MCQs 2014

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State whether the following statements are TRU or !"S  $rin%i&le of large n'm(ers is a&&li%a(le to the ns'ran%e

ife ins'ran%e %ontra%t is long term %ontra%t

n life ins'ran%e &remi'm &a*a(le %hanges e+er* *ear of the %ontra%t

n life ns'ran%e &remi'm ,e&en,s on the age of the ns're,

n life ns'ran%e -et &remi'm is the %hargea(le &remi'm

ong term si%.ness is the 'n&re,i%ta(le e+ent

n%ome nee,e, in the retirement is 'n&re,i+ta(le e+ent

!inan%ial &lanning is the &ro%ess of ma.ing a,+an%e &ro+ision for the /nan%ial nee,s arising i

n life ins'ran%e %ontra%t a(sense of ins'ra(le interest ,oes not ren,er the %ontra%t +oi,

+er* &erson &ossesses 'nlimite, ins'ra(le interest in his own life

$"S T T RRT "-SR !R T S -

" %re,itor has ins'ra(le interest in life of the ,e(tor

" &oli%*hol,er transfers his rights 'n,er a &oli%* to another &erson this is %alle,

e+el &remi'm means

n life ins'ran%e ins'ra(le interest is to (e &ro+e,

Un,er Term ass'ran%e &oli%* s'm ass're, is &a*a(le

U$ &lan is

"s &er se%45 of the ns'ran%e a%t 1938earl* ,eath %lam is one that o%%'rs

here the life &oli%* is a(sol'tel* assigne, the ,eath %laim amo'nt is &ai, to

ife ns'ran%e &oli%ies %o+er whi%h t*&e of ris.

r :;< has ta.en an ns'ran%e &lan for Rs 10 la.hs for 15 *ears whi%h sti&'lates that S'm ass're, will (e &ai, onl* if r :;< s'r+i+es the &oli%* ten're of 15 *ears hi%h t*&e is

ow are the ris.s are meas're, in eneral ns'ran%e 

$ =$ro(a(le a>im'm loss) is ,etermine, (* $ =a>im'm oss) an,

f the %ost of ,amages is met thro'gh internal reso'r%e? how the ris. is manage,

 The $ro&oser@s &a*ment of %onsi,eration is .nown as

>&ort an, m&ort ris.s are %o+ere, (*

ife ns'ran%e orooration of n,ia was forme, on

hi%h of the fo'r is the Reins'ran%e %om&an*

 hat treatmrnt is gi+en (* the ins'rer to the ,iAeren%e (etween R+nen'e an, e>&enses

"n arrangement wherein the reins'rer ste&s onl* if the loss e>%%e,s the %ertin limit is %alle, as

here wo'l, ins'rer /n, the g'i,elines for in+estments

ns'rer mansges the ris. (*

Un,erwriting is

T$" sho'l, ha+e the e,'%ational B'ali/%ation of 

hi%h is the Ce&t of an ins'ran%e %om&an* that settles the %laim

hi%h is the ,e&t of an ins'ran%e %om&an* that ,eals with the sele%tion of the ris.

 &art of the &oli%* mone* &ai, to the &oli%* ,'ring the term of the &oli%* is terme, as

%laim &ai, to the &oli%* hol,er at the en, of the &oli%* term is .nown as

&oli%* mone* &ai, to the &oli%* hol,er (efore the &oli%* term at the reB'est of the &oli%* hol,er is

-omination is go+erne, 'n,er

"ssignment of the life &oli%*

" &oli%* hol,er transfers his rights 'n,er the &oli%* to another &erson This is %alle,

