MCQ Ic 83

IC-83 : GROUP INSURANCE
TEST-1
Q (1): A plan that is funded on a ___________ basis means that no money is invested
for the plan, as retiree benefits become due the plan sponsor makes the payments
directly.
1.a) Pay as you go Pension Schemes
2.b) Fully Funded Pension Schemes
Explanation : In a fully-funded scheme, pensions are paid out of a fund built over a
period of years from its members' contributions. With Pay-As-You-Go (PAYG)
schemes, in contrast, pensions are paid out of current income.
Q (2): As per the Employees Pension Scheme, 1995, members on attaining the age
of fifty-eight years and having rendered minimum of _____ years of contributory
service qualify for superannuation fund.
1.a) 5
2.b) 10 (CORRECT)
3.c) 15
4.d) 20
Q (3): Bank of India is functioning as NP ________ and it would manage the banking
of the Pension fund in accordance with applicable provisions of the Nps Lite, the
schemes the guidelines/notifications, issued by PFRDA, Ministry of Finance.
1.a) NPS Trust
2.b) Trustee Bank (CORRECT)
3.c) CRA
4.d) IRDA
Q (4): The premium guaranteed interest rate applicable to the discontinued fund/
discontinued policy account shall be at an interest rate of__________per annum.
1.a) 2%
2.b) 4% (CORRECT)
3.c) Rate applicable to saving bank account
4.d) Rate applicable to postal bank account
Q (5): Under Government Employees scheme Pension is calculated by

1.a) As 1/66th of the average final salary for total number of years service employee
has to put in
2.b) AS 1/66th of the average final salary for each year of pensionable service subject
to a maximum of 50% (CORRECT)
3.c) 50% of the final salary irrespective of number of years’ service
4.d) None of the above
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Q (6): For unit linked products, which is a charge levied on the unit fund at the time of
part withdrawal of the fund during the contract period?
1.a) Partial withdrawal charge (CORRECT)
2.b) Rider charge
3.c) Premium Payment charge
4.d) Switching charge
Q (7): Which of the following is not a defined contribution scheme?

1.a) Gratuity (CORRECT)
2.b) National Pension scheme
3.c) Providend Fund
4.d) All of the above
Q (8): Since FY 2015-16 an additional deduction on investment up to the extent of

Rs.50,000 is allowed for investmens in NPS under__________
1.a) section 80 CCC
2.b) Section 80 CCD (1B) . (CORRECT)
3.c) Section 80 C
4.d) Section 80 CCD (1) .
Q (9): Which is the contract of insurance wherein the Insurance Risk appraisal is done
taking a group of lives as one single unit?
1.a) Individual insurance
2.b) Group insurance (CORRECT)
Q (10): A Subscriber can decide on the frequency of the contributions across the year
as per his/her convenience. Say True or False.
1.a) True (CORRECT)
2.b) False
Q (11): Which insurance is normally purchased by ceding companies for individual

risks not covered, or insufficiently covered, by their reinsurance treaties, for amounts
in excess of the monetary limits of their reinsurance treaties and for unusual risks?
1.a) Treaty Reinsurance
2.b) Facultative Reinsurance (CORRECT)
3.c) Catastrophe cover
4.d) Stop loss reinsurance
Q (12): The amount stand ing to the credit of the subscriber in a PPF account is
1.a) Exempt from the Income Tax
2.b) Free from attachment by a court in respect of any debt or liability incurred by the
subscriber
3.c) Subject to attachment under the orders of the Income Tax authorities
4.d) All of the above (CORRECT)
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Q (13): Q13) The Employees' Provident Funds and Miscellaneous Provisions Act,
1952 which applies to specific Scheduled factories and establishments employing
_____ or more employees and ensures terminal benefits to provident fund,
superannuation pension and family pension in case of death during service.
1.a) 5
2.b) 10
3.c) 15
4.d) 20 (CORRECT)
Q (14): Which of the following is an example of short term employee benefit?

1.a) Salaries
2.b) Long term disability benefit
3.c) Long service leave
4.d) Post employment life insurance
Q (15): What is the minimum amount of yearly deposit required to open and maintain
a PPF account?
1.a) Rs 500 (CORRECT)
2.b) Rs 1500
3.c) Rs 2500
4.d) Rs 5000
Q (16): Employers contribution to the extent of ______ of the salary will not be treated
as taxable perquisite in the hand s of the employees.
1.a) 7 1/5 %
2.b) 8 1/3 % (CORRECT)
3.c) 9 1/7 %
4.d) 10%
Q (17): Individuals can contribute to ___________ of insurers which are approved by

Insurance Regulatory and Development Authority of India(IRDA) and or to the National
Pension System(NPS) ?
1.a) Defined Benefit Schemes
2.b) Defined Contribution Schemes (CORRECT)
3.c) Individual Pensions Plans
4.d) Group Personal Pensions
Q (18): Group term insurance products with minimum term of 5 years shall be allowed
only under the micro-insurance products provided the premiums are aligned with that
of pure tern products with similar term and entry age and the maximum payment shall
not exceed _______ per annum per member under these products.
1.a) Rs.750 (CORRECT)
2.b) Rs.1000
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3.c) Rs.1200
4.d) Rs.1500
Q (19): Which of the following is a feature of PPF?

1.a) Tax Free (CORRECT)
2.b) Premature withdrawal after a year
3.c) No Upper limit for Investment
Q (20): Under which reinsurance ,the reinsurer's share of the risk is defined for each
separate policy?
1.a) Obligatory reinsurance

2.b) Non-proportional Reinsurance
3.c) Proportional Reinsurance (CORRECT)
Explanation : Under proportional reinsurance, the reinsurer receives a prorated share
of all policy premiums sold by the insurer. ... With non-proportional reinsurance, the
reinsurer is liable if the insurer's losses exceed a specified amount, known as the
priority or retention limit.
4.d) Facultative Reinsurance
Q (21): Who is not covered under National Pension scheme?

1.a) Employee of a Central (Civil) Ministry or Departments
2.b) Employee of a non-civil Ministry or Department including Railways, Postal
department
3.c) All Central Governement Employees
4.d) An individual who has joined Central Government service before 01 January 2004
(CORRECT)
Q (22): Which insurance involves providing insurance to a group of individuals who

share some common attribute, through a single policy contract?
1.a) Personal insurance
2.b) Group insurance (CORRECT)
Q (23): Which charge is exclusive of expense loadings and levied separately to cover
the cost of rider cover and this charge, if any, shall be levied by cancellation of units
and this charge is levied at the beginning of each policy month from the fund?
1.a) Partial withdrawal charge
2.b) Rider charge (CORRECT)
3.c) Premium Payment charge
4.d) Switching charge
Q (24): In Public Provident Fund Scheme, the disciplined investment avenue as your
money is blocked for __________.
1.a) 3 years
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2.b) 5 years
3.c) 10 years
4.d) 15 years (CORRECT)
Q (25): The Projected Unit Stand ard Contribution Rate is usually based on a
________ time period.
1.a) One year (CORRECT)
2.b) Two years
3.c) Three years
4.d) Four years
TEST--2
Q (1): Which benefit fall within maximum emerging benefits?

1.a) Concept
2.b) Cost
3.c) Rate of benefit accrual (CORRECT)
4.d) Commutation
Q (2): An employee's spouse and children can also be covered under the group life
insurance scheme and this is often called as _____________ and coverage levels are
generally lower than for the employees.
1.a) Evidence of Insurability
2.b) OYRGTA
3.c) Riders
4.d) Dependent Insurance (CORRECT)
Q (3): Identify the true statement A. EPFO Provides social security to the organised
work force of the country. B. EPFO's investment philosophy is Hold till Maturity.
1.a) Only I is true
2.b) Only II is true
3.c) Both I and II are true (CORRECT)
4.d) Neither I or II are ture
Q (4): In the NPS investor is identified by

1.a) NPS number
2.b) PRAN (CORRECT)
3.c) Folio Number
Q (5): In the Indian Context, ______________ is a comprehensive approach designed

to prevent deprivation, assure the individual of a basic minimum income for himself
and his dependents and to protect the individual from any uncertainties.
1.a) Social security (CORRECT)
2.b) Superannuation
3.c) Pension scheme
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4.d) Public Provident Fund
Q (6): Which products is non-par products?

1.a) Participating products
2.b) Non-participating products (CORRECT)
Q (7): An investor under the National Pension Scheme can choose which of the
following asset classes
1.a) Corporate debt
2.b) Government Securities
3.c) Equities
4.d) Any of the above (CORRECT)
Q (8): A scheme that does not require a member's Personal Contributions is known
as ____________.
1.a) Contributory
2.b) Non-contributory (CORRECT)
3.c) Employer's Contribution
4.d) Emerging benefits
Q (9): How is pure risk premium calculated under group insurance plan?
1.a) Commission X Expected mortality rate
2.b) Sum assured X Expenses
3.c) Taxes X Expected mortality rate
4.d) Sum assured X Expected mortality rate (CORRECT)
Q (10): Makesh works in an IT company in Bengaluru. Makes is eligible to receive

gratuity As per section 10A of the income Tax Act, any payment received by Makesh
in commutation of pension will be Tax free up to__________.
1.a) One third of the pension which he is normally entitled to receive (CORRECT)
2.b) One half of the pension which he is normally entitled to receive
3.c) One fourth of the pension which he is normally entitled to receive
4.d) Any amount received in communication of pension is 100% taxable
Q (11): Who can open an account with public provident fund?

