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English Mock Test Chapter 4

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Question 1
The premium paid for whole life insurance is _____________ than the premium paid for term assurance.
A
Higher
B
Lower
C
Equal
D
Substantially higher
Question 2
Which among the following is an intangible product?
A
Car
B
House
C
Life insurance
D
Soap
Question 3
The ________ the premium paid by you towards your life insurance, the ________ will be the compensation paid to the beneficiary in the event of your death.
A
Lower, Higher
B
Higher, Lower
C
Faster, Slower
D
Higher, Higher
Question 4
Which of the below option is correct with regards to a term insurance plan?
A
Term insurance plans come with life-long renewability option
B
Term insurance can be bought as a stand-alone policy as well as a rider with another policy
C
All term insurance plans come with a built-in disability rider
D
There is no provision in a term insurance plans to convert it into a whole life insurance plan
Question 5
___________ life insurance pays off a policyholder's mortgage in the event of the person's death.
A
Mortgage
B
Term
C
Whole
D
Endowment
Question 6
In decreasing-term insurance, the premiums paid ____________ over time.
A
Increase
B
Decrease
C
Remain constant
D
Are returned
Question 7
Using the conversion option present in a term policy you can convert the same to __________.
A
Mortgage policy
B
Whole life policy
C
Bank FD
D
Decreasing term policy
Question 8
What is the primary purpose of a life insurance product?
A
Tax rebates
B
Protection against the loss of economic value of an individual’s productive abilities
C
Safe investment avenue
D
Wealth accumulation
Question 9
Who among the following is best advised to purchase a term plan?
A
An individual who needs money at the end of insurance term
B
An individual who needs insurance and has a high budget
C
An individual who needs insurance but has a low budget
D
An individual who needs an insurance product that gives high returns
Question 10
Which of the below statement is incorrect with regards to decreasing term assurance?
A
Death benefit amount decreases with the term of coverage
B
Premium amount decreases with the term of coverage
C
Premium remains level throughout the term
D
Mortgage redemption plans are an example of decreasing term assurance plans
Question 11
Which of the below statement is correct with regards to endowment assurance plan?
A
It has both a death benefit as well as a survival component
B
It has a death benefit component only
C
It has a survival benefit component only
D
It is similar to a term plan
Question 12
Which of the below is an example of an endowment assurance plan? Which of the below is an example of an endowment assurance plan?
A
Mortgage Redemption Plan
B
Credit Life Insurance Plan
C
Money Back Plan
D
Whole Life Plan
Question 13
From a _______________________ standpoint, a product is a bundle of attributes. Firms differentiate their product offerings in the marketplace by packing together different types of attributes or different bundles of the same attributes.
A
sells
B
Financial
C
marketing
D
None of the above
Question 14
From a marketing standpoint, a product is a bundle of ____________________. Firms differentiate their product offerings in the marketplace by packing together different types of attributes or different bundles of the same attributes.
A
Needs
B
attributes
C
All of the above
D
None of the above
Question 15
From a marketing standpoint, a product is a bundle of attributes. Firms differentiate their product offerings in the marketplace by packing together ___________________ types of attributes or __________________ bundles of the same attributes.
A
different, same
B
different, different
C
same, different
D
same, same
Question 16
____________________________: refers to physical objects that can be directly perceived by touch (for instance a car or a television set)
A
non physical
B
Intangible
C
Tangible
D
None of the above
Question 17
________________________: refers to products that can only be perceived indirectly.
A
physical
B
Intangible
C
Tangible
D
None of the above
Question 18
Products may be:
A
Intangible
B
Tangible
C
All of the above
D
None of the above
Question 19
Life insurance products offer_____________________  against the loss of economic value of an individual’s productive abilities, which is available to his dependents or to the self. The very word ‘insurance’ in ‘life insurance’ signifies the need to protect both oneself and one’s loved ones against financial loss upon death or permanent disability.
A
Rise
B
protection
C
All of the above
D
None of the above
Question 20
Life insurance products offer protection against the loss of  __________________________value of an individual’s productive abilities, which is available to his dependents or to the self. The very word ‘insurance’ in ‘life insurance’ signifies the need to protect both oneself and one’s loved ones against financial loss upon death or permanent disability.
A
Mental
B
economic
C
Financial
D
All of the above
Question 21
Life insurance products offer protection against the loss of economic value of an individual’s productive abilities, which is available to his dependents or to the self. The very word ‘insurance’ in ‘life insurance’ signifies the need to protect both oneself and one’s loved ones against _____________________ loss upon death or permanent disability.
A
Mental
B
economic
C
Financial
D
All of the above
Question 22
a life insurance policy, at its core, provides _____________________ and protection to the near and dear ones of the individual in case something unfortunate happens to him. The other role of life insurance has been as a vehicle for saving and wealth accumulation. In this sense, it offers safety and security of investment and also a certain rate of return.
A
peace of mind
B
Perfection
C
physical
D
All of the above
Question 23
a life insurance policy, at its core, provides peace of mind and _____________________ to the near and dear ones of the individual in case something unfortunate happens to him. The other role of life insurance has been as a vehicle for saving and wealth accumulation. In this sense, it offers safety and security of investment and also a certain rate of return.
