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WorksheetsInsurance Concepts and Terminologies
Total questions: 10
Worksheet time: 5mins
Term plan is?
compensate loss of income due to death of breadwinner
has both the elements of savings as well as protection
a maturity amount is paid to the insured on survival of the contract period
Describe Endowment Plans?
A plan that covers both death and provides maturity amount on survival of contractual period
Only provides Survival benefitt
What is assignment of policy?
The title of the policy shifted or transferred to another person or institution
The life insured is the rightful owner of the policy
What are the types of Assignment of policy?
Conditional & Partially
Fully and Partially
Single and Joint
Bonus is paid in which types of Insurance Plans
Participating Plans
Non Participating
Term Plan
ULIPs
What is the guidelines of %age distribution of Bonus ?
90% to Policyholders and 10% to Shareholdes
90% to shareholders and 10% to policy holders
50% to Shareholdes and 50% to policyholders
In case Nominee is minor the policy holder needs to appont an appointee.
State True or False.
True
False
Reversionary bonus is paid once during the policy term that is on maturity.
State True or False.
False
True
The amount that is payable on death of Policy holder is?
Sum Assured
Death Benefit
Maturity Benefit
what is Premium allocation charges ?
This charge is levied to recover the initial expense incurred towards issuing the policy
This charge is levied as the cost of hiring Fund Manger
This is related to insurance charges
