Free Mock Test IC 23 Application OF LIFE INSURANCE for Licentiate Exam

Here is a Free Mock test for IC 23 book named APPLICATION of Life Insurance,which is an optional Paper to Pass LICENTIATE exam,which is conducted by Insurance Institute of India.As we know this paper (IC 23 ) carries 30 Points ,that is good reason to select this paper .

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Free Mock test for IC 23 Mock Test

Free IC 23 Mock test MCQ from Book Application of Life Insurance

1 / 15

Full Form of SEWA?

Self Earning Woman's Association

Self Employed Woman's Association

Self Employed Worker Association

Steps for Everyone's well being Association

2 / 15

The Employee State Insurance Act was enacted in which year?

1945

1946

1947

1948

3 / 15

Employed Provident Fund (EPF) established in 1952 is a ----Fund

Defined Benifits

Defined Contribution

Hybrid

Any of above

4 / 15

Which option is not true regarding TAKAFUL?

Takaful operates in accordance with Shariah law

Takaful operators bear the Risk of loss

Participant in TAKAFUL acts simultaneously as the Insurer and insured

Takaful means shared responsibility of shared guarantee

5 / 15

Which option Violates the investment condition in TAKAFUL?

Investment in Islamic banks and Islamic financial intuitions

Investment in alcohol manufacturing company

Investment in Shariah complaint high rise buildings

None of the above

6 / 15

In a 75% quota share the insurer would cede ----- of the premium to the reinsurer?

1/4 th

3/4 th

2/4 th

None of the above

7 / 15

Operative clause for Reinsuring the original risk mentions----?

The Obligatory nature of reinsuring

The method of cession

The business cover

All of the above

8 / 15

In the event of cancellation of a treaty which method is used to deal with cessions running into expiry?

Portfolio Transfer method

Clean cut method

Both

none

9 / 15

The first Reinsurance company in India was ---?

Indian reinsurance corporation

British Reinsurance corporation

Bhartiya Reinsurance corporation

General Insurance Corporation

10 / 15

Which of the method of Non-proportional reinsurance?

Excess of Loss

Quota Share

Surplus share

None

11 / 15

Choose the Incorrect option with regards to facultative reinsurance?

It is used an Individual contract while considering a particular underlying risk.

It is non-obligatory.

It is obligatory on the reinsurer to accept the ceded risk.

None of the above

12 / 15

The benefit under section 80C is available for ULIP scheme with a lock-in period----of years .

None

13 / 15

Choose the correct option with regards to group term assurance plan?

The cover is renewed every year and the premiums are charged accordingly.

Premium are fixed for life time

Premium are changed every 5 years

None of the above

14 / 15

What can not be claimed as a deduction U/S 80 C ?

Life Insurance premium

Contribution towards provident Fund

Contribution towards super annuation

Payment for Insurance Premium for Employees

15 / 15

The types of annuity that can be opted under the "Defined Contribution Fund " are-----?

Pension for LIFE

Pension guaranteed for fixed term

Pension for life with return of capital on death

Any of the above

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The average score is 63%