ic-33 new syllabus , question bank for the 5th chapter by singhanupama24

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									                               QUESTION BANK ON CHAPTER 5
1.   Protection needs of an individual depend on
     a)      only income
     b)      only medical needs
     c)      none of the above
     d)      both of the above *

2.   Factors affecting protection needs
     a)     assets/liabilities
     b)     age/income/dependents
     c)     none of the above
     d)     both the above *

3.   Which of the following statements is correct
     a)    Every plan of insurance is a combination of 2 basic elements *
     b)    the name given to plan indicate the benefits
     c)    both statements are correct
     d)    both statements are wrong

4.   Which of the following statements is correct
     a)    there is no difference between term assurance plan and whole life plan
     b)    whole life plan is a term assurance plan with an indefinite term *
     c)    both statements are wrong
     d)    both statements are correct

5.   Which of the following statements is correct
     a)    Converted plans allow whole life to be altered to endowment *
     b)    converted plans do not allow whole life to be altered to endowment
     c)    both statements are wrong
     d)    both statements are correct

6.   Which one of the following statements is correct
     a)    Joint Life Policy covers two partners under one policy
     b)    Joint Life Policy covers married couples under one policy
     c)    both statements are wrong
     d)    both statements are correct*

7.   Which of the following is correct
     a)    In SSS premium is deducted by employer from employee’s salary *
     b)    In SSS premium is deducted by Insurance Company from employee’s salary
     c)    both statements are wrong
     d)    both statements are correct


8.        Which of the following is correct under Many Back policy
     a)     Nominee receives full SA + bonus *
     b)     Nominee receives S.A. + bonus less SB paid
     c)     both statements are wrong
     d)     both statements are correct
9.    Which of the following is true with regard to CDA
      a)    the deferred date is policy anniversary *
      b)    the vesting date is policy anniversary
      c)    both statements are wrong
      d)    both statements are correct

10.   State true or false
      #       when the child is 18 years old the policy will be automatically passed to insurance child
              TRUE

11.   State true or false
      #       After vesting the policy is a contract between the insured person (life assured) and insurer
              TRUE

12.   State true or false
      #       under Sec 80C IT Act premiums paid for LIC qualify for deductions from taxable income upto
              2,00,000 FALSE

13.   State true or false
      #       Under Sec 10 (10D) of IT Act, maturity benefits or death benefits received from insurance
              company are taxable FALSE

14.   State true or false
      #       Micro insurance provides cover to people with very high income   FALSE

15.   In a group insurance the contract of insurance is between
      a)      the insurance company and an individual
      b)      the insurance company and the master policyholder *
      c)     both are wrong
      d)      both statements are correct

16.   In Unit Linked Insurance plans on maturity
      a)      sum assured plus bonus is payable
      b)      fund value is payable *
      c)      both statements are wrong
      d)      both statements are correct



17.   Which of the following statements is correct
      a)    A money back type of policy is a variable insurance policy *
      b)    a converted policy is a variable insurance policy
      c)    both statements are wrong
      d)    both statements are correct

18.   Insurer will not pay a claim unless
      a)     event insured against happens *
      b)     policyholder makes a demand
      c)     nominee makes a demand
      d)     when all the above mentioned happens
19.   True or false
      #      In ULIPs the investment risk is borne by the insured and not the insurance company as in
             traditional plans. TRUE

20.   True or false
      #For income tax benefits, the premium should not be more than 20% of the sum insured OR the sum
              insured should be at least 5 times the premium or more. TRUE

21.   True or false
      # the effects of inflation erode the value of insurance cover over a long time. TRUE

22.   Which of the statements are correct
      a)    in a group insurance a single policy called master policy is issued
      b)    ina group insurance, the clance of adverse selection is low
      c)    both are correct *
      d)    both are wrong.

23.   Which of the statements are correct
      a)    entry into and exit from the group cover is controlled by the terms of the policy
      b)    the extent of cover is not decided by the life to be assured
      c)    both are correct *
      d)    both are wrong

24.   Which of the statements are correct
      a)    Group insurance is relatively expensive than individual insurance
      b)    an annuity can be taken only on single life*
      c)    both are correct
      d)    both are wrong

								
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