Universal life policies are kept in force even if premiums are not paid, provided its cash value was sufficient to pay for the following items:-
A. Policy preparation & stamp charges
B. Agent commission & policy charges
C. Mortality charges and expenses
D. All of the above
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Universal Life plans provide for which of the following facility?
A. Payment of additional premiums over and above the target amount
B. Skipping of premiums
C. Both A & B
D. None of the above
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Universal life insurance policy provides for partial withdrawals. This partial withdrawal was made from the policy’s _________
A. Loan value
B. Surrender Value
C. Paid up value
D. Cash value
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In respect of Universal life insurance, which of the following statement is correct:-
A. The partial withdrawal once taken need not be repaid
B. Policy was kept in force even if premiums are not paid provided there were adequate investment returns
C. Both A & B
D. None of the above
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As per IRDA, which of the following non-traditional products are permitted to be sold?
A. Variable insurance plans
B. Unit Linked insurance plans
C. Both A & B
D. None of the above
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Variable Life Insurance is a kind of _________ Insurance.
A. Whole life
B. Money back
C. Endowment
D. Term
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In Variable life insurance, the death benefit and cash value of the policy _________ according to the investment performance of a special investment account into which premiums are credited.
A. Went up
B. Went down
C. Remain Fixed
D. Fluctuate
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Under Variable life insurance, if the cash value became zero, the policy would _________
A. Continue
B. Converted into term ins
C. Surrender
D. Terminate
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In traditional cash value policies, the policy reserve form part of a _________
A. Special investment account
B. General investment account
C. Both A & B
D. None of the above
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In Variable insurance policies, the policy reserve form part of a _________
A. Special investment account
B. General investment account
C. Both A & B
D. None of the above
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In Variable insurance plan, the policy reserves are placed in _________ fund which do not form part of its general investment account.
A. Same
B. Separate
C. Secured
D. Growth
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In which type of policy, death benefits and cash value varied with investment experience?
A. Traditional cash value plan
B. ULIP
C. Universal Life Ins
D. Variable life ins
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In respect of Traditional plans, which of the following statement is correct?
A. Policyholder’s bonus depend on periodic valuation of Assets & Liabilities
B. Bonus did not directly reflect the value of assets of the insurer
C. Both A & B
D. None of the above
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In Unit Linked policies, the benefits are determined by the _________ of units credited to the policyholder’s account on the date on which payment is due.
A. Growth
B. Value
C. Reduction
D. Loss
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Units in a Unit Linked policy are purchased through payment of a
A. Single premium
B. Regular premium
C. Either A or B
D. None of the above
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Name the deductions made from policyholder of a Unit Linked policy.
A. Commission
B. Net Asset Value
C. Fund
D. Charges
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The value of the units of a Unit Linked policy is termed as :
A. Gross Asset Value
B. Net Asset Value
C. Bonus
D. Guaranteed addition
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What could be the basis for choice of fund in a Unit Linked policy?
A. Investment need
B. Risk profile
C. Both A & B
D. None of the three
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With regard to Unit Linked policy, who bears the expense and mortality risk?
A. Ins. Co.
B. Policyholder
C. Agent
D. IRDA
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In Unit Linked policies, the risk cover is a multiple of _________
A. Fund Value
B. Accumulations
C. Net Asset Value
D. Premiums
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