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English ic 33 mock test 11 15 with answers 16,047 views Share Like Download ...

Manish Suryawanshi, Working at LIC of India Nagpur Divisional Office. Follow Published on Mar 3, 2015

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English ic 33 mock test 11 15 with answers 1. 1. Manish Suryawanshi Paper 11 Question 1 How are perils and hazards normally distinguished under term insurance policies? (Chapter 14) A Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of dying. B Perils are risks that policyholders will die before a specified date and hazards are factors which could influence that risk. C Perils are factors which affect the risk being insured and hazards are the size of the risk being insured. 2. 2. Manish Suryawanshi D Perils are factors which could influence an insured event occurring and hazards are the actual events which will trigger a payout Question 2 In the context of financial planning, how is the difference between real needs and perceived needs best described? - (Chapter 4) A Real needs are financial needs and perceived needs are nonfinancial needs. B Real needs are actual needs and perceived needs are based on a client’s thoughts and desires. C Real needs are identified by the insurance agent and perceived needs are identified by the client. 3. 3. Manish Suryawanshi D Real needs are needs which satisfy an objective and perceived needs are needs which do not satisfy an objective. Question 3 If a person is concentrating more on health plan and retirement plan then at which stage of life is he in. (Chapter 8) A Young unmarried B Young married C Young married with Kids D Pre retirement Question 4 4. 4. Manish Suryawanshi The Institute of insurance and risk management along with insurance education does what more - (Chapter 1) A Regulation B Redressal C Research D Repository Question 5 If the client does not wish to proceed with the recommendations right at the moment the agent should - (Chapter 18) A Insist on taking the product right away B Should ask for the reason for not going with the recommendation C Should ask for a future date from the client 5. 5. Manish Suryawanshi D Should review once again Question 6 Suresh has adequate reserve capital with him and he wishes to protect his income, moreover he feels that if he does not die then he would need the amount. What type of plan should he opt for? - (Chapter 5) A Term Insurance Plan B Endowment plan C Return of premium plan D Pension plan Question 7 A claim was paid in a policy and it was advertised in the newspaper also. This indicates that the policy was. - (Chapter 11) 6. 6. Manish Suryawanshi A It was assigned. B It was paid up. C It was lost. D It was surrendered. Question 8 An indemnity bond was signed in a policy when the claim was paid. This indicates that the policy was. - (Chapter 13) A It was lost. B It was paid up. C It was lapsed. D It was lapsed. Question 9 7. 7. Manish Suryawanshi Manish and Manisha is a married couple with one child. They want to plan for savings, child education/marriage and their retirement and protection of income. Which should be their lowest priority? - (Chapter 5) A Marriage. B Savings. C Education. D Protection. Question 10 While calculating HLV along with future income, no of years of work, increments in salary what is also to be taken in to account? (Chapter 9) A Inflation . B Interest. 8. 8. Manish Suryawanshi C Discount rate D Compounding. Question 11 If RBI increases the interest rates then what will be the effect on share prices. (Chapter 16) A Shares will be more attractive. B Shares will be less attractive. C Fixed deposits will be more attractive. D Fixed deposits will be less attractive. Question 12 Vishal and sandeep applied for a health plan in XYZ Life Insurance Company. Vishal is asked to undergo a medical checkup but Sandeep is not 9. 9. Manish Suryawanshi asked to do so. What will be most possible reason? - (Chapter 8) A Sandeep has taken another policy from XYZ Life Insurance Company B Vishal is older than Sandeep C Sandeep is earning more then Vishal D Vishal is working in a MNC Question 13 During fact finding, What will be the next step after Identifying clients need (Chapter 18) A Quantify clients need B Priorities Clients Need C Recommending Product D Fill up the proposal form 10. 10. Manish Suryawanshi Question 14 What is purpose of investing money in debt mutual fund? -(Chapter 4) A Easy access B Fixed income C Tax Benefits D Liquidity Question 15 Mr. shailsh has an endowment policy with 30 years policy term, he has paid for eight years. The sum assured Rs.8,00,000/- and accumulated bonus Rs.60,000/-. What is the paid up value? -(Chapter 5) 11. 11. Manish Suryawanshi A 213333 B 229333 C 273333 D 293333 Question 16 What is the similarity between Recurring Deposits & cumulative deposits in a bank - (Chapter 6) A Guarantees B Taxation C Tenure D Lock in periods Question 17 12. 12. Manish Suryawanshi Mrs. Sheela received some amount out of her husband’s death. In such a situation what will be her prime focus?-(Chapter 4) A Savings B Insurance C Investment management D Planning for pension Question 18 Mr. Kunal used to participate in Car race. While taking up the Insurance policy he disclosed this information. What kind of hazard does it refers to -(Chapter 14) A Physical hazard B Fraudulent representation 13. 13. Manish Suryawanshi C Moral hazard D Moral hazard Question 19 Which of the following falls under voidable contract?-(Chapter 3) A Misrepresentation B Lack of insurable interest C Fraud D None of the above Question 20 Law of large numbers is worked out by which of the following?-(Chapter 10) A Pooling of risk 14. 14. Manish Suryawanshi B Maintaining insurable interest C With utmost good faith D Randomness Question 21 If a client wants to compare between all financial products then the best person he can approach is-(Chapter 12) A Individual agent B Corporate agent C Bank D Broker Question 22 If a person want to maintain emergency funds the best place is a bank or -(Chapter 5) 15. 15. Manish Suryawanshi A Equity market B ULIP C Debt mutual fund D FD Question 23 During a fact finding process the need analyzed were income replacement and children’s education. But the customer insists on only a child plan for the time being and asks the agent to give him a child plan. The agent should.- (Chapter 18) A Do the fact finding exercise again B Insist with the client to take a term plan C Give a child plan and revisit the client on a later date 16. 16. Manish Suryawanshi D Give the lead to another agent Question 24 If a case is already before the consumer forum, then the ombudsman should-(Chapter 20) A Give a recommendation B Give a joint decision with the consumer forum C Dismiss the case D Give an award. Question 25 If the sum assured remains the same, what will be impact of net premium if the age of the policyholder increases-(Chapter 10) 17. 17. Manish Suryawanshi A It rises B It falls C It remains constant D Gross premiums increases Question 26 What is the advantage of converting physical gold assets to gold ETFs.