Q. Which statement accurately describes the purpose of insurance and annuity products?

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Q. What does a term insurance policy cover?

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Q. What benefit does an Endowment Assurance contract provide?

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Q. What is the primary characteristic of an annuity product?

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Q. What are 'Riders' or 'Add-ons' in insurance contracts?

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Q. What option do some contracts provide to policyholders?

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Q. What guarantees do insurers offer on payment of benefits and premiums?

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Q. What do insurance contracts offer in exchange for extra premium?

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Q. Life Insurance Business means ____________________________________.

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Q. When the sum assured is returned to the policyholder at periodic intervals, it is referred to as ____________.

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Q. Which of the following is not a characteristic of riders?

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Q. Which of the following is not an example of an ‘Option’?

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Q. If sum assured is Rs.1,50,000/- and if number of premiums actually paid are 7 and number of premiums actually payable are 10, what is the reduced sum assured?

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Q. Which of the following is not a method of payment of bonus?

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Q. Investment linked contracts provide which of the below?

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Q. Mr. Sam buys an Endowment Assurance contract with profits for a Sum assured of Rs. 200,000/- and a policy term of 10 years.

He dies in the 5th policy year (i.e. after payment of 5 annual premiums).
Total vested bonus for 5 years is Rs.32,000/-. What is the benefit payable on his death?

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Q. Bonus declared in the last year was 3% of SA. In the current year, it is 10% of the amount of bonus declared in the last year. If Sum Assured (SA) is Rs 1000, what would be the Compound Reversionary Bonus (CRB) for the current year?

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Q. Which of the following is not an example of alteration?

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Q. Pension is payable to a member at the rate of Rs. 2000/- p.m. as long as he is alive, and on his death, his spouse is entitled to a pension of Rs. 1000/- p.m., which is payable as long as the spouse is alive. What annuities are suitable for this member?

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Q. If Mr. Sam became permanently disabled due to an accident, which rider will provide him additional benefits?

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