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Title Name Amity Solved Assignment MBA for Life Insurance Underwriting and Claims
University AMITY
Service Type Assignment
Course MBA
Semister Semester-III-Insurence Cource: MBA
Short Name or Subject Code Life Insurance - Underwriting & Claims
Commerce line item Type Semester-III-Insurence Cource: MBA
Product Assignment of MBA Semester-III-Insurence (AMITY)

Solved Assignment


  Questions :-

                                                                                             Life Insurance - Underwriting & Claims

 Assignment A

1.Discuss advantages of Life Insurance.

 4.Write short note on Pension Plans.

5.What is Endownment Plan?

Assignment  B

Case Detail: 

Mr. Rahman had purchased a Survival Benefit (Money Back) Life Policy on 01.04.2000 with following features:

  1. Sum Assured - Rs. 500,000/-
  2. Term - 20 Years.
  3. Premium to be paid only upto 15 yrs.
  4. Survival Benefits will accrue every 5 yrs.as per following patterns - (i) 30%, (ii) 30% and (iii) 40%.
  5. It is an accidental double benefit policy
  6. Bonus accrued @ Rs. 70 per thousand of Sum Assured per annum.

You are required to answer the following questions:

1.When 2nd servival benefit will accrue?      :                                        Date............

 2.Specify the amount of 3rd survival benefit:                                  Rs...............

3.Specify the amount which would be due on maturity:                          Rs............... 

 Assignment C

Question No.  1          Marks - 10

Principle of Indemnity is applicable in       

Options          

  1. Valued Policy
  2. PA Insurance
  3. Money Insurance
  4. Life Insurance

Question No.  2          Marks - 10

Life Insurance does not cover benefits in case of  

Options          

  1. Suicide
  2. Murder
  3. Accidental death
  4. Natural Death

Question No.  3          Marks - 10

Under Pure Endowment Life Insurance   

Options          

  1. Sum Assured is not payable if the insured survives a certain period
  2. Policy Period is Unlimited
  3. Survival Benefits paid during the currency of the policy
  4. Policy period is limited

Question No.  4          Marks - 10

GTIS means  

Options          

  1. Floater Mediclaim Policy
  2. Group Mediclaim Policy
  3. Term Insurance of a group
  4. Group Personal Accident Insurance

Question No.  5          Marks - 10

 In Term Insurance Plans, Premium is      

Options          

  1. Very High
  2. Very Low
  3. From Low to Moderate
  4. None of these

Question No.  6          Marks - 10

 Workmen Compensation insurance is taken by   

Options          

  1. Workmen
  2. State Govt.
  3. Executives
  4. Employers

Question No.  7          Marks - 10

In Endowment Life Insurance        

Options          

  1. Money is refunded to the assured in the event of non payment of premium
  2. All benefits are paid only at the maturity of the policy
  3. Specified Percentage of Sum Assured is paid back on defined intervals
  4. None of these

Question No.  8          Marks - 10

In Life Insurance HLV means        

Options          

  1. High Life Value
  2. Human Life Value
  3. High Level Value
  4. None of these

Question No.  9          Marks - 10

Premature death is a

Options          

  1. Personal Risk
  2. Property Risk
  3. Speculative Risk
  4. Dynamic Risk

Question No.  10        Marks - 10

Variable Annuities pay a     

Options          

  1. Guranted amount after the death of the Annuitant
  2. Lump sum after retirement
  3. Guranteed death benefit if the annuitant dies before retirement
  4. None of these

Question No.  11        Marks - 10

Which of the policies pays a fixed amount regularly on the happening of a specified event?