1.a) Individual (CORRECT)
2.b) Company
3.c) HUF
Q (12): Which entity acts as Central Record Keeping Agency for NPS?
1.a) NSDL (CORRECT)
2.b) CDSL
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3.c) IRDA
4.d) SBI
Q (13): Q13) Member's personal contributions are restricted to ________ of

'pensionable remuneration' as defined by the scheme rules up to maximum emerging
benefits.
1.a) 10%
2.b) 15% (CORRECT)
3.c) 20%
4.d) 25%
Q (14): What would comprise of Paid-up capital plus Free Reserves including Share
Premium but excluding Revaluation Reserves, plus investment Fluctuation Reserve
and Credit Balance in Profit and Loss, less debit balance in profit and loss account,
Accumulated losses and Intangible Assets?
1.a) Net worth (CORRECT)
2.b) Paid up share capital
3.c) Pensions funds
4.d) Interest rate
Q (15): The amount received as the employer's contributions and also the Central
Government's contributions to the Insurance Fund under sub-section 2 and 3 of
Section 6 C shall be credited to an account called the _________.
1.a) Public Provident Fund
2.b) Deposit Linked Insurance Fund Account (CORRECT)
3.c) Employees Provident Fund Schemes
4.d) None of these
Q (16): Which act was framed for three types of benefits such as Contributory
Provident Fund, Pensionary benefits to the employees and insurance cover to the
members of the Provident Fund?
1.a) Income Tax Act, 1961
2.b) Employees Deposit-Linked Insurance Scheme,1976
3.c) Employees Provident Fund and MP Act, 1952 (CORRECT)
4.d) Employee's Pension Scheme,1995
Q (17): In the context of NPS, Asset Class G predominantly invests in Government

Securities
1.a) TRUE (CORRECT)
2.b) FALSE
Q (18): How many types of Pension Schemes are there?

1.a) One
2.b) Two
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3.c) Three
4.d) Four (CORRECT)
Explanation : 4 Types Of Pension Plans Most Preferred For Retirement Planning.
Q (19): All moneys belonging to the employee provident fund need to be deposited
with__________________
1.a) RBI
2.b) SBI
3.c) Scheduled Banks as may approved by the Central Government
4.d) Any of the above (CORRECT)
Q (20): What means the process of creating the units at the prevailing unit price
offered by the life insurer like when the premiums are received or when switches are
made?
1.a) Discontinuance
2.b) Allocation (CORRECT)
3.c) Disclosure
4.d) Authority
Q (21): Suppose a PPF account was opened on 15th July 1990. When would be the
maturity of this account?
1.a) 1st April 2006
2.b) 31st Mar 2005
3.c) 1st April 2005 (CORRECT)
Q (22): Under Trust-based occupational pension scheme, the sponsoring employer

will set which of the following?
1.a) The term of the trust
2.b) Requirement for ember's contributions
3.c) Eligibility criteria for membership
Q (23): After _________ of maturity, full PPF amount can be withdrawn and all its tax
free, including the interest amount as well.
1.a) 5 years
2.b) 10 years
3.c) 15 years (CORRECT)
4.d) 20 years
Q (24): Which Scheme is devised that it acts as an incentive to the members to save
more in their provident Fund Account and the benefit is link;ed to the amount of
accumulation in the Provident Fund Account of the member?
1.a) Employees Provident Fund and; MP Act, 1952
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2.b) Income Tax Act, 1961
3.c) Employees Deposit-Linked Insurance Scheme,1976 (CORRECT)
Q (25): The maximum contribution an employer can pay to Super Annuation Fund the
scheme as percentage of the salaries of the employees is:
1.a) 15%
2.b) 12%
3.c) 10%
4.d) 27% minus percentage of PF contribution being paid by the employer
(CORRECT)
TEST--3
Q (1): Which pensions schemes means that a pension plan has enough assets to
totally pay off benefits earned to date: if no one earned any more benefits in the future,
no additional money is expected to be needed to pay for current benefits?
1.a) Pay as you go Pension Schemes
2.b) Fully Funded Pension Schemes (CORRECT)
Q (2): For calculation of liability of payment of gratuity to an employee on leaving

service, the wage to be taken into account is
1.a) The average wage earned by him in the entire service
2.b) The average wage earned by him in the last 5 years
3.c) The last drawn wage (CORRECT)
Q (3): What is / are advantage/s Defined Contribution Scheme?

1.a) Some employees will be unable to make significant contributions
2.b) Increased administration
3.c) Favour those who are able to make significant contributions (CORRECT)
Q (4): Which of the following is a solution to manage inadequacy of retirement corpus

closer to retirement?
1.a) Invest in riskier assets
2.b) Postpone retirement (CORRECT)
3.c) Reduce periodic savings
4.d) Increase corpus target
Q (5): Under Atal Pension Yojana, a subscriber would receive a minimum fixed
pension of _______ per month.
1.a) Rs.500
2.b) Rs.1000 (CORRECT)
3.c) Rs.1500
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4.d) Rs.2000
Q (6): Which benefits include Retirement benefits, example-gratuity and pension?

1.a) Post-employment benefits (CORRECT)
2.b) Non-monetary benefits
3.c) Under defined benefit plans
4.d) Short-term employee benefits
Q (7): What maximum amount can be invested per year under New Pension Scheme?
1.a) No limit on maximum contribution per year (CORRECT)
2.b) 6,000
3.c) 70,000
4.d) 1,00,000
Q (8): It may allow the insurer to choose which risks it wants to cede, with the reinsurer
obliged to accept such risks known as _________.
1.a) Facultative obligatory (CORRECT)
2.b) Obligatory reinsurance
Q (9): Riders are add on the base policy. Say whether True or False.
1.a) True (CORRECT)
2.b) False
Q (10): I open my PPF account on 1-4-2007. When it will mature?

1.a) 01/04/2022
2.b) 01/04/2025
3.c) 01/04/2023 (CORRECT)
Explanation : It is to be noted that PPF maturity always happens on 1st April and not
at any other date of any year. People generally add 15 years to the date of opening of
PPF account to find out the maturity date which is not a correct practice. So,
technically, we can say that any PPF account actually matures in 16 years.
4.d) 01/04/2024
Q (11): Who were managing the investment under discretionary Fund Management
where the decision as to when an invest, where to invest and how to invest vested
absolutely with the Fund Manager?
1.a) IRDA
2.b) SEBI
3.c) SBI (CORRECT)
4.d) PFRDA
Q (12): How much maximum amount employee can contribute towards provident
fund?
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1.a) 8.33% of basic salary
2.b) 10% of basic salary
3.c) 12% of basic salary (CORRECT)
4.d) 20% of gross salary
Q (13): Q13) CBDT Notification No.100(F 44 A) /8/64 dated 21.10.1965 says

deductable allowances in respect of contributions to an approved superannuation
fund, which are not in the nature of ordinary annual contributions is limited to ___ of
the amount actually paid by the employer.
1.a) 80% (CORRECT)
2.b) 85%
3.c) 90%
4.d) 95%
Q (14): In case of Tier I account amount withdrawn can be taken in lump sum to a
maximum limit of _________ and rest __________ of it is used to purchase annuity
from Life Insurance Company?
1.a) 40%; 60%
2.b) 50%; 50%
3.c) 70%; 30%
4.d) 60%; 40% (CORRECT)
Q (15): Which is an important piece of Labour Welfare Legislation enacted by the

parliament to provide social security benefits to the workers?
1.a) Employees Provident Fund and; MP Act, 1952 (CORRECT)
3.c) Employees Deposit-Linked Insurance Scheme,1976
Q (16): In those cases of EDLI Claims where the date of death of member has occured
prior to 1.9.2014 the benefits will be regulated on the basis of the wage ceiling limit of
________ per month.
1.a) Rs.5000
3.c) Rs.15000
4.d) Rs.25000
Q (17): Inflation does which of the following to retirement planning?

1.a) Reduces the periodic savings required
2.b) Reduces the return generated by an investment
3.c) Increases the retirement corpus required (CORRECT)
4.d) Increases the value of the corpus created
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Q (18): For Single premium group term insurance with long term, the maximum
commission or remuneration in any form shall be _____ percent of premium with a
ceiling of Rs.2,00,000 per scheme.
1.a) 1%
2.b) 2% (CORRECT)
3.c) 3%
4.d) 4%
Q (19): How many minimum year of continuous service is required to be eligible for
payment of gratuity under Section 4 of the payment gratuity act, 1972?
1.a) 7 years
2.b) 2 years
4.d) 10 years
Q (20): In general, __________ during the term of the contract will not be entertained.
However, schemes influenced by the statute may necessitate change to be
incorporated during the term of the contract itself.
1.a) Change of Name
2.b) Duplicate Policy bond
3.c) Renewal
4.d) Change in Benefits Schedule (CORRECT)
Q (21): If a PPF account is opened in FY 2005-2006, the same will normally mature
on ____________.
1.a) 31st March, 2021
2.b) 1st April, 2020
3.c) 1st April, 2021 (CORRECT)
4.d) 31st March, 2020
Q (22): The pensionable salary for all cases of exit/death on are after 1.9.2014, for
calculating pension shall be the average monthly pay drawn during the contributory
period of service in the span of _________ preceding the date of death/exit from the
membership of the Employees' Pension Fund.
1.a) 30 months
2.b) 45 months
3.c) 60 months (CORRECT)
4.d) 75 months
Q (23): Which is paid in advance by the group client over the year and thus there may
be some interest credit on net premium basis?
1.a) Premium (CORRECT)
2.b) Interest
3.c) Dividend
4.d) None of these
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Q (24): Under Trust-based occupational pension scheme, the sponsoring employer
is likely to be responsible for:
1.a) Ensuring payment of employer and employee contributions
2.b) Providing up-to-date data
3.c) Notifying the scheme of change to membership
Q (25): The investment pattern described above also allows EPFO to invest up to
_______ of its corpus into money market instruments, including units of mutual funds.
1.a) 1%
2.b) 2%
3.c) 3%
4.d) 5% (CORRECT)
TEST--4
Q (1): Which of the following is an advantages of Contributions to the Group scheme?
1.a) Increased administration
2.b) Encourage members to save more for their retirement (CORRECT)
3.c) Some employees will be unable to make significant contributions
4.d) None of these
Q (2): The sum of all the rider premiums attached to the pension product shall not
exceed _______ of the premium paid for the pension policy.
1.a) 10%
2.b) 15% (CORRECT)
3.c) 20%
4.d) 25%
Q (3): An employer's contribution of at least ______ of total contributions is a mand

atory requirements of an exempt approved occupational pension scheme, except
where the scheme is over funded.
1.a) 10% (CORRECT)
2.b) 15%
3.c) 20%
4.d) 35%
Q (4): Tier 1 Account of NPS is called

1.a) Pension Account (CORRECT)
2.b) Savings Account
3.c) Life Account
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Q (5): What means cancellation of the units at the prevailing unit price of the
segregated funds offered in the products, in case of partial withdrawals, switches,
surrender etc.,?
1.a) Premium re-direction
2.b) Fund value
3.c) Switches
4.d) Redemption (CORRECT)
Q (6): Which of the following refers to Annual pension accrual for each year of
qualifying service will be equal to a fraction-say 1/60th of salary earned?
1.a) Flat Rate
2.b) Graded Schedule
3.c) Average Salary (CORRECT)
4.d) Final salary
Q (7): Under a defined benefit occupational pension scheme, the communication

amount is_________________.
1.a) Tax free (CORRECT)
2.b) Fully taxable
3.c) Taxable up to 50% if the amount commuted is half of the maximum allowed limit
4.d) Taxable up to 35% if the amount commuted is half of the maximum allowed limit
Q (8): Investment return guarantees can be

1.a) Real and Nominal
2.b) Fixed and Indexed
3.c) Real, Normal and Fixed
4.d) Real, Normal,Fixed and Indexed (CORRECT)
Q (9): The prospective method are driven by the __________.

