Agency 1st half quiz Day 5

Can an umarried lady who is a working professional and financially independent be a proposer for a policy with her mother as a life assured?   Select the correct answer from the list below.

• No, as there is no insurable interest

• Yes, as there is insurable interest

Under this type of life insurance plan, bonus is declared only if the insurer makes a profit. Which type of plan is this? Select the correct answer from the list below. 

• ULIP

• Non PAR

• PAR

• Annuity

_______ provide additional benefits at cheaper cost in an insurance plan. Select the correct answer from the list below.

• Riders

• Bonus

• Human Life Value (HLV)

• ULIPs

Which of the following statements is true? Select the correct answer from the list below.

• Insurance reduces possibility of loss in entirety

• Insurance protects the asset

• Insurance prevents loss of an asset

• Insurance compensates for the financial loss of an asset

This bonus is declared annually throughout the term of the policy and becomes attached to the policy. At the time of maturity, the bonus amount is received as part of the maturity payout. Which type of bonus is this? Select the correct answer from the list below. 

• Terminal Bonus

• Interim Bonus

• Reversionary Bonus

• Discretionary Bonus