REPS TEST-2

Policy Inception date 4-Nov-12 and payment mode quarterly , premium being paid 5000,sum assured 700000 and Accrued bonus is 500000 ,surrender value factor is 55%,policy term is for 20 years.if policy is being surrendered today as on 20th April 2023.What shall be the surrender value.calculate surrender value

if the insurance company accepts the premium from a policyholder after the expiration of the grace period it’s an Example of ?

What is least likely to be true regarding Insurance Surveyor or Loss Assessor ?

Who gets benefit under Keyman insurance policies? ?

While recommending a life cover, it is important for a financial planner to first identify the client’s priorities along with a focus on funding. Which one of the following type of life cover may be most beneficial for a client who wants lifetime coverage with a flexibility of premiums, no participation in equity/bond market but is fine with the uncertainty about cash values ?

Which is the only reinsurance company in India

Which among is least likely to be true regarding corporate Agents

Which is least likely to be true in regard of a Direct broker?

Which of the policy can not be sold by Point of Sales Person” (PoSP)?

third-party administrator is a company/agency/organization holds a license from

Which is least likely to be a job of TPA in insurance?

Find the equation which is right in rate making?

Which is true regarding Adverse Selection?

Which is a non-participative Policy?

Ranveer’s family monthly expenditure is Rs. 50000. The earner accounts for 20% of the expense. He wants to cover his family’s inflation-adjusted expenses for the next 30 years considering average inflation at 5.5% p.a. and the investment return at 7.5% p.a. The approximate life insurance needed is ________.

Arun aged 35 earns Rs. 9 lakh p.a. out of which taxes and self-expenses account for Rs. 1.75 lakh p.a. His salary is expected to rise by 12% p.a. whereas taxes and personal expenses are likely to rise by 7% p.a. If he expects to work till 60 years what economic value can you enumerate on his life if he is confident of getting a return of 9% p.a. from investments?

A Money back policy of 15 years having sum assured of 500000 having premium of 40000 Rs. The policy gives 70 Rs per thousand reversionary bonus and 200 per thousand as terminal bonus. After every five years 25% of money back is given to policy holder. Standalone 5 lac Rs insurance is available in 8000 Rs Kindly calculate IRR of the policy??

Rohit has been working with XYZ Ltd for the last 5 years. His employer does not provide health insurance cover to its employees. Rohit has one health policy in his name but feels that the cover is not adequate. Which one of the following variants of hospitalization policy can Rohit choose for adding cover to his existing plan?

 Girish aged 42 years has made the following payments during the previous year 2019-20: 1) Medical insurance premium on his policy – Rs. 12500. 2) Medical insurance premium on policy of wife who is an established fashion designer – Rs. 6000. 3) Medical insurance premium on policy of younger son who is dependent on Girish – Rs. 3,000. 4) Medical insurance premium on policy of elder daughter, who is self-employed and not dependent on Girish – Rs. 5,000. 5) Medical insurance premium on policy of parents (resident and aged 68 years, not dependent on Girish) – Rs. 17,500 each. What shall be the admissible deduction for Girish under section 80D for the financial year 2019-20?

Which of the following statement is correct related to an insurance broker?

—–refers to the bonus paid between two bonus declaration dates.

Which of the following statements is incorrect?
Statement 1:Maturity proceeds from the life insurance policies are tax-free
Statement 2: Money received by the family member or the nominee on the death of the policy holder, including bonus, in respect of the life insurance policy is taxable.

Manish has a health Insurance Plan with deduction of 50000 Rs. And a coinsurance provision of 80:20. He has maximum out of pocket limit of 1.5 Lac for a policy year. There is claim of 150000 in the policy year. What will be the amount Paid against claim?.

Rekha has purchased a piece of land by investing own funds and has availed a loan to the extent of 60% of the construction cost to build a house on that land. What should be the ideal basis for covering the risk of partial or complete damage to her house from unforeseen events on an ongoing basis?

Which of the following is an advantage of employer provided group health insurance plan?

Which of the following entity is mandated to provide information related to products available in the market, across all categories of insurance and of all the insurance on their website so that prospective customers can compare such insurance products?

How does the married woman’s property act help in estate planning?

