Pension and life insurance funds hold few short-term assets because:

their cash flows are predictable

Which of these are a common contractual provision for outsourcing?

Confidentiality, Dispute resolution

what is advantage of term life insurance

economical way for families to purchase large life insurance

Insurable Interest is

A loss that impacts you financially and creates economic hardship is

What is health insurance?

Protects your illnesses and injuries

The insurance company relies on complete honesty.

which insurance company is the first insurance company in India?

Triton Insurance company limited

'Reinsurance' refers to the practice by insurance companies of:

buying insurance from another firm

Life insurance companies use mortality tables to predict

The life expectancy of the proposed insured

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IPM Online quiz

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Total of 100 questions, the time duration for answer each question is 30 seconds, the top scorer will get the prize from the teacher as well as from the fellow participants

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Questions 100

Answers

1
the average Indian life insurance industry's lapsation percentage is around
18%
24%
25%
22%
2
The legal requirments for employee benefits includes retirement plans and pensions
True
False
3
A life insurance policy that covers a specic period of time.
whole life
level
term
universal
4
how long will you need life insurance
for a little while
till a family member dies
till you die
5
who needs life insurance
everybody does dumbo !!!!
homless people
wealthy people
poor people
6
Which of the following terms is NOT related to the insurance sector?
Indemnity
annuity
Misuse Alert
Coverage
7
Pension and life insurance funds hold few short-term assets because:
Most people live for long time
none of the above
their cash flows are predictable
their life risk is certain
8
Which of the following is an example of a hazard?
rain
Slippery Floor
Flood
Fire
9
table number 915 in LIC of India is
new jeevan aanand
money back
endowment
term insurance
10
Which of these are a common contractual provision for outsourcing?
Relationship management
Confidentiality
Liquidated rights
Dispute resolution
11
A contract attached to an insurance policy that provides additional insurance or benefits.
Rider
Policy
Extra
Addendum
12
which first bank in India to to fully own an insurance business?
SBI
ICICI
HDFC
Kotak mahendra
13
Insurance is listed in the Constitution of India in ______scheduled as Union List subject:
7th
8th
10th
9th
14
accidental extra for 1000sum assured in life insurance
1.50
0.50
1.00
none of the above
15
commission to the agent in first premium on endowment and whole life polices
35%
30%
25%
7.5%
16
what is advantage of term life insurance
provides needs that disappear over time
none of the above
economical way for families to purchase large life insurance
both of the above
17
the amount of money payable to a policyholder upon discontinuation of a life insurance policy
Cash Value
Treasure Chest
Big Money
Coverage
18
Insurable Interest is
A loss that creates economic hardship
Loss
A loss that impacts you financially and creates economic hardship is
Loss that creates gain
19
What is health insurance?
Protects your dog
Protects your house
Protects your illnesses and injuries
Protects your car
20
Which of the following is not the principle of insurance:
Maximization of Profit
Principle of Contribution
Utmost Good Faith
Causa Proxima
21
When must insurable interest exist in life insurance?
Death of the insured
Date of application
Policy issue date
Policy delivery date
22
Utmost good faith
The insurance company will only pay for the actual loss.
The insurance company relies on complete honesty.
23
Which one of the following does not belong to the main products of life insurance?
Endowment
Term
whole life
Personal accicdent
24
in 1818, India's first insurance company oriental Life Insurance Company has established in which city?
New delhi
Pune
Kolkata
none of these
25
An _____of Insurance Company cannot insure his own property.
agent
Third party Administrator
broker
Surveyors
26
Pricing is the source of
dollars
money
revenue
avenue
27
which is NOT an option for life insurance?
"Universal Life Insurance"
"Whole Life Insurance"
"Non-Permanent Life Insurance"
"Term Life Insurance"
28