 The &erson who assesses the ris. asso%iate, with the life &ro&osal is %alle,

Doating &oli%*

s&e%i% &oli%* is for

Rienstatement &oli%* is

 The terrorist ris. %o+er f'n, &ool is manage, (*

 !ra', an, ,ishinest* of the em&lo*ees is %o+ere, (*

 whi%h of the following statement is false

 h'll ins'ran%e 'n,er marine ins'ran%e is

 The freight %an (e ins're, 'n,er marine ins'ran%e

n a life %*%le whi%h of the following is not a &re,i%ta(le nee,

 whi%h of the /llowing is not a life %*%le stage

ns'ran%e %otra%t is +oi, if the &art* to the %ontra%t is

!in, o't where the ins'ra(le interest ,oes not e>sists

&oli%* reser+e of the ins'rer is

 as &er ife ins'ran%e a%t 1956 +al'ation of lia(ilities of the ins'rer is to (e ,one

C is

 RC" was forme, in the *ear

 The %ons'mer &rote%tion a%t was ena%te, in the *ear

RC" has its hea, B'arter at

whi%h one is not the metho, of s'r&l's ,istri('tion

 ortalit* rate

$oli%* reser+e %an (e %al%'late, (*

 ,amages ,'e to wrongf'l a%ts of Cire%tors an, E%ers while managing %om&an* aAairs are %o+ere,

$ is

hi%h is not the &h*siologi%al h'man nee,

%e,ing

sol+en%* margin in general ins'ran%e is

S'( stan,ar, life is the &erson

 whi%h of the following is not a &h*si%al haFar,

Retrosession means

 a&&ointment of the ins'ran%e m(',sman is ,one (*

-o ,efa'lt lia(ilit* 'n,er motor +ehi%le a%t means

 whi%h of the items are %o+ere, 'n,er mone* in transit ins'ran%e

 n gro'& ins'ran%e gro'& to (e ins're, sho'l, (e

in gro'& ins'ran%e &ro/t sharing is ,one (* wa* of 

&ro,'%t lia(ilit* &oli%* ,oes not %o+er

"T T -CS - U- G T T $RCUTS - T U- 

INSTANT ACCESS TO FUND

 ASSURED GUARANTED INCOME

 ASSURED IMMEDIATE MLY INCOME FOR 20YRS

MAXIMUM GROWTH OF INVESTIBLE FUND

 T T RRT "-SRS !R T S -

$ro>imate %a'se is the

!'n, for hit sn, r'n %ases is %alle, as

nomination 'n,er the life &oli%* %an (r ,one (* the &oli%* hol,er

n the Ce%%laration &oli%* 'n,er /re ns'ran%e initial &remi'm &ai, is at the rate of 

assignment

 on the ,eath of the assignee rights 'n,er the &oli%* will +est

arl* ,eath %laim is in+estigate, (* the

whi%h &oli%* &ro+i,es for loss ,'e tosto&&age of wor.

"s &er se%tion 45 of the ins'ran%e a%t 1938 the ('r,en 0f &roof lies with the ins'rer for re&',iating t  for the statements false an, material to the ris. ?if %laim o%%'rs

whi%h is not the ste& in ris. managemenr

fa%tors for meas'ring the ris. are

hi%h of the following is not rele+ant to the ins'ran%e

 'n,er motor +ehi%le thir, &art* ins'ran%eH this is not %o+ere,

 The &erio, within whi%h the &oli%* hol,er %an re+o.e the life ins'ran%e %onta%t is %alle, as

Un,er U$ t*&e of &oli%* o&ting one t*&e of in+estment f'n, from the other t*&e of f'n, is %alle, a

S is

motor +ehi%le a%t amen,ment of 1999 &ro+i,es for

 S is

in general ins'ran%e ma>im'm amo'nt the ins'rer wishes to .ee& on ris. is .nown as

ol'mn GHHThe I'estions JStatements ol'mn  H 'lti&le hoi%es J ma%t%hing statements ol'mn " B'estion %arries 1 mar. -o negati+e mat.s

a) () %) ,)

to the e>tent of his lia(ilities to the e>tent of his lia(ilities to the e>tent of his ,e(ts Unlimite,

a) -omination () "ssignment %) S'rren,er ,) Ceferment a) () %) ,)