1.a) Flat rate
2.b) Contribution rate (CORRECT)
3.c) Funds
4.d) Investment
Q (10): In an establishment covered under the EPF Act, can an employee/employees

remain uncovered if so desired by the Employer and / or by the employee?
1.a) No because all employees are statutorily to be covered for the benefits
2.b) Yes, because the employes getting salary more than Rs 15,000 p.m may be
excluded by the employer (CORRECT)
3.c) Yes, because the coverage depends upon the will of the employee and the
employer
4.d) Yes, because the employer may include or exclude any number of employees as
per his choice.
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Q (11): In which method pension rights are not purchased till the member gets
eligibility for pension and the premium received will be utilised to secure the total and
expected benefits at Normal Pension Date, for the oldest employees as far as the
premium permits?
1.a) Single Premium Costing
2.b) Annual Premium Costing
3.c) Controlled Funding (CORRECT)
4.d) None of these
Q (12): On the date of vesting, To extend the accumulation period\deferment period

within the same policy with the same terms and conditions as the original policy
provided the policyholder is below an age of ________.
1.a) 55 years (CORRECT)
2.b) 60 years
3.c) 65 years
4.d) 70 years
Q (13): Q13) Wages, salaries and social security contributions, paid annual leave and
paid sick leave, profit sharing and bonuses are examples of which benefits?
1.a) Post-employment benefits
2.b) Long-term employee benefits
3.c) Short-term employee benefits (CORRECT)
4.d) Termination benefits
Q (14): What means a facility allowing the policyholder to change the investment
pattern by moving from one segregated fund, either wholly or in part, to other
segregated amongst the segregated funds offered under the underlying unit linked
product of the insurer?
1.a) Redemption
2.b) Switches (CORRECT)
3.c) Premium re-direction
4.d) Units
Q (15): In a Group Insurance Scheme, in case of death of the member, the clam
payment is made to the_________.
1.a) Other members of the group
2.b) Nominee (CORRECT)
3.c) Employer
4.d) Any of the above
Q (16): In Group savings Variable Insurance Products, the minimum size of the group
shall be at least ______ and the maximum size of the group shall not exceed______.
1.a) 10 - 1000
2.b) 15 - 3000
3.c) 20 - 5000 (CORRECT)
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4.d) 30 - 7000
Q (17): Section 80CCD of Indian Income Tax speaks about

1.a) Deduction in respect of contribution to certain pensions funds
2.b) Deduction in respect of contribution to certain pension scheme of Central
Government (CORRECT)
3.c) Components of salary,perquisite/s and profits in lieu of salary
4.d) None of these
Q (18): Group insurance typically consists of _____________ that pays a fixed benefit
to nominee upon the death of the employee and there are usually no exclusions for
the basic life cover other than for suicide in the first year of cover.
1.a) Evidence of insurability
2.b) OYRGTA (CORRECT)
3.c) Riders
4.d) Dependent Insurance
Q (19): ____________ is the amount at which an assets could be exchanged or a

liability settled between knowledgeable parties.
1.a) Past service cost
2.b) Present Value of Obligation
3.c) Current service cost
4.d) Fair Value of plan assets (CORRECT)
Q (20): In Products with a premium Paying Term(PPT) of 10 years or more, if all

premiums have been paid for at least _________ consecutive years, the policy shall
acquire a guaranteed surrender value.
1.a) 2
2.b) 3 (CORRECT)
3.c) 4
4.d) 5
Q (21): The Employees' State Insurance Act, 1948 Which covers factories and
establishments with ______ or more employees and provides for comprehensive
medical care to the employees and their families.
1.a) 5
2.b) 10 (CORRECT)
3.c) 15
4.d) 20
Q (22): Which plan is arranged by the member with an independent provider and
Contributions are paid net of basic rate tax and higher rate relief is recovered at the
end of the tax year through the member's self-assessment return?
1.a) Added years
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2.b) and in-house AVC
3.c) Free-standing AVCs (CORRECT)
4.d) None of these
Q (23): As per EPF scheme, 1952, which of the following amount can be
debited/credited to interest suspense Account?
1.a) Rent
2.b) Interest
3.c) Net profit from sales
Q (24): Which of the following method used to set the contributions for defined benefit
pension scheme targets the Actuarial Liability ?
1.a) Current unit method (CORRECT)
2.b) Attained age method
3.c) Entry age method
Q (25): Which of the following are Functions of Trustee Bank?

1.a) Upload of details of contributions received from Aggregator in specified file format
of CRA.
2.b) Electronic Fund Transfer for disbursement from withdrawal account and
forwarding it to the CRA.
3.c) Transfer of funds to the PFM's bank account based on the instructions received
form CRA and information flow for same.
TEST--5
Q (1): The subscription to a PPF account can be made in a year in not more than:
1.a) 12 installments (CORRECT)
2.b) 2 installments
3.c) 1 installment
4.d) Any number of installment
Q (2): __________, whereby the employees are expected to pay for a portion of the
insurance premium, are more difficult to administer and complicate the enrollment
process?
1.a) Compulsory plans
2.b) Natural plans
3.c) Voluntary plans (CORRECT)
4.d) None of these
Q (3): In Unit Linked Insurance Products, the minimum policy term of fund based
group linked products shall be on which basis?
1.a) Quarterly
MCQ-83 17 | P a g e
2.b) Half yearly
3.c) Annual (CORRECT)
4.d) None of these
Q (4): Which scheme enabled the employers to pay contributions to the Government
fund administered by the Central Board of Trustees appointed by the Government?
1.a) Income Tax Act, 1961
2.b) Employees Provident Fund Schemes, 1952 (CORRECT)
Q (5): ____________ either on festive occasions or as a reward for their contribution

in the high performance of the firm.
1.a) Remunerative wage structure
2.b) Bonus to the employee (CORRECT)
3.c) Social security beneftis
4.d) None of these
Q (6): Which type of pension is payable for life and on demise the purchase will be
returned to legal heirs in lump sum?
1.a) Life Pension
2.b) Normal pension
3.c) Guaranteed Pension
4.d) Return of Purchase (CORRECT)
Q (7): EPFO'S investment philosophy is Held Till Maturity(HTM) . Say whether True
or False.
1.a) True (CORRECT)
2.b) False
Q (8): Actuarial valuation is not required for

1.a) Leaves for leisure and travel purposes
2.b) Short term benefits (CORRECT)
3.c) Bonus and Profit-sharing arrangements
4.d) Gratuity
Q (9): Which Attained Age Method is determined as the contribution rate which, if paid
over the expected future membership of the active members, would provide for the
expected benefits payable in respect of them arising from their future service?
1.a) Attained Age St andard Contribution Rate
2.b) Attained Age Actuarial Liability
3.c) Standard Contribution Rate (CORRECT)
4.d) The Modified Contribution Rate
MCQ-83 18 | P a g e
Q (10): Which Group insurance Schemes are to insure the loanee members against
outstand ing loan and such contract are generally granted on Single Premium basis?
1.a) non-Contributory Schemes
2.b) Contributory scheme
3.c) Short term contracts
4.d) Long term contracts (CORRECT)
Q (11): Which is the present value of all benefits accrued at the valuation date, based
on projected final earnings for members in service?
1.a) Actuarial Liability
2.b) Projected Unit Actuarial Liability (CORRECT)
3.c) Modified Contribution Rate
4.d) None of these
Q (12): In which method the Actuarial Liability is the difference between the discounted
value of the total expected benefits for the members and the discounted value of the
future expected contributions?
1.a) Prospective methods
2.b) Accrued benefit methods (CORRECT)
3.c) Guarantee method
4.d) None of these
Q (13):
Q13) Susan has been an employee of a public sector undertaking for the past 25 years
and is retiring next month. She is eligible for gratuity as per the provisions of the
Payment of Gratuity Act, 1972. Her monthly salary at retirement is expected to be Rs.
20,000. The amount of gratuity that she will receive on retirement will be ________.
1.a) Rs.2,88,461 (CORRECT)

2.b) Rs.3,75,000
3.c) Rs.3,40,909
4.d) Rs.3,00,000
Q (14): The upper ceiling of the Investment Management Fees has been fixed at
______ p.a. of the Asset Under Managment with effect from 1.11.2012
1.a) 0.05%
2.b) 0.10%
3.c) 0.25% (CORRECT)
4.d) 0.50%
Q (15): How much rupees is charged for claim settlement per claim in Group
Insurance Products administration?
1.a) Rs.10/- (CORRECT)
2.b) Rs.15/-
MCQ-83 19 | P a g e
3.c) Rs.20/-
4.d) Rs.30/-
Q (16): The number alloted in NPS is

