Quiz 4

Agents must be licensed under the __________

• IRDA Act   

• Insurance Act

• Companies Act  

• Contract Act

Which scheme as per company Act, 1988 require the employers to fund the liability in respect of leave encashment facility

• Group Super annuation

• Group Term

• Group Leave encashment

• Group Saving Linked Insurance

What are the benefits of group insurance

• Provide benefit to employees  

• As an instrument of social welfare by govt.

• To act as an incentives for employees 

• As a social security measure    

• All above

Gratuity can be paid by employer in following ways

• Make payment as and when it falls due out of current revenues (pay as you go)

• Create internal reserve in the book equal to estimated liability and make payment from the fund when they fall due

• Creating an gratuity fund and making payment from that fund

• Set up a trust fund and purchase a group gratuity policy from insurance policy

• All above

After the proposal becomes a policy, the agent has to ensure –

• continuance of the policy through regular payment of renewal premiums

• get nominations or assignments effected as required

• help in prompt settlement of claims                

• All of the above

Find the dissimilar word

• Group

• Gratuity

• Employers

• Employees

• Individual

Premium on group policy is low because

• Single policy issued for large group

• Premium is received in one lump sum

• Administrative cost in issuing policy is low

• Adverse Selection is low

• All Above

Gratuity act was passed in the year

• 1952   

• 1972  

• 1982

• 1942

Find out the dissimilar word

• Superannuation

• Leave in encashment  

• Pension  

• Trust

• ULIP

In India, group term insurance cover is made available to poorer sections of society like landless agricultural labourers, handloom workers, rickshaw pullers, village artisans, etc with the help of social ________ fund

• Sector

• area

• Welfare

• Security