Licentiate Exam Mock Test-APPLICATIONS OF LIFE INSURANCE IC23
Licentiate Exam Mock Test-IC23 APPLICATIONS OF LIFE INSURANCE- Click Here for full Mock series
Licentiate Exam Question
| Q1.In case of pension with the return of purchase price, _____ |
| Pension will be payable till the age of 70 with the return of purchase price on death during that period. |
| Pension will be payable till the age of 75 with the return of purchase price on death during that period. |
| Pension will be payable till the age of 80 with the return of purchase price on death during that period. |
| shall prohibit sharing of profits |
| shall undertake to give high-interest loan |
| Q2.Which among the following benefit is provided by the EDLI scheme? |
| A lump-sum amount equal to the average balance in the member’s EPF account for the period of 12 months preceding death. |
| A lump-sum amount equal to the total balance in the member’s EPF account for the period of 12 months preceding death. |
| A lump-sum amount equal to the average balance in the member’s EPF account for the period of 24 months preceding death. |
| A lump-sum amount equal to the total balance in the member’s EPF account for the period of 24 months preceding death. |
| Lump-sum amount equal to the total balance in the member’s EPF account for the period of 36 months preceding death. |
| Q3.Accident benefit rider provides of __ of the sum assured over and above the basic sum assured in case of death taking place as a result of an accident. |
| 75% |
| 80% |
| 90% |
| None of the above |
| All the above |
| Q4.One has to furnish bills to ____for getting a claim under an indemnity policy. |
| Deferred annuity |
| Insurer |
| Third-Party Administrator |
| Variable annuity |
| None of the above |
| Q5.Why there is a need for a pension system in India? |
| There is no statutory obligation for the employer to provide pension payment to his employees |
| Retirement benefits are paid in lump sum spent too quickly or not invested prudently. |
| Improvement in the longevity of life |
| All the above |
| None of the above |
| Q6.The benefits of critical illness plans are payable in ____ |
| lump sum |
| installments |
| Either (a) or (b) |
| Neither (a) nor (b) |
| Both (a) & (b) |
| Q 7. The non-profit Takaful model includes enterprises owned by ____. (i) Participants (ii) Society (iii) Government |
| Only (i) |
| Only (i) & (ii) |
| Only (ii) & (iii) |
| Indian Reinsurance Corporation |
| Indian Reinsurance Company |
| Q8.Which of the following is true as per the Indian Evidence Act? |
| The burden of proving the death of a person known to have been alive for thirty years is on the person who affirms it. |
| A person who has disappeared is presumed to be dead only if he has not been heard of for 7 years by those who would naturally have heard of him if he had been alive. |
| Burden of proving that person is alive who has not been heard of for seven years is shifted to the person who affirms it. |
| Only (a) & (c) |
| All of the above |
| Q9.____ clause permits each party to net amounts due against those payable before making payments. |
| Arbitration |
| Intermediaries |
| Set off |
| Accounting |
| Errors and Omissions |
| Q10.Employees Deposit Linked Insurance Scheme or EDLI is an insurance cover provided by the __ for private sector salaried employees. |
| LIC |
| IRDA |
| PFRDA |
| INFO |
| National Insurance Co. |