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Important Insurance &Financial Awareness Questions Part-II
(Answers Included)

1).Which Company has a Public Deposit Scheme SANCHAY offering attractive rates to
investors. It enjoys FAAA rating by CRISIL.
a) LIC Housing Finance Ltd.
b) LIC HFL Care Homes Ltd.
c) LIC HFL Financial Services Ltd.
d) None of these
2).Under Atal Pension Scheme to make the pension scheme more attractive, government
would co-contribute 50 percent of a subscribers contribution or Rs /- per annum, whichever is
lower to each eligible subscriber account for a period of 5 years from 2015-16 to 2019-20?
a) Rs. 5000
b) Rs. 2000
c) Rs. 1000
d) None of these
3).No claim bonus is a term used in?
a) Anticipatory life policies
b) Jeevan Tarang
c) Jeevan Anand
d) Jeevan Akshay
4).The maximum sum assured under Jeevan Anand Plan is
a) Rs. 1,00,000
b) Rs. 2,00,000
c) Rs, 3,00,000
d) Rs. 4,00,000

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5).Which of the following is an evidence of contract of the policy holder?
a) Manual
b) Proviso part
c) Policy document
d) Attestation part
6).A policy document includes?
a) Nature of contract
b) Conditions of contract
c) Rights of the policy holder
d) All the above
7).Which of the following part states the plan of assurance in a policy document?
a) Attestation part
b) Schedule part
c) Operative part
d) Proviso part
8).Number of days of grace period is allowed for payment of yearly premium is
a) 7 days
b) 15 days
c) 21 days
d) 30 days
9).Number of days of grace period is allowed for payment of monthly premium is
a) 5 days
b) 9 days
c) 12 days
d) 15 days
10).For payment of half-yearly premium, the grace period given is
a) 10 days
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b) 20 days
c) 30 days
d) 40 days
11).If the premium is NOT compiled, as per the contract on the due date, the policy.
a) Lapses
b) Continue
c) Discloser
d) Commences
12).If the premium is not paid, within the grace period the policy will be
a) Lapsed
b) Revived
c) Proved
d) Disclosed
13).Evidence of health is required if the revival of policy is made within a period of
a) 1 month
b) 2 months
c) 7 months
d) 9 weeks
14).If the revival is completed within 30 days from the expiry of the grace period the revival
charge is
a) Rs. 1
b) Rs. 10
c) Rs. 20
d) Rs. 25
15).All the arrears of unpaid premium with all other requirements have to be submitted under
a) Ordinary Revival Scheme
b) Special Revival Scheme
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c) Revival by Installment
d) Loan cum Revival Scheme
16).Under Ordinary Revival Scheme, revival will be effective from the
a) Date of policy
b) Date of lapse
c) Date of issue
d) Date of payment
17).If the policy holder is not able to pay all the arrears at one the, revival can be effected
under the scheme
a) Revival by installment
b) Ordinary Revival Scheme
c) Loan cum Revival Scheme
d) Special Revival Scheme
18).Revival of policy can be done before three years from the date of lapse under the scheme
a) Ordinary Revival Scheme
b) Special Revival Scheme
c) Claim Concession
d) Loan cum Revival Scheme
19).The Revival by Installment Scheme can be availed only if the arrears of premium should
be for
a) < one year
b) < six month
c) > one year
d) < two years
20).Under Revival of Installment Scheme a sum equal to six months premium should be paid
a) After a year
b) After 2 years
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c) After 3 years
d) Immediately
21).Under loan cum Revival Scheme the arrears of premium are called as in the
a) Ordinary Revival Scheme
b) Special Revival Scheme
c) Claim Concession
d) Revival by Installment
22).Policies where the premiums are paid for five years or more, the claim concession is
extended to the period of
a) Four years
b) Three years
c) Two years
d) One year
23).A paid up policy does not participates in the ____________ disclosed in the valuation
a) Credit
b) Profits
c) Advances
d) Investments
24).Surrender value refers to the offer of cash value by LIC on termination of policy by the
a) Policy holder
b) Policy maker
c) Policy endorser
d) Policy claimer
25).Guaranteed surrender value shall be acquired only when premium are paid at least for
a) One consecutive year
b) Two consecutive years
c) Three consecutive years
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d) Four consecutive years
26.)The minimum surrender value is equal to _________________ of the total amount of
premium paid
a) 5%
b) 10%
c) 20%
d) 30%
27.) As per the provisions of Insurance Act, the surrender value formula must be stated on
the________________
a) claim form
b) policy document
c) application form
28.) The surrender value is always ________________ than the premium paid by the policy
holder
a) lower
b) higher
c) more
d) better
29.) How many life insurance companies are there in India as on 4th December 2014?
a) Thirty two
b) Twenty four
c) Eighteen
d) None of these
30.) LIC grants loans on _____________ of policies
a) Property
b) value
c) security
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d) convertibility