(Chapter 5) A Liquidity B More gold in value C Purity D More conversion value Question 27 18. 18. Manish Suryawanshi For which of the following reasons, the underwriter should ask beyond agent’s confidential report.-(Chapter 14) A Physical Hazard B Moral Hazard C SA is too high D Pure Risk Question 28 After doing the need analysis of the client, the agent advised the client to opt for ROP product. But the client refused. According to ethical business practices what will the agent do ?- (Chapter 18) A Enquire about the refusal from the client B Suggest an alternative plan 19. 19. Manish Suryawanshi C Pass on to the superior D Pass on to the other agent Question 29 Generally insurance companies do not hold the premium in case of a fraud or misrepresentation. However, due to which of the following circumstances the insurer can retain the premium of the policyholder- (Chapter 11) A Fraudulent claim B Indisputability clause C Redressal procedure D Pending decision from Ombudsman 20. 20. Manish Suryawanshi Question 30 According to IRDA agent’s code of conduct, what is the best method of showing the amount of commission earned by the advisor - (Chapter 16) A Signed copy of sales illustration B Brochure C Hand written declaration by agent D Verbal communication to customer Question 31 With pooling of risks an insurance company pools the premium collected from several individuals to insure them against similar risks. At what circumstances will the insurance 21. 21. Manish Suryawanshi companies pool the risk of a life insurance and health insurance together? -(Chapter 5) A Under no circumstances B Under conditions of the reinsurer C Under conditions of the reinsurer D As per company policy Question 32 In case the customer has stopped making payment for the premium of the policy. What are the two most important things required in order to reinstate the policy? -(Chapter 10) A Reinstatement Fee and Proof of continuing good health B Premium cheque and health declaration 22. 22. Manish Suryawanshi C Only health certificate D Premium cheque with arrears Question 33 If the customer has invested money in a pension plan from company A and buys an annuity from company B, what is the nature of transaction?-(Chapter 7) A Life Long Annuity B Life Long Annuity C Reinsuring Annuity D deferred Annuity Question 34 23. 23. Manish Suryawanshi If a policy holder buys a policy from the advisor and lodges a complaint, it should be treated as : -(Chapter 18) A Same for all policies sold by advisor B Same for all policies sold by the advisor except corporate clients C Only for policy for which complaint has been given D None applicable Question 35 An investor holds a wide range of shares. If the Reserve Bank of India announces a series of significant interest rate increases, the prices of these shares are most likely to -(Chapter 10) A Become volatile 24. 24. Manish Suryawanshi B Decrease C Increase D Remain unchanged Question 36 In life insurance business if a person is working in calculating premium rates of insurance products, then he is mostly likely a member of - (Chapter 10) A institutes of actuaries of India B insurance institute of India C Charted institute of insurance D Insurance institute of risk management Question 37 25. 25. Manish Suryawanshi In a life insurance policy it is later found that the person doesn’t have insurable interest then the contract is -(Chapter 14) A expired B reviewed C reviewed D Valid Question 38 If both parents of proposer died in their thirties due to heart attack what is the kind of peril or hazard the proposer has? -(Chapter 14) A Insurable hazard B moral hazard C non insurable hazard 26. 26. Manish Suryawanshi D Physical hazard Question 39 Raunak earns 80,000 per month as salary. He has taken a House loan of Rs. 500000. What will be the maximum amount of EMI that can be charged by the Bank to recover the loan amount?-(Chapter 5) A Rs. 32000 per month B Rs. 24000 per month C Rs. 40000 per month D Rs. 48000 per month Question 40 27. 27. Manish Suryawanshi Frequent switching is not advisable in ULIP plan because it increase -(Chapter 15) A Investment Risk B Risk of death C Uncertainty of return D Chances of lapse Question 41 According to insurance terminology which of the following is correct?-(Chapter 14) A Lung cancer is a hazard whereas smoking is a peril B Smoking is a hazard and lung cancer is a peril C Lung cancer is a peril and smoking is a moral hazard 28. 28. Manish Suryawanshi D Smoking is a moral hazard whereas lung cancer is a peril. Question 42 An insurance agent sold two policies to two different persons having the same policy term. He declares the commission to each of them. The commission of one of the policy is more than the other. What should be the reasons for this difference?-(Chapter 14) A Risk profile of both the policyholder are different B Age of both the candidate are different C Both have chosen different kind of policies. 29. 29. Manish Suryawanshi Question 43 Open market option under Annuity policy would extend which of the following benefit?- (Chapter 4) A Ensure Better annuity rate B Increase in the range C Increase in return D Switch of Funds Question 44 Akash is an Unmarried person and employed with company ABC and drawing a handsome salary. He has no liabilities. What kind of plan can be suggested to him?-(Chapter 15) A Money Back 30. 30. Manish Suryawanshi B Term Plan C Endowment Plan D ULIP Question 45 What should an agent do in order to understand the mental state of client in respect to his investments in saving products-(Chapter 18) A Fact finding B Consulting the client’s parents C Consulting the family of the client D Reviewing his existing investments Question 46 31. 31. Manish Suryawanshi Net premium is equal to-(Chapter 10) A Premium plus interest earning B Risk premium plus interest earning C Premium minus interest earning D Risk premium minus interest earning Question 47 Pooling of risk in insurance means-(Chapter 5) A The premium collected & deposited in a pool B All similar risks are pooled together C Premium is pool to make claims D Contribution of insurance company Question 48 32. 32. Manish Suryawanshi Principle of utmost good faith will operate in existing policy-(Chapter 3) A Every time premium is paid B If the policy has lapsed and it has to be revived. C If the insured person falls sick and is admitted to hospital. D If the insured person changes his job. Question 49 Both the parties to a contract must agree and understand the same thing and in the same sense which is called-(Chapter 3) A Consideration. B Legality of an object. 33. 33. Manish Suryawanshi C Consensus ad idem. D Acceptance. Question 50 In case of life insurance, Insurable interest must exist-(Chapter 3) A At inception of policy B Not needed C At the time of claim D Any time during the contract Paper 12 Question 2 How riders will help the customer in life insurance? 34. 