Q-1- Which of the following is/ are important activities of an organization’s Accounts Department?
- Processing bills
- Investments of funds
- Keeping control on cash
- Reconciling bank statements
- All of the above
Option-5 All of the above
Q-2- Why do a person prefer to buy insurance policies through agents?
- Agents have to earn their commissions
- Agents have to meet their marketing targets
- People can decide which policy is best for them
- The benefits of insurance policies are simple and clear to all
- Many people require personalized guidance for selecting the right coverage
Option-5 Many people require right guidance on desired insurance coverage.
Q-3- Compared to the premium for a Whole Life plan, the premium for an Endowment plan will be _______ for the same age
Q-4- A nomination can be made only in favour of ________
- a bank
- any individual
- spouse and minor children
- parents, spouse and children
- spouse and children with guardian
Option-2 A nomination can be made on favour of any indivudual.
Q-5- The term SA as commonly used in life insurance
- Stamp Act
- Sum Assured
- Survivor’s Annuity
- Surrender of Assurance
- Supplementary Assurance
Option-2 SA in life insurance policies means SUM ASSURED
Q-6- The term OR as commonly used in life insurance
- Ordinary Rates
- Once Renewed
- Oral Rehydration
- Ordinary Renewal
- Ombubsman’s Assurance
Option-1 OR in life insurance means ORDINARY RATES
Q-7- Which statement is incorrect from below statements
- Marketing department has to monitor business inflow
- Actuarial department is responsible for settling death claims
- Marketing department has to monitor performance of agents
- Underwriting department has to assess risk and determine premium
- Accounts department has to monitor cash flow from subordinate offices
Option-2 The Actuarial department is NOT responsible for settling Death claims.
Q-8- Which of the following terms is NOT MATCHING with other four in the context of insurable interest in life insurance?
Q-9- Which of the following terms are NOT MATCHING with the other four in the context of death claims in life insurance?
- Early claims
- Non-early claims
- Deeds of Assignment
- Claimant’s statement
Q-10-As per structured formula under the Motor Vehicle Act, victims of fatal injuries are paid compensation on the basis of
- Age and sex
- Age and income
- Income and size of family
- Age and number of dependents
- Income and number of dependents
Option-2 Age and Income are two main factors on which compensation are paid to victims of fatal injuries.