Under Universal life products, there was facility of completely flexible premiums after how many years?

Where annually increasing flexible premiums operate under a life insurance policy, what rate of increase will generally apply?

A

2.50%

B

3.00%

C

5.00%

D

7.50%

Which of the following are products and services bought by final consumers for personal consumption? These include convenience products, shopping products, specialty products, and unsought products.

A

Material and parts

B

Consumer products

C

Industrial products

D

Capital items

In Variable life insurance, the death benefit and cash value of the policy _________ according to the investment performance of a special investment account into which premiums are credited.

A

Went up

B

Went down

C

Remain Fixed

D

Fluctuate

Universal Life plans provide for which of the following facility?

A

Payment of additional premiums over and above the target amount

B

Skipping of premiums

C

Both A & B

D

None of the above

In 1997, 10% of automobile insurance premiums went to pay costs arising from injuries occurred in car accidents, In 2007, cost despite the fact that cars were much safer in 2007 than in 1997 . which of the following . if true, best explains the discrepancy outlined above?

A

Fewer accidents occured in 2007 than in 1997.

B

In 2007, people drove more slowly than in 1997.

C

Medical costs rose sharply between 1997 and 2007 .

D

Repairing costs of cars grew more over the period.

_________ consists of collecting premiums from numerous individuals to compensate the few who may suffer losses.

A

Pooling

B

Contract

C

Guarantee

D

IRDA

Which of the following policies is suitable for a person who cannot temporarily afford to pay high premiums?

A

Convertible Endowment

B

Convertible Money Back

C

Convertible ULIP

D

Convertible Whole Life

Which of the below is not a component of ULIP premiums?

A

Policy allocation charge

B

Investment risk premium

C

Mortality charge

D

Social security charge

If both policy loan and premiums are not paid, the outstanding loan/interest may exceed the policy’s cash value. What would the insurer do in such an eventuality?

A

Surrender

B

Revival

C

Cancellation

D

Foreclosure

Which of the following property specifies the order of a flexible item relative to the rest of the flexible items inside the same container?

A

sort

B

layout

C

order

D

asort

Under Universal life products, there was facility of completely flexible premiums after how many years?

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