WorksheetsLife Insurance Products
Total questions: 22
Worksheet time: 12mins
The premiums under this scheme are lowest of all other plans and payable till death.
Investment Plan
Periodic Money back plan
whole Life Schemes
Joint Life Plan
Procedure for effecting Life Insurance
Selection of policy
Pension Plans
Proof Age
Medical Examination
The policy begins as a whole life one but the life assured has the option to convert it into an endowment plan after a lapse of
2 years
3 years
5 years
4 years
The employees contribution, in case of contributory scheme qualifies for deduction
u/s 80D
u/s 80 CCC
u/s 80 E
u/s 80C
The premiums are broadly divided into two types
Net Premium and Level premium
Net Premium and Net Single Premium
Net Premium and Gross Premium
Gross premium and Level Premium
Factors affecting the premium Determination
Death Rate
Interest
Expenses
Assessment Plan
--------------------it can be done at time of the proposal
(a)
Assignment must be witnessed
YES
NO
on the death of the nominee, nomination becomes
Valid
transfer to other person
Invalid
Transfer to creditor
According to the Life Insurance Act 1956, --------% of the profit of life insurance must be distributed to the policy holders as "bonus"
100
90
85
95
The term "------------------" is defined as the remaining amount after all liabilities of an insurance company are subtracted from the assets of the company.
Interest
Principle
Loss
Surplus
Annuity is a form of __________, whereby in return for a certain sum of money paid in lump sum or instalments.
Gratuity
Bonus
Pension
Salary
1. Which of the following is the only public sector company in the field of life insurance?
General insurance company
Oriental insurance company
New India assurance company
Life Insurance corporation of India
Foreign exchange reserves of India are kept in the custody of which of the following?
All public sector banks
Reserve Bank of India
Foreign banks in India
Government treasury
Which of the following terms is Not used in the world of finance, banking and insurance?
Devaluation
Amnesty
Hard currency
None of these
If an organization wishes to venture into Insurance Business it has to obtain a licence first from which of the following ?
Indian Banks Association (IBA)
Security and Exchange Board of India (SEBI)
Tariff Advisory Committee (TAC)
Insurance Regulatory and Development Authority of India (IRDAI)
Fire insurance provides cover for:
Tangible assets
Intangible assets
Fictitious assets
Business employees
The average clause in a loss of profits policy protects by _______.
Insured
Insurer
Workers
None of the above
Fire insurance policy can be taken for _________.
loss of stock.
loss of profit.
life of a partner.
loss of stock or/and loss of profit.
A motor insurer will express its claims frequency in relation to
a calendar year.
vehicle years.
the number of policies issued.
premium income.
What is the maximum period for referring motor insurance claim disputes to the Financial Ombudsman Service following an insurer advising the claimant of its final decision?
12 months.
3 years.
6 Months
6 years
cost of health check ups is payable under a group mediclaim policy
True
False
