Insurance

1. Which principle means flow of resources from many to one?

Mutuality or pooling
Mutuality or cooperation
Pooling or funding
Resourcing or pooling

Detailed SolutionWhich principle means flow of resources from many to one?

2. An agent can work on which of the following bases for successful results?

Natural market is a source of market for a life insurance agent
A satisfied client can be an effective referral to an agent for further references
Family and friends can offer an easy opportunity for being contacted for life insurance selling
All of the above

Detailed SolutionAn agent can work on which of the following bases for successful results?

3. An alternative to bonus method of distribution of surplus is

Lapsation method
Contribution method
Accumulation method
None of the above

Detailed SolutionAn alternative to bonus method of distribution of surplus is

4. Which of the following are not a part of insurance planning?

Life insurance
House loans
Protection of assets
Health insurance

Detailed SolutionWhich of the following are not a part of insurance planning?

5. An insurance agent represents a/an

Insurance company
Sub-agent
Co-agent
Broker

Detailed SolutionAn insurance agent represents a/an

6. The term ‘Money Laundering’ would mean

Process of hiding the origin of the money
Turning illegal money into legal money
Bringing illegal money into economy
All of the above

Detailed SolutionThe term ‘Money Laundering’ would mean

7. Which of the following statements are ‘true’? 1 : The premium under a group insurance policy is constant for all the time to come. 2 : Section 45 of the Insurance Act does not apply to a one year policy.

Only 1
Only 2
Both A & B
None of the above

Detailed SolutionWhich of the following statements are ‘true’? 1 : The premium under a group insurance policy is constant for all the time to come. 2 : Section 45 of the Insurance Act does not apply to a one year policy.

8. Which of the following statements is correct?

In group insurance, a single policy is issued covering many persons
In group insurance, a single policy is issued covering many persons
Both the statements above are correct
Both the statements above are wrong

Detailed SolutionWhich of the following statements is correct?

9. Maturity claim is payable when

The insured survives the first 5 years
The insured dies during policy term
The insured is diagnosed with a critical illness
The insured survives policy term

Detailed SolutionMaturity claim is payable when

10. When one is near to his retirement years, the risk profile of an individual could be

Progressive
Aggressive
Secured
Conservative

Detailed SolutionWhen one is near to his retirement years, the risk profile of an individual could be

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