34. Manish Suryawanshi A allows policyholders to customize their insurance cover with additional benefits B rider is like a clause C Operative clause. D Rider is like Preamble. Question 3 In Daily hospitalization cash benefit scheme, A The daily amount paid is fixed and will never be more or less than the cost of actual treatment. B The insurance company may pay an additional amount on a daily basis if the insured is admitted to the Intensive Care Unit (ICU). 35. 35. Manish Suryawanshi C The insurance company will pay for doctor consultation fees incurred prior to hospitalization D Only surgery expenses are included in daily hospitalization benefit Question 4 A lump sum withdrawal allowed as commutation in pension plans is A 1/3rd of the accumulation fund B 1/4th of the accumulation fund C 1/2nd of the accumulation fund D Full withdrawal is allowed Question 5 36. 36. Manish Suryawanshi Customer has opted for a 5 yrs guaranteed annuity option. What will happen to annuity, if the customer survives for 5 years after the end of guarantee period? A paid up to 75 Yrs B annuity will be continued for next 5 Years C till he die D not remembered Question 6 In term insurance if Critical illness rider claim happens then what will happen to existing policy A CI benefit will cease B CI benefit reduced from existing sum assured 37. 37. Manish Suryawanshi C CI benefit continues D No change in policy. Question 7 What is the main objective of taking the life insurance policy? A Tax benefit B Savings C Investment D Protection Question 8 If person consumes alcohol- what is the type of hazard? A Moral 38. 38. Manish Suryawanshi B Physical C Ethical D Ethical & Moral both Question 9 Group Insurance can be taken in following relationship A employee- employer B husband-wife C family members D society members Question 10 Where one can approach in case of dispute? A IRDA 39. 39. Manish Suryawanshi B Consumer Forum C District Forum D National Forum Question 11 Life insurance is the most important for which age group A Young B Pre- retirement C Retirement D children Question 12 40. 40. Manish Suryawanshi Where annually increasing flexible premiums operate under a life insurance policy, what rate of increase will generally apply? A 2.5% B 3.0% C 5.0% D 7.5% Question 13 Kamal is willing to pay 60000/- per annum for his ULIP policy. What should be the SA in case he wants to avail the tax benefits? A 1 lacs B 3 lacs C 2 lacs 41. 41. Manish Suryawanshi D 60 Thousand Question 14 The regulations issued by the IRDA, require that the decision on the proposal must be conveyed to the proposer within A 15 days of receiving the proposal B 20 days of receiving the proposal C 25 days of receiving the proposal D 30 days of receiving the proposal Question 15 Family floater health Insurance plan covers A All members of a Family B Husband and Wife only 42. 42. Manish Suryawanshi C Parents only D Children Only Question 16 According to IRDA guidelines, how long does an insurance company have to complete its investigation of a claim? A 30 days B 90 days C 120 days D 180 days Question 17 43. 43. Manish Suryawanshi How the Daily hospitalization cash benefit will provide benefits to policyholder who is hospitalized? A Entire charges are refunded. B Entire charges less bed charges will be paid C A fixed amount on a daily basis is paid irrespective of the actual cost of treatment D Only Hospital bill will be paid Question 18 Who is a regulator, supervisor and monetary authority of the financial system in India? A IRDA B SEBI C RBI 44. 44. Manish Suryawanshi D SBI Question 19 Indisputability clause can be enforced by the insurance company during the A First five years of policy B First Two years of policy C Claim D Inception of the policy Question 20 To ensure that the premiums are paid out of a legitimate source of funds cash is accepted A Up to 50000 B Up to 99990 45. 45. Manish Suryawanshi C Up to 100000 D Without any limit Question 21 If there is no claim in a year than what will be the benefit to the customer as NO CLAIM BONUS A Discount in next year premium B Increase in Sum Assured next year C Loans facility D No benefit Question 22 An individual is said to be competent to enter into a contract if they are 46. 46. Manish Suryawanshi A 18 year old B 21 year old C 23 year old D 25 year old Question 23 Maximum time for investigation in disputed claim? A 1 month B 2 months C 3 months D 6 months Question 24 47. 47. Manish Suryawanshi The Ombudsman’s powers are restricted to insurance contracts of value not exceeding? A 50 lakhs B 30 lakhs C 25 lakhs Question 25 In which section of Policy document, Information about the location of the insurance Ombudsman had written? A Operative clause B Attestation C Information statement D Endorsements 48. 48. Manish Suryawanshi Question 26 In Cumulative bank deposit the interest that in normally compounded on what basis. A Monthly B Quarterly C Half Yearly D Annually Question 27 The premium for accidental death benefit rider must not exceed A 15% of base policy premium B 25% of base policy premium C 30% of base policy premium D 40% of base policy premium 49. 49. Manish Suryawanshi Question 28 If the annual premium for a plan is 32000 and a frequency loading of 4% is added in a quarterly premium what is the amount that needs to be paid. A 8000 B 8320 C 9456 D 9240 Question 29 What amount of insurable interest does an individual have in his own life? A 20,000 50. 50. Manish Suryawanshi B 50,000 C Up to the sum assured taken in the plan D Unlimited Question 30 Ombudsman passes an award within which time A 1 month B 2 months C 3 months D 6 months Question 31 51. 51. Manish Suryawanshi If the license of an agent has been disqualified by a designated authority in 2010 then the person can apply for a license in which year. A 2013 B 2015 C 2017 D 2020 Question 32 Under the hospital care rider what is the payout made A 10% of the sum assured B Specified amount multiplied by the number of days the policyholder is hospitalized 52. 52. Manish Suryawanshi C expenses incurred per day multiplied by no. of days stay in the hospital D 100% of Sum Assured Question 33 If the agent recommends the client to terminate an endowment plan and take a whole life in order to earn higher commission its termed as A Switching B Doing a financial planning C Churning D Fact Finding 53. 53. Manish Suryawanshi Question 34 Mr. Denny is married and has 2 children and his parents are alive. He has taken a family floater plan. Under the plan who all will be covered. A Denny B Denny and his wife C Denny, his wife and children D Denny, his wife, his children and his parents Question 35 Amit has taken a G-Sec and has parted with it mid way as he required the money with the intention of not getting the interest. What will he get? A Discounted Value 54. 54. Manish Suryawanshi B Principle amount C Discounted Value with persistency bonus D Principle with persistency bonus Question 36 If bonus is given under a plan the additional premium added is known as A Loading B Investment C Frequency D Interest Question 37 Nomination can be in favor of how many people? 55. 