Options          

  1. Medical Expense Insurance
  2. Critical Illness Plan
  3. Unit Linked Health Police
  4. Disabilty Income Insurance

Question No.  12        Marks - 10

Employer based retirement plans can be categorised into

Options          

  1. Variable benefits and variable contribution plans
  2. Defined benefit and defined contribution plans
  3. Voluntary and mandatory plans
  4. None of these

Question No.  13        Marks - 10

Under Salary Saving scheme          

Options          

  1. Claim is paid by the employer
  2. Premium is remitted by the Employer to the Insurer
  3. Premium is deducted from teh salary and retained by the employer
  4. None of these

Question No.  14        Marks - 10

Keyman Insurance is related to      

Options          

  1. Top managerial persons
  2. Cashier
  3. Watchman
  4. Assistant

Question No.  15        Marks - 10

In life insurance revival of policy is resorted upon

Options          

  1. Maturity of the policy
  2. Death of Assured
  3. Lapsation of the policy due to non payment of premium
  4. Cancellation of the policy

Question No.  16        Marks - 10

Life Insurance policy with profit means benefits will include      

Options          

  1. Only Sum Assured
  2. Only Bonus
  3. Sum Assured + Bonus
  4. Survival Benefits Only

Question No.  17        Marks - 10

ULIP has element/s of          

Options          

  1. Covering life risk Only
  2. NAV
  3. Both 1 & 2
  4. None of these

Question No.  18        Marks - 10

Which method is non-proportional reinsurance   

Options          

  1. Excess of loss
  2. Quota Share
  3. Surplus Treaty
  4. None of these

Question No.  19        Marks - 10

Micro Insurance is meant for the   

Options          

  1. Poor and Unorganised section of the Society
  2. Micro Ovens
  3. School Children
  4. All of these

Question No.  20        Marks - 10

 Under Salary Saving scheme premium is deducted from the salary of the employee on         

Options          

  1. Monthly Basis
  2. Quarterly Basis
  3. Half Yearly Basis
  4. Annual Basis

Question No.  21        Marks - 10

The ESIC Act was enacted in the year      

Options          

  1. 1948
  2. 1947
  3. 1946
  4. 1945

Question No.  22        Marks - 10

Social Insurance program are precribed by          

Options          

  1. State Laws
  2. Insurance Company´s
  3. NGOs
  4. All of these

Question No.  23        Marks - 10

What is the minimum qualifying service for being entitled to receive gratuity nder Payment of Gratuity Act?   

Options          

  1. 2 years
  2. 3 Years
  3. 5 years          
  4. 7 years

Question No.  24        Marks - 10

For a married couple with small kids, which one is the least suitable form of life insurance plan       

Options          

  1. Wealth creation plan
  2. Mortgage Protection Plan
  3. Term insurance plan
  4. Children´s Plan

Question No.  25        Marks - 10

Under PA policy claim is admissible in the event of          

Options          

  1. Natural Death
  2. Natural Disease
  3. Accidental Death
  4. All of these

Question No.  26        Marks - 10

Which condition is not necessary for assignment of a life insurance policy?      

Options          

  1. The Assignor must be holder         
  2. The Assignor should not be a minor
  3. The Assignor must be the beneficiary of the policy
  4. None of these

Question No.  27        Marks - 10

 In life insurance upon the death of the assured, the claim is payable to

Options          

  1. Spouse
  2. Father
  3. Mother
  4. Nominee

Question No.  28        Marks - 10

Overseas Mediclaim Policy also covers       

Options          

  1. Hospitalisation Expenses in India
  2. Liability Risk
  3. Loss of Pet Overseas
  4. Loss of Travel Ticket

Question No.  29        Marks - 10

Social Insurance refers to    

Options          

  1. Group Insurance of Students
  2. Group Insurance of Employees
  3. Group Insurance of Members of a Cooperative Society
  4. Insurance program which provide a base of ecnomic security to the population

Question No.  30        Marks - 10

 The first Reinsurance company in India was       

Options          

  1. Indian Reinsurance Corporation
  2. General Insurance Corporation of India
  3. British Reinsurance Corporation
  4. Bharat Reinsurance Corporation

