CSC VLE Insurance & RAP Exam Question Answer
Key
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Q. A Couple has 7 years old son what solution they
would be looking for:
Ans. child education
Q. Naresh is married and his daughter Sneha is 3
years old. Which plan can he take?
Ans. Term & Children plan
Q. What is the reason for which a self-employed
should take an insurance
plan?
Ans. Control unstable income
Q. What to be considered while taking first
policy?
Ans. All of the above
Q. Which one is not an
asset?
Ans. House loan
Q. Mr. X fact find shows he need a term insurance
for his future income protection, a family health plan to cover medical needs,
a children’s plan to cover his son’s education and a endowment policy for his
daughter’s marriage. Which of these is the first
priority?
Ans. Term Insurance
Q. The sole focus during a client’s fact-find
session was healthcare requirements and estate planning which main life stage
is he most likely to fall into?
Ans. retirement
Q. Rajiv is married & has 4-year old son. Which
insurance plan is suitable for him?
Ans. Child plan
Q. 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?
Ans. ULIP
Q. Danny is married and has two children aged 6 and
10. His parents are aged 68 and 70. who all can be included in Family floater
option of a health plan
Ans. Danny his wife and his children
Q. Rupkumar wants to take commutation option. What
is the maximum amount he can withdraw?
Ans. One third
Q. If there is no claim in a year, then what will be
the benefit to the customer as No Claim
Bonus:
Ans. Discount in next year premium
Q. While calculating the pension figures required at
the time of retirement, two factors should be considered while planning. One is
taxation and other is:
Ans. inflation
Q. How riders will help the customer in life
insurance?
Ans. Allows policyholders to customize their
insurance cover with additional benefits
Q. Yash wants to take open market option in pension
plan. What is the benefit?
Ans. To switch the underlying fund
Q. Critical illness rider was taken and the rider
benefit has been claimed. The rider benefit now gets:
Ans. Terminated
Q. Health insurance is needed
because:
Ans. cost of healthcare has increased significantly
Q. The premium on all riders put together should not
exceed:
Ans. 30% of the premium on the base policy
Q. In a health insurance plan, what feature is likely
to cause the insurer to decrease the renewal
premium:
Ans. No claim bonus
Q. The premium for accidental death benefit rider
must not exceed:
Ans. 30% of base policy premium
Q. Rajan and Rani has taken a family floater health
insurance plan of 4 lacs. They met with an accident and had a hospital bell of
6 lacs. Which is true for this situation?
Ans. the maximum cover will be of 4 lacs
Q. Ramesh wants to buy 15 years pension plan for
retirement. While calculating, gaps required at the end the gratuity amount was
completely ignored because he is:
Ans. self employed
Q. Customer has opted for a 5 years guaranteed
annuity option what will happen to annuity if the customer survives for 5 years
after the end of guaranteed period:
Ans. Till he dies
Q. What frequencies can one take
annuity?
Ans. Monthly, quarterly, Half-yearly, Yearly
Q. All ULIP pension plans have to give how much
percentage as Guaranteed returns:
Ans. 0.045
Q. In what proportion is the cover in a family
floater plan shared:
Ans. no proportion
In term insurance, if critical illness rider claim
happens then what will happen to existing
policy:
Ans. CI benefit will cease
Q. A person retiring within 3 months need return as
pension. What kind of investment plan he need to
choose?
Ans. Immediate annuity
Q. Vishal and Sandeep applied for a health plan in
XYZ Life Insurance company. Vishal is asked to undergo medical check-up. But
Sandeep is not asked to do so. What will be most possible
reason?
Ans. Sandeep has taken another policy from XYZ life
insurance company
Q. Family floater health insurance plan
covers:
Ans. all members of a family
Q. An individual need a lump sum at the age of
retirement. The amount he need to
invest annuity for the goal will depend
on:
Ans. all the above
Q. Waiting period in a health insurance policy is to
address:
Ans. Pre-existing illness
Q. Commutation is a feature of which type of
policy:
Ans. Annuity
Q. A person has taken a term insurance of 4 lacs.
What is the maximum critical illness rider he can
take?
Ans. 4 lac
Q. The rider which is given by the insurance company
and which pays for the treatment cost in the event of hospitalization of the
insured person is called?
Ans. hospitalization care rider
Q. What are the benefits to the policyholder under
surgical care rider?
Ans. Treatment cost of surgery subject to terms and
conditions
Q. A person Wants to invest in a FD for Tax benefit.
How many years he has to take the term of the
FD?
Ans. 5 year
Q. What is the limit of tax benefit that can be
availed of under Section
80C?
Ans. 1,00,000/-
Q. What is the advantage of converting physical gold
assets to gold
ETFs?
Ans. Liquidity
Q. From which investment, a person will have Capital
Growth and Dividend?
Ans. Equity
Q. What is purpose of investing money in debt mutual
fund?
Ans. fixed Income
Q. Under which section of the Income Tax Act can an
individual get a deduction from taxable income for Health
Insurance?
Ans. 80D
Q. Ajit and Vijit are 2 friends paying same premium
for health insurance. Why Ajit has higher tax exemption eligibility than
Vijit?
Ans. Ajit is above 65 years of age whereas Vijit is
below 65
Q. Which is NOT the duty of Life Insurance
Council?
Ans. Fixing price of insurance products
Q. __________ has laid down the Code of Conduct for
all agents:
Ans. Insurance Regulatory & Development
Authority
Q. In underwriting the economic value of the person is
determined by what
Ans. Human life value
Q. Mr. Kumar decides that is employees should have SSS
scheme what type of plan is SSS
Ans. Not a specific plan
Q. In cumulative bank deposit the interest that in
normally compounded on what basis.
Ans. Quarterly
Q. Anand received post taxation 5% return on his fixed
deposit in bank if his net return is 3%, what can be the reason
Ans. Inflation
Q. Which is the primary saving need among all saving
needs?
Ans. Contingency/Emergency fund.