Tuesday, 20 August 2019

lic agent IC-38 exam set-10

 LIC IC-38 Online Mock Test for LIC agency Exam preparation according to IRDA syllabus # SET-9

CHAPTER 10 : PRICING IN LIFE INSURANCE

Test your Preparation


IC-38 Online Mock Test for LIC agency Exam preparation SET-10

Question-1

In case of __________, a company expresses the bonus as a percentage of basic benefit and already attached bonuses.
[A]. Reversionary bonus [B].Compound bonus
[C]. Terminal bonus [D]. Persistency bonus

Question-2

With regards to valuation of assets by insurance companies, __________ is the value at which the life insurer has purchased or acquired its assets.
[A]. Discounted future value [B].Discounted present value
[C].Market value [D]. Book value

Question-3

Which of the below statement is correct?
[A]. The typical loading to a net premium would have 3 parts: a) a constant amount for premiums b) a constant amount for each ‘1000 sum assured’ and c) a constant amount per policy [B].The typical loading to a net premium would have 3 parts: a) a percentage of premiums b) a constant amount for each ‘1000 sum assured’ and c) a constant amount per policy
[C].The typical loading to a net premium would have 3 parts: a) a percentage of premiums b) a constant percentage for each ‘1000 sum assured’ and c) a constant amount per policy [D]. The typical loading to a net premium would have 3 parts: a) a percentage of premiums b) a constant amount for each ‘1000 sum assured’ and c) a percentage amount per policy

Question-4

Interest rates are one of the important components used while determining the premium. Which of the below statement is correct with regards to interest rates?
[A]. Lower the interest rate assumed, lower the premium [B].Higher the interest rate assumed, higher the premium
[C].Higher the interest rate assumed, lower the premium [D]. The interest rates don’t affect premiums

Question-5

Life insurance companies may offer rebate to the buyer on the premium that is payableon the basis of ___________.
[A]. Sum assured chosen by the buyer [B].Type of policy chosen by the buyer
[C].Term of the plan chosen by the buyer [D]. Mode of payment (cash, cheque, card) chosen by the buyer

Question-6

Which of the below is not a component of ULIP premiums?
[A]. Policy allocation charge [B].Investment risk premium
[C].Mortality charge [D]. Social security charge

Question-7

Which of the below is one of the ways of defining surplus?
[A]. Excessive liabilities [B].Excessive turnover
[C].Excess value of liabilities over assets [D]. Excess value of assets over liabilities

Question-8

What is a policy withdrawal?
[A]. Discontinuation of premium payment by policyholder [B].Surrender of policy in return for acquired surrender value
[C].Policy upgrade [D]. Policy downgrade

Question-9

Which of the below is not a factor in determining life insurance premium?
[A]. Mortality [B].Rebate
[C].Reserves [D]. Management expenses

Question-10

What does the term “premium” denote in relation to an insurance policy?
[A]. Profit earned by the insurer [B]. Price paid by an insured for purchasing the policy
[C].Margins of an insurer on a policy [D]. Expenses incurred by an insurer on a policy


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