Question No.  31        Marks - 10

Group Saving Linked Insurance plans are a type of        

Options          

  1. Term Plans
  2. Return of Premium Plans
  3. Endowment Assurance Plans
  4. None of these

Question No.  32        Marks - 10

 In health protection policies there is no cover for

Options          

  1. Major surgical benefit
  2. Domiciliary Treatement
  3. Hospital cash benefit
  4. All of these

Question No.  33        Marks - 10

PA benefits can be insured  

Options          

  1. Under Stand Alone Policy
  2. Along with Mediclaim Insurance Policy
  3. Along with Life Insurance Policy
  4. All of these

Question No.  34        Marks - 10

Personal Accident Insurance provides compensation for

Options          

  1. PTD
  2. TTD
  3. PPD
  4. All of these

Question No.  35        Marks - 10

Overseas Mediclaim Policy is meant for     

Options          

  1. Senior Citizens
  2. NRIs
  3. Foreigners
  4. Person visiting abroad for limited period

Question No.  36        Marks - 10

Under which Section of Income Tax Act benefit of premium paid for Mediclaim insurance policies is available?      

Options          

  1. 24
  2. 80 C
  3. 80 D
  4. 88

Question No.  37        Marks - 10

Mediclaim Policy covers      

Options          

  1. Death Benefits
  2. Hospitalisation Expenses in India
  3. Disablement Benefits
  4. Hospitalisation Expenses Abroad

Question No.  38        Marks - 10

OMP claims are normally settled in

Options          

  1. INR
  2. US Dollar
  3. UK Pounds
  4. EURO

Question No.  39        Marks - 10

Under Money back policy, the claim amount upon the death of the Assured would be           

Options          

  1. Equal to Sum Assured + Bonus
  2. Equal to Sum Assured
  3. Lower than the Sum Assured
  4. Higher than the Sum Assured

Question No.  40        Marks - 10

Under Indian Evidence Act a person who has disappeared is presumed to be dead if he not been heard of for      

Options          

  1. 3 years
  2. 5 years
  3. 7 years
  4. 10 years                     
  Answers :-

                                                                                             Life Insurance - Underwriting & Claims

 Assignment A

1.Discuss advantages of Life Insurance.

Answer:-

Life insurance provides an infusion of cash for dealing with the adverse financial consequences of the insured´s death.

Life insurance enjoys favorable tax treatment unlike any other financial instrument.

Death benefits are generally income-tax-free to the beneficiary.

Death benefits may be estate-tax free if the policy is owned properly.

Cash values grow tax deferred during the insured´s lifetime.

Cash value withdrawals are treated on a first-in-first-out (FIFO) basis, therefore cash value withdrawals up to the total premiums paid are generally income-tax free.

Policy loans are income tax free.

A life insurance policy may be exhanged for another life insurance policy (or for an annuity) without incurring current taxation.

Note: All of the above statements are generally true; however the tax benefits of life insurance have certain limitations which under the wrong set of circumstances can cause the tax benefits mentioned to be lost.  Please discuss with your insurance and tax advisor.

Many life insurance policies are exceptionally flexible in terms of adjusting to the policyholder’s needs.  The death benefit may be decreased at any time and the premiums may be easily reduced, skipped or increased.

A cash value life insurance policy may be thought of as a tax-favored repository of easily accessible funds if the need arises; yet, the assets backing these funds are generally held in longer-term investments, thereby earning a higher return.

           

 

 4.Write short note on Pension Plans.

Answer:- 

Pension is a fund into which a sum of money is added during an employee´s employment years, and from which payments are drawn to support the person´s retirement from work in the form of periodic payments. A pension may be a "defined benefit plan" where a fixed sum is paid regularly to a person, or a "defined contribution plan" under which a fixed sum is invested and then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular installments for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment prior to retirement.

The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions. Called retirement plans in the United States, they are commonly known as pension schemes in the United Kingdom and Ireland and superannuation plans (or super) in Australia and New Zealand. Retirement pensions are typically in the form of a guaranteed life annuity, thus insuring against the risk of longevity.

