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Insurance > Life Assurance > Flashcards

Life Assurance Flashcards

1
Q

The first social devices of Life insurance that existed in Ancient Greece and Rome were?

A

Funeral Clubs and Benevolent Societies

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2
Q

First life assurance policy was taken in when?

A

18th June 1583

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3
Q

First Life insurance policy was taken by?

A

Williams Gybbons

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4
Q

William Gybbons died on?

A

18th of May, 1584

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5
Q

The underwriter of the first life policy was?

A

Richard Martin

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6
Q

The court decided on Contra Preference Rule which explains that?

A

When an agreement is ambiguous/uncertain/unclear, the preferred meaning should be the one against the party providing wording (insurer)

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7
Q

What are the forms of Life Assurance?

A

Short Term, Mutual Assurance/ Annuities

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8
Q

What form of life assurance was devised to provide for widows on the death of their husbands?

A

Annuities

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9
Q

What early form of life assurance was used as security on the life of a debtor for securing a loan?

A

Short Term Assurance

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10
Q

What are short term assurances?

A

They provide coverage for a short period of time

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11
Q

Mutual Associations?

A

They are self-insurance club were a fixed sum is contributed and distributed to the dependent of the dying members

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12
Q

Annuities?

A

Form of pension providing an income for a fixed period of time or for life

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13
Q

The most suited mathematics form for life assurance is?

A

Actuarial science

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14
Q

The mortality table shows?

A

Possibility of death

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15
Q

What was the contribution of Dodson to Life insurance?

A

He showed that it was possible to charge the same premium each year, through a mortality table

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16
Q

What led to the formation of Equitable Life assurance?

A

Dodson’s Mortality table

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17
Q

Equitable Life Assurance Society was established in_____ to transact Life assurance?

A

1762

18
Q

In what year was Amicable society acquired by Norwich Union life?

A

1866

19
Q

In what year was Amicable Society established?

A

1706

20
Q

The first propriety company was ? In what year was it established?

A

The Westminister Society in 1792

21
Q

The Westminister society merged with The Guardian in what year?

A

1861

22
Q

The life assurance act of _____ was established to stabilize the life insurance business as a result of past fraudulent elements

A

1870

23
Q

Industrial Life Assurance provides coverage to ______

A

The poorer social class

24
Q

Features of the Industrial life assurance premium

A

Paid weekly, low, collected at home

25
Q

The agent is employed by the assurer in Industrial life assurance. Yes or no?

A

Yes

26
Q

Who underwrites Industrial Life Assurance?

A

Friendly Societies

27
Q

What are the types of term insurance?

A

Increasing Term
Decreasing Term
Annual Renewable Term
Convertible Term

28
Q

What is Increasing term?

A

As premium increases, death benefits also increase

29
Q

What is decreasing term life insurance

A

As premium decreases, death benefit decreases too

30
Q

Annual renewable

A

Term is renewable
But premium is charged higher

31
Q

Convertible Term?

A

The term is converted to another type

32
Q

The type of insurance policy where benefit is paid on death is known as?

A

Whole life Insurance policy

33
Q

The type of life insurance where Benefit can be paid on death or at a fixed number of years is known as?

A

Endowment policy

34
Q

The type of annuity where payment does not occur until the death of another person is known as?

A

Reversionary annuity

35
Q

Joint or survivor annuity?

A

The two persons are annuitants
Annuity is continued to the surviving one

36
Q

Annuity for life is the type of annuity where ?

A

Annuity is paid for the rest of the insureds life

37
Q

Annuity Certain

A

Annuity is paid for a fixed number of years

38
Q

Guaranteed Annuity?

A

Annuity is paid for a fixed number of years or till the insured dies

39
Q

Classification of annuities?

A

Immediate
Deferred

40
Q

The annuity paid after lump sum has been received is?

A

Immediate Annuity

41
Q

What is deferred annuity?

A

Annuity paid at the end of a term

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