Author name: Administrator

2295. LIC of India is an example of __________.

department organization of the central government
government company
public corporation
private corporation
✅ The correct answer is C.
LIC of India is an example of public corporation. LIC of India was incorporated on 1st September, 1956 by amalgamating 243 Companies by the Act of Parliament called Insurance Act, 1956.

2297. The main purpose of the guaranteed insurability rider benefit is to give the policyholder the right to

Cancel a health-based exclusion after a symptom-free period
Include his parents under the policy
Increase cover when a key life event occurs
Maintain cover despite a fall in investment value
✅ The correct answer is C.
The main purpose of the guaranteed insurability rider benefit is to give the policyholder the right to Increase cover when a key life event occurs. A guaranteed insurability rider, also called a GI rider, is a life insurance rider which allows the owner of a life insurance policy to buy additional life insurance with no underwriting. A rider is an additional benefit to a life insurance policy beyond the death benefit.

2299. Which of the following is not a part of India’s Money Market?

Banks
Bill Markets
Call Money Market
Indian Gold Council
✅ The correct answer is D.
Indian Gold Council is not a part of India’s Money Market. The Money market in India is the money market for short-term and long-term funds with maturity ranging from overnight to one year in India including financial instruments that are deemed to be close substitutes of money.

218. Which of the following is TRUE about the treatment of insurance premium paid in advance

Current asset
Current liability
Short term liability
Fixed asset
✅ The correct answer is A.
Current asset is TRUE about the treatment of insurance premium paid in advance. Current assets represent all the assets of a company that are expected to be conveniently sold, consumed, utilized or exhausted through the standard business operations, which can lead to their conversion to a cash value over the next one year period.

2303. Money lends to corporations by banks is classified as

Eurodollar market deposits
commercial loans
consumer credit loans
consumer credit loans
✅ The correct answer is B.
Money lends to corporations by banks is classified as commercial loans. A commercial loan is a debt-based funding arrangement between a business and a financial institution such as a bank.

2275. Under what method of underwriting does an underwriter assign positive rating points for all negative or adverse factors (negative points for any positive or favourable factors)?

Judgment
Arbitrary
Numerical rating
Single step
✅ The correct answer is C.
Under Numerical rating method of underwriting does an underwriter assign positive rating points for all negative or adverse factors (negative points for any positive or favourable factors). In such situations, the department may get the expert opinion of a medical doctor who is also called a medical referee.

2278. Function which is used to measure decline in per unit cost of different business functions is classified as

mixed curve
experience curve
discrete curve
fixed curve
✅ The correct answer is B.
Function which is used to measure decline in per unit cost of different business functions is classified as experience curve. Experience curve refers to a diagrammatic representation of the inverse relationship between the total value-added costs of a product and the company experience in manufacturing and marketing it.

2280. If a good is a luxury, its income elasticity of demand is

Positive and less than 1
Negative but greater than 1
Positive and greater than 1
Zero
✅ The correct answer is C.
If a good is a luxury, its income elasticity of demand is Positive and greater than 1. If income elasticity of demand of a commodity is less than 1, it is a necessity good. If the elasticity of demand is greater than 1, it is a luxury good or a superior good.
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