55. Manish Suryawanshi A One person B Two persons C Three persons D It can be any number Question 38 Suresh is suffering from Asthma and the policy is been done on joint life basis and the need for nomination under the plan will be as A Joint life policy B Not Possible C 50:50 D Not Applicable Question 39 56. 56. Manish Suryawanshi What key impact will the agent have in low persistency A Increase more business B Increase in the agents earning C Will improve reputation D Will have impact in his commission. Question 40 Within how many days will the underwriter needs to inform the policyholder regarding the status of the policy. A 10 days B 15 days C 30 days D 45 days 57. 57. Manish Suryawanshi Question 41 Certificate from the village panchayat A Will be considered as standard age proof B Will be considered as non standard age proof C Will not be accepted D Will be verified first Question 42 What is the maximum sum assured under a micro insurance A 10000 B 25000 C 50000 D 100000 58. 58. Manish Suryawanshi Question 43 Varun wishes to pursue a career in insurance and wishes to be in a department which calculates the level of premium. In which department should he join? A Actuary B Underwriter C Claim Department D Accounts Question 44 If Naresh wishes to take the tax benefit of the full premium paid which is 60000, what amount of sum assured should he avail in a ULIP plan. 59. 59. Manish Suryawanshi A 2 lacs B 3 lacs C 5 lacs D 6 lacs Question 45 Ashish is looking at different plans of insurance for protection at the lowest premium. Which is the best plan for him? A Term plan B Endowment plan C Whole life plan D Money back plan. Question 46 60. 60. Manish Suryawanshi The insurance act of 1938 created which of these. A IRDA B Tariff Advisory Committee C Tariff Advisory Committee D LIC Question 47 Ashu is an illiterate person and his proposal form was filled by Nishu, then what is the additional requirement to be taken along with the documents. A The policy needs to be advertised in the newspaper. B Nishu has to sign an indemnity bond. 61. 61. Manish Suryawanshi C Thumb impression of Ashu has to be taken. D Ashu needs to be medically examined. Question 48 Harsh’s policy matured, however he was paid only 25% of the sum insured in spite of all his premiums been paid on time. This indicates that his policy is a A Term plan. B Endowment plan. C Money back plan. D Wholelife plan. Question 49 62. 62. Manish Suryawanshi The Authority of COPA is limited to what amount at the district level. A 10,00,000. B 20,00,000. C 50,00,000 D 1,00,00,000. Question 50 In case of a term plan the maximum premium of the accidental rider can be. A 100% of basic premium. B 50% of basic premium. C 30% of basic premium. D 35% of basic premium. 63. 63. Manish Suryawanshi ======================================= =================== English IC 33 Paper 13 (2014-New Syllabus ) Question 1 In case of a term plan the maximum premium of the accidental rider can be. A 100% of basic premium. B 50% of basic premium. C 30% of basic premium. D 35% of basic premium. Question 2 With reference to the principle of indemnity a life insurance policy is a. 64. 64. Manish Suryawanshi A Insurance contract. B Indemnity contract. C Value contract. D Major life contract. Question 3 In the personal statement, Harish declares that he consumes alcohol twice every week. This is a A Moral hazard. B Moral peril. C Physical hazard. D Physical peril. Question 4 65. 65. Manish Suryawanshi Micro insurance is made specifically for people from. A High income. B Middle class. C Low income. D Affluent class. Question 5 The reduction in the benefit illustration shows what. A Charges. B Mortality. C Interest. D Inflation. 66. 66. Manish Suryawanshi Question 6 If Insurable interest does not exists at the time of inception of the life insurance policy then, life insurance contract is A Voidable B Invalid C Valid D Null & voidable Question 7 If a contract is signed by a 15 years old boy, this contract will be A Null and void B Invalid C Voidable 67. 67. Manish Suryawanshi D Valid Question 8 If a life insurance policy is issued with a lien, it will be mention in A Proviso B Schedule C Terms & conditions D Endorsement Question 9 Available Loan amount under a life Insurance policy is generally based ona A Total paid premium B Sum Assured 68. 68. Manish Suryawanshi C Surrender value D Paid up value Question 10 De- tarrification is a process by which pricing of Insurance A Rises B Decreases C Reaches at a level as per industry trends D Insurance can price their product on their self past experiences. Question 11 69. 69. Manish Suryawanshi As per Regulation for protection of Policyholder’s interest 2002 (IRDA), Which insurer will have a grievance redressal System A Some Specific Insurer B Those Insurer who did not created Insurance Ombudsman System C All insurer D It is optional Question 12 Which body has created a call center for logging a complaint A Life Insurance Council B IRDA C Insurance Association 70. 70. Manish Suryawanshi D Insurance Institute of India Question 13 What is the key function of NIA A Provide suggestion for Premium calculation B To be an active link between Global market & Indian Life Insurance Industry C Design, implement and operate an insurance training D Regulate the investment of funds by Life Insurance company Question 14 After maturity In a Unit Linked Life Insurance Policy, customer does not get received Maturity 71. 71. Manish Suryawanshi in a lump sum. What is the possibility of receiving it in installments if it is not a annuity plan A He has switched his fund B He has opted for Settlement option C He has he has redirected his past premium. D Policy was lapsed on the time of maturity Question 15 Gautam wants to purchase a Kisan Vikas Patra. What is the most suitable place to purchase it A Bank B Insurance Company C Post Office D Share Market 72. 72. Manish Suryawanshi Question 16 Anand received post taxation 5% return on his fixed deposit in a bank. If his net return is 3%, what can be the reason A Administrative charge B Inflation C Interest rate D Market Risk Question 17 During Fact finding, rating is mentioned ‘3’. This Indicates A Risk apatite of client B His future aspiration 73. 73. Manish Suryawanshi C Commitment to need D Willingness to pay Question 18 Raunak wants to purchase a cheapest plan which can provide financial security to his dependent. Which plan should be offered A Term Plan B Term Plan with return of premium C Pure Endowment plan D Unit Linked Plan Question 19 For tax Saving Someone wants to fixed deposit in bank. What duration is required for it? 74. 74. Manish Suryawanshi A 3 years B 5 years C 7 years D 2 years Question 20 Incase of presumption of death A Not necessary to pay premium until court decree B Necessary to pay premium until court decree C Claim not admissible D Depends on case to case Question 21 75. 75. Manish Suryawanshi If insured gets the two advance payment in the 5yrs and in the maturity he gets rest of sum assured. What type of policy it is A Money back policy B Convertible plan C Term plan D Endowment policy Question 22 Which is correct in relation to Insurance Broker? A Insurance broker is represents insurance buyer and remunerated by the insurance company B Insurance broker is represents insurance buyer and remunerated by the Client 76. 