Risk Indian Chapter 4

Which of the following is least likely the responsibility of insurance companies?

Which of the following is not a source of revenue for insurance companies?

“—is the determination of what rates or premiums to be charged for insurance.

What are the elements to be considered while fixing the premium for an insurance cover?

Which of the following statement is correct? Statement 1: Pure premium consists of that part of the premium which is necessary to pay for losses and loss related expenses. Statement 2 Gross premium is the pure premium minus load.

Which of the following is least likely a factor to be considered by the insurer while underwriting and price the policy?

Bonuses paid as a percentage of the sum assured at the time of maturity or at the time of policy surrender during the policy term or on the death of the life assured are called—

Which of the following is least likely a feature of terminal bonus?

“— refers to the bonus paid between two bonus declaration date.

The premium paid should be a maximum of — of the sum assured for each individual year for which the policy continues for having maturity exempt under section 10(10 D)S

Which of the following statement 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.

Which of the following are the least likely condition place by the insurance companies for disbursing loan?

In the group insurance policy(Master policy) who is the ultimate beneficiary of low premium and simple insurability condition?

Which of the following statement is incorrect :

Payment of Gratuity Act applies to organisation with:

Which of the following statement is correct? Statement 1: Gratuity is payable to an employee (or to a nominee in case of his death) who has rendered continuous service of 5 years or more at the time of his termination of employment superannuation retirement or resignation. Statement 2: Gratuity is payable to an employee even before completion of 5 years of service in case of termination of employment is due to death or disablement due to accident or disease.

Which of the following is incorrect regarding unit-linked insurance plans

Which of the following statement is least likely a claim settlement condition in ULIP

“—in an insurance policy is the declaration by the insurer and identifies the type of agreement the date on which the agreement is signed parties to the agreement their status and their addresses.

In a policy document — states the promise that the insurer undertakes to pay the benefits of the policy to the insured if the reason(s) for which the policy was incepted happens while the policy is still in force.

In a policy document —-denotes a condition provision specification included in an agreement deed mortgage lease or contract the implementation or non-implementation of which affects the instrument’s validity.

A—of insurance is that part of an insurance contract which sets out the details specific to the policy.

“—is the act of witnessing the signing of official document and then also signing it to verify that it was properly signed by those bound by its contents

Which of the following can be a way of revival of lapsed life insurance policies?

“— means transfer of the right title and interest of the life insurance policy from one person to another.

In — the assignor passes the full benefits of the policy to the assignee the assignor loses his right of benefit under the policy.

In —- the policy mat revert to the assignor on happening of a certain event or events or performance of a promised duty by assignor.

Premium amounts are lower for people buying a life insurance policy at a younger age.

Shorter the policy term, higher will be the premium.

refers to insurance firm’s acceptance of applicants who are at a greater than normal risk, but have concealed information about their actual condition which leads to faculty determination of premiums and loss to the insurance company.

If a person takes a life insurance policy for:
Self 40000
Spouse 35000
Senior citizen parents 25000
Married son 30000
What is the amount of premium allowed as deduction under Section 80C of Income Tax Act?