English IC38 Mock Test Paper – 14

Q (21): Which of the following is true about the trust created as per MWP Act?
1. The Trust is set-up under an irrevocable Trust Deed.
2. Trust which is set-up is non-amendable
3. Trustee invests the insurance proceeds and administers the Trust for one or more beneficiaries.
4. All of the above

Q (22): Mortality charges
1. Increase with increase in age
2. Are not affected by the health of the prospect
3. Are constant through the policy term.
4. Will the same for all males of 25 years of age.

Q (23): What are the provisions of nomination under Section 39?
1. When can nomination be made.
2. Addition, change or cancellation of nomination
3. Nomination not applicable to Section 6 of MWP Act.
4. All of the above

Q (24): Identify the incorrect statement.
1. All books of accounts must be retained for a period of 10 years by corporate agent.
2. Corporate agent must maintain segment wise reporting of revenues.
3. Every insurer must file a certificate with authority while engaging services of a corporate agent.
4. None are incorrect.

Q (25): Name some of examples of events triggering survival claims.
1. Maturity of the policy
2. An installment payable, as in Money back policies.
3. Critical illness covered under the policy as a rider benefit.
4. All of these

Q (26): Changing lifestyle necessitates financial planning because.
1. Due to technological advancements, the family may incur unnecessary.
2. The family may be so engrossed in the present lifestyle that they are not disciplined.
3. The family must plan for their future, while upgrading their present lifestyle.
4. All of the above.

Related Material  IC38 MOCK TEST GUJARATI 19

Q (27): Under the _____ method, an underwriter assigns positive rating for adverse factors and negative rating for favorable factors.
1. Judgement rating
2. Arbitrary rating
3. Numerical rating
4. Double rating

Q (28): Which of the following statement is false?
1. Investment linked products provides high competitive rate of yield.
2. Investment linked products provides mere financial security
3. Unbundling trend stressed on protection or saving, rather than a vague mix of both.
4. Non-standarddization is with respect to the degree of choice which a customer can exercise with respect to design of the policy.

Q (29): Which of the following relates to the Indian Insurance Company?
1. The aggregate holding of equity shares by foreign investors do not exceed 49% of the paid up equity capital.
2. These include portfolio investors.
3. Both of the above
4. None of these

Q (30): What are the various types of operating expenses?
1. Agent’s training, recruitment and commissions.
2. Staff salaries
3. Office accommodation, furniture, stationary etc.
4. All of the above

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