1.a) Personal Pension Account Number
2.b) Personal Retirement Account Number
3.c) Permanent Retirement Account Number (CORRECT)
4.d) Permanent Pension Account Number
Q (17): Which of the following is related to the amount of Gratuity in Group Gratuity
Schemes?
1.a) The parties involved
2.b) Years of service
3.c) Years of service and the last drawn salary (CORRECT)
4.d) Amount of Insurance
Q (18): In the context of NPS portfolio allocation based on Investors age is known as
1.a) Life Cycle Fund (CORRECT)
2.b) Wealth Cycle Fund
3.c) Pension Fund
4.d) Retirement Fund
Q (19): Which of the following motivates the employees to contribute their maximum
worth to the enterprise?
1.a) Bonus to the employees
2.b) Social Security benefits
3.c) A remunerative wage structure (CORRECT)
4.d) Different types and number of leave
Q (20): Which means market value of paid up and subscribed equity capital?
1.a) Net worth
2.b) Paid up share capital (CORRECT)
3.c) Pensions funds
4.d) Interest rate
Q (21): Which can be expressed as the present value of all benefits accrued at the
valuation date, based on projected final earnings for members in service?
1.a) Attained Age St andard Contribution Rate
2.b) Attained Age Actuarial Liability (CORRECT)
3.c) Standard Contribution Rate
4.d) The Modified Contribution Rate
Q (22): In NPS, CRA stand s for
MCQ-83 20 | P a g e
1.a) Central Record Keeping Agency (CORRECT)
2.b) Central Record Authority
3.c) Central Record Authority.
4.d) Common Record Authority.
Q (23): As per section 35DDA, where an assessee incurs any expenditure by way of
a payment to an employee in connection with, his voluntary retirement, in accordance
with any scheme of voluntary retirement__________ of the amount so paid shall be
deducted in computing the profits and gains of the business for that previous year, and
the balance shall be deducted in equal installments for each of the four immediately
succeeding previous years.
1.a) One half
2.b) One-third
3.c) One-fourth
4.d) One-fifth (CORRECT)
Q (24): In which of the following arrangement does the employer make regular
payments, typically a percentage of salary into a pension fund, and the fund is used
to pay pension when the employee retires?
1.a) Voluntary retirement scheme
2.b) Defined benefit scheme
3.c) Defined contribution scheme (CORRECT)
4.d) Employee stock option plan
Q (25): Pension plans eligible for benefit u/s 80CCC have a tax free commutation
option upto _____ of the eligible corpus as a the vesting date.
1.a) 30
2.b) 33 (CORRECT)
3.c) 25
4.d) 35
TEST--6
Q (1): Which may be a fixed rate for all members or may be age of service related,
with higher rates payable for older/longer serving members in order to reflect the
increasing cost of benefit accrual with age and service?
1.a) Benefit rate
2.b) Contribution rate (CORRECT)
3.c) Flat rate
4.d) Annual rate
Q (2): Equity component of the New Pension Scheme investment portfolio replicates
a/an _______.
1.a) Exchange Traded Fund
2.b) Hybrid Mutual Fund
3.c) Equity Mutual Fund (CORRECT)
4.d) Index
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Q (3): In Atal Pension Yojana, Pension payment will start at the age of _______ years.
1.a) 40 years
2.b) 50 years
4.d) 70 years
Q (4): What is the minimum number of employees in an establishment for it to come

under the purview of the Payment of Gratuity Act, 1972?
1.a) 20 and above
2.b) Above 20
3.c) 10 and above (CORRECT)
4.d) Above 10
Q (5): Which act covers factories and establishments with 10 or more employees and
provides for comprehensive medical care to the employees and their families as well
as cash benefits during sickness and maternity, and monthly payments in case of
death or disablement?
1.a) The Workmen's Compensation Act,1923
2.b) The Maternity Benefit Act, 1961
3.c) The Employees' State Insurance Act, 1948 (CORRECT)
4.d) The Payment of Gratuity Act, 1972
Q (6): An annual pension calculated as a fraction for each year of service, but based
on the __________ received on the last year of service.
1.a) Flat Rate
2.b) Graded Schedule
3.c) Average Salary
4.d) Final salary (CORRECT)
Q (7): The grace period for payment of the premium for all types of linked insurance
policies, except single premium policies shall be ___________ where the policyholder
pays the premium on a monthly basis.
1.a) 10 days
2.b) 15 days (CORRECT)
3.c) 20 days
4.d) 30 days
Q (8): Which benefits means an amount of benefit payable on a specified event

offered under the rider, and is allowed as add-on benefit to main benefit?
1.a) Maturity benefit
2.b) Death benefit
3.c) Early benefit
4.d) Rider benefit (CORRECT)
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Q (9): For every completed year of service or part thereof in excess of six months, the
employer shall pay gratuity to an employee at the rate of ____________ wages based
on the rate of wages last drawn by the employee concerned.
1.a) 15 days (CORRECT)
2.b) 25 days
3.c) 45 days
4.d) 60 days
Q (10): Other than the single premium products, the guaranteed surrender value shall
be at least ______ of the total premiums paid less any survival benefits already paid,
if surrendered during the last two years of the policy, if the term of the policy is less
than 7 years.
1.a) 75%
2.b) 80%
3.c) 95%
4.d) 90% (CORRECT)
Q (11): The commission paid to agents or corporate agents in respect of a group

insurance policy shall not exceed the percentage approved by _______.
1.a) RBI
2.b) IRDA (CORRECT)
3.c) SEBI
4.d) SBI
Q (12): Non-resident are eligible to open an account under the public provident
scheme.
1.a) TRUE
2.b) FALSE (CORRECT)
Q (13): Q13) The extra eligibility conditions may also pally such as not having been
absent from work due to sickness for more than say _________ per year during the
previous 2 years.
1.a) 3 weeks (CORRECT)
2.b) 4 weeks
3.c) 5 weeks
4.d) 6 weeks
Q (14): All linked insurance products shall have a lock-in period of _______ from the
date of inception of the policy.
1.a) 2 years
2.b) 3 years
3.c) 4 years
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Q (15): Which refers to group insurer's retention depend on IRDA regulations and the
degree of comfort the insurer has with its projected claims distribution after
reinsurance?
1.a) Surplus arrangement
2.b) Catastrophe cover
3.c) Quota Share Arrangement (CORRECT)
4.d) Stop loss Reinsurance
Q (16): For Both Prospective Methods and Accrued Benefits methods, the
__________ is the difference between the discontinued value of the total expected
benefits for the members and the discounted value of the future expected
contributions.
1.a) Security
2.b) Actuarial Liability (CORRECT)
3.c) Group salary
4.d) Assured benefits
Q (17): What is the lock in period for public provident fund scheme?
1.a) 5 years
2.b) 10 years
4.d) 25 years
Q (18): The NPS Subscriber is required to make Minimum amount per Contribution in
Tier II is
1.a) Rs.100
3.c) Rs.500
4.d) Rs.1000
Q (19): Which of the following is/are an example of employee benefit is/are generally
offered to employees by their company?
1.a) Remunerative wages structure
2.b) Bonus to the employees
3.c) Social security benefits
Q (20): ______________ is the cost which arises because PVO increases due to the
service rendered by the employees in the current period.
1.a) Past service cost
2.b) Present value of obligation
3.c) Current service cost (CORRECT)
4.d) Fair value of plan assets
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Q (21): In Flat Rate, Rs.1000/- pension per month from the Normal Retirement date
for each member. The member will be contributing _____ per month in his active
service tenure.
1.a) Rs.50/-
2.b) Rs.100/- (CORRECT)
3.c) Rs.200/-
4.d) Rs.250/-
Q (22): The Accrued method are driven by the __________.

1.a) Flat rate
2.b) Contribution rate
3.c) Funds (CORRECT)
4.d) Investment
Q (23): Which of the following statement is incorrect with record to to Fully funded
pension scheme?
1.a) Under this plan, no assets are held so if the plan sponsor goes bankrupt
(CORRECT)
2.b) Under this pension plan enough assets are held to totally pay off benefits earned
to date
3.c) Under this scheme is expected if no one earned any more benefits in the future
no additional money is expected to be needed to pay for current benefits
4.d) Under this scheme, the contributions are saved in a fund and blocked until
retirement
Q (24): A minimum yearly deposit of _______ is required to open and maintain a

Public Provident Fund Scheme Account.
2.b) Rs.1000
3.c) Rs.1500
4.d) Rs.2000
Q (25): In which Group insurance Schemes, insured member also share the cost and
these schemes are generally optional for members and thereof a certain minimum
proportion of members should contribute in order to reduce the risk of selection against
the insurer?
1.a) Contributory scheme (CORRECT)
2.b) non-Contributory Schemes
4.d) Long term contracts
TEST--7
Q (1): A typical _________ pattern may provide grades depending of grades in
service/salary etc.,
MCQ-83 25 | P a g e
1.a) Flat Rate
2.b) Graded Schedule (CORRECT)
3.c) Average Salary
4.d) Final salary
Q (2): What may be expressed as a flat percentage of premium(Where the percentage

varies according to group size) or it may be layered?
1.a) Expenses
2.b) Commissions (CORRECT)
3.c) The required return
4.d) Risk
Q (3): Which are post-employment plans other than state plans that pool the assets
of various entities that are not under common control and use those assets to provide
benefit to employees of more than one entity?
1.a) Current Service Cost
2.b) Multi-Employer Plans (CORRECT)
3.c) Fair value of plan assets
4.d) Present Value of Organization.
Q (4): Which pension arrangement are personal pensions, but are linked to an
employer and it is established by an employer as a way of providing all or some of it
employees with access to a pension plan of either of a life insurer or NPS?
1.a) Defined Benefit Schemes
2.b) Defined Contribution Schemes
3.c) Individual Pensions Plans
4.d) Group Personal Pensions (CORRECT)
Q (5): If the bonus is declared only on an annual basis then it is called

1.a) Terminal bonus
2.b) Regular bonus (CORRECT)
3.c) Interim bonus
4.d) None of these
Q (6): Which of the following statement is incorrect with regard to PPF scheme?
1.a) Interest earned is fully exempt from tax without any limit
2.b) All the balance that accumulates over time is exempt from wealth tax
3.c) Balance in PPF account is not subject to attachment under or decree of court
4.d) Tax bracket for PPF is EET (CORRECT)
Q (7): __________ are add on to the base policy and one can avail various
supplementary riders to the basic life cover under Group Insurance.
1.a) OYRGTA
2.b) Riders (CORRECT)
MCQ-83 26 | P a g e
3.c) Premiums
Q (8): For Single premium products, The guaranteed surrender value shall be at least
_____ of the total premiums paid less any survival benefits already paid, if surrendered
any time within third policy year.
1.a) 45%
2.b) 50%
3.c) 60%
4.d) 70% (CORRECT)
Q (9): As per section 80CCD, any amount contributed by salaried employee to a

notified pension scheme shall be allowed as deduction from taxable income up
to__________ of his/her salary.
1.a) 5%
2.b) 7.5%
3.c) 10% (CORRECT)
4.d) 12.5%
Q (10): An establishment had 9,10,11,20,21,9 and 8 employees in the years

