Insurance - Study Mode

[#141] SEF is abbreviated as _________
Correct Answer

(A) Standard Endorsement Form

Explanation

Solution: SEF is abbreviated as Standard Endorsement Form.

[#142] Which of the following is a combination of insurance as well as an investment?
Correct Answer

(C) Unit Link Insurance Plan

Explanation

Solution: Unit Link Insurance Plan is basically a combination of insurance as well as investment, while mutual funds are a pure investment avenue

[#143] Investment in ULIPs is related to which section of the Income Tax Act?
Correct Answer

(D) 80C

Explanation

Solution: Investment in ULIPs is eligible for tax benefit up to a maximum of Rs A. 5 lacs under Section 80C of the Income Tax Act.

[#144] The first part of the policy document deals with
Correct Answer

(B) Policy schedule

Explanation

Solution: A policy schedule is an outline of the cover provided under the policy. It will show details of the policyholder, what the policyholder does and the cover given, and the relevant limits, sums insured and excess.

[#145] Where was the Universal Life Policy introduced first?
Correct Answer

(A) USA

Explanation

Solution: Universal life insurance. Universal life insurance (often shortened to UL) is a type of cash value life insurance, sold primarily in the United States.