A
peace of mind
B
protection
C
physical
D
All of the above
Question 24
__________________________is more than an instrument for protecting against death and disease. It is also a financial product and may be seen as one among many constituents of a portfolio of financial assets rather than as a unique standalone product. In the emerging financial marketplace, customers have multiple choices, not only among alternative types of life insurance products but also with numerous substitutes to life insurance that have come up, like deposits, bonds, stocks and mutual funds.
A
Life insurance
B
General Insurance
C
Health insurance
D
Shares
Question 25
one needs to understand what the value proposition of life insurance is. _____________________ would depend on how life insurance is perceived as a solution to a set of customer needs.
A
Customer value
B
Life insurance
C
Premium
D
Needs
Question 26
A _______________________ is a provision typically added through an endorsement, which then becomes part of the contract. Riders are commonly used to provide some sort of supplementary benefit or to increase the amount of death benefit provided by a policy.
A
rider
B
Customer value
C
Life insurance
D
Premium
Question 27
In the _______________________________ the return depends on when the investment was made and the rate that was secured at the time of investment. It has also been called segmented or investment block method as different investment blocks gets different returns.
A
Current Money Method
B
Current Money Method
C
Life insurance
D
Premium
Question 28
which of the below is an example of Rider?
A
Criticall Illness Rider
B
Accidental Death Rider
C
Daily Hospitalisation Rider
D
All of the above
Question 29
which of the below is an example of Rider?
A
Disability Income Benefit Rider
B
Accidental Death Rider
C
Daily Hospitalisation Rider
D
All of the above
Question 30
which of the below is an example of Rider?
A
Disability Income Benefit Rider
B
Waiver of premium Rider
C
Daily Hospitalisation Rider
D
All of the above
Question 31
which of the below is an example of Rider?
A
Disability Income Benefit Rider
B
Waiver of premium Rider
C
Term Rider
D
All of the above
Question 32
which of the below is an example of Traditional Insurance Plan?
A
Term Insurance Plan
B
Whole Life Plan
C
Endowment Insurance Plan
D
All of the above
Question 33
which of the below is not an example of Traditional Insurance Plan?
A
Term Insurance Plan
B
Whole Life Plan
C
Endowment Insurance Plan
D
ULIP
Question 34
A term insurance plan gives _______________________________
A
Death benefit
B
Survival benefit
C
All of the above
D
None of the above
Question 35
A endowment insurance plan gives _______________________________
A
Death benefit
B
Survival benefit
C
All of the above
D
None of the above
Question 36
Rajiv is a service holder. He needs a plan which we financially protect his family if he dies early. But he can't invest a huge amount for this purpose. What plan should you suggest him?
A
Whole Life Plan
B
Money Back Plan
C
Endowment Insurance Plan
D
Term Insurance Plan
Question 37
Which of the below is a Variant of Term Assurance?
A
Decreasing term assurance
B
Increasing term assurance
C
term Insurance with ROP
D
All of the above
Question 38
Which of the below is a example of decreasing Term Assurance?
A
Mortgage redemption
B
Credit life insurance
C
All of the above
D
None of the above
Question 39
Mortgage redemption insurance (MRI) can be categorised under ________.
A
Increasing term life assurance
B
Variable life assurance
C
Universal life assurance
D
Decreasing term life assurance
Question 40
___________ is a plan of decreasing term insurance designed to provide a death amount that corresponds to the decreasing amount owned on a mortgage loan.
A
Mortgage Redemption Insurance
B
Loan Redemption Insurance
C
Cash Redemption Insurance
D
Credit Redemption Insurance
Question 41
Which of the below policy can provide protection to home loan borrowers?
A
Mortgage Redemption Insurance
B
Life Insurance
C
Disability Insurance
D
General Insurance
Question 42
Using the conversion option present in a term policy you can convert the same to __________
A
Mortgage policy
B
Bank FD
C
Whole life policy
D
Decreasing term policy
Question 43
The practice of charging interest to borrowers who pledge their property as collateral but leaving them in possession of the property is called
A
Security
B
Mortgage
C
Usury
D
Hypothecation
Question 44
What is the objective behind Mortgage Redemption Insurance?
A
Facilitate cheaper mortgage rates
B
Provide financial protection for home loan borrowers
C
Protect value of the mortgaged property
D
Evade eviction in case of default
Question 45
Ramesh taken a Home loan of 30 lacs. He don’t have any family. He was suggested to take a retirement plan and not a Mortgage Redemption  Insurance. What is the basic reason?
A
Ramesh don’t have family. And he has to survive after his retirement.
B
Ramesh has enough money to repay the loan
C
Both the above
D
None of the above
Question 46
Navin is 35 years old. He is married and he has 2 daughters. If he wants to take a whole life plan what will be his term period?
A
25 years
B
65 years
C
45 years
D
35 years
Question 47
Under MWPA act who can be the beneficiary?
A
Wife
B
Children
C
All of the above
D
None of the above
Question 48
Endowment assurance has certain variants:
A
Money Back Plan
B
par Scheme
C
Non par Scheme
D
All of the above
Question 49
Mr. Ankit Joshi is looking out for a plan which will provide him a high insurance coverage in low budget. Which plan would you suggest for him?
A
Endowment Plan
B
Money back Plan
C
Term Insurance
D
None of the above
Question 50
Given below is a list of policies. Identify under which type of policy, the claim payment is made in the form of periodic payments?
A
Money Back Plan
B
Unit linked insurance policy
C
Return of premium policy
D
Term insurance policy
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