Uniform &remi'm in earlier half term of the &oli%* n%reasing &remi'm with the term of the &oli%* Ce%reasing &remi'm with the term of the &oli%* Uniform &remi'm thro'gho't the term of the &oli%*

a) nl* at the time of ta.ing the ins'ran%e () "t the time of %laim %) "t the time of ta.ing the &oli%* an, also at the time of %laim ,) -one of the a(o+e a) nl* on s'r+i+al at the en, of the &oli%* term () nl* on ,eath ,'ring the term of the &oli%* %) n (oth the %ontingen%ies as in a) an, () a(o+e ,) -one of the a(o+e a) $rote%tion &lan () n+estment &lan %) Goth &rote%tion an, in+estment &lan ,) -one of the a(o+e a) () %) ,)

ithin one *ear of the &oli%* ithin two *ears of the &oli%* ithin three *ears of the &oli%* -one of the a(o+e

a) To the assignee

() To the legal heirs of the ins're, %) To the original nominee 'n,er the &oli%* , ) Kointl* to the a) an, %) a(o+e a) Ris. of 'ne>&e%te, earl* ,eath () Ris. of li+ing too long %) Goth of the a) an, () a(o+e ,) -one of the a(o+e a) () %) ,) a) () %) ,)

 Term ass'ran%e &lan $'re en,owment &lan n,owment &lan hole life &lan

The %ost of a%t'al loss The %ost of %onseB'ential loss The li.el* loss that ma* o%%'r if a &eril stri.es The li.e hoo, for a &eril stri.ing

a) The &ro(a(ilit* of the &eril stri.ing () The %ost of a%t'al loss %) the %ost of %onseB'ential loss ,) -one of the a(o+e a) () %) ,)

$re+ention Transfer Re,'%tion Retaining

a) nrollment fee () $remi'm %) nstallment ,) Gon's

 

aHRC" (HCe&oosit ins'ran%e an, %re,it g'rantee or&orstion %H>&ort re,it an, 'rantee or&oration ,Hife ns'ran%e or&oration

a)1st Kan'ar* 1956 () 1st Se&tem(er 1956

%)H 1st Kan'ar* 1956 ,)H 1st Se&tem(er 1947

a)Heneral ns'ran%e or&oration ()H ife ns'ran%e or&otation %) riental ns'ran%e %om&an* ,)HUnitr, ins'ran%e om&an*

a) t is in%l',e, as &ro/t () t is &ai, to sharehol,ers as ,i+i,en, %) al, in reser+e to &la* the %laim %ost ,) Re'rne, to the &oli%* hol,rers a) >%ess of loss () I'ota share %) e,ing ,)$ool arrangement

a) RC" reg'lations () om&an* g'i,elines %)The ns'ran%e "%t ,) -one of the a(o+e a) transfer () retention %) a+oi,an%e , -one of the a(o+e a) where ins'rer ,e%i,es the &remi'm %hargea(le () an attem&t (* the ins'rer to s%reen o't the s'( stan,ar, li+es %) e>er%ise (* the ins'rer to ,en* the ins'ran%e ,) none of the a(o+e a) of gra',ation () &assing of G" %) &assing of %o'rse on os&ital anagement ,) none of the a(o+e a) set+i%ing ,e&t () mar.eting ,e&t

%) a%t'rial ,e&t ,) new ('siness ,e&t a) () %) ,)

'n,erwriting ,e&t ser+i%ing ,e&t mat.eting ,e&t %'stomer relations ,e&t

a) s'r+i+al (ene/t %laim () mi,Hterm %laim %)e>Hgratia %laim ,)mat'rit* %laim a)s'r+i+al %laim () mat'rit* +laim %) en, term %laim ,) s'rren,er a) mi, term %laim () &oli%* %los're %) s'rren,er of &oli%* ,) none of the a(o+e

a) se%tion 38 of ins'ran%e a%t 1938 ()se%tion 39 of ins'ran%e a%t 1938 %) se%tion 40 of ins'ran%e s%t 1938 ,) none of the a(o+e

a) s's&en,s the nomination ()%an%els the nomination %) ,oes not aAe%t the nomination ,) %ontin'es at the reB'est of the life ass're, a)transfer of rights () S'rren,er of rights %) "ssignment ,) Ceferement of rights a) () %) ,)