A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions. Occupational pensions are a form of deferred compensation, usually advantageous to employee and employer for tax reasons. Many pensions also contain an additional insurance aspect, since they often will pay benefits to survivors or disabled beneficiaries. Other vehicles (certain lottery payouts, for example, or an annuity) may provide a similar stream of payments.

The common use of the term pension is to describe the payments a person receives upon retirement, usually under pre-determined legal or contractual terms. A recipient of a retirement pension is known as a pensioner or retiree.

 

 

5.What is Endownment Plan?

Answer:-        

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its ´maturity´) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.

Policies are typically traditional with-profits or unit-linked (including those with unitised with-profits funds).

Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it. There is an amount guaranteed to be paid out called the sum assured and this can be increased on the basis of investment performance through the addition of periodic (for example annual) bonuses. Regular bonuses (sometimes referred to as reversionary bonuses) are guaranteed at maturity and a further non-guarantee bonus may be paid at the end known as a terminal bonus. During adverse investment conditions, the encashment value or surrender value may be reduced by a ´Market Value Reduction´ or MVR (It is sometime referred to as a market value adjustment but this is a term in decline through pressure from the Financial Conduct Authority to use clearer terms). A full endowment is a with-profits endowment where the basic sum assured is equal to the death benefit at start of policy and, assuming growth, the final payout would be much higher than the sum assured.

Thus, "any life insurance plan with a saving component and lump sum maturity benefit can be termed as an endowment plan. That can be a unit linked insurance plan (ULIP) or a non-ULIP. However, in common parlance, only a non-ULIP saving-linked life insurance plan is referred to as an endowment plan," says Dr P Nandagopal, founder & chief mentor of financial services start-up Open World Money.

Endowment plans, thus, fulfill the dual need for a life cover and savings under a single.

 

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Assignment  B

Case Detail: 

Mr. Rahman had purchased a Survival Benefit (Money Back) Life Policy on 01.04.2000 with following features:

  1. Sum Assured - Rs. 500,000/-
  2. Term - 20 Years.
  3. Premium to be paid only upto 15 yrs.
  4. Survival Benefits will accrue every 5 yrs.as per following patterns - (i) 30%, (ii) 30% and (iii) 40%.
  5. It is an accidental double benefit policy
  6. Bonus accrued @ Rs. 70 per thousand of Sum Assured per annum.

You are required to answer the following questions:

 

1.When 2nd servival benefit will accrue?      :                                        Date............

Ans.

               Date..01.04.2010

 

 

 2.Specify the amount of 3rd survival benefit:                                  Rs...............

Ans.

                Rs.200000.[ 40% of sum assured]

 

 

 

 

3.Specify the amount which would be due on maturity:                          Rs...............

Ans.

Rs.1700000 [(sum assured) 500000+ (survival benefits) 500000 + bonus accrued (700000)]

 

 

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 Assignment C

Question No.  1          Marks - 10

Principle of Indemnity is applicable in       

Options          

  1. Valued Policy
  2. PA Insurance
  3. Money Insurance
  4. Life Insurance

 

 

Question No.  2          Marks - 10

Life Insurance does not cover benefits in case of  

Options          

  1. Suicide
  2. Murder
  3. Accidental death
  4. Natural Death

 

 

Question No.  3          Marks - 10

Under Pure Endowment Life Insurance   

Options          

  1. Sum Assured is not payable if the insured survives a certain period
  2. Policy Period is Unlimited
  3. Survival Benefits paid during the currency of the policy
  4. Policy period is limited

 

 

Question No.  4          Marks - 10

GTIS means  

Options          

  1. Floater Mediclaim Policy
  2. Group Mediclaim Policy
  3. Term Insurance of a group
  4. Group Personal Accident Insurance

 

 

