Related Questions

Which of the below is not a factor in determining life insurance premium?
A Mortality
B Rebate
C Reserves
D Management expenses
Which will act as a proof of premium payment should any dispute arise as to premium payment?
A F.P.R.
B R.P.R
C Proposal form
D Policy document
Interest rates are one of the important components used while determining the premium. Which of the below statement is correct with regards to interest rates?
A Lower the interest rate assumed, lower the premium
B Higher the interest rate assumed, higher the premium
C Higher the interest rate assumed, lower the premium
D The interest rates don’t affect premiums
A policy document for a money-back policy includes the statement of the proposal and declaration signed by the proposer form the basis of the contract's. In which main section of the policy document will this normally appear?
A Attestation
B Operative clause
C Preamble
D Terms and conditions
What does the term “premium” denote in relation to an insurance policy?
A Profit earned by the insurer
B Price paid by an insured for purchasing the policy
C Price paid by an insured for purchasing the policy
D Expenses incurred by an insurer on a policy
In order for the policy to acquire a guaranteed surrender value, for how long must the premium be paid as per law?
A Premiums must be paid for least 2consecuitve years
B Premiums must be paid for least 3consecuitve years
C Premiums must be paid for least 4consecuitve years
D Premiums must be paid for least 5consecuitve years
What will happen if the policy holder does not pay the premium by the due date and dies during the grace period?
A The insurer will consider the policy void due to non- payment of premium by the due date and hence reject claim
B The insurer will pay claim and waive off the last unpaid premium
C The insurer will pay the claim after deducting the unpaid premium
D The insurer will pay the claim after deducting the unpaid premium along with interest which will be taken as 2% above the bank savings interest rate
Interest rates, tax rates and market risk premium are factors which an/a
A industry cannot control
B industry cannot control
C firm must control
D firm cannot control
Once an absolute assignment is effected under a life insurance policy, who will be the titleholder(s) of this policy?
A The assignor in all cases
B The assignee in all cases
C Either the assignor or assignee depending on the type of policy involved
D The assignor and assignee jointly
A life insurance policy can only be made paid up if what particular policy feature exists?
A Indexing contribution
B Nomination facility
C Rider benefits
D Savings element

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