lic agent IC-38 exam set-5



CHAPTER 5 : LIFE INSURANCE PRODUCTS – I

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IC-38 Online Mock Test for LIC agency Exam preparation SET-5

Question-1

In decreasing-term insurance, the premiums paid ____________ over time.
[A]. Increase	[B].Decrease
[C].Remain constant	[D]. Are returned

Question-2

Using the conversion option present in a term policy you can convert the same to __________.
[A]. Whole life policy	[B].Mortgage policy
[C].Bank FD	[D]. Decreasing term policy

Question-3

What is the primary purpose of a life insurance product?
[A]. Tax rebates	[B].Safe investment avenue
[C].Protection against the loss of economic value of an individual’s productive abilities	[D]. Wealth accumulation

Question-4

___________ life insurance pays off a policyholder's mortgage in the event of the person's death.
[A]. Term	[B].Mortgage
[C].Whole	[D]. Endowment

Question-5

The ________ the premium paid by you towards your life insurance, the ________ will be the compensation paid to the beneficiary in the event of your death.
[A]. Higher, Higher	[B]. Lower, Higher
[C]. Higher, Lower	[D]. Faster, Slower

Question-6

Which of the below option is correct with regards to a term insurance plan?
[A]. Term insurance plans come with life-long renewability option	[B].All term insurance plans come with a built-in disability rider
[C].Term insurance can be bought as a stand-alone policy as well as a rider with another policy	[D]. There is no provision in a term insurance plans to convert it into a whole life insurance plan

Question-7

Which of the below is an example of an endowment assurance plan?
[A]. Mortgage Redemption Plan	[B].Credit Life Insurance Plan
[C].Money Back Plan	[D]. Whole Life Plan

Question-8

Which of the below statement is correct with regards to endowment assurance plan?
[A]. It has a death benefit component only	[B].It has a survival benefit component only
[C].It has both a death benefit as well as a survival component	[D]. It is similar to a term plan

Question-9

Which of the below statement is incorrect with regards to decreasing term assurance?
[A]. Death benefit amount decreases with the term of coverage	[B].Premium amount decreases with the term of coverage
[C].Premium remains level throughout the term	[D]. Mortgage redemption plans are an example of decreasing term assurance plans

Question-10

Who among the following is best advised to purchase a term plan?
[A]. An individual who needs money at the end of insurance term	[B].An individual who needs insurance and has a high budget
[C].An individual who needs insurance but has a low budget	[D]. An individual who needs an insurance product that gives high returns

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