104. Savings can be considered as a composite of two decisions. Choose them from the list below.

by
A) Risk retention and reduced consumption
B) Gifting and accumulation
C) Spending and accumulation
D) Postponement of consumption and parting with liquidity
✅ ANSWER: D
Savings can be considered as a composite of Postponement of consumption and parting with liquidity.
Postponement of consumption: an allocation of resources between present and future consumption.
Parting with liquidity (or ready purchasing power) in exchange for less liquid assets. For instance, purchase of a life insurance policy implies exchanging money for a contract which is less liquid.

96. State which is incorrect statement

by
A) Life Insurance agents desirous of doing stand alone Health insurance business will have to be certified under IC-34 separately
B) Such life agents as above are exempt from passing IC-34 if they have been certified under IC-33 and if they undergo some internal training for 25 hours given by Health Insurance Company
C) Agents certified under IC 34 for non life insurer can do standalone Health insurance business after undergoing internal training for 25 hrs from the standalone health insurance company
D) No agent, individual or corporate of life and or non-life insurer shall offer his services to more than one standalone health insurance Company
✅ ANSWER: A
Term insurance can be bought as a stand -alone policy as well as a rider with another policy.

93. Which is not an appropriate reason for a proper financial planning?

by
A) Break-up of joint family system
B) Changing lifestyle
C) Underwriting
D) Change in behavioral pattern
✅ ANSWER: C
Underwriting is not a reason for proper financial planning. Underwriting services are provided by some large financial institutions, such as banks, or insurance or investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee.

90. A combination of software and information designed to provide security and information for payment is called a what?

by
A) digital wallet
B) pop up ad
C) shopping cart
D) encryption
✅ ANSWER: A
A combination of software and information designed to provide security and information for payment is called digital wallet. A digital wallet is a system that securely stores users’ payment information and passwords for numerous payment methods and websites.