Question No.  5          Marks - 10

 In Term Insurance Plans, Premium is      

Options          

  1. Very High
  2. Very Low
  3. From Low to Moderate
  4. None of these

 

 

Question No.  6          Marks - 10

 Workmen Compensation insurance is taken by   

Options          

  1. Workmen
  2. State Govt.
  3. Executives
  4. Employers

 

 

Question No.  7          Marks - 10

In Endowment Life Insurance        

Options          

  1. Money is refunded to the assured in the event of non payment of premium
  2. All benefits are paid only at the maturity of the policy
  3. Specified Percentage of Sum Assured is paid back on defined intervals
  4. None of these

 

 

Question No.  8          Marks - 10

In Life Insurance HLV means        

Options          

  1. High Life Value
  2. Human Life Value
  3. High Level Value
  4. None of these

 

 

Question No.  9          Marks - 10

Premature death is a

Options          

  1. Personal Risk
  2. Property Risk
  3. Speculative Risk
  4. Dynamic Risk

 

 

Question No.  10        Marks - 10

Variable Annuities pay a     

Options          

  1. Guranted amount after the death of the Annuitant
  2. Lump sum after retirement
  3. Guranteed death benefit if the annuitant dies before retirement
  4. None of these

 

 

Question No.  11        Marks - 10

Which of the policies pays a fixed amount regularly on the happening of a specified event?

Options          

  1. Medical Expense Insurance
  2. Critical Illness Plan
  3. Unit Linked Health Police
  4. Disabilty Income Insurance

 

 

Question No.  12        Marks - 10

Employer based retirement plans can be categorised into

Options          

  1. Variable benefits and variable contribution plans
  2. Defined benefit and defined contribution plans
  3. Voluntary and mandatory plans
  4. None of these

 

 

Question No.  13        Marks - 10

Under Salary Saving scheme          

Options          

  1. Claim is paid by the employer
  2. Premium is remitted by the Employer to the Insurer
  3. Premium is deducted from teh salary and retained by the employer
  4. None of these

 

 

Question No.  14        Marks - 10

Keyman Insurance is related to      

Options          

  1. Top managerial persons
  2. Cashier
  3. Watchman
  4. Assistant

 

 

Question No.  15        Marks - 10

In life insurance revival of policy is resorted upon

Options          

  1. Maturity of the policy
  2. Death of Assured
  3. Lapsation of the policy due to non payment of premium
  4. Cancellation of the policy

 

 

Question No.  16        Marks - 10

Life Insurance policy with profit means benefits will include      

Options          

  1. Only Sum Assured
  2. Only Bonus
  3. Sum Assured + Bonus
  4. Survival Benefits Only

 

 

Question No.  17        Marks - 10

ULIP has element/s of          

Options          

  1. Covering life risk Only
  2. NAV
  3. Both 1 & 2
  4. None of these

 

 

Question No.  18        Marks - 10

Which method is non-proportional reinsurance   

Options          

  1. Excess of loss
  2. Quota Share
  3. Surplus Treaty
  4. None of these

 

 

Question No.  19        Marks - 10

Micro Insurance is meant for the   

Options          

  1. Poor and Unorganised section of the Society
  2. Micro Ovens
  3. School Children
  4. All of these

 

 

Question No.  20        Marks - 10

 Under Salary Saving scheme premium is deducted from the salary of the employee on         

Options          

  1. Monthly Basis
  2. Quarterly Basis
  3. Half Yearly Basis
  4. Annual Basis

 

 

Question No.  21        Marks - 10

The ESIC Act was enacted in the year      

Options          

  1. 1948
  2. 1947
  3. 1946
  4. 1945

 

 

Question No.  22        Marks - 10

Social Insurance program are precribed by          

Options          

  1. State Laws
  2. Insurance Company´s
  3. NGOs
  4. All of these

 

 

Question No.  23        Marks - 10

What is the minimum qualifying service for being entitled to receive gratuity nder Payment of Gratuity Act?   

