Free Mock Test IC 02 PRACTICE OF LIFE INSURANCE for Licentiate Exam

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IC 02 Mock test Practice of Life Insurance Book

This Mock Test consists of questions from Chapter 1 , Chapter 2 and Chapter 3from IC 02 Practice of Life Insurance Book

1 / 27

Find the AGE of Pol holder, based on Last birthday method

Date of birth 04/04/1981
Date of Commencement of Policy 04/03/2010

28 years

29 years

30 years

31 years

2 / 27

Find the AGE of Pol holder, based on Next birthday method

Date of birth 02/02/1978
Date of Commencement of Policy 12/01/2010

31 years

32 years

33 years

34 years

3 / 27

---are the extra charges that are added to the premium by an insurance Companies.

Adverse selection

Actual valuation

Life Fund

4 / 27

What kind of premium is charged for Life Insurance Plans to keep the premium Constant through out the policy term?

Risk Premium

Net Premium

Gross Premium

Level Premium

5 / 27

The One time Bonus ,that is provided for Long term policies on Maturity or on Death of the Life Assured is known as

Simple Reversionary Bonus

Compound Reversionary Bonus

Terminal Bonus

Interim Bonus

6 / 27

What is the type of Bonus,which is Payable on Policies which become Claim between Two Valuation-Dates?

Terminal Bonus

Interim Bonus

Simple Reversionary Bonus

Compound Reversionary Bonus

7 / 27

The premium charged by Insurance Company depends on

Age of the person

Type of the Insurance Plan

Participation in Bonus

All of the above

8 / 27

After selling the policy,an insurance company find out ,one of the policy holders has not furnished the correrct information,related to his poor health condition,at the Time of taking the policy.This is a case of

Adverse selection

Level Premium

None of the above

9 / 27

If the Company follows the Actual age method for determining the Age of an Individual then in this Case the Company will calculate the:

Age, Next birth day

Age ,Last Birth day

Age , Nearest Birth day

Age ,on the Day of Commencement of Policy

10 / 27

Why are Insurance Agent required?

to get insurance Commission

to give personalised guidance

to collect all relevant and material information from prospect

2nd and 3rd option

11 / 27

Main Objective of Life Insurance are

Risk covering

Saving

Economic protection for Old Age

All of the above

12 / 27

Which of the following is not a Private Life insurance Company?

Oriental Life Insurance Company

LIC of India

Birla Life Insurance company

Reliance Life insurance Company

13 / 27

All insurer in India use extensively as Corporate Agents?

Agents

Banks

Brokers

None of the above

14 / 27

In what circumstances,will be the Agency be terminated?

Non Renewal of Licence

Permanent In capability

Offering Rebate

All of the above

15 / 27

What is the Supervisory Level between Agent and the Branch Office called?

Specified Person

Development Officer

Direct Agents

Career Agents

16 / 27

Which office of the LIC of India ,handles Acturial and Investment Functions?

Central office

Zonal Office

Divisional Office

Branch office

17 / 27

A person would like to buy a Car .Which is the insurance ,he should compulsary take before bringing the car to the road?

Personal Accident Cover

Third Party motor liability insurance

Burglary Insurance

Motor own damage cover ,only

18 / 27

Which of the following plans provides Health Cover for the entire family?

Critical care plan

Family floater plan

Group Insurance Plan

Mediclaim

19 / 27

From the following options in a Key man Insurance ,Who is Life Assured?

The proprietor of the Firm

Any employee of the company

Any employee with Significant responsibility,Loss of whom will affect the profit of company

None

20 / 27

In Industrial Life Insurance, the ----consists of the details of the policyholders from whom the Premium need to be collected

Receipts List

Debit list

Collection List

Policy Holders List

21 / 27

If the life assurance has taken, then in case of his accidental death, the beneficiary would receive, Additional amount over and above normal Sum assured.What is that?

Critical Illness Rider

Guaranteed Insurability Rider

Accidental Death benefit Rider

Waiver of Premium Rider

22 / 27

In Unit Linked Insurance Plan, NAV stands for

Net asset value

Net Actual value

Net asset Value

New Actual Value

23 / 27

What is the minimum Age of Child for getting Child Insurance?

As soon as Child born

Generally 3 months

5 yrs and above

10 yrs and above

24 / 27

Under which type of Plan, the Sum Assured is Paid; Only if the Life Assured survives the specified period?

Pure term Insurance

Pure Endowment Insurance Plan

Endowment Insurance Plan

None of the above

25 / 27

In which of the following Postal Life Insurance plan,the Life assure gets the Sum assured and the Bonus at the time of Maturity?

Whole life insurance plan

Endowment Insurance Plan

Convertible Whole life Insurance plan

Postal Monthly Income Plan

26 / 27

Under which of the following Plans a certain percentage of the sum assured is paid to the policyholder at specific Intervals?

Term life Insurance

Endowment Insurance Plan

Whole life Insurance plan

Money back insurance plan

27 / 27

In a child Insurance plan, the date on which the risk is commenced as known as --

Deferred date

Vasting Date

Commencement of Risk date

Insured date

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