"%t'ar* 'n,erwriter "r(itrator "ssessor

a) is &oli%* with Doating rates () &oli%* where +al'e is ,etermine, at the time of the %laim %) ins'res goo,s of ,iAerent t*&es an, at ,iAerent lo%ations ,) is the &oli%* where +al'e of the &oli%* +aries ,'ring %ontra%t a) () %) ,)

s&e%i/% &erio, s&e%i/% &ro&ert* s&e%i/% s'm all the a(o+e

a)&oli%* starte, again after la&se ()%ontin'e, after the term %) where &ro&ert* is restore, to the state (efore ,estr'%tion ,) none of the a(o+e a) go+t of n,ia () RC" %) f n,ia ,) eneral ns'ran%e or&oration a) Cishonest* ins'ran%e () fra', ins'ran%e %) Cishonest* an, fra', ins'ran%e ,) !i,elit* g'rantees ins'ran%e a) %oins'ran%e is sharing of ris.s (etween ins'rers ()The reins'rer is the ins'rer of the ins'rer %) ns'rer has %ontra%t'alrelatinshi& with the ins'rer ,) ns're, has a %ontra%t'al relationshi& with the reins'rer a) %argo ins'rane ()%argo an, fright ins'ran%e %) ins'ran%e of +essel an, its eB'i&ments , ins'ra+e of %argo an, %rew on the (oar, a) when it is &re &ai, () when it is &ost &ai, %) (oth the a) an, () a(o+e ,) when it is &artiall* &ai, a) %hil,renLs e,'%ation () n%ome at retirement %) %a&ital for &'r%hase of ho'se ,) Ceath of the in%ome &ro+i,er

 

a)%hil,hoo, () *o'ng marrie, %) ol, 'nmarrie, ,) &ost retirement a) 'nem&lo*e, () han,i%a&&e, %) minor ,)-on resi,ent n,ian a) h's(sn,Hwife () %re,itorH,e(tor %) sellerH%'stomer ,) em&lo*erHem&lo*ee a) &ro/t () lia(ilit* %)&ro/t (efore ta> ,) none of the a(o+e a) e+er* *ear () e+er* two *ears %) e+er* three *ears ,) e+er* fo'r *ears a)m&lo*ees Ce&osit in.e, ns'ran%e s%heme () m&lo*ees Ce(t in.e, ns'ran%e s%heme %) m&lo*ees Cata in.e, ns'ran%e s%heme ,) m&lo*ees Ci+ersit* in.e, ns'ran%e s%heme

           

   

a)2000 ()2001 %)1999 ,)2003 a)1983 () 1984 %)1985 ,) 1986 a) 'm(ai () Gangalore %)*,era(a, ,)hennai

 

a) sim&le re+ersionar* () %om&o'n, re+ersionar* %)interim ,)a, ho% a) in%reases with the age () ,e%reases with age %) remains %onstant in earl* age ,)remains %onstant in later *ears of age a) $ros&e%ti+e metho, () Retros&e%ti+e metho, %) (oth the metho,s a) an, () ,)-one of the a(o+e metho,s a) ,ire%tor an, oE%ers in,i+i,'al &oli%* () &ool of f'n, forme, (* the %om&an* %) ,ire%tors an, E%ers lia(ilit* &oli%* ,)terminal (ene/ts of the ,ire%tor an, oE%er a) &ermanent ma>in'n loss ()&ermanent mini'm loss %)&ro(a(le ma>i'm loss ,) &ro(a(le mini'm loss a )se%'rit* () foo, %) shelter ,) %lothing a) &assing the ris. () retaining the ris. %)re,'%ing the ris. ,)a+oi,ing the ris. a) 20M of the net &remi'm or 30M of the in%rease, %laims whi%he+er is higher () 20M of the in%rease, %laims or 30M of the net &remi'm whi+he+er is hig %)50M of the net in%rease, %laims ,) 50M of the net &remi'm a) who has less in%ome ()who is of higher age % ) who is minor in age ,) who has higher mortalit* than the normal mortalit