76. Manish Suryawanshi C Insurance Broker gets money from both Insurance company as well as from Client fo selling Insurance D None are correct Question 23 Shailesh and ankit want to retire in the age of 65yrs. But shailesh pays more monthly payment than ankit for same amount of policy. Why? A Shailesh is older than ankit. B Shailesh’s income is more than Ankit’s income C Shailesh & Ankit want it that way D Option 1 & 3 are correct 77. 77. Manish Suryawanshi Question 24 What will be lien amount in 3rd year as compared to the 4th year of lien. A It is higher B Decrease C Slightly higher D Slightly lower Question 25 Within how many years a complaint can be made through consumer protection act. A One year B Two years C Three years D Five years 78. 78. Manish Suryawanshi Question 26 In which plan weekly premium payments are accepted. A Health Insurance B Group Insurance C Micro Insurance D Macro Insurance Question 27 One person wants to take term plan for 20 lakh and wants to take ADB rider, he is not sure of how much sum assured he needs to take for ADB rider. What is your suggestion? A Needs to take expert’s suggestion 79. 79. Manish Suryawanshi B Equal to base cover C Any Amount he can take if he is ready to pay premium D 50% of SA max. Question 28 Basing on which criteria the qualification of Agent is determined? A Address of the agent B Domicile status C Qualification of Agent D DOB of Agent Question 29 80. 80. Manish Suryawanshi Which tax rate is applicable, in case of Client pays the premium of 5000/- and suffers illness before maturity? A Nil B 10% C 20% D 30% Question 30 A customer surrenders his policy on Feb 2010 As per Agents code of conduct, an agent can get a new policy from this customer from Feb which year A 2011 B 2012 81. 81. Manish Suryawanshi C 2013 D 2014 Question 31 If we hold 100 units in gold ETF, It means that how much grams we have in physical A 5 or 10 grams B 10 or 15 grams C 15 or 25 grams D 50 or 100 grams Question 32 In case of life insurance, the insurable interest should exist A At the time of taking the policy 82. 82. Manish Suryawanshi B At the time of claim C At the time policy matures D At the time of taking the policy & claim Question 33 Pooling of insurance applies to A all types insurance B All types of insurance except Motor insurance C Only life insurance D Only Non-life insurance Question 34 Insurance companies are required to honor the awards passed by the Insurance Ombudsman within how may days 83. 83. Manish Suryawanshi A 10 days B 15 days C 20 days D 25 days Question 35 If IRDA is unable to discharge its functions or duties, Central Government A Has the power to supersede the IRDA by issuing notification. B Has the power to supersede the IRDA by issuing a bill in parliament C Has the power to supersede the IRDA by issuing draft D Can make changes in IRDA law 84. 84. Manish Suryawanshi Question 36 An elderly person wants to use tax efficient investment and invests in senior citizen saving scheme. Its the impact in his taxation A He will get tax benefit up to 5000 B He will get tax benefit up to 25% C He will get a reduction in tax slab D His investment would be deducted from taxable income Question 37 What are the benefits to the policyholder Under Surgical care rider? 85. 85. Manish Suryawanshi A Number of days admitted in hospital & surgery expenses in full B Number of days admitted in hospital & surgery expenses in partial C Treatment cost of surgery subject to terms & conditions D Lump sum amount what he has incurred Question 38 Health insurance policy holder takes treatment in a hospital which doesn’t have cashless facility. How the policy holder will get benefited A Need to spend and Get claim from the insurer B Need to add that hospital as TPA C Need not to claim 86. 86. Manish Suryawanshi D Need to switch to the another insurer Question 39 During financial planning session if the agent finds out the following needs, which one should be given the top priority. Needs: Income protection, Childs education, marriage and emergency funds. A Childs education B Marriage C Emergency funds D Income protection Question 40 87. 87. Manish Suryawanshi National insurance academy has the following main functions A Calculating premium B Interact with the government C Training D Mortality assumptions Question 41 Health insurance rider and critical illness rider in classified under A Life and non life respectively B Both life insurance C Both non life insurance D Nonlife and life respectively. 88. 88. Manish Suryawanshi Question 42 Pure risk is classified under A Economic risk B Speculative risk C Financial risk D Insurable risk Question 43 If a valid claim is delayed by the insurer then the interest for the same will have to be paid by the insurance after how many days from the date of admission of the claim? A 10 days B 20days C 30 days 89. 89. Manish Suryawanshi D 60 days Question 44 As per IRDA regulations IGMS should be mandatory set up by A Only by few selected insurers B Only by non life C Some life and non life D By all insurers. Question 45 If a customer has mentioned he is a drinker in the proposal form, the insurance company can exclude this hazard and mention it in which part of the policy document? 90. 90. Manish Suryawanshi A Provisio B Endorsements C Operative clause D Terms and Conditions Question 46 When can an insurance company give more than 35% first year commission? A When the insurance company is in the first 10 years of operation B If the agent has worked with the company for more than 5 years C If the agent has worked with the company for more than 10 years 91. 91. Manish Suryawanshi D If the agent is doing more than 3 policies in a month. Question 47 When should an agent disclose the commission which he will earn from the product which he is going to sell A When the customer asks him B After the fact finding process C After quantifying the need D After the product is recommended to the client Question 48 92. 92. Manish Suryawanshi In a pension plan illustration what are the parts which shows the benefit for an annuitant. A Insurance coverage B Annuity part C Guaranteed and non guaranteed part D Vesting age Question 49 Mr. shailsh has an endowment policy with 30 years policy term, he has paid for eight years. The sum assured Rs.8,00,000/- and accumulated bonus Rs.60,000/-. What is the paid up value if bonus accumulated and if not bonus accumulated? A 213333 & 273333 B 213333 & 229333 93. 93. Manish Suryawanshi C 229333 & 273333 D 229333 & 293333 Question 50 The consequences of these risks which will affect specific individuals or local communities in nature is called as A Pure risk B Financial risk C Particular risk D Physical hazard ======================================= =================== English IC 33 Paper 14 (2014-New Syllabus ) Question 1 94. 