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Insurance MCQ Daily-17

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Q-11- Which of the following statement about the HLV is incorrect?

  1. HLV is the definite amount of income which an individual will earn during his lifetime.
  2. HLV considers the future income, which a prospect may earn over his lifetime.
  3. HLV was devoloped by Prof. Hubner
  4. All of the above

Option-1 HLV is the definite amount of income which an individual will earn during his lifetime.

Q-12- To ascertain HLV, Net earnings is calculated by

  1. Adding all the income of the future years.
  2. All future income less the amount required to be spent on self.
  3. discounting the future income less the expenses, using an appropriate interest rate.
  4. All of the above

Option-3 Net earnings is calculated by discounting the future income less the expenses, using an appropriate interest rate.

Q-13- Which of the following statement about HLV is/are correct?

  1. HLV concepts considers human life as property or an asset
  2. HLV is the only way to determine the amount of insurance which can be given to a human being
  3. While calculating HLV, only future earning capacity is considered
  4. All of the above

Option-1 HLV concepts considers human life as property or an asset.

Q-14- The Insurance is effected to cover the ________ an asset is exposed to

  1. Risk
  2. Peril
  3. Loss
  4. Event

Option-1 Risk

Q-15- Which of the following is not a category of risk, considered for life insurance

  1. Accident
  2. Dying too early
  3. Living too long
  4. Living with disability

Option-1 Accident

Q-16- ‘Liability Insurance’ covers

  1. Insurance against ‘Bankruptcy’
  2. Insurance against frauds by the debtors
  3. Insurance against loss of name and goodwill
  4. All of the above

Option-2 Insurance against frauds by the debtors

Q-17- General Insurance covers

  1. Personal risks
  2. Risks that effect property
  3. Risks that can effect a person
  4. All of the above

Option-4 All of the above

Q-18- Life insurance is NOT

  1. Financial asset
  2. A contract of indemnity
  3. A contract of assurance
  4. Applicable to assets other than human life

Option-2 A contract of indemnity

Q-19- which is the most appropriate statement(s) vis-a-vis HLV

  1. Mr. A’s annual earning is Rs. 1.5 lacs and had proposed for a life cover of Rs. 5 crore on his life
  2. Mr. B is a student and has proposed for a life cover of 25 lacs. on his life
  3. Both are appropriate
  4. Both are not appropriate

Option-4 Both are not appropriate

Q-20- which of the following statement(s) is correct, vis-a-vis life insurance contracts

  1. Principle of indemnity doesn’t apply
  2. The ultimate beneficiary may not be the policyholder
  3. The amount payable at death is fixed ath the beginning of the policy
  4. All of the above correct

Option-4 All of the above correct

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