1998,1999,2000, 2001,2002,2003 and 2004. Are the employees of that establishment
covered under the Payment of Gratuity Act, 1972?
1.a) Since 1999 (CORRECT)
2.b) Since 2000
3.c) Since 2001
4.d) Not now covered.
Q (11): Commutation of pension up to a limit of _____is tax exempt in case the gratuity
also is received
1.a) 1/4 of the pension
2.b) 1/3 of the pension (CORRECT)
3.c) 1/2 of the pension
4.d) 3/4 of the pension
Q (12): ___________ means market value of paid up and subscribed equity capital.
1.a) Net Worth
2.b) Paid up share capital (CORRECT)
3.c) Gross profit
4.d) Face value
Q (13): Q13) State Bank of India has its headquarters in

1.a) Chennai
2.b) Mumbai (CORRECT)
3.c) Kolkata
MCQ-83 27 | P a g e
4.d) Hyderabad
Q (14): Section 5 of Indian Income Tax speaks about

1.a) Charge of Income tax
2.b) Scope of Total Income (CORRECT)
3.c) Incomes not included in total income
4.d) None of these
Q (15): PF, EFP, EDLI, Gratuity are examples of

1.a) Provisions of social security (CORRECT)
2.b) Statutory compulsions
3.c) Tax concessions
4.d) None of these
Q (16): For group term insurance products with other than single premium payment
products, the policy term shall not be less than ______.
1.a) 2 years
2.b) 3 years
3.c) 4 years
Q (17): In Public Provident Fund, one can withdraw the investment made in 1st year
only in which year?
1.a) 3rd year
2.b) 4th year
3.c) 6th year (CORRECT)
4.d) 8th year
Q (18): In case of NPS which of the following is True?

1.a) Exit before turning 60 years is possible by withdrawing 60 per cent of the
accumulated savings and compulsorily buying an annuity with the remaining 40 per
cent.
2.b) Exit before turning 60 years is possible by withdrawing 40 per cent of the
cent.
3.c) Exit before turning 60 years is possible by withdrawing 80 per cent of the
cent.
4.d) Exit before turning 60 years is possible by withdrawing 20 per cent of the
cent. (CORRECT)
Q (19): In employees Provident Fund Schemes, 1952 the salary limit was raised
subsequently which at present is ________ with effect from 1st September 2014.
MCQ-83 28 | P a g e
1.a) Rs.8,000
2.b) Rs.10,000
3.c) Rs.15,000 (CORRECT)
4.d) Rs.20,000
Q (20): Which of the following group insured lives may be exclude from converting
into individual plan?
1.a) Individual leaving the company to join the competitors
2.b) Individual leaving the company to start his own business
3.c) Individual leaving the company to join the armed services (CORRECT)
4.d) Individual under group schemes cannot convert to individual plan
Q (21): Which means the benefit, which is payable on maturity as specified in the
policy document and is stated at the inception of the contract?
1.a) Early benefit
2.b) Death benefit
3.c) Bonus benefit
4.d) Maturity benefit (CORRECT)
Q (22): Which Group insurance scheme is for short duration such as a year. Popularly
known as OYRGTA - One Year Renewable Group Term Assurance?
1.a) Contributory scheme
3.c) Short term contracts (CORRECT)
Q (23): __________ means that the ceding company and the reinsurer negotiate and
execute a reinsurance contract under which are reinsurer covers the specified share
all the insurance policy issued by the ceding company which come within the scope of
that contract.
1.a) Proportional Reinsurance
2.b) Non Proportional Reinsurance
3.c) Facultative Reinsurance
4.d) Treaty Reinsurance (CORRECT)
Q (24): ______________ is defined as the ability of a funding method to ensure that

there will be sufficient assets to meet a scheme's liabilities.
1.a) Security (CORRECT)
2.b) Stability
3.c) Realism
4.d) Flexibility
Q (25): In Pradhan Mantri Jeevan Joti Bima Yojana, what was the amount per annum?
MCQ-83 29 | P a g e
2.b) Rs.120
3.c) Rs.330
4.d) Rs.500
TEST--8
Q (1): Which was launched by PFRDA, to extend the coverage of NPS to the weaker
and economically disadvantaged sections of the society with their limited investment
potential, which specifically targets the marginal investors and promotes small savings
during their productive life?
1.a) NPS- Superannuation
2.b) NPS - Swavalamban (CORRECT)
3.c) NPS - Gratuity
4.d) None of these
Q (2): Which of the following is correct?

1.a) Carrying amount of liability = Past value of obligation minus the Present value of
any plan assets
2.b) Carrying amount of liability = Present value of obligation plus the Future value of
any plan assets
3.c) Carrying amount of liability = Present value of obligation minus the fair value of
any plan assets (CORRECT)
4.d) Carrying amount of liability = Past value of obligation plus the fair value of any
plan assets
Q (3): Which rating refers to allowing the group to participate in the good or adverse
claims experience it will have at the end of the Insurance term?
1.a) Prospective experience rating
2.b) Profit Experience Rating
3.c) Retrospective Experience Rating (CORRECT)
4.d) Premium experience rating
Q (4): Which cost comes into picture when an entity introduces a defined benefit plan
or makes some changes to an existing plan, which results in increase of PVO for
employees service in past period which has to be accounted in current period?
1.a) Fair value of plan Assets
2.b) Past Service Cost (CORRECT)
3.c) Present Value of Obligation
4.d) Current service cost
Q (5): One of the defining characteristic of occupational pensions is that they are
'tested' on their emerging benefits rather than on contribution levels. The Inland
Revenue imposes limits on the size of the pension, the tax-free lump sum and death
benefits, known as ___________.
1.a) Hybrid schems
2.b) Defined Contribution scheme
3.c) Maximum Emerging Benefits (CORRECT)
MCQ-83 30 | P a g e
4.d) Defined Benefit scheme
Q (6): In which year did EPFO appoint multiple fund managers for the first time?
1.a) 2005
2.b) 2008 (CORRECT)
3.c) 2010
4.d) 2012
Q (7): What shall mean the annuity rates that are approved by the authority as per
the file and use procedure and are attached to the pension products?
1.a) Commutation
2.b) Prevailing annuity rate
3.c) Assured benefit (CORRECT)
4.d) Switches
Q (8): Which shall mean the giving up of a part or all of the annuity payable from
vesting/surrender for an immediate lump sum?
1.a) Prevailing annuity rate
2.b) Commutation (CORRECT)
3.c) Fund value
4.d) Risk sharing
Q (9): Which was launched on 1st January, 2004 with the objective of providing
retirement income to all the citizens and it aims to institute pension reforms and to
inculcate the habit of saving for retirement amongst the citizens?
1.a) Occupational pensions
2.b) Individual pensions
3.c) National Pension System (CORRECT)
4.d) Personal scheme
Q (10): What is the rate of matching contribution to the PF by the employee and the
employer in a covered establishment?
1.a) 8.33% of the eligible salary
2.b) 12% of the eligible salary
3.c) 10% of the eligible salary
4.d) Either 10.00% or 12.00% of the eligible salary as decided by the employer
(CORRECT)
Q (11): During group renewal, the claims and exposures may be analysed by taking
into account
1.a) Group's internal record keeping mechanism
2.b) Group's mortality experience confidence intervals
3.c) Group's credibility to the experience
MCQ-83 31 | P a g e
Q (12): In which plan, the employer pays the full premium, are much easier to
administer?
1.a) Natural plans
2.b) Compulsory plans (CORRECT)
3.c) Voluntary plans
4.d) None of these
Q (13): Q13) A social Security Division has been set up under Which Ministry?
1.a) Women Welfare
2.b) Labour and employment (CORRECT)
3.c) Human Resource Development
4.d) Minority affairs
Q (14): In which of the following securities is EPFO's corpus majorly invested?

1.a) Central Government Securities (CORRECT)
2.b) Equities
3.c) Balanced Mutual Funds
4.d) Gold
Q (15): Minimum investment that is to be made in PPF to keep it active is ________.?

1.a) Rs. 500 (CORRECT)
2.b) Rs. 1,000
3.c) Rs. 70,000
4.d) Rs. 1,00,000
Q (16): Which of the following is a government-backed pension scheme in India

targeted at the unorganised sector?
1.a) Atal pension yojna (CORRECT)
2.b) National pension system
3.c) Pradhan Mantri Jeevan jyoti bima yojana
4.d) Pradhan Mantri Suraksha Bima Yojana
Q (17): Pension Fund Regulatory and Development Authority (PFRDA) permits Non-
resident Indians (NRIs) to invest in National Pension System (NPS) .
1.a) False
2.b) True (CORRECT)
Q (18): In the case of a Quot-share arrangement, who bear the same mortality risk?
1.a) Insurer
2.b) Reinsurer
3.c) Both of the above (CORRECT)
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Q (19):
Under which arrangements the fund remains invested, instead of buying an annuity,
and the member withdraws an amount of the fund each year?
1.a) Investment arrangement
2.b) Income drawdown (CORRECT)
3.c) Guarantees
4.d) Annuity purchase
Q (20): Which Section of Indian Income Tax speaks about Incomes not included in
total income?
1.a) Section 4
2.b) Section 5
3.c) Section 10 (CORRECT)
4.d) Section 11
Q (21): Which is also known as Projected Unit Credit Method?