a) %ertain ,iseases () engage, in a+iation %) famil* longe+it* ,)e>%essi+e (o,* weight a) sharing ins'ran%e with other ins'rer () %'rtailing the ris. %) a+oi,ing the ris. ,) reins'rer ins'ring with the other ins'rer  

a)RC" ()o+t of n,ia %) an,  ,) (* %hief N'sti%e o f i ndia a) no lia(ilit* ?if no ,efa'lt () lia(ilit* of (oth the %laimant an the +ehi%le owner %)%laimant nee, not &ro+e the fa'lt of the +ehi%le owner ,)%laimant has to N'stif* the %laim

 

 

a)%ash ()%ntra%t ,o%'ments %) gol, ornaments ,) &ostal or,ers a)large ()fairl* homogeni's %) of age (elow 40 ,) of all the a(o+e %hara%teristi%s a)H%ash (on's () e> gratia (on's %) re,'%tion in renewal &remi'm ,)re+ersionar* (on's a),amages arising o't of inN'ries () ,amages arising o't of ,eath %) ,amages to the &ro&ert* , %ost of re&airing a)Hat the time of the %ontra%t ()Hat the time of the %laim %) (oth at the times of %ontra%t an, %laim ,) none of the a(o+e

a) ANNUITY CERTAIN FOR 20 YEARS PENSION

 b) ULIP

c) GOVT SECURITY CORPORATE BOND DEBENTURE

d) SAVINGS BANK DEPOSIT

a) inter+ening %a'se () in,ire%t %s'se %) ,ire%t %a'se ,) non inter+rning %a'se a) it an, r'n f'n, () mergen%* f'n, %) Solati'm f'n, ,)liB'i, f'n, a) at the time of ta.ing the &oli%* onl* () at an* time ('t within 2 *ears of the &oli%* %) at an* time ('t (efore mat'rit* of the &oli%* at an* time ('t within one *ear of the &oli%* a) 80M of the initial ,e%laration ()75M of thr initial ,e%laration %)50M+of the initial ,e%laration ,) 60M of the initial ,e%laration a)s's&en,s the nomination () ,oes not aAe%t the nomination %)%an%els the nomination ,) s's&en,s or %an%els as&er ,esire of the &oli

a) &oli%* hol,er ()legal heirs of the assignee %) (oth a) an, () a(o+e ,)in the &erson as ,ire%te, (* the %o'rt of law a) an oE%er of the ins'rer () s'r+e*or %)in+estigating agen%* ,) RC" &ersonnel a)%onseB'ential loss &oli%* ()Doating &oli%* %) ,e%laration &oli%* ,)se%i/% &oli%* a) within 1 *ear of the &oli%* () within2 *ears of the &oli%* %) after 2 *ears of the &oli%* ,) none of the a(o+e

a)ris. assessment ()ris. transfer %) ris. &ri%ing ,) ris. e+al'ation

 

a) &ro(a(ilit* ()se+eret* % ) ownershi& ,) /nan%ial a) the n,ian &enal %o,e ()The n,ian %ontra%t a%t %) The n,ian stam& a%t ,)Thr %ons'mer &rote%tion a%t a) &ersonal inN'r* to thir, &art* () ,eath of thir, &art* %) ,amage to +ehi%le ,) ,amage to thir, &art* &ro&ert* a) initial &erio, () gestation &erio, %) man,atot* &erio,

,) %ooling oA &erio, a) %hange o+er of thf'n, ()shift o+er of the f'n, %)Swit%h o+er of the f'n, ,)&ting of the f'n, a) m&lo*ees S&e%ialins'ran%e or&oration () m&lo*ees Strategi% ns'ran%e or&oration %) m&lo*ees State ns'ran%e or&oration ,) m&lo*ees Sole ns'ran%e &r&oration a) />e, %om&ensation to the a%%i,ent +i%tim ()%om&ensation (ase, on age of the +i%tim %)%om&ensation (ase, on in%ome of the +i%tim ,) %om&ensation (ase, on age an, in%ome of the +i%tim a) ro'& S'&erann'ation lin.e, S%heme () ro'& Sa+ings in.e, S%heme %) ro'& So%ial in.e, S%heme ,) ro'& So%iet* lin.e, S%heme

a) a&a%it* () Retention %) e,ing ,) a>im'm limit

 

t%hes

1

 

tr'e

 

false

 

tr'e

 

false

 