In which of the following real life situations is an insurance company most likely to conduct an underwriting and provide a suitable risk cover?

Endowment policy purchased for policy term 20 years and sum assured 1000000 policy premium being paid 10000 annually and Rev. Bonus 60 rs per thousand &,terminal bonus 150 per thousand, what will be the maturity of the policy if client survive till maturity ?

Mukesh has a son who is seven years old and will rquire five years of expenses starting from 19 years of age current education expenses are 6 lac rs per annum and the education expenses are increasing at the rate of 7%. if the investment is done at the rate of 15%. What shall be a one time deposit for the goal.

Saurabh has a daughter who is 3 years old saurabh wants to plan for her higher education. He expects to require a sum of 7 lac per annum in current cost required from the age of 18 years for four years increasing with 7% every year. If Saurabh want to invest a one time amount at the rate of 13%. What shall he deposit today.

Mr. A’s annual income is Rs. 12 lakhs p.a. and family’s present monthly expenditure is Rs. 50,000. The earner accounts for 20% of the expense. His life expectancy is estimated as 30 years from today. He wants to leave an estate of Rs. 30 lakhs for his family. Calculate the approximate life insurance needed for his family to cover inflation-adjusted expenses for the next 30 years considering average inflation at 5% p.a. and the investment return at 8% p.a. ____.

Arun, aged 35, earns Rs. 9 lakh p.a. out of which taxes and self-expenses account for Rs. 1.75 lakh p.a. His salary is expected to rise by 12% p.a. whereas taxes and personal expenses are likely to rise by 7% p.a. If he expects to work till 60 years, What economic value can you enumerate on his life, if he is confident of getting a return of 9% p.a. from investments?

ABC. Ltd has a retirement age of 58 years. Rahim, an employee, at age 32 expected increments of 7% p.a. as per company policy when his annual net earnings were Rs. 5.50 lakhs. After 6 years, he got the next cadre and his annual net earnings became Rs. 9 lakhs. The increments in the revised cadre are at 9% p.a. He had purchased a life cover by income replacement method at age 32. What additional cover is required if he expects his investments to yield 10.25% p.a.?

Manish has a health Insurance Plan with deduction of 50000 Rs. And a coinsurance provision of 80:20. He has maximum out of pocket limit of 1.5 Lac for a policy year. There is claim of 150000 in the policy year. What will be the amount Paid against claim?.

Dashrath had bought a home in July2014 where the land was purchased in 50 Lac and construction cost was 1 Cr. During this period the construction cost has increased with 8% and if depreciation (SLM) is charged at the rate of 2% then What sum insured would you recommend to Sarita at the time of her renewal of the policy in July 2021?l

If a Building Value $1,000,000 and Coinsurance Requirement 80.Iif Actual Amount of Insurance $600,000 has been taken and Amount of Loss $300,000. What shall be the amount of claim paid in the above case ?

Pratap has property which has a value of 1.5 cr. He has taken a property insurance of 1.10 cr. With co-insurance prevision of 80:20 and deduction of 5,00,000. What shall be the claim settled by the company. If actual loss is 75 lacs ?

Kashyap has property which has a value of 1.9 cr. He Ha taken a property insurance of 1.6 cr. With co-insurance prevision of 80:20 and deduction of 4,75,000. What shall be the claim settled by the company. If actual loss is 10 lac ?/P>

Policy Inception date 4-Nov-12 and payment mode quarterly , premium being paid 5000,sum assured 700000 and Accrued bonus is 500000 ,surrender value factor is 55%,policy term is for 20 years.if policy is being surrendered today as on 20th April 2023.What shall be the surrender value.calculate surrender value?

In the money back insurance policy of Schaubhut she is expected to get on surviving the policy a reversionary bonus of Rs. 48 per thousand plus a loyalty of 12% of the sum assured. What would be the return on her surviving the policy? Sum Assured of Rs. 5 lakh, Term of 15 years, Annual Premium of Rs. 45,565, Purchased on 18th September, 2012, terms of money back: 15% of SA at the end of 3rd/6th/9th & 12th year and 40% at maturity. (Total premium is being consideration for calculating IRR)