2.b) Present Value of Obligation (CORRECT)
4.d) Past Service Cost
Q (22): The extra eligibility conditions may also pally such as not having been absent
from work due to sickness for more than say 3 weeks per year during the
previous________.
2.b) 3 years
3.c) 4 years
4.d) 5 years
Q (23): Which Section of Indian Income Tax speaks about Deduction in respect of
contribution to certain pension funds?
1.a) Section 17
2.b) Section 80CCC (CORRECT)
3.c) Section 80CCD
4.d) Section 80 CCE
Q (24): Discontinuance of payments of contribution amount of After 12 months

account will be ___________.
1.a) Frozen
2.b) Deactivated (CORRECT)
3.c) Closed
4.d) None of these
MCQ-83 33 | P a g e
Q (25): Which act provides 15 days wages for each year of services to employees
who have worked for five years or more in establishments having a minimum of 10
workers?
2.b) The Payment of Gratuity Act,1972 (CORRECT)
3.c) The Employees' State Insurance Act, 1948
4.d) The Maternity Benefit Act, 1961
TEST--9
Q (1): Discontinuance of payments of contribution amount of After 6 months account
will be ___________.
1.a) Frozen (CORRECT)
2.b) Deactivated
3.c) Closed
4.d) None of these
Q (2): The premium rates of a group of scheme are adjustment periodically on the
basis of experience this feature is known as____________.
1.a) Incidental pricing
2.b) Master cover limit
3.c) Free cover limit
4.d) Experience rating (CORRECT)
Q (3): The Payment of Gratuity Act, 1972 requires gratuity to be paid to an employee
at the time of termination of employment where the employee has been in continuous
service for not less than five years.
1.a) False
2.b) True (CORRECT)
Q (4): Which act provides for 12 weeks wages during maternity as well as paid leave
in certain other related contingencies?
2.b) The Employees' State Insurance Act, 1948
3.c) The Maternity Benefit Act, 1961 (CORRECT)
4.d) The Employees' Provident Funds and Miscellaneous Provisions Act, 1952
Q (5): Which benefits to Employee provide subsidy, free housing, car, and medical
are treated as an expense?
2.b) Non-monetary benefits (CORRECT)
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Q (6): What is defined as the amount payable to any employee only who serves for a
minimum period of 5 years at a stretch with his employer?
1.a) Labour welfare
2.b) Gratuity (CORRECT)
3.c) Share premium
4.d) Free Reserves
Q (7): Public Provident Scheme is for

1.a) a period of 15 years (CORRECT)
2.b) a period of 12 years
3.c) a period of 8 years
4.d) a period of 20 years
Q (8): What is the maximum amount of gratuity payable as per the Act?
1.a) Rs 3,50,000
2.b) Rs 2,50,000
3.c) Rs 50,0000
4.d) Rs 10,00,000. (CORRECT)
Q (9): Discontinuance of payments of contribution amount of After 24 months account

will be ___________.
1.a) Frozen
2.b) Deactivated
3.c) Closed (CORRECT)
4.d) None of these
Q (10): Which was established by the Government of India on 23rd August 2003 to
promote old age income security by establishing, developing and regulating pensions
funds, to protect the interests of subscribers to schemes of pension funds and for
matters connected therewith or incidental ?
1.a) IRDA
2.b) PFRDA (CORRECT)
3.c) RBI
4.d) SEBI
Q (11): How many PPF accounts can be opened in one name?

1.a) One (CORRECT)
2.b) Two
3.c) Three
4.d) Five
Q (12):
What are the benefits available to the employees who are covered under the EPF and
Misc. Provisions Act, 1952?
MCQ-83 35 | P a g e
1.a) Benefits of Provident Fund and Family Pension Scheme
2.b) Benefits of Provident Fund and Family Pension Scheme
3.c) Benefits of Provident Fund, Employees Deposit Linked Insurance Scheme and
Employees Pension Scheme (CORRECT)
Explanation : The Employees' Provident Funds and Miscellaneous Provisions Act,
1952 provides for the institution of Compulsory Provident Fund, Family Pension Fund
and Deposit-Linked Insurance Fund, for the benefit of the employees in factories and
other establishments.
4.d) Benefits of Provident Fund, Employees Deposit Linked Insurance Scheme and
Family Pension Scheme
Q (13): Q13) A _________ occurs when a plan is permanently settled, say, by paying
lump sum amount and plan ceases to exist. Loss or gain arising from curtailments or
settlements is to be recognised in P/L immediately.
1.a) Settlement (CORRECT)
2.b) Actuarial Gain
3.c) Curtailments
4.d) Actuarial Loss
Q (14): What refers to the sum Assured Limit up to which the entire risk is borne by
the insurer himself without opting for reinsurance?
1.a) Proportional limit
2.b) Treaty limit
3.c) Retention limit (CORRECT)
4.d) Contraction limit
Q (15): Who may, without reference to the Central Board, sanction expenditure on
contingencies, supplies and services and purchase of articles required for
administering the insurance Fund, subject to financial provision?
1.a) Agent
2.b) Prinicipal
3.c) Commissioner (CORRECT)
4.d) Customer
Q (16): Which charge is levied for any alterations within the contract, such as, increase
in sum assured, premium redirection, change in policy term and this charge is
expressed as a flat amount and for unit linked products, this shall be levied by
cancellation of units?
1.a) Switching charge
2.b) Premium Payment charge
3.c) Miscellaneous charge (CORRECT)
4.d) Rider charge
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Q (17): Employer's contribution to the recognized PF is not treated as income provided
it does not exceed ______ of the salary of the employee.
1.a) 10% (CORRECT)
2.b) 20%
3.c) 30%
4.d) 40%
Q (18): Who has given a special concession to promote the various employee welfare
measures. In case of an organised death benefits scheme under group term insurance
plan where the benefits are payable to the beneficiaries only in the event of death of
an employee?
1.a) RBI
2.b) SEBI
3.c) IRDA (CORRECT)
4.d) CBDT
Q (19): In Group saving Linked Insurance, the rate of interest is declared at

______________.
1.a) Beginning of the year
2.b) End of the year
3.c) Middle of the year
4.d) Either beginning of the year or end of the year (CORRECT)
Q (20): Where a policy is discontinued, the insurer shall send a notice within a period
of ________ from the date of expiry of grace period to such a policyholder to exercise
the said options within a period of 30 days of receipt of such notice.
1.a) 10 days
2.b) 15 days (CORRECT)
3.c) 20 days
4.d) 25 days
Q (21): The member who joins the scheme should not be on sick leave on date of
joining and this is to avoid selection against the insurer by the sponsor and also known
as avoiding anti-selection. This is an example of which term associated with Group
Insurance?
1.a) Riders
2.b) OYRGTA
3.c) Evidence of Insurability (CORRECT)
Q (22): The minimum age of joining Atal Pension Schemes is _______ years and
maximum age is ______.
1.a) 15, 60
2.b) 18,40 (CORRECT)
3.c) 20,55
MCQ-83 37 | P a g e
4.d) 25,75
Q (23): Which of the establishments are covered under the EPF and Misc. Provisions
Act, 1952?
1.a) An establishment having more than 20 employees
2.b) An establishment having 20 or more employees (CORRECT)
3.c) An establishment notified by the Central Government and also that which is a
factory engaged in a specified industry & employing 20 or more persons
4.d) An establishment notified by the Central Government and also that which is a
factory engaged in a specified industry and ndash; employing more than 20 persons
Q (24): If the commission or remuneration if any form offered in a product is

substantially different between the distribution channels, the _________ shall justify
the reasons for the difference.
1.a) Agent
2.b) Appointed Actuary (CORRECT)
3.c) Chairman
4.d) Principal
Q (25): Once the expected claim costs have been determined, the ____________ will
be the total expected claim loaded for expenses, commissions, taxes, required risk
and profit margin, and may include a discount for investment income on reserves or
cash flow.
1.a) Net premium
2.b) Gross premium (CORRECT)
TEST--10
Q (1): Non-resident are eligible to open an account under the public provident scheme.
1.a) TRUE
2.b) FALSE (CORRECT)
Q (2): Which means that the ceding company and the reinsurer negotiate and execute
a reinsurance contract under which the reinsurer covers the specified share of all the
insurance policies issued by the ceding company which come within the scope of that
contract?
1.a) Treaty Reinsurance (CORRECT)
2.b) Facultative Reinsurance
Q (3): The fund based group non-linked products may levy a surrender charge not
exceeding ______ of the total policy account value with a maximum of Rs.5,00,000, if
the policy is surrendered within third renewal of the policy.
1.a) 0.05% (CORRECT)
2.b) 0.10%
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3.c) 1%
4.d) 2%
Q (4): In the context of NPS Tier I account is a prerequisite for opening Tier II account
1.a) FALSE (CORRECT)
2.b) TRUE
Q (5): Which occupational class contains Light manufacture and assembly regular
salesperson involved in travel or delivery, Nurses, Real estate agents, insurance
agents and brokers and attendants and those in whole sale business also form the
part of this class?
1.a) Class 1
2.b) Class 2
3.c) Class 3 (CORRECT)
4.d) Class 4
Q (6): Who is not covered under New Pension scheme?

1.a) Employee of a Central (Civil) Ministry or Departments
2.b) Employee of a non-civil Ministry or Department including Railways, Postal
department
3.c) All Central Governement Employees
4.d) An individual who has joined Central Government service before 01 January 2004
(CORRECT)
Q (7): The amount to be subscribed to the PPF in any financial year can be in multiples
of Rs 5 but not less than Rs 500 in his own account or a minor's account and the
maximum being
2.b) Rs 100000
3.c) Rs 60000
4.d) Rs 75000
Q (8): In case of group non - linked products. non - employee homogeneous group/s
shall include which of the below?
1.Any Associations, where the members represent a particular

profession/trade/domestic workers/anganwadi workers
2.Government agencies
3.Parents of school/collage students as members
4.All of the above (CORRECT)
Q (9): Which of the following is division of Treaty insurance?