94. Manish Suryawanshi What is the disadvantage to the insurer in case the persistency falls A Lower profits B Higher profits C Increased Liability D Decreased Life fund Question 2 For the customer whose claim has been refused by the company, the three places where he/she should follow up are – Ombudsman, IRDA Customer Grievance Cell and ……………………….. A Consumer Forum B COPA C Sebi 95. 95. Manish Suryawanshi D Life Insurance Council Question 3 If a policy with premium of Rs 5000 has matured, how much will be deducted when the maturity claim arises A Nil B 1% C 5% D 5% Question 4 When a person is investing in Debt Mutual Fund, what is the primary objective A Good Returns 96. 96. Manish Suryawanshi B Regular Income C Safety D Liquidity Question 5 If the employer has insurable interest in the life of an employee, what kind of policy is this? A Surety insurance B Keyman Insurance C Partnership Insurance D Debtor Insurance Question 6 97. 97. Manish Suryawanshi In the sales illustration, the reduction of the actual benefit amount is mainly due to deduction of A Commission B Charges C Non guaranteed benefits D Reversionary Bonus Question 7 The concept of indemnity is based on the key principle that policyholders should be prevented from A Insuring existing losses. B Making false insurance claims. C Paying excessively for insurance cover. 98. 98. Manish Suryawanshi D Profiting from insurance. Question 8 The client of reinsurer are A Insurance companies B Banks C Asset Management Companies D Brokers Question 9 A customer gets periodic benefits without any claim and then when he dies during the term of the policy, his nominees gets the sum insured. What type of policy is this ? A Endowment 99. 99. Manish Suryawanshi B Term C Money Back D Whole of Life Question 10 For assessing the risk of a group health insurance policy, which of the following information is the most critical A Group lifestyle B Employees C Age of the group D Medical history of group Question 11 100. 100. Manish Suryawanshi According to Insurance Brokers Association of India, what is the most appropriate relationship between Insurer and Broker? A Insurance broker represent the client and the insurer remunerate the broker B The client represent the broker and the insurer remunerate the broker C Insurer represent both client and broker remuneration D Broker only service the client Question 12 A low persistency ratio for the insurance company means that: A The customers are satisfied with the products 101. 101. Manish Suryawanshi B The company is acquiring more business and new customers C A large numbers of policies have lapsed / surrendered resulting in loss of profit D The company will not declare bonus Question 13 For annuity plans, before receiving regular/periodic annuity payments, the individual can make a lump sum withdrawal. This is known as commutation. Up to what proportion of the accumulated fund can be withdrawn? A The entire fund can be withdrawn B Only half of the fund can be withdrawn C Only one third of the fund can be withdrawn 102. 102. Manish Suryawanshi D Only one fourth of the fund can be withdrawn Question 14 What is the stipulated time frame within which an insurer is supposed to respond after receiving any communication from its policyholders? A 24 hours B 1 day C 10 days D 30 days Question 15 103. 103. Manish Suryawanshi For an insurance agent, a low persistency ratio means : A Loss of renewal commission B High client satisfaction C Higher reputation D More earning of First Year Commission Question 16 The proposer can withdraw from the contract, if they disagree with the terms and conditions of the Policy, within a ‘free look-in period’ of A 15 days from the date of receipt of the policy document B 20 days from the date of receipt of the policy document 104. 104. Manish Suryawanshi C 25 days from the date of receipt of the policy document D 30 days from the date of receipt of the policy document Question 17 In the case of life insurance, insurable interest should exist A At the inception of the policy B At the time of a claim C At the time of every renewal premium payment D All the above occasion Question 18 105. 105. Manish Suryawanshi In which of the following plan remaining part of the Sum Assured is paid on maturity? A Endowment Plan B Convertible Plan C Money Back plan D Term Plan Question 19 Rakesh wants to buy a policy primarily for Risk Cover but at the end of the term he wants to get at least some return. Under which policy he will get these benefits A Endowment plan B ROP plan C Whole life plan 106. 106. Manish Suryawanshi D Ulip Question 20 Payment/Investments in Kishan Vikash Patra under post office schemes is done A Regularly with no fixed term B Lump Sum with no fixed term C Lump Sum for fixed period of time D Regularly for fixed period of time Question 21 Prashant buys an Endowment Plan with a sum assured of Re. 100000 and wants to make use of tax benefit under the policy for whole SA. 107. 107. Manish Suryawanshi How much premium would help him avail this benefit A Less than 10000 B More than 10000 C Less than 20000 D More than 20000 Question 22 Under the IRDA guidelines for Claim settlement, any queries or additional documents can asked from the claimant within A 5 days from the receipt B 10 days from the receipt C 15 days from the receipt D 20 days from the receipt 108. 108. Manish Suryawanshi Question 23 Law of Large number helps the insures to A Calculate the premium B Increase the profitability C Increase the profitability D Declare the bonus Question 24 A person with a criminal background due to Financial fraud would come under which hazard A Physical B Moral C Occupation D Not applicable 109. 109. Manish Suryawanshi Question 25 Whose signature is required on attestation of the policy? A Agent B Policy holder C Authorized officials of insurer D Proposer Question 26 What is the ceiling of tax exemption under 80 c. A 1 lakh B 1.5 lakhs C 2 lakhs D 3 lakhs 110. 110. Manish Suryawanshi Question 27 What is the limit of tax benefit that can be availed of under Section 80C.? A 75K B 1L C 1.5 L D 50K Question 28 Mr. Shyam is having 9 year old child. Which product is not to be given priority? A Health plan B Child Plan C Life Insurance 111. 111. Manish Suryawanshi D Retirement Plan Question 29 Mr. Raj is married and having 2 children. Which plan can he take that can cover his whole family? A Health Insurance B Family floater C Life Insurance D Retirement Question 30 Which is the best option to manage risk? A Retain B Transfer 112. 112. Manish Suryawanshi C Avoid D None Question 31 What is the major reason for self employed to take insurance. A Save Tax B Fluctuating income C High Returns D Protection Question 32 What is the major reason for conducting fact finding exercise? A Need analysis 113. 113. Manish Suryawanshi B Understand about company C Introduction of agent D Understanding the Customer Question 33 If 5% bonus is given every year then for a SA of 1 lakh, what will be the payout after 15 years in a simple revisionary bonus system? A 60000 B 75000 C 100000 D 5000 Question 34 114. 