IC92 Actuarial Aspects Questions

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IC92 Actuarial Aspects Questions- Click Here

Q1.Insurance expenses can be primarily classified as____.
   a) Direct expenses and indirect expenses
   b) Fixed expenses and Variable expenses
   c) Capital expenses and revenue expenses
   d) Standard expenses and non-standard expenses
Q2.Which of the following can be treated as a group for the purpose of insurance contract? 1. A group of persons residing in a housing colony-where some of them is tenants. 2. A trade union of taxi drivers in a city, e.g. Mumbai 3. The members of a professional group, such as the Institute of Chartered Accountants of India. 4. The parents of students of a school.
   a) Options 1 and 4
   b) Options 2 and 3
   c) Options 1 and 2
   d) Options 3 and 4
Q3.Under which method, the bonus is declared as x% of Bonus declared in the preceding policy year?
   a) Simple Bonus
   b) Compound bonus
   c) Super-Compound bonus
   d) Terminal bonus
Q4.What means the period of five consecutive years from the date of commencement of the policy, during which period the proceeds of the discontinued policies cannot be paid by the insurer to the policyholder?
   a) Grace period
   b) Discontinuance period
   c) Limited premium period
   d) Lock-in-period
Q5.Life Insurance in its modern form came to India from England in the year _____.
   a) 1616
   b) 1717
   c) 1818
   d) 1919
Q6.Reinsurance is usually governed by a treaty between the insurance company and the reinsurer and the treaty is a legal contract and governed by contract law it relates to which risk?
   a) Legal risks
   b) Retention limits
   c) Counterparty risks
   d) Data risks
Q7.Which of the following is not a characteristic of riders?
   a) The option is valid only if the main contract is valid
   b) The grant of option could be subject to underwriting requirements
  c) The option cannot be canceled when the main contract is in force
   d) It provides additional benefit only on the happening of a specific event
Q8.Which of the following is not a type of group insurance contract offered by insurers?
   a) Group Gratuity COntract
   b) Group Saving Linked Insurance Contract
   c) Group Health Insurance Contract
   d) Group Benefit Contract
Q9.Which of the following is not a method of payment of bonus?
   a) Simple reversionary bonus
   b) Guaranteed interest rates
   c) Paid-up additions
   d) Discount in premium
Q10.Which implies one contract covering a group of live and terms on which insurance cover is granted depend upon the characteristics of the group as a whole?
   a) Individual insurance
   b) Master policy
   c) Group Insurance
   d) None of these

IC92 Actuarial Aspects Questions- Click Here

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