Savings is a composite of which of the following decisions?
A. Postponement of consumption
B. Parting with liquidity
C. Both A & B
D. None of the three
Select an option to see the answer and solution.
Risk transfer means
A. Insuring with an insurance company
B. Insuring with an Government
C. Insuring with the owner of the company
D. Risk retention
Select an option to see the answer and solution.
Which of the following cannot be categorised under risk?
A. Dying too young
B. Dying too early
C. Natural wear and tear
D. Living with disability
Select an option to see the answer and solution.
What is the meaning of the term non-medical underwriting?
A. Taking health insurance
B. Buying a medical insurance without medical exam
C. Buying a life insurance without medical exam
D. None of the three
Select an option to see the answer and solution.
In respect of nomination, which of the following statements are correct?
A. More than one person can be nominated
B. Nomination can be done either at the time of commencement or later
C. Nomination can be changed by making an endorsement
D. All of the above
Select an option to see the answer and solution.
Bank deposit addresses which type of need?
A. Uncertainties
B. Wealth creation
C. Savings
D. Contingencies
Select an option to see the answer and solution.
From the below given age proof documents, identify the one which is classified as non-standard by insurance companies.
A. School certificate
B. Identity card in case of defence personnel
C. Ration card
D. Certificate of baptism
Select an option to see the answer and solution.
The sum insured under a health insurance policy would primarily depend on the
A. Age
B. Health condition
C. Affordability
D. Income
Select an option to see the answer and solution.
What are the charges in a ULIP?
A. Policy Allocation Charge
B. Mortality charge
C. Both A & B
D. None of the above
Select an option to see the answer and solution.
In a money back plan, what is the maturity claim payable?
A. Sum insured
B. Sum insured less survival benefits paid already
C. Bonuses
D. Nothing is payable
Select an option to see the answer and solution.
Section 45 of Insurance Act, 1938 speaks about rejecting a claim after _________ of taking a policy.
A. 1 year
B. 3 years
C. 5 years
D. 7 years
Select an option to see the answer and solution.
In group insurance, risk of individuals is not assessed.
A. TRUE
B. FALSE
C. Partly true
D. Partly false
Select an option to see the answer and solution.
Which of the following statements are correct? i. The sum assured under group insurance is not fixed by the individual member. ii. A person whose proposal is declined under individual scheme can get insurance under group policy.
A. Statement i is correct
B. Statement ii is correct
C. Both statements are correct
D. None of the three
Select an option to see the answer and solution.
A policy can be surrendered only if it has acquired
A. Legal value
B. Money value
C. Policy value
D. Paid-up value
Select an option to see the answer and solution.
Which actuarial aspect(s) are taken into account while fixing the premium? I. Mortality II. Interest assumption III. Office expenses
A. Only I
B. Only I and II
C. Only I, II and III
D. Only II and III
Select an option to see the answer and solution.
Which of the following is not a phase in retirement planning?
A. Accumulation
B. Inflation
C. Conservation
D. Distribution
Select an option to see the answer and solution.
While distributing surplus, care has to be taken for
A. Solvency requirements
B. Increasing free assets
C. Both A & B
D. None of the above
Select an option to see the answer and solution.
While prospecting for selling insurance, approaching the members of a caste or community association will be classified under which of the following?
A. Immediate group
B. Natural market
C. Centers of influence
D. References and introductions
Select an option to see the answer and solution.
The limit of the National Consumer Disputes Commission is
A. Rs. 75 lakh
B. Rs. 100 lakh
C. Rs. 150 lakh
D. No limit
Select an option to see the answer and solution.
Which of the following is not an element of the life insurance business?
A. Asset
B. Risk
C. Principle of mutuality
D. Subsidy
Select an option to see the answer and solution.