Tuesday, 20 August 2019

lic agent IC-38 exam set-6

 LIC IC-38 Online Mock Test for LIC agency Exam preparation according to IRDA syllabus # SET-6

CHAPTER 6 : LIFE INSURANCE PRODUCTS – II

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IC-38 Online Mock Test for LIC agency Exam preparation SET-6

Question-1

What does unbundling of life insurance products refers to?
[A]. Correlation of life insurance products with bonds [B].Correlation of life insurance products with equities
[C].Amalgamation of protection and savings element [D]. Separation of the protection and savings element

Question-2

As per IRDA norms, an insurance company can provide which of the below nontraditional savings life insurance products are permitted in India? Choice I: Unit Linked Insurance Plans Choice II: Variable Insurance Plans
[A]. I only [B]. II only
[C]. I and II both [D]. Neither I nor II

Question-3

All of the following is true regarding ULIP’s EXCEPT:
[A]. Unit holder can choose between different kind of funds [B].Life insurer provides guarantee for unit values
[C].Units may be purchased by payment of a single premium or via regular premium payments. [D]. ULIP policy structure is transparent with regards to the insurance expenses component

Question-4

Which of the below is correct with regards to universal life insurance? Statement I: It allows policy owner to vary payments Statement II: Policy owner can earn market based rate of return on cash value
[A]. I is true [B].II is true
[C]. I and II are true [D]. I and II are false

Question-5

All of the following are characteristics of variable life insurance EXCEPT:
[A]. Flexible premium payments [B].Cash value is not guaranteed
[C].Policy owner selects where savings reserve is invested [D]. Minimum Death benefit is guaranteed

Question-6

Which of the below statement is true regarding ULIP’s?
[A]. Value of the units is determined by a formula fixed in advance [B].Investment risk is borne by the insurer
[C].ULIP’s are opaque with regards to their term, expenses and savings components [D]. ULIP’s are bundled products

Question-7

Who among the following is most likely to buy variable life insurance?
[A]. People seeking fixed return [B].People who are risk averse and do not dabble in equity
[C].Knowledgeable people comfortable with equity [D]. Young people in general

Question-8

Where was the Universal Life Policy introduced first?
[A]. USA [B].Great Britain
[C].Germany [D]. France

Question-9

Which among the following is a limitation of traditional life insurance products?
[A]. Yields on these policies is high [B].Clear and visible method of arriving at surrender value
[C].Well defined cash and savings value component [D]. Rate of return is not easy to ascertain

Question-10

What does inter-temporal allocation of resources refer to?
[A]. Postponing allocation of resources until the time is right [B].Allocation of resources over time
[C]. Temporary allocation of resources [D]. Diversification of resource allocation

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 LIC IC-38 Online Mock Test for LIC agency Exam preparation according to IRDA syllabus in HINDI # SET-30 ...