Quiz 3

Both Whole Life and ___________can be made participating in profits at the option of the policyholder.

• Personal Accident    

• Term Assurance

• Endowment policies

• None of the above

The grant of a rider may require the approval of the ________.

• Underwriter  

• Insurer

• Re-insurer

• Co-insurer

Find the dissimilar word

• Immediate Annuity

• Deferred Annuity

• Vesting Date

• Commutation

• Pension

How much commutation of annuity is allowed

• 1/3

• 2/3

• ¾

• 2/4

Is bonus payable on annuity participating policy?

• Yes

• No

A parent has insurable interest in the life of child as long as he is a child. The insurable interest ceases on the child becoming a ___________

• Self insured

• Minor

• Major

• Majorit

Under the life insurance contract, the insurer starts paying upon the death of the insured but under an annuity contract, the insurer stops paying upon the death of the annuitant

• Correct  

• Incorrect

The option that the annuitant has to receive a lump-sum of the amount due on the vesting date and use only the balance for the purchase of annuity is known as

• Vesting amount

• Vesting annuity

• Commutation  

• Commutation Amount

Which is true in case of annuities?

• Insured can pay in installments for annuities.

• Generally no underwriting is done on annuities

• Medical examination is not insisted upon

• Insurers apply law of large number to make claim payment

• All above

. In a plan offered by the L.I.C, the insurance is taken on female children. The risk cover is extended to the husband-

• three months after the insured child gets married

• one month after intimation of marriage

• on attainment of age 20 by the life assured

• All of the above