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Insurance Act Income Tax Act IRDA Act Indian Contract Act
4. Which of the following statement is correct?
Insurance can prevent the occurrence of risks Insurance can reduce the impact of risk Both are correct Both are wrong
5. The probability that one person will die with in one year is calculated by
Heterogeneous & law of large number Homogenous & law of large number Heterogeneous & law of few number. Homogenous & law of few number.
7. Janvi borrows Rs 10 lacs from Geeta. She returns Rs 2lacs in the next month.Geeta now plans to take an insurance polcy on life of Janvi. Which of the statement is true?
Geeta cannot take Policy on life of Janvi as there is no insurable interest. Geeta can take Policy on Janvi to the extent of total loan amount. Geeta can take policy of unlimited amount. Geeta can take policy unto the extent of unpaid loan amount.
8. Mohit took a policy and declared that he drinks alcohol. He did not declare that he was operated for hernia in the last year as he was all right now and felt it was not important to declare. This is a case of
Company X Company Y Both the companies to the extent of Rs 4 Lacs Both the companies to the extent of Rs 5 lacs.
Key Man Managers of the company Sales representatives All the above
11. The main supplier of the material fact is
The Agent since he meet the L2BI The proposer The insurance company The neighbors.
12. Rama bought an insurance policy in the year 2002 and did not disclose that she was suffering from cancer. She died in the year 2007. The insurance company needs to
Repudiate the claim Make the contract null and void Keep all the premiums Need to establish the fraud.
13. IN AN INSURANCE CONTRACT, CONSIDERATION IS THE
SUMASSURED TAKEN BY THE PROPOSER FROM THE INSURANCE COMPANY PREMIUM PAID BY THE PROPOSER TO INSURANCE COMPANY BOTH ARE CORRECT BOTH ARE WRONG
14. LIFE INSURANCE COMPANIES GENERATE INTEREST IN THEIR PRODUCTS THROUGH
Insurable interest & Good health Utmost good faith & Disclosure of material facts None of the above All of the above
16. Maximum possible loss refers to Maximum amount of loss that can occur
If a certain event occurs In case of any event occurring Both A& B are correct Both A& B are wrong
17. Agent prepares confidential report based on which information of Proposer
Financial position of Proposer Number of dependents Life style, Habits & hobbies All of the above
18. The premium is invested until it is required to pay claims
True False
19. Interim bonus is for
Policies
Policies on which matures between the two valuation dates Both are correct Both are wrong
20. Mahesh bought a ULIP 10 year back. At Maturity the market went significantly low. What can Mahesh consider?
Can extend the term of the policy. Can opt for the settlement option. Can opt for any of the option Can do none of these.