Options          

  1. 2 years
  2. 3 Years
  3. 5 years          
  4. 7 years

 

 

Question No.  24        Marks - 10

For a married couple with small kids, which one is the least suitable form of life insurance plan       

Options          

  1. Wealth creation plan
  2. Mortgage Protection Plan
  3. Term insurance plan
  4. Children´s Plan

 

 

Question No.  25        Marks - 10

Under PA policy claim is admissible in the event of          

Options          

  1. Natural Death
  2. Natural Disease
  3. Accidental Death
  4. All of these

 

 

Question No.  26        Marks - 10

Which condition is not necessary for assignment of a life insurance policy?      

Options          

  1. The Assignor must be holder         
  2. The Assignor should not be a minor
  3. The Assignor must be the beneficiary of the policy
  4. None of these

 

 

Question No.  27        Marks - 10

 In life insurance upon the death of the assured, the claim is payable to

Options          

  1. Spouse
  2. Father
  3. Mother
  4. Nominee

 

 

Question No.  28        Marks - 10

Overseas Mediclaim Policy also covers       

Options          

  1. Hospitalisation Expenses in India
  2. Liability Risk
  3. Loss of Pet Overseas
  4. Loss of Travel Ticket

 

 

Question No.  29        Marks - 10

Social Insurance refers to    

Options          

  1. Group Insurance of Students
  2. Group Insurance of Employees
  3. Group Insurance of Members of a Cooperative Society
  4. Insurance program which provide a base of ecnomic security to the population

 

 

Question No.  30        Marks - 10

 The first Reinsurance company in India was       

Options          

  1. Indian Reinsurance Corporation
  2. General Insurance Corporation of India
  3. British Reinsurance Corporation
  4. Bharat Reinsurance Corporation

 

 

Question No.  31        Marks - 10

Group Saving Linked Insurance plans are a type of        

Options          

  1. Term Plans
  2. Return of Premium Plans
  3. Endowment Assurance Plans
  4. None of these

 

 

Question No.  32        Marks - 10

 In health protection policies there is no cover for

Options          

  1. Major surgical benefit
  2. Domiciliary Treatement
  3. Hospital cash benefit
  4. All of these

 

 

Question No.  33        Marks - 10

PA benefits can be insured  

Options          

  1. Under Stand Alone Policy
  2. Along with Mediclaim Insurance Policy
  3. Along with Life Insurance Policy
  4. All of these

 

 

Question No.  34        Marks - 10

Personal Accident Insurance provides compensation for

Options          

  1. PTD
  2. TTD
  3. PPD
  4. All of these

 

 

Question No.  35        Marks - 10

Overseas Mediclaim Policy is meant for     

Options          

  1. Senior Citizens
  2. NRIs
  3. Foreigners
  4. Person visiting abroad for limited period

 

 

Question No.  36        Marks - 10

Under which Section of Income Tax Act benefit of premium paid for Mediclaim insurance policies is available?      

Options          

  1. 24
  2. 80 C
  3. 80 D
  4. 88

 

 

Question No.  37        Marks - 10

Mediclaim Policy covers      

Options          

  1. Death Benefits
  2. Hospitalisation Expenses in India
  3. Disablement Benefits
  4. Hospitalisation Expenses Abroad

 

 

Question No.  38        Marks - 10

OMP claims are normally settled in

Options          

  1. INR
  2. US Dollar
  3. UK Pounds
  4. EURO

 

 

Question No.  39        Marks - 10

Under Money back policy, the claim amount upon the death of the Assured would be           

Options          

  1. Equal to Sum Assured + Bonus
  2. Equal to Sum Assured
  3. Lower than the Sum Assured
  4. Higher than the Sum Assured

 

 

Question No.  40        Marks - 10

Under Indian Evidence Act a person who has disappeared is presumed to be dead if he not been heard of for      

Options          

  1. 3 years
  2. 5 years
  3. 7 years
  4. 10 years                     

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