1. Which one of the following statements is correct?
- In life insurance, the word ‘rider’ means the person taking part in horse races
- In life insurance, the word ‘rider’ refers to additional clauses *
- Both the statements above are correct
- Both the statements above are wrong
2. Which one of the following statements is correct?
- A rider modifies an existing condition in the policy
- A rider supplements or adds to an existing condition in the policy *
- Both the statements above are correct
- Both the statements above are wrong
3. Which one of the following statements is correct?
- Riders provide supplementary benefits to the basic plan *
- No rider is allowed unless the underwriter agrees to the same
- Both the statements above are correct.
- Both the statements above are wrong.
4. Which one of the following statements is correct?
- A premium waiver option is allowed as a rider *
- The premium on all riders depend on the age of the insured person
- Both the statements above are correct
- Both the statements above are wrong
5. Which one of the following statements is correct?
- The premium on a rider varies according to the basic plan
- The premium on riders cannot exceed specified limits of the basic premium *
- Both the statements above are correct
- Both the statements above are wrong
6. Which one of the following statements is correct?
- There is no death risk cover in an annuity
- Though called an annuity, the payments may be paid every month
- Both the statements above are correct *
- Both the statements above are wrong
7. Which one of the following statements is correct?
- An annuity is paid only to the person who takes out the annuity policy
- An annuity is paid only till the death of the person taking out the annuity policy