114. Manish Suryawanshi The guidelines for annual assumed growth rate are given by A Life Insurance Council B IRDA C Actuaries D Underwriter Question 35 Pricing element is done by A IRDA B Insurance Company C Life Insurance Council D CII Question 36 115. 115. Manish Suryawanshi AML Program of every insurer to include _______________, apart from Procedure, Training and audit. A Inspection by IRDA B Audit by Finance Ministry C Appointment of Principal Compliance Officer D Inspection by Auditor General Question 37 Payment of premiums by cash cannot exceed ____________ . A Rs. 1, 00,000 B Rs. 50,000 C Rs. 25,000 D Rs. 60,000 116. 116. Manish Suryawanshi Question 38 Ravi was expecting a claim amount of Rs. 12, 00,000 from insurer. But it was rejected. He feels that it is repudiated on wrong reasons. Which consumer forum can he approach? A National Commission B District Level C State Level D Mandal Level Question 39 Under section 80C the maximum tax deduction that can be gained for premium paid is _______ in a financial year. 117. 117. Manish Suryawanshi A Rs. 75,000 B Rs. 1, 10,000 C Rs. 1, 20,000 D Rs. 1, 50,000 Question 40 Vijay received his policy bond on 11th June, 201 Due to some personal problems he has decided to cancel the policy on 8th July, 201 Can he cancel or return the policy? A No, as 15 days period is over B Yes, as it is within 1 year C No, as 20 days period is over D Yes, as it is within 3 months 118. 118. Manish Suryawanshi Question 41 Naresh is married and his daughter Sneha is 3 years old. Which plan can he take? A Term & Children Plan B Annuity Plan C Whole Life Plan D Health Plan Question 42 Vinay doesn’t want to take insurance on himself. He feels that his family will survive with the funds available in the bank and monthly rentals received from village. This comes under Risk ______ A Transfer 119. 119. Manish Suryawanshi B Control C Retaining D Avoidance Question 43 Naveen, aged 32 years, has taken money back plan. He is a teacher by profession. Naveen referred Prasad to Ram. Prasad is also teacher. Ram who is an agent advised Prasad to take money back plan as he is of same age (33 years). Is it the right advice? Why? A Yes, as Naveen and Ram are of same age. B No, customers needs are different C Yes, as both are teachers D No, as there is an age difference. 120. 120. Manish Suryawanshi Question 44 Ajay has bought an endowment insurance plan with a cover of Rs. 10, 00,000 for a term of 15 years. Ajay died after 4 years. Insurance company will not treat this claim as ________ claim. A Normal B Fraudulent C Early D General. Question 45 Rajesh is 34 years old and having 2 sons, Vineeth and Sumith. The level of risk appetite, Rajesh belongs is _______. 121. 121. Manish Suryawanshi A Middle Level B Top Level C Low Level D High Level Question 46 What is the minimum Sum Assured allowed for Micro Insurance? A 5000 B 10000 C 15000 D 20000 Question 47 How many days does the Free Look Period last? 122. 122. Manish Suryawanshi A 15 days B 30 Days C 45 days D 60 Days Question 48 The Ombudsman’s powers are restricted to insurance contracts of what value? A 1Lakh B 10 Lakhs C 15Lakhs D 20 Lakhs Question 49 123. 123. Manish Suryawanshi Under current regulations what is the maximum stake that the Foreign Partner in Insurance Company hold? A 49% B 50% C 60% D 26% Question 50 What does MDRT Stand for? A Million Dollar Round Table B Major Double Rupees Tag C Major Dollar Round Tag D Mean Disposition Residence Time 124. 124. Manish Suryawanshi ======================================= =================== English IC 33 Paper 15 (2014-New Syllabus ) Question 1 Where would you have to go if you wanted to buy a Kisan Vikas Patra? A Any Nationalized Bank B Insurance Company C Post Office D Mutual Fund Company Question 2 What is the limit of tax benefit that can be availed of under Section 80C? 125. 125. Manish Suryawanshi A 50,000/- B 15,000/- C 10,000/- D 150,000/- Question 3 Ombudsman has to give his decision within how many days? A 15 Days B 30 Days C 2 Months D 3 Months Question 4 126. 126. Manish Suryawanshi In a case, the underwriter felt that the risk associated with the person would decrease with time, then he would accept the case with A A clause B A Lien C A Loading D A Loading Question 5 A person suffering from lung cancer is a smoker. Here smoking can be termed as A Peril B Hazard C Risk D Uncertainty 127. 127. Manish Suryawanshi Question 6 Which of the following is a Non Standard Age Proof A PAN Card B Certificate of Baptism C Certificate from Village Panchayat D Certificate from School or College Question 7 Venu, aged, 32, had a Insurance cover of 10, 00,000/- . He was approached by an advisor who made some analysis and told him that his Insurance need is higher than 10, 00,000 and suggested that he surrenders the existing policy and buys a new one. This is an example of 128. 128. Manish Suryawanshi A Churning B Proposing C Underwriting D Switching Question 8 If the recommendation of the agent has been rejected by the client, the agent should: A Ask the client to fill the proposal form B Find out the reasons for refusal C Must try to convince the client to follow his recommendation D Must try to force the client to follow his recommendation 129. 129. Manish Suryawanshi Question 9 Which of the following is true regarding Family Floater Health Insurance Plan? A A Family Floater Plan is the same as a Individual Plan B Only self and spouse can be covered in this plan C Any number of people may be covered in this plan. D The insurance cover is shared amongst the family members in no fixed Proportion. Question 10 In what proportion is the cover in a Family Floater Plan shared? A 25% each 130. 130. Manish Suryawanshi B 15% each C 50% each D No Proportion Question 11 To identify suitable products their main features and their tax treatments is the role of: A Agent B Insured C Policy Holder D Insured person Question 12 In Cumulative Deposits the interest is normally compounded in a 131. 131. Manish Suryawanshi A Annually B Semi Annually C Quarterly D Monthly Question 13 The rider which is given by the Insurance company pays for the treatment costs in the event of hospitalization of the insured person is called A Critical Illness Rider B Hospitalization Care Rider C Accidental Benefit Rider D Surgical Care Rider 132. 132. Manish Suryawanshi Question 14 Age proof submitted from Village Panchayat is: A Standard and accepted B Not standard but accept C Not at all accepted D Accepted with SSLC book/mark list Question 15 Mr. X is married with wife, 2 children and aged parents Health premium is allowed for A X only B X with wife C X with wife and kids D X with all 133. 133. Manish Suryawanshi Question 16 Maximum Life cover A 20 times annual salary B 500000 C 1500000 D 4000000. Question 17 As per AML regulation, it allows cash premium not over than A Rs.20000 B Rs.25000 C Rs.5000 D Rs.50000 134. 134. Manish Suryawanshi Question 18 Bank interest is accumulated A Monthly B Yearly C Quarterly D Once in 6 months Question 19 _____ controls monetary system in India A RBI B IRDA C SEBI D Constitution 135. 