Which of the following statements is incorrect with regards to decreasing term assurance?

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

Which of the below statement is correct with regards to endowment assurance plan?

A

It has a death benefit component only

B

It has a survival benefit component only

C

It has both a death benefit as well as a survival component

D

It is similar to a term plan

Which among the following is not a variant of term assurance?

A

Mortgage redemption insurance

B

Return of premiums

C

Increasing term assurance

D

Endowment assurance

Which of the following is incorrect with regards to portfolio method?

A

The total investment return is shared between policyholders

B

No attempt is made to distinguish between investments of previous years over current investments

C

This method gives homogenized rates of return

D

None of the above

Which of the below statement is incorrect with regards to a policy against which a loan has been taken from the insurance company?

A

The policy will have to be assigned in favour of the insurance company

B

The nomination of such policy will get cancelled due to assignment of the policy in favour of the insurance company

C

The nominee’s right will be affected to the extent of the insurer’s interest in the policy

D

The policy loan is usually limited to a percentage of the policy’s surrender value

Which of the below statement is incorrect with regards to assignment of an insurance policy?

A

In case of Absolute Assignment, in the event of death of the assignee, the title of the policy would pass to the estate of the deceased assignee

B

The assignment of a life insurance policy implies the act of transferring the rights right, title and interest in the policy (as property) from one person to another

C

It is necessary that the policyholder must give notice of assignment to the insurer

D

In case of Absolute Assignment, the policy vests absolutely with the assignee till maturity, except in case of death of the insured during the policy tenure, wherein the policy reverts back to the ben

Which of the following type of insurance product are available in New India Assurance Co Ltd located?

A

Personal Insurance

B

Commercial Insurance

C

Industrial Insurance

D

All of the above

The New India Assurance Co. Ltd. was a subsidiary of which of the following company?

A

General Insurance Corporation of India (GIC)

B

Life Insurance Corporation of India (LIC)

C

The Oriental Insurance Company

D

United India Insurance Company

Endowment assurance does not possess which of the following property?

A

Savings benefit

B

Death benefit

C

Survival Benefit

D

Bonus benefit

In which year New India Assurance Co Ltd nationalized?

A

1945

B

1947

C

1973

D

1969

Which of the following statements is incorrect with regards to decreasing term assurance?

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