchased an insurance policy for a period of 10 years for a sum assured of Rs. 1,00,000 from Delta Life Insurance Company. For this purpose, he paid Rs. 80,000 as a single premium. The commission percentage is 2% of the Single Premium amount, then what is the commission payment amount?
   a) Rs. 800
   b) Rs. 1000
   c) Rs. 1600
   d) Rs. 2000
 
Q8.For unit-linked products, which charge levied as a percentage of the value of assets and shall be appropriated by adjusting the Net Asset Value?
   a) Premium Allocation Charge
   b) Fund Management Charge
   c) Guarantee Charge
   d) Switching Charge
 
Q9.The insurer retains liability to the policyholder for the benefits even if the reinsurer becomes insolvent and can't meet claim payments as they become due. This is an example of what is known as a _____.
   a) Retention limits
   b) Counterparty risks
   c) Legal risk
   d) Data risks
 
Q10._____, if any, declared shall become payable on the specified events agreed in the policy or at the end of the term of the policy.
   a) Regular bonus
   b) Interim bonus
   c) Terminal bonus
   d) None of the above

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