31.) Loans on security of policies is granted by LIC to the extent of _____________ of the
surrender value
a) 60%
b) 70%
c) 80%
d) 90%
32.) In case of policies which are due to mature within 3 years, ______________ is granted as
loan.
a) large percentage
b) minimum
c) less
d) lower percentage
33.) A policy which is NOT eligible for grant of loan is_______________
a) Bima Gold
b) Jeeven Asha
c) Bima Sandesh
d) Jeevan Bharati
34.) Paid up value of a policy is the reduced sum assured calculated on a ________________
basis.
a) Proportionate
b) percentage
c) quarterly
d) yearly
35.) Paid up value of a policy is calculated by the use of formula_____________
a) No. of Premiums paid/No. of premiums payable
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b) Amount of Premium/Sum Assured
c) Amount of sum Assured x No. of premiums
d) (No. Of premium paid/ No. Of Premiums payable) x Sum Assured
36.) For Endowment Assurance type of policy, the surrender value is calculated with the use of
the formula__________________
a) (Paid up value x S.V. Factor)/100
b) Paid up value x S.V. Factor
c) Paid up value/100
d) (S.V.Factor/ Paid up value) x100

37.) An investment which is used to transfer the title of policy from one person to another is
called as ______________
a) nomination
b) as assignment
c) claim settlement
d) termination
38.)The act which provide for assignments of insurance policies is____________
a) Insurance Act, 1928
b) Insurance Act, 1932
c) Insurance Act, 1935
d) Insurance Act,1938
39.) An assignment where the assignee take immediate interest is_______________
a) Conditional assignment
b) absolute assignment
c) Supplementary assignment
d) nomination assignment
40.) Under conditional assignment if the assignee dies, the policy reverts to the ____________
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a) Government
b) Nomination
c) assignor
d) inoperative
41.) An assignment on the policy should be duly ____________
a) stamped
b) hold
c) liquidated
d) cancelled
42.)Nomination shall be made by _______________
a) Insurance company
b) assignee
c) policy holders
d) lawyer
43.) An assignment automatically cancels a _____________
a) claim
b) policy
c) nomination
d) payment
44.) A document issued by the insurer should contain particulars mentioned in Rule 11 is
___________
a) Prospectus
b) Cover
c) Proposal form
d) Authority
45.)Act means _____________
a) The Insurance Regulatory and Development Authority 1999
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b) The Companies Act 1956
c) The General Insurance Business Act 1972
d) The Insurance Act 1938
46.) A claim under a life policy shall be paid or be disputed giving all the relevant reasons
within_______________
a) 10 days
b) 20 days
c) 30 days
d) 15 days
47.) The new business increased fastly but some of them did not continue for the stipulated
period is known as ________________
a) Laptop of Policies (lapsed Policies)
b) working results
c) Working Results
d) Business in Force
48.) The Life Insurance Fund which is equal to total income minus total outgo
was_______________
a) business in force
b) working results
c) lapsed policies
d) valuation surplus
49.) The value payable to the policy holder in the event of his deciding to terminate the policy
_______________
a) Minimum Value
b) Maximum value
c) Surrender Value
d) None of these
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50.) Unlike endowment plans, in _______________ policies, the policy holder gets periodic
survivance payments during the term of the policy and a lump sum amount on surviving its
term. In the event of death during the term of the policy, the beneficiary gets the full sum
assured, without any deductions for the amounts paid till date, and no further premiums are
required to be paid.
a) Money back
b) Jeevan Surakshs
c) Jeevan Bima
d) None of these.

Answers:
1). a) 2). c) 3). c) 4). a) 5). c) 6). d) 7). b) 8). d) 9). d) 10). c) 11). a) 12). a) 13).c)
14).a) 15).a) 16).b) 17).d) 18).b) 19).c) 20).d) 21).a) 22).d) 23).b) 24).a) 25).c)
26. d) 27.b) 28.a) 29.b) 30.c) 31.d) 32.a) 33.c) 34.a) 35.d) 36.a) 37. b) 38.d) 39.a)
40.c) 41.a) 42.c) 43.c) 44.a) 45.d) 46.c) 47.a) 48.b) 49.c) 50. a)

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