- Both the statements above are correct
- Both the statements above are wrong *
8. Which one of the following statements is correct?
- An annuity policy guarantees a pension *
- An annuity policy is issued only after a medical examination
- Both the statements above are correct
- Both the statements above are wrong
9. Which one of the following statements is correct?
- Under an annuity certain policy, the annuity stops after the ‘certain’ period
- Under a deferred annuity policy, the annuity commences immediately
- Both the statements above are correct
- Both the statements above are wrong *
10. Which one of the following statements is correct?
- An annuity can be taken only on a single life
- In a life annuity, the risk of death is covered
- Both the statements above are correct
- Both the statements above are wrong *
11. Which one of the following statements is correct?
- In a deferred annuity policy, the premium has to be paid in a lump sum
- Annuities purchased during different years may all commence on the same date *
- Both the statements above are correct
- Both the statements above are wrong
12. Which one of the following statements is correct?
- Physically handicapped persons may be given annuities at ordinary rates
- The amount of annuity depends on the age at which the annuity commences
- Both the statements above are correct *
- Both the statements above are wrong
13. State which one of the following statements is correct?
- In group insurance, a single policy is issued covering many persons *
- A master policy covers servants of a master
- Both the statements above are correct
- Both the statements above are wrong
14. State which one of the following statements is correct?
- In group insurance, there is only one proposal to insure many
- In group insurance, there is only one policy covering many
- Both the statements above are correct *
- Both the statements above are wrong
15. State which one of the following statements is correct?
- In group insurance, the proposal is made by the employer *
- In group insurance proposals are made by each of the insured
- Both the statements above are correct
- Both the statements above are wrong
16 State which one of the following statements is correct?
- Group insurance covers a large numbers of persons in one policy
- Group insurance is relatively cheaper than individual insurances
- Both the statements above are correct *
- Both the statements above are wrong
17. State which one of the following statements is correct?
- Salary Savings Schemes policies are Group Insurance policies
- Group Insurance policies benefit only employees of big organisations
- Both the statements above are correct
- Both the statements above are wrong *
18. State which one of the following statements is correct?
- In Group insurance the premium changes every year *
- In group insurance the premium is paid by the persons who are covered
- Both the statements above are correct
- Both the statements above are wrong
19. State which one of the following statements is correct?
- The members of a housing society can negotiate for a group insurance policy
- A sports club can get a group policy for its members
- Both the statements above are correct *
- Both the statements above are wrong
20. State which one of the following statements is correct?
- A bank can take out a group policy for its account holders
- A finance company can take out a group policy for those taking loans from it
- Both the statements above are correct *
- Both the statements above are wrong
21. State which one of the following statements is correct?
- The amount of cover in a group policy is chosen by individual members
- The amount of cover for each member is fixed by the terms of the policy *
- Both the statements above are correct
- Both the statements above are wrong
22. State which one of the following statements is correct?
- A master policy is issued in a group insurance policy *
- Each member in a group policy pays the premium directly to the insurer
- Both the statements above are correct
- Both the statements above are wrong
23. Which of the following is true for a group policy?
- Copies of the master policy are given to all members by the insurer
- The group has to be formed exclusively for the purpose of insurance
- Entry into the scheme and exit out of it, is at the option of the members
- The amount of the cover is determined by the scheme *
24. State which one of the following statements is correct?
- Group insurance business is growing faster than individual business
- Group business is socially very relevant
- Both the statements above are correct *
- Both the statements above are wrong
25. State which one of the following statements is correct?
- A trade union can take out a group insurance policy for its members
- The cover for an employee can be equal to his age multiplied by a fixed number
- Both the statements above are correct *
- Both the statements above are wrong
26. State which one of the following statements is correct?
- A group insurance contract is between the insurer and the insured persons
- The extent of insurance cover is chosen by each individual member
- Both the statements above are correct
- Both the statements above are wrong *
27. State which one of the following statements is correct?
- The members covered by a group insurance policy changes every year
- The amount of insurance for any member may change from year to year
- Both the statements above are correct *
- Both the statements above are wrong
28. State which one of the following statements is correct?
- Group Insurance is the same as Salary Savings Schemes
- Premiums under some Group policies are paid by Governments *
- Both the statements above are correct
- Both the statements above are wrong
29. In what respect does Group Insurance differ from Salary Savings Schemes?
- The person who pays the premium
- Responsibility to pay the premium
- Decision to take the policy
- In all the above three respects *
30. In what ways does Group Insurance differ from Salary Savings Schemes?
- Number of persons insured under a policy
- Responsibility of employer
- Issue of premium receipts
- In all the above three respects *
31. In what ways does Group Insurance differ from Salary Savings Schemes?
- Ownership of the policy
- Mode of payment of premium
- Parties to the contract
- In all the above three respects *
32. Who amongst the following can take out a group insurance policy?
- Office-goers who travel in the same compartment in the suburban train
- A contractor who engages the same people every day on daily wages
- A group of travelers on a package tour
- Members of a toddy tappers association *
33. State which one of the following statements is correct?
- In group policies, the chance of adverse selection is low *
- In group policies, every person is medically examined
- Both the statements above are correct
- Both the statements above are wrong
34. State which one of the following statements is correct?
- In group policies, each case is separately underwritten
- In group policies, personal histories are not examined *
- Both the statements above are correct
- Both the statements above are wrong
35. State which one of the following statements is correct?
- Entry into and exit from group cover, is controlled by the terms of the policy
- The extent of cover is not decided by the life to be insured
- Both the statements above are correct *
- Both the statements above are wrong
36. State which one of the following statements is correct?
- A group insurance cover is given only if there is a certain minimum number
- A group policy is not granted if the group has been formed only to avail of cover
- Both the statements above are correct *
- Both the statements above are wrong
37. State which one of the following statements is correct?
- The cover in a group policy could depend on the ages of the lives insured
- The cover could be a uniform flat rate for all employees of a certain category
- Both the statements above are correct *
- Both the statements above are wrong
38. Which of the following could be the basis of the cover in a group policy?
- Amount of annual income
- Level in the hierarchy
- Age of the person
- All the three above *
39. Which of the following could be the basis of the cover in a group policy?
- Height of the life insured
- Age of the life insured *
- Size of the insured’s family
- All the three above
40. Who pays for the premium in the group policy?
- The insured persons only
- The person who has the master policy only
- Both the insured persons and policyholder jointly
- Any one of the three ways above *
41. State which one of the following statements is correct?
- The amount of cover under the master policy does not change
- The premium under the group policy is the same every year
- Both the statements above are correct
- Both the statements above are wrong *
42. Which of the factors below help to avoid adverse selection in group policies?
- No option to choose quantum of insurance cover *
- Minimum number to be included in the cover
- Similarity in the nature of the jobs
- All the above three factors
43. Which of the factors below help to avoid adverse selection in group policies?
· Reputation of the employer
· Records of the employer
· No option to choose entry or exit *
· All the above three factors
44. State which one of the following statements is correct?
- Group Superannuation polices provide pensions to retiring employees *
- A Group Superannuation policy can be taken by a company for its mortgagees
- Both the statements above are correct
- Both the statements above are wrong
45. State which one of the following statements is correct?
- Group Gratuity policies require that trustees be appointed
- Group Superannuation policies require that trustees be appointed
- Both the statements above are correct *
- Both the statements above are wrong
46. State which one of the following statements is correct?
- Trustees have to be appointed in all group policies
- All group policies need approval of the Income Tax Department
- Both the statements above are correct
- Both the statements above are wrong *
47. State which one of the following statements is correct?
- Employers are required by law to take out Group Gratuity policies
- Employers have different options to fund their pension liabilities *
- Both the statements above are correct
- Both the statements above are wrong
48 State which one of the following statements is correct?
- Group policies help employers to avoid fluctuations in gratuity outgoes
- Employees have less anxiety if employers have taken Group policies
- Both the statements above are correct *
- Both the statements above are wrong
49. State which one of the following statements is correct?
- Group policies are popular because of legal compulsions
- Group policies give employees benefits better than legally required *
- Both the statements above are correct
- Both the statements above are wrong
50. State which one of the following statements is correct?
- The scope for group policies is limited by the requirements of the law
- Group insurance policies can be tailor made to suit specific needs *
- Both the statements above are correct
- Both the statements above are wrong
51 State which one of the following statements is correct?
- Members of a group will get certificates showing details of cover
- Profit sharing, in group insurance, is worked on actuarial bases
- Both the statements above are correct *
- Both the statements above are wrong
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