135. Manish Suryawanshi Question 20 Hospitalization rider has the following benefit: A Person receives fixed amt daily for no of days in hospital B Person receives an amount equal to the expense. C Person receives a fixed amount of 1000 daily. D Person receives benefit only if he is hospitalized for 3 days minimum. Question 21 Total annual premium Rs 32000 quarterly loading done 4 %. Hence actual quarterly premium will be A 7680 136. 136. Manish Suryawanshi B 9320 C 8320 D 6600 Question 22 License of an agent was withdrawn in June 2010 due to malpractice. He can reapply for his license in A 2015 B 2014 C 2013 D 2017 Question 23 A Professional insurance market carries….. 137. 137. Manish Suryawanshi A Need – Based Selling B Product – Based Selling C Commission – Based Selling D Company – Based Selling. Question 24 Insurance Market divided into A Endowment and Money Back Insurance B Life and General (non-life) Insurance C Government and Private Insurance Markets D Health and Saving Insurance Markets Question 25 What is Bancassurance? 138. 138. Manish Suryawanshi A Giving insurance policies to Banks. B Selling insurance policies through Banks. C Giving guarantee to policies by Banks. D None of the above. Question 26 The “Risk” contains…. A Peril and Hazard B Level C Uncertainty D All of the above. Question 27 Grouping the similar risks by Insurance Company is called as…. A Grouping of Risk 139. 139. Manish Suryawanshi B Risk Grading C Risk Assessment D Pooling of Risk Question 28 The function of Insurance works on….. A Risk Transfer B Risk avoid C Risk retention. D All of the above. Question 29 A contract comes into existence when……… A One party makes an offer which the other party accepts unconditionally. 140. 140. Manish Suryawanshi B One party makes an offer which the other party put extra conditions. C One party makes an offer where other party gives counter offer. D One party makes an offer which the other party receives the offer. Question 30 Mr. Kumar’s wife is suffering from blood cancer. Doctors lost their hope on her live. Mr. Kumar would like to take Life Insurance policy on wife’s name in order to get monitory benefit. Insurance company rejects this proposal on the grounds of……. A Anti Money Laundry B Legality of object or purpose 141. 141. Manish Suryawanshi C Capacity of paying future premiums. D All of the above Question 31 Under this situation may leads to breach of the duty of utmost good faith. A Non disclosure of material facts. B Concealment of a material fact C Fraudulent misrepresentation of facts. D All of the above. Question 32 Principle of Indemnity denotes….. A Insurance can not be used to make a profit 142. 142. Manish Suryawanshi B Insurance should not taken by high risk people. C Insurance can not taken by politicians. D All of the above. Question 33 The principle of utmost good faith is not applicable to A Facts of common knowledge B Facts of law C Facts those are not material. D All of the above. Question 34 143. 143. Manish Suryawanshi What is the main source for insurance company to get information of proposer? A Advertisements. B Proposal form. C Conducting interviews. D Telephonic conversations. Question 35 What are the factors involved in calculating Surrender Value of the Policy? A Number of year’s premium paid. B Number of premiums payable. C Sum Assured D All of the above. 144. 144. Manish Suryawanshi Question 36 What are the different types of Assignments? A Full Assignment and Partial Assignment B Conditional and Absolute Assignment. C Life Assignment and General Assignment. D Standard Assignment and Non-Standard Assignment. Question 37 Mr. Kumar is taken one life insurance policy with ABC Company. But he is not satisfied with the policy benefits. What Mr. Kumar can do under this situation? A He can not do any thing, because be received the policy bond. 145. 145. Manish Suryawanshi B He can file a complaint against insurance company in court. C He can send back the policy document to insurance company with in 15 days from policy receiving date. D Serve notice to insurance company on policy benefits. Question 38 Moral Hazard reflects the ……. A Intentions and attitude of Proposer. B Habits and Hobbies of Proposer. C Occupation and Residence of Proposer. D Medical and Personal History of Proposer. 146. 146. Manish Suryawanshi Question 39 Income replacement methods equates Human Life Value (HLV) to A Future value of Present earnings. B Present value of future earnings. C Present value of previous earnings. D Future value of previous earnings. Question 40 Agent will be called as….. A Primary Underwriter B Main Underwriter C Chief Underwriter. D Information Underwriter. 147. 147. Manish Suryawanshi Question 41 Mr. Rajesh has taken policy from ABC insurance company for Rs. 500000 Sum Assured by paying Rs. 50,000 premium per year. Company declared 5% Simple Reversionary bonus, what is bonus amount? A Rs. 2500/- B Rs. 25000/- C Rs. 250000/- D Rs. 5000/- Question 42 The two basic elements of most life insurance plans are A Guaranteed Benefit and Non-guaranteed Benefit. 148. 148. Manish Suryawanshi B Interest Benefit and Bonus Benefit. C Death Benefit and Maturity Benefit. D Bonus Benefit and Tax Benefit. Question 43 Term Insurance Plan will give…. A Only Death Benefit. B Only Maturity Benefit. C Only Bonus Benefit. D Only Tax Benefit. Question 44 Low risk products give….. A High Returns 149. 149. Manish Suryawanshi B Low Returns C Moderate Returns D Good Returns Question 45 Who will maintain Mutual Fund Schemes? A Mutual Fund Management Societies B Mutual Fund Management Systems. C Asset Management Companies. D Asset Maintenance Company Limite4. Question 46 Which is the primary saving need among all saving needs? A Insurance 150. 150. Manish Suryawanshi B Purchasing House C Investment. D Contingency/ Emergency Fun4. Question 47 Mr. Rao has Rs. 10, 00,000 cash with him. He would like to use this amount for his daughter’s marriage which is going to happen with in Nine months. He would like to get some returns from this money in these 9 months period. What is the best option to park his money? A Insurance B Shares C Fixed Deposit in Bank D Mutual Funds. 151. 151. Manish Suryawanshi Question 48 Which of the following product not comes under Section 80 ( C ), income tax act 196 A National Saving Certificates. B Equity Linked Saving Schemes. C Principle component of home loan. D Premium paid for Health Insurance Plan. Question 49 Mr. Suresh purchase one pension plan and accumulated Rs. 9,00,000 amount in his pension fund. He would like to utilize commutation benefit before taking pension. What is amount Mr. Suresh can withdraw as commutation? 152. 152. Manish Suryawanshi A Rs. 3, 00,000/- B Rs. 4, 50,000/- C Rs. 90,000/- D Rs, 4, 85, 468/- Question 50 Customer has to pay the amount in regular intervals to create purchase price or Pension Fund. We call this phase as….. A Collection Phase. B Accumulation Phase C Pension Phase. D Primary Phase. ======================================= =================== Recommended

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