
IC EXAM
Authored by Jelaine Lanuza
Computers
Professional Development
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30 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Variable life insurance policy owners may make withdrawals in terms of
Number of units or fixed monetary amount through the cancellation of units
Number of units or fixed monetary through reduction of the life cover sum assured
Fixed monetary amount only through the reduction of the life cover sum assured
Number of units through the cancellation of units
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following statements about te flexibility features of variable life policies is false
Policyholders may request for a partial withdrawal of the policy and the withdrawal amount will be met by cashing the units at the bid price
Policyholders can take loans against their variable life up to the entire withdrawal value of their policies
Policyholders have the flexibility of switching from one fund to another provided it satisfies the company's switching criteria
Policyholders have the flexibility of increasing or decreasing their premiums for regular premium variable life policies
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The investment returns under variable life insurance policy
Are not guaranteed
Are assured
Are linked to the performance of the investment fund managed by the life insurance company
Fluctuate according to the rise and fall of market prices
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of the following statements is TRUE?
The policy value of variable life policies is determined by the offer price at the time of valuation
The policy value of endowment policies is the cash value plus any accumulated dividends less any outstanding loans due at the time of surrender
The life company needs to maintain a separate account for variable life policies distinct from the general account
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following statements is FALSE?
Rebating is to offer a prospect a special inducement to purchase a policy
Twisting is a specific form of misrepresentation
Misrepresentation is a specific form of twisting
Switching is a facility allowing the policyholders to switch to another variable life funds offered by the company
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of the following statements about variable life policies is TRUE?
Offer price is used to determine the number of units to be credited to the account
The margin between the bid and offer price is used to cover the managements cost of the policy
The policy value is calculate based of the bid price of units allocated into the policy
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the most suitable investment instrument for an investor who is interested in protecting his principal and receiving a steady stream of income?
Equities
Warrants
Variable life policies
Fixed income securities
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