Life Expectancy is..
Staying the same
Increasing
Decreasing
Declining
29
Disability Insurance covers death
FALSE
Empty choice
Empty choice
TRUE
30
What does disability insurance NOT cover?
drug abuse
anxiety/ depression
Work-related injuries
Pregnancy
31
Which of the following is NOT a standard exclusion in life insurance policies?
Disability
Aviation
Hazardous occupation
Military service
32
An application is the last defense in insurance fraud.
False
True
33
When was Life Insurance sector nationalized?
1956
1951
1918
1938
34
which insurance company is the first insurance company in India?
GIC
Triton Insurance company limited
New India Assurance
None of the above
35
Which of the following is the only public sector company in the field of life insurance?
LIC
GIC
NIAC
OIC
36
A sudden demand by depositors for notes and coin is an example of:
currency risk
Liquidity risk
Interest rate risk
Price riks
37
Limit of FDI in Insurance sector
50%
51%
49%
65%
38
A demand made by the insured, or the insured's beneficiary, for payment of the benefit is known as ________
claim
coverage
premium
reward
39
HCB denotes
all of the above
hospital cash benefit
home cash benefit
house cash benefit
40
It is illagal to not have health care
False
True
41
Life Insurance Corporation was found on:
1 September, 1956
4 September, 1956
6 December, 1960
1 April, 1955
42
What percentage of people have life insurance?
44%
45%
24%
46%
43
'Reinsurance' refers to the practice by insurance companies of:
debt sharing
buying insurance from another firm
investing in savings
rejecting a proposal
44
Can you have two life insurance plans at the same time?
ehhh
maybe
no
Yes
45
Insurance coverage provided to all members of a group
Life Insurance
Network Insurance
Group Insurance
Health Insurance
46
Disability insurance gives a 100% payout of a persons income.
True
False
47
Life insurance companies use mortality tables to predict
The life expectancy of the proposed insured
The number of deaths per year
The increase of investment income
The number of declined applicants
48
can you change your life insurance policy
no
yes
only 1 time
49
Which of the following is the regulator of insurance sector in India?
IRDA
SEBI
RBI
III
50
what does life insurance "cover"?
prepares the family financially for a loved one's death
all of the above!!
none of the above!!
deceased family member's income and salary
51
When was the Insurance Regulatory and Development Authority constituted?
1998
2000
1999
2004
52
Does long term insurance include retirement?
False
True
53
there is no risk coverage to the children up to the age
5
6
7
10
54
A good employee needs to be?
Always late
Dependable
Bends the Truth
Irresponsible
55
Headquarter of LIC is situated at:
Hyderabad
Kolkata
Delhi
Mumbai
56
What are the two types of reinsurance?
Facultative and Joint
Per risk and quota share
Facultative and Treaty
CAT and Treaty
57
What factors can influence life insurance costs
Body Mass Index
Harmful Habits
Mental Issues
Medical History
58
What is insurance?
Guarantee of compensation for specified losses or damages
None
Something you pay back
Guaranteed not to help with specified losses or damages
59
A risk or damage covered by an insurance policy is called as ___
Coverage
Peril
Lapse
Annuity
60
Which of the following causes of loss would be covered by insurance?
The instantaneous cause
The proximate cause
The remote cause
The prescribed cause
61
Contractual provisions that often appear in insurance contracts are:
Peril
Coinsurance
Deductible
Liability
62
mode rebate for yearly premium paymen in life insurance is
3%
1%
1.5%
5%
63
changing nomination and assignment are premium services offered by an insurance company
True
False
64
Which of these is NOT a basic part of an insurance contract?
Insuring agreement
Capital budgeting
Conditions
Declarations
65
what is ULIP?
universal life insurance plans
Unit life insurance plans
unit like insurance plans
unit linked insurance plans
66
What does insurance provide?
A way of sharing the losses of a few people among the many
A way to profit after a loss
A financial burden for car owners and society
Something for people to complain about with their friends
67
what is TERM life insurance?
guaranteed payment of a stated death during a term.
type of insurance that builds a cash
a type of insurance that does not expire
68
When did insurance begin in Babylon?
1971 BC
1750 BC
1907 BC
2000 BC
69
