Agency OBX-Day 5 Quiz-2

Under this type of life insurance plan, bonus is declared only if the insurer makes a profit. Which type of plan is this? Select the correct answer from the list below. 

• ULIP

• Non PAR

• PAR

• Annuity

The Non PAR type of life insurance plan provides a guaranteed amount on maturity, but does not participate in the profits of the life insurance company. Identify whether the above statement is true or false.

• FALSE

• TRUE

Unit-linked Life Insurance Plans (ULIPs) allow a customer to participate in the market (equity and/or debt) to invest their money and also offer a life cover. Identify whether the above statement is true or false.

• TRUE

• FALSE

This bonus is declared annually throughout the term of the policy and becomes attached to the policy. At the time of maturity, the bonus amount is received as part of the maturity payout. Which type of bonus is this? Select the correct answer from the list below. 

• Terminal Bonus

• Interim Bonus

• Reversionary Bonus

• Discretionary Bonus

If a policy matures between two successive bonus declaration dates, the bonus payable to the policyholder is calculated for the remaining days from the last bonus date. This type of bonus is called Interim Bonus. Identify whether the above statement is true or false.

• FALSE

• TRUE

This type of bonus on PAR plans is applicable to the claims that arise in the year when the bonus is declared, without any commitment for later years. Select the correct answer from the list below.

• Terminal Bonus

• Interim Bonus

• Reversionary Bonus

• Discretionary Bonus

Terminal Bonus will not be payable for policies which have been surrendered or which have acquired paid-up value. Identify whether the above statement is true or false.

• TRUE

• FALSE