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English New IC33 Paper 10

Que. 1 : A company has an Insurable Interest in the lives of certain important persons in the company. The Company can take out this Insurance on the lives of such people and such an insurance cover is called
   1.  Vital Insurance
   2.  Key – Man Insuranc
   3.  Consequential Loss insurance
   4.  Liability Insurance
Que. 2 : ABC Co.Ltd takes out Key Man insurance on the life of Mr.Amit, Director of the company for SA of Rs.1 Crore. Upon the death of Mr.Amit, ABC Co.Ltd followed losses of Rs.10 crores. What amount of claim will be settled?
   1.  To the extent of SA
   2.  To the extent of income of Mr.Amit
   3.  To the extent of Loss occurred
   4.  None of the above
Que. 3 : In case of Key Man Insurance, death claim will be payable to __
   1.  The company
   2.  The employees of the company
   3.  The family of Deceased
   4.  All of the above.
Que. 4 : In case of Key Man Insurance, premiums are paid by ______
   1.  The Employee
   2.  The Employer
   3.  Insurer
   4.  None of the above
Que. 5 : In case of Key Man Insurance, which of the following is incorrect
   1.  Death Benefit is Taxable
   2.  Death Benefit is Tax free
   3.  Premium paid is an business expense to employer
   4.  None of the above
Que. 6 : Premiums paid by employer in case of Key Man Insurance are _
   1.  Salary paid to Employee
   2.  Profit for the company
   3.  Bonus to the company
   4.  Entire premium is treated as business expense
Que. 7 : Mortgage Redemption Insurance is mainly ______
   1.  Pension Plan
   2.  Money Back Policy
   3.  Decreasing Term Plan
   4.  Unit Linked Insurance Plan
Que. 8 : Mortgage Redemption Insurance will pay claim in case of _________
   1.  Policy lapsation
   2.  Maturity of Policy
   3.  Demise of mortgagor without payment of loan
   4.  Full payment of loan
Que. 9 : Life insured under Mortgage Redemption Insurance will be _
   1.  Loan provider
   2.  Borrower of Loan
   3.  Guarantor
   4.  None of the above
Que. 10 : In case of Mortgage Redemption Insurance, Death Claim will be ______
   1.  50% of Sum assured
   2.  Balance on mortgage loan
   3.  Sum Assured
   4.  Sum assured plus Bonus

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