With which of the fields is actuarial science associated?
Insurance
all of the above
Micro - Finance
Banking
70
The underlying principle of all types of insurance is
let the buyer beware
Boyle’s Law
the law of probability
the concept of liability
71
Which type of life insurance policies generates immediate cash value?
Decreasing term
Level term
Variable life
Single premium
72
Which amongst the following is not an insurance company functioning in India?
ICICI
NSDL
NIAC
ING vysya
73
Earthquake insurance would be an example of:
Casualty Insurance
Property Insurance
Liability Insurance
Disability insurance
74
what is health care?
organization of medical care to individuals or a community
caring for your body
idk
type of insurance
75
Currently how many Life Insurance companies are there in India?
24
21
25
22
76
Which of the following is not applicable in life insurance contract ?
Indemnity contract
Unilateral contract
None of these
Conditional contract
77
Ratemaking is
related to the character of the insured
Applying established rates to items that are to be insured
a request for insurance, which can be oral or written
Establishing rates for each class of insurance
78
In which year , the Indian Life Assurance Companies Act came into force?
1914
1912
1922
1921
79
Employee benefits are part of an employees compensation and could include:
all of these
insurance
bonuses
vacation pay
80
___________is an extension of endowment plans.
term insurance
health insurance
money back policies
general insurance
81
which committee is associated with insurance sector
Malhotra Committee
L.C. Guptha committee
none of the above
Adithya committee
82
WHAT IS GROUP INSURANCE?
Insurance is automatically granted via employer or superannuation account
When you get insurance with multiple people for a discounted rate
Insurance is directly taken out with the insurer
Customer commences insurance via financial adviser
83
Life settlement
receiving a settlement equaling your value of life
selling life insurance for more than cash value
selling life insurance for more than market value
receiving a settlement throughout your life
84
the maturity age of whole life policy is
70
65
95
100
85
What is a type of disability insurance ?
All of the above
Mortgage
Socail Security
Supplemental
86
Which one of these is not a part of the insurance contract?
Endorsements
Declarations
Insuring agreements
Exclusions
87
Disability Insurance?
Extra money
An extra job
Offers benefits for you when you are unable to work
88
What are examples of employee benefits?
All the above
Company credit card, health insurance, paid sick days.
Company car, cell phone, and a company credit card
Health insurance, cell phone, and paid vacation days
89
what is life insurance for
when you die your prefered person gets your assets
your dog and cat
your children and step children
your divorce agreement
90
LIC of India is having ____ branches
2038
2058
2048
2028
91
Superannuation..
is an investment to save for your retirement
is a type of insurance
is a loan for your retirement
is budgeting for your retirement
92
How many non- Life Insurance companies are public sector insurers
4
6
10
7
93
The insurance companies collect a fixed amount from its customers at a fixed interval of time is
EMI
Contribution
Instalment
Premium
94
2. The first step in the ratemaking process is ...
Calculating the rate or unit cost
Gathering statistics on past losses
Classifying risks
Calculating pure premium
95
Individual Health Insurance
Covers you and your grandma
Covers you and your mom
Covers just you
Covers your best friend
96
What settlement options are available in life insurance policies?
a)cash payment(lump sum) and life income
b)interest only, fixed period installments & fixed amount
only cash payment and interest only
both a and b
97
The parties of Insurance Contract are
Insurer
Assured
Insurer, Insured/assured
Insured
98
"A contract that pledges payment of an agreed upon amount to the person on the happening of an even
savings to future
death coverage
Life insurance
provident fund
99
What group of people usually need health insurance
Everyone
Sick people
Healthy people
People who are disabled
100
What departments are unique to insurance companies?
Human resources, accounting, and marketing
Actuarial, claims, and underwriting
Accounting, claims, and underwriting
Marketing, underwriting, and claims

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