Q. What happens to a general insurance policy if the remittance made by the proposer or policyholder is not realized by the insurer?

View solution

Q. What determines the continuance of risk in a life insurance policy?

View solution

Q. Under what circumstances do insurers not have 'non-receipt of premium or non-realization of cheque' as a defence against payment of compensation to the third party?

View solution

Q. What provision allows relaxation to the provisions of section 64 VB (I) for certain categories of insurance?

View solution

Q. What term is related to insurance characterized by low premium and designed to serve low-income group people?

View solution

Q. In which country did the concept of micro-insurance originate?

View solution

Q. What is the maximum remuneration limit for a micro insurance agent for non-life insurance business?

View solution

Q. Unit Linked Insurance Plans (ULIPs) are _______-linked insurance plans.

View solution

Q. Where data for the performance of a fund of the ULIP is not available for at least one calendar year, past performance _________________.

View solution

Q. The maximum loan amount that can be sanctioned for any ULIP policy having more than 60% of its funds invested in equities is ______ of the policy’s surrender value.

View solution

Q. Micro-insurance is based on the concept of ________.

View solution

Q. Who conceived the idea of Grameen Bank in 1974?

View solution

Q. For life micro-insurance products, what should be the minimum number of members comprising a group?

View solution

Q. Micro-insurance products need prior approval of the authority under the “File & Use” procedure and every such product shall prominently carry the caption “______________”.

View solution

Q. In the case of discontinued linked insurance policies, the policyholder has an option to either _______ the policy within the terms and conditions governing the policy or ________ the entire funds from the underlying ULIP funds with no risk cover.

View solution

Q. In the case of regular premium ULIP policies, most insurance companies allow the policyholders to pay premiums on a _____________ basis.

View solution

Q. Madhav is going to pay Rs. 50,000 as premium for a ULIP. According to the terms of the ULIP, 60% of the premium will be allocated to the investment chosen by Madhav. Madhav has decided to invest in the balance fund, which has a Net Asset Value of Rs 12. The number of units allocated to Madhav will be ____________.

View solution

Q. Who is responsible for providing appropriate training to insurance agents/intermediaries before they are authorized to sell Unit Linked Insurance products?

View solution

Q. For single premium contracts under ULIPs, the minimum sum assured for the age at entry of below 45 years is __________ of the single premium paid.

View solution

Q. What is the lock-in period for all Unit Linked Products?

View solution