2.b) Proproational Reinsurance (CORRECT)
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3.c) Quota Share Arrangement
4.d) None of these
Q (10): What refers to setting a premium rate for the future coverage period by
reflecting a group's past experience, to the extent that it is credible and is expected to
continue into the future?
1.a) Prospective experience rating (CORRECT)
2.b) Retrospective Experience Rating
3.c) Profit Experience Rating
4.d) Premium experience rating
Q (11): When plan is amended or suspended such that a material element of future
service by current employees does not qualify for benefit or qualify for reduced benefit,
____________ occurs.
1.a) Settlement
2.b) Actuarial Gain
3.c) Curtailments (CORRECT)
4.d) Actuarial Loss
Q (12): The Employees Provident Funds and Miscellaneous Provisions Act, 1952
extends to:
1.a) Whole of India
2.b) A few specified States of India
3.c) All States excluding Union Territories
4.d) Whole of India except the State of Jammu and Kashmir (CORRECT)
Q (13): Q13) Maximum number of subscriptions that can be made in a year to a PPF
account is
1.a) 1
2.b) 12 (CORRECT)
3.c) 3
4.d) No limit
Q (14): The grace period for payment of the premium for all types of linked insurance
policies, except single premium policies( where the policyholder pays the premium on
an annual basis) shall be________.
1.a) 7 days
2.b) 15 days
3.c) 21 days
4.d) 30 days (CORRECT)
Q (15): In Group Insurance, there is a requirement of evidence of insurability. Say

whether True of False.
1.a) True
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2.b) False (CORRECT)
Q (16): Who reflects Government's effort to find sustainable solutions to the problem
of providing adequate retirement income?
1.a) Insurance Regualatory
2.b) National Pension System (CORRECT)
3.c) Reserve Bank of India
4.d) None of these
Q (17): Which type of pension scheme is applicable if death occurs during service
period?
1.a) Old Age pension
2.b) Survivor penison (CORRECT)
3.c) Permanent Disability
4.d) None of these
Q (18): If the policyholder dies during the deferment period, the nominee shall exercise
which of the following options
1.a) To utilise the entire proceeds of the policy or part thereof for purchasing an annuity
at the then prevailing rate from the same insurer
2.b) Withdraw the entire proceeds of the policy
3.c) Both a and b (CORRECT)
4.d) None of these
Q (19): How much rupees is charged for data management per member per annum
in Group Insurance products Administration?
1.a) Rs. 10/-
2.b) Rs. 15/- (CORRECT)
3.c) Rs. 20/-
4.d) Rs. 25/-
Q (20): Which scheme was a gratuitous payment usually in operation when there was
no pension arrangement but was given as a terminal benefit supplemental to the
Provident Fund Until this Act was passed?
1.a) Employee's Pension Scheme,1995
2.b) The Payment of Gratuity Act,1942 (CORRECT)
3.c) Public Provident Fund Scheme
4.d) Employees Deposit-Linked Insurance Scheme,1976
Q (21): In which Group insurance schemes, wherein the proposer, the nodal agency
himself pays the entire considerations and there will be less chances of selection
against insurer as the entire section of eligible members come to the fold?
MCQ-83 41 | P a g e
Q (22): The minimum service required for entitlement to payment of Gratuity under
the Act, in case of an employee leaving service by death or incapacitation is
1.a) 2 years
2.b) 3 years
3.c) 5 years
4.d) No minimum service required (CORRECT)
Q (23): What means complete withdrawal or termination of the entire policy?

1.a) Cancelation
2.b) Surrender (CORRECT)
3.c) Termination
4.d) None of these
Q (24):Withdrawl from a National Pension Scheme ? Tier I account is

_____________till age of 60?
1.a) Not Allowed at all
2.b) 20% can be withdrawn and 80% should be converted into annuity (CORRECT)
3.c) Partially Allowed upto 40%
4.d) Partially Allowed upto 60%
Q (25): In the context of NPS, PRAN stand s for

1.a) Permanent Residence Account Number
2.b) Permanent Retirement Account Number (CORRECT)
3.c) Personal Retirement Account Number
4.d) Permanent Account Number
TEST-11
Q (1): Which of the following statement best describes interest costs?
1.a) It is the cost which arises because PVO increase due to the service rendered by
the employees in the current period
2.b) This is arrived at by multiplying the discount rate as determined at the start of the
period by 'PVO' at the beginning of the period (CORRECT)
3.c) It comprises of interest, divident and other revenue derived from the plan assets
and any realised or unrealised gain on the plan assets
4.d) It is the amount which an asset could be exchanged or a liability settled between
knowledgeable parties
Q (2): Which of the following is a disadvantage of free cover limit provided under group
insurance?
1.a) Cost reduction
2.b) Saves time
3.c) Spread of the mortality risk
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4.d) Anti-selection (CORRECT)
Q (3): Accounting stand ard 15(revised 2005) is not applicable to which of the following
firms?
1.a) Listed companies on any stock exchange in India
2.b) Companies having turnover of more than 50 crores
3.c) Companies employing less than 50 employees (CORRECT)
4.d) Banks/FIs/Insurance companies
Q (4): What is the annual premium amount that has to be paid by an individual under
pradhan Mantri Suraksha Yojana(PMSSY) ?
1.a) Rs 10
2.b) Rs 12 (CORRECT)
3.c) Rs 500
4.d) Rs 5000
Q (5): Which of the following methods are commonly used to set the contributions for
defined benefit pension schemes that are funded in advance by regular contributions?
1.a) Prospective methods
2.b) Accrued benefit methods
3.c) Both a and b (CORRECT)
4.d) None of these
Q (6): In light of concentration of risk in a group if it is not widely spread, the _______
provides the insurer additional protection on the risks within its retention and also limits
the cost of multiple claims as a result of a single incident, such as natural disaster or
an accident.
2.b) Catastrophe cover (CORRECT)
Q (7): Other Long term Employee Benefits include employee benefits other than
Short-term employee benefits, Post-employment benefits and termination benefits.
Say True or False.
1.a) True (CORRECT)
2.b) False
Q (8): Insurance compaines that sell reinsurance refer to the business

as_______________.
1.a) Proportional Reinsurance
3.c) Treaty Reinsurance
4.d) Assumed Reinsurance (CORRECT)
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Q (9): Which of the following statements about gratuity is incorrect?
1.a) An employer may offer gratuity out of his own funds
2.b) An employer can approach a life insurer in order to purchase a group gratuity plan
3.c) In case the employer chooses a life insurer, he has to pay annual contributions
as decided by the insurer.
4.d) None of the above (CORRECT)
Q (10): The sum of all the rider premium attached to the pension product shall not
exceed____________ of the premium paid for the pension policy.
1.a) 10%
2.b) 15% (CORRECT)
3.c) 20%
4.d) 25%
Q (11): Which of the following account cannot be opened under PPF scheme?
1.a) Account in the name of Mr. X who is a resident
2.b) Account on behalf of Mr. Y who is resident minor
3.c) Account in the name of Mr. and Mrs. X (both are resident) (CORRECT)
4.d) Account in the name of Mr. Z who is resident
Q (12): For fully funded pension schemes, which of the following actuarial
assumptions are required?
1.a) Assuming rates of return on the plan assets
2.b) The ultimate benefit levels of plan participants
3.c) Actuarial longevity
Q (13): Q13) What is an amount of premium that is paid by the policyholders at

irregular besides basic regular premium payments specified in the contract and is
treated as single premium for all purposes?
1.a) Pension premium
2.b) Top-up Premium (CORRECT)
3.c) Assured Premium
4.d) Partial premium
Q (14): What is the maximum amount of gratuity that is exempted from tax as per the
Act?
1.a) Rs. 10 Lakh (CORRECT)

2.b) Rs. 25 Lakh
3.c) Rs. 50 Lakh
4.d) Rs. 20 Lakh
MCQ-83 44 | P a g e
Explanation : In case of private sector employees covered under the Payment of
Gratuity Act, 1972, any gratuity received is tax exempt to the extent of least of the
following: Statutory limit of Rs. 20 Lakh (Maximum limit/ Government notified amount)
Q (15): a) Life insurance protection is given during the service period of the employees
by means One Year Renewable Group Term Assurance Plan. b) This is pure life
insurance c) The benefit is payable only in the event of death of the employee while in
service. It all characteristics of which Schemes?
1.a) Group Superannuation Schemes
2.b) Group Life Insurance Schemes (CORRECT)
3.c) Group Gratuity Schemes
4.d) None of these
Q (16): In case the employee is not paid his amount of gratuity, what is the time period
within which he needs to apply to employer?
1.a) Within 10 days
2.b) Within 15 days
3.c) Within 30 days (CORRECT)
4.d) Within 45 days
Q (17): Commutation of pension to the extent of _______ is allowed wherein the

member is eligible for Gratuity.
1.a) 1/2rd
2.b) 1/3rd (CORRECT)
3.c) 1/4th
4.d) 1/5th
Q (18): In Group Savings Variable Insurance Products, the term of the product shall
be at least _________.
1.a) 1 year
2.b) 3 years
3.c) 4 years
Q (19): As per EDLI scheme 1976, the amount received at the employer's contribution
and also the Central Government Contribution to the insurance fund under sub-section
2 and 3 of section 6c shall be credited to an account called the__________.
1.a) Provident fund Account
2.b) Deposit-Linked Insurance Fund Account (CORRECT)
3.c) Interest Suspense account
4.d) Fund Central Administration Account
MCQ-83 45 | P a g e
Q (20): The Employees Provident Fund Organisation will be allowed to invest up to
_______ of its funds in debt securities issued by banks and financial institutions and
other body corporates.
1.a) 55% (CORRECT)
2.b) 65%
3.c) 75%
4.d) 85%
Q (21): Which of the following charges are levied under the linked insurance products?
1.a) Fund Management Charge
2.b) Rider charge
3.c) Morbidity charge
Q (22): Section 17 of the Income Tax Act deals with which of the following?
1.a) Salary
2.b) Perquisite
3.c) Profits in lieu of salary (CORRECT)
Q (23): To contribute in Tier I account, a subscriber is required to make his/her

contribution at the time of applying for registration, the minimum contribution should
be ________ at any point of Presence Service Providers (POP-SP) with NCIS.
1.a) Rs. 100
2.b) Rs. 250
3.c) Rs. 500 (CORRECT)
4.d) Rs. 1000
Q (24): Group term insurance products with minimum term of _____ shall be allowed
only under the micro-insurance products provided the premiums are aligned with that
of pure tern products with similar term and entry age.
1.a) 2 years
2.b) 3 years
3.c) 4 years
Q (25): _________ originally issued in 1995 and titled as 'Accounting for Retirement
Benefits' in the Financial Statements of Employers.
1.a) Accounting St andard 12
2.b) Accounting St and ard 13
3.c) Accounting Standard 14
4.d) Accounting Standard 15 (CORRECT)
TEST--12
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Q (1): Charges could change from year to year in a reasonably orderly manner so
that the difference between the maximum and minimum charges during first 5 years
shall not vary by more than __________ times.
1.a) 2.3 times
2.b) 1.5 times (CORRECT)
3.c) 3.5 times
4.d) 6.5 times
Q (2): In Public Provident Fund, a minumum yearly deposit of ______ is required to

open and maintain a PPF account.
1.a) Rs.100
2.b) Rs.300
3.c) Rs.400
4.d) Rs.500 (CORRECT)
Q (3): What refers to insurance that is purchased by an insurance company from one
or more other insurance companies directly or through a broker as a means of risk
management?
1.a) Group plan
2.b) Reinsurance (CORRECT)
3.c) Funding ratio
4.d) Insurer
Q (4): The calculation of final salary can be based on emoluments earned in years
prior to retirement and inflated by the retail price index to the year of retirement. This
is known as ________
1.a) Maximum Emerging Benefits (CORRECT)
2.b) Dynamising
3.c) Contributions
4.d) Defined Benefit scheme
Q (5): The reinsurance contract may oblige the reinsurer to accept reinsurance of all
contracts within the scope known as
1.a) Facultative obligatory
2.b) Obligatory reinsurance (CORRECT)
Q (6): In the context of Annuity,What is Commutation?

