Life Assurance

Question 1

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

Answer 1

Funeral Clubs and Benevolent Societies

Question 2

First life assurance policy was taken in when?

Answer 2

18th June 1583

Question 3

First Life insurance policy was taken by?

Answer 3

Williams Gybbons

Question 4

William Gybbons died on?

Answer 4

18th of May, 1584

Question 5

The underwriter of the first life policy was?

Answer 5

Richard Martin

Question 6

The court decided on Contra Preference Rule which explains that?

Answer 6

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

Question 7

What are the forms of Life Assurance?

Answer 7

Short Term, Mutual Assurance/ Annuities

Question 8

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

Answer 8

Annuities

Question 9

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

Answer 9

Short Term Assurance

Question 10

What are short term assurances?

Answer 10

They provide coverage for a short period of time

Question 11

Mutual Associations?

Answer 11

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

Question 12

Annuities?

Answer 12

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

Question 13

The most suited mathematics form for life assurance is?

Answer 13

Actuarial science

Question 14

The mortality table shows?

Answer 14

Possibility of death

Question 15

What was the contribution of Dodson to Life insurance?

Answer 15

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

Question 16

What led to the formation of Equitable Life assurance?

Answer 16

Dodson’s Mortality table

Question 17

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

Answer 17

1762

Question 18

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

Answer 18

1866

Question 19

In what year was Amicable Society established?

Answer 19

1706

Question 20

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

Answer 20

The Westminister Society in 1792

Question 21

The Westminister society merged with The Guardian in what year?

Answer 21

1861

Question 22

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

Answer 22

1870

Question 23

Industrial Life Assurance provides coverage to ______

Answer 23

The poorer social class

Question 24

Features of the Industrial life assurance premium

Answer 24

Paid weekly, low, collected at home

Question 25

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

Answer 25

Yes

Question 26

Who underwrites Industrial Life Assurance?

Answer 26

Friendly Societies

Question 27

What are the types of term insurance?

Answer 27

Increasing Term Decreasing Term Annual Renewable Term Convertible Term

Question 28

What is Increasing term?

Answer 28

As premium increases, death benefits also increase

Question 29

What is decreasing term life insurance

Answer 29

As premium decreases, death benefit decreases too

Question 30

Annual renewable

Answer 30

Term is renewable But premium is charged higher

Question 31

Convertible Term?

Answer 31

The term is converted to another type

Question 32

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

Answer 32

Whole life Insurance policy

Question 33

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

Answer 33

Endowment policy

Question 34

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

Answer 34

Reversionary annuity

Question 35

Joint or survivor annuity?

Answer 35

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

Question 36

Annuity for life is the type of annuity where ?

Answer 36

Annuity is paid for the rest of the insureds life

Question 37

Annuity Certain

Answer 37

Annuity is paid for a fixed number of years

Question 38

Guaranteed Annuity?

Answer 38

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

Question 39

Classification of annuities?

Answer 39

Immediate Deferred

Question 40

The annuity paid after lump sum has been received is?

Answer 40

Immediate Annuity

Question 41

What is deferred annuity?

Answer 41

Annuity paid at the end of a term