 

tr'e

false

 

tr'e

 

false

 

tr'e

%H to the e>tent of his ,e(ts

(Hassignment

,HUniform &remi'm thro'gho't the term

aHonl* at the time of ta.ing the ins'ran%e

(Honl* on thr ,eath ,'ring the term of the &oli%*

(Hin+rstment &lan

(Hwithin two *ears of &oli%*

a to the assignee

%H (oth of the a) an, () a(o+e

(H&'re en,owment &lan

%H the li.el* loss that ma* o%%'r if the &eril stri.es

aHthe &ro(a(ilit* of the &eril stri.img

,H retaining

(H &remi'm

%H>&ort re,it an, 'rantee or&oration

(H1st Se&tem(er 1956

aHeneral ns'ran%e or&oration

%Hhel, in reser+e to &a* the %laims %ost

aHe>%ess of loss

%H The ns'ran%e "%t

aH transfer

()H an attem&t to s%reen o't the s'( stan,ar, li+es

 %)H&assing of a %o'rse %o'rse on os&ital anagement

a)H ser+i%ing ,e&t

a)H 'n,erwriting ,e&t

aHs'r+i+al (ene/t %laim

(Hmat'tit* %laim

%Hs'rren,er of the &oli%*

(H se%tion 39 of the ins'ran%e a%*1938

()H %an%els the nomination

%H assignment

 (H'n,erwriter

 %H ins'res goo,s of ,iAerent t*oes an, at ,iAerent lo%ations

,H "ll the a+o+e

%Hwhere &ro&ert* is restore, to the state (efore ,estr'%tion

,H enrral ns'ran%e or&oration

 ,Hns're, has a %ontra%t'al relationshi& with the reins'rer

 %Hins'ran%e of +essel an, its eB'i&ments

() when it is &ost &ai,

 ,H Ceath of the in%ome &ro+i,er

%H ol, 'nmarrie,

 %H minor

%HsellerH %'stomer

(H lia(ilit*

aH e+er* *ear

aHm&lo*ees Ce&osit lin.e, ns'ran%e s%heme

%Hin the *ear 1999

,H1986

%H *,era(a,

 ,)a, ho%

 aHin%reases with age

 %H(oth the metho,s a) an, ()

%H,ire%tors an, oE%efs lia(ilit* &oli%*

%H&ro(a(le ma>im'm loss

aHse%'rit*

aH&assing the ris.

aH20M or the net &remi'm or 30M of the in%rease, %laims

,H who has higher mortalit* than the normal mortalit*

(Hongage, in a+iation

,Hreins'rer ins'ring with the other ins'rer

 (Ho+tof n,ia

%H%laimant nee, not &ro+e the fa'lt of the +ehi%le owner

aH%ash an, ,H &ostal or,ers

aH large an, (Hfaitl* homogeni's

%Hre,'%tion in renewal &remi'm

,H %ost of re&airing

(Hat the time of the %laim

,Hsa+ing (an. ,e&ositt

%H o+t Se%'rit* %or&orate (on,s? ,e(ent'res

aHann'it* %ertain for 20*ears &ension

(H'li&

%H ,ire%t an, ,) non inter+ening

%Hsolati'm f'n,

 %Hat an* time ('t (efore mat'rit* of the &oli%*

(H75M of the initial ,e%laration

%H%an%els the nomination

 

ol,er

(Hlegal heirs of the assignee

aH an oE%er of the ins'rer

 aH%onswB'ential loss &oli%*

%H after 2 *ears of the &oli%*

%Hris. &ri%ing

aH&ro(a(ilit* an, (Hse+eret*

aH The n,ian &enal %o,e

 %H,amage to +ehi%le

,H%ooling oA &erio,