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IC92 Mock Test Actuarial Aspects- Click Here

Q1.Which is one of the very popular distribution channels currently in India and in this, banks sell insurance products of the company to whey they are tied and they earn their remuneration from the company as commission?
   a) Agents
   b) Bancassurance
   c) Brokers
   d) Direct marketing
Q2.____ is greatly enhances by innovative design features and additions of options and guarantees.
   a) Product design
   b) Sensitivity of profit
   c) Expenses
   d) Marketability
Q3.Which of the following are disadvantages of the cash flow method?
   a) Tax can be allowed for more appropriately
  b) This method allows more easily the financing requirements for a new contract
   c) The risk discount rate can take account of the term structure of interest rates
  d) It is time-consuming
Q4.1) Insurance products are legal contracts 2) Sometimes Insurance products are illegal contracts. Choose the correct answer
   a) Statement 1 is correct
   b) Statement 2 is correct
  c) Both the statements are correct
   d) Both the statements are wrong
Q5.Which of the following expenses is the most difficult to ascertain while calculating the expenses rate?
   a) Nature of product
   b) Volume of sales
   c) Inflation rate
   d) Competitor's rate
Q6.Which of the below statement is correct with regards to who can enter into an insurance contract?
  a) A person who is a least 18 years
   b) A person who has at least passed 12th st and ard from any board
   c) A person who known at least the national language
   d) Any person can enter into an insurance contract any terms and condition
Q7.In which case, the number of premium payments is more than one but limited to two or more annual premiums. However, do the premium payments cease much before the expiry of the contract?
   a) Single premium payments
   b) Limited premium payments
   c) Regular premium payments
   d) None of these
Q8.What is often a single figure that tries to summarize the relative efficiency of contracts with different net cash flow streams?
   a) Internal Rate of Return
   b) Profit Criteria
   c) Cash flow method
   d) None of these
Q9.Which of the following are issues related to the policy document?
   a) The policy document is legally negotiable
   b) Font size is small, and one would find it difficult to read
  c) If there is any dispute over the settlement of the claim, courts interpret the terms mentioned in the contract
   d) All of the above
Q10.Which bonus is payable when a policy matures or on the death of the life assured and it represents the policyholder's entitlement to a proportion of the fund that has been held back for the purpose of smoothing or for earning a higher expected return?
   a) Reversionary bonus
   b) Terminal bonus
   c) Compound bonus
   d) Simple bonus

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