1.a) Option to receive annuity in Monthly Installments
2.b) Option to receive annuity in Half Yearly Installments
3.c) Option to receive a portion of Maturity benefit as Lump Sum before the annuity
starts (CORRECT)
4.d) Option to receive annuity payments annually
MCQ-83 47 | P a g e
Q (7): An AVC arrangement allows a member to make additional personal
contributions up to __________ of pensionable remuneration minus personal
contributions routinely paid to the main scheme.
1.a) 10% (CORRECT)
2.b) 15%
3.c) 20%
4.d) 25%
Q (8): Which cost arises because the benefits are one period closer to settlement and
this is arrived at by multiplying the discount rate as determined at the start of the period
by 'PVO' at the beginning of the period?
1.a) Current service cost
2.b) Interest Costs (CORRECT)
3.c) Expected Return on Plan Assets
4.d) Actuarial Gain or loss
Q (9): Why do most of the employers go in for Group Insurance Scheme providing
term cover from a life insurance company in lieu of the statutory Employees Deposit
Linked Insurance Scheme, 1972?
1.a) To avail extra tax benefit
2.b) To save administrative expenses
3.c) To provide higher cover to employees than that are available under EDLI scheme
(CORRECT)
4.d) To avoid statutory compliance
Q (10): The maximum amount that can be invested in Public Provident Fund is
Rs._________.
1.a) 150000 (CORRECT)
2.b) 100000
3.c) 70000
4.d) 90000
Q (11): Is pension a statutory a benefit in India and if so, for which segment of
employees?
1.a) All employees working in any sector
2.b) All government employees
3.c) All employees covered under the EPF and Miscellaneous Provisions Act, 1952
(CORRECT)
4.d) All government and public sector employees
Q (12): Stamp duty , currently is _______ per thousand of sum assured for most of
states and is payable only at inception of the plan and thereafter on increased sum
assured.
1.a) 10 paise
2.b) 20 paise (CORRECT)
MCQ-83 48 | P a g e
3.c) 30 paise
4.d) 40 paise
Q (13): A ______________ is not a mand atory requirement of an exempt approved

occupational pension scheme?
1.a) Employer's Contributions
2.b) Member's Personal Contribution
3.c) Employee's Contribution
4.d) Customers contribution (CORRECT)
Q (14): Under Trust-based occupational pension scheme, who will set the terms of
the trust, the benefit levels and Eligibility criteria for membership?
1.a) Employee
2.b) Sponsoring employer (CORRECT)
3.c) Organisation
4.d) Customer
Q (15): What is a common asset pool meant generate stable growth over the long
term, and provide pensions for employees when they reach the end of their working
years and commence retirement?
1.a) Curtailments
2.b) Settlement (CORRECT)
3.c) Pension Funds
4.d) Interest funds
Q (16): Q13) Which means the total value of the units at that point of time in a
segregated fund?
1.a) Net Asset Value (CORRECT)
2.b) Fund Value
3.c) Premium
4.d) None of these
Q (17): Which Schemes provide retirement pensions by means of deferred and

immediate annuities and may provide life insurance protection though the main
objective is to provide old age pensions to employees after retirement from service?
1.a) Group Superannuation Schemes (CORRECT)
2.b) Group Life Insurance Schemes
4.d) None of these
Q (18): Which means the price per unit of the segregated Fund?
1.a) Net Asset Value (CORRECT)
2.b) Fund
3.c) Premium
MCQ-83 49 | P a g e
4.d) Unit fund value
Q (19): In case of 'Group non-linked products'. non-employee homogeneous group/s

1.a) Any Associations, where the members represent a particular
profession/trade/domestic workers/Anganwadi workers
2.b) Government agencies
3.c) Parents of school/college students as members
Q (20): Which of the following statements is/are true about Tier I accounts of NPS?
1.a) The funds in the Tier I account can be withdrawn only on attainment of 60 years
of age.
2.b) 60% of amount withdrawn can be taken in lump sum and balance 40% of is to be
used for purchase annuity from Life Insurance Company.
3.c) In case the subscriber withdraws funds before 60 years of age, 80% of the savings
must be used purchase the annuity and balance 20% can be withdrawn in lump sum.
Q (21): How many employee benefits are there under Accounting Stand ard 15?
1.a) One
2.b) Two
3.c) Three
4.d) Four (CORRECT)
Q (22): Which is the method of valuing Actuarial liabilities and this method considers
each period of service as giving rise to an additional Unit of Benefit entitlement and
measures each unit separately to build up the final Obligation?
1.a) Current Service method
2.b) Projected Unit Credit Method (CORRECT)
3.c) Acturaial method
4.d) Defined Contribution method
Q (23): Which means the time granted by the insurer from the due date for the
payment of premium, without any penalty or late fee, during which time the policy is
considered to be in-force with the risk cover without any interruption as per the terms
of the policy?
1.a) Forgive period
2.b) Limited period
3.c) Grace period (CORRECT)
4.d) None of these
Q (24): Who among the following provides consultancy services to the EPFO?
1.a) CARE
MCQ-83 50 | P a g e
2.b) IRDA
3.c) Crisil (CORRECT)
4.d) SBI
Q (25): All Indian Citizen between the age of ________ can join the NPS.
1.a) 10 to 50
2.b) 18 to 60 (CORRECT)
3.c) 15 to 75
4.d) 17 to 55
TEST-13
Q (1): In case of non-linked pension product, if the policyholder dies during the
deferment period, What is/are the option/s available to the nominee?
1.a) Utilise the entire proceeds of the policy or part thereof for purchasing an annuity
at then prevailing rate from the insurer (CORRECT)
2.b) Withdraw the entire proceeds of the policy
3.c) Any of the above two option
4.d) Transfer the plan in his/her own name and continue with the plan by paying future
premiums
Q (2): Under which method, reinsurance is negotiated is negotiated separately for

each insurance policy that is reinsred?
1.a) Proportional reinsurance (CORRECT)
2.b) Non Proportional reinsurance
3.c) Facultative reinsurance
4.d) Treaty reinsurance
Q (3): Generally on ____________ the benefit projections will be provided for

member's and these help the members in deciding whether there is any need to
increase their contributions.
1.a) Annual basis (CORRECT)
2.b) Quarterly basis
3.c) Half-yearly basis
4.d) Month basis
Q (4): Which act requires payment of compensation to the workman or his family in
cases of employment related injuries resulting in death or disability?
1.a) The Workmen's Compensation Act,1923 (CORRECT)
2.b) The Maternity Benefit Act, 1961
3.c) The Employees' State Insurance Act, 1948
Q (5): A minimum yearly deposit of Rs.500 is required to open and maintain a PPF
account, and a maximum deposit of ______.
1.a) Rs.50,000 (CORRECT)
MCQ-83 51 | P a g e
2.b) Rs.1,00,000
3.c) Rs.1,50,000
4.d) Rs.2,00,000
Q (6): ____________ in an insured scheme, is a method of funding liability and the

contributions received by the insurer are credited to a running account maintained for
the policy holder.
1.a) Cash Accumulation System (CORRECT)
2.b) Definite Funding Method of Costing
3.c) Indefinite Funding Method of Costing
4.d) Annual Premium Costing
Q (7): In case the employee is not paid the due amount of gratuity he should apply,
ordinarily, within ______, in Form-1 to the employer.
2.b) 30 days
3.c) 45 days
4.d) 60 days
Q (8): Which Entry Age Method rate is determined as the Contribution rate, which, if
payable over the expected future membership of a group of new entrants, would
provide for the total expected benefits payable in respect of that group?
1.a) Entry Age St andard Contribution Rate (CORRECT)
2.b) Entry Age Actuarial Liability
3.c) Standard Contribution rate
4.d) None of these
Q (9): In case of allows terminition of employment, the member of a group scheme

has the option to convert his /her group life cover into which of the following individual
plan? Choose an approach answer
1.Individual whole of a plan (CORRECT)

2.Individual endowment
3.Any of the above
4.Group schemes can not Be converted into individual plans
Q (10): Other than single premium products, the guaranteed surrender value shall be
at least ______ of the total premiums paid less any survival benefits already paid, if
surrendered between the second year and third year of the policy, both inclusive.
1.a) 10% (CORRECT)
2.b) 20%
3.c) 30%
4.d) 40%
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Q (11): What refers to the simplest form-Each member will be granted a unit pension
and employees may contribute a fixed amount?
1.a) Graded Schedule (CORRECT)
2.b) Average Salary
3.c) Flat Rate
4.d) Final salary
Q (12): ____________ generate guarantee benefits based typically on final

pensionable salary and years of services since joining the scheme.
1.a) Defined contribution occupational pension scheme (CORRECT)
2.b) Defined benefit occupational pension scheme
3.c) Hybrid occupational pension scheme
Q (13): Q13) In which method a defined unit of pension is respect of a year of service
will be purchased fully by payment of one single premium in that year?
1.a) Single Premium Costing (CORRECT)
3.c) Controlled Funding
4.d) None of these
Q (14): In which methods, the Actuarial Liability for active members is based on
pensionable service accrued up to the valuation date or to the end of the Control
period?
1.a) Projected Unit Method (CORRECT)
2.b) Accrued Benefits Methods
3.c) Entry Age Method
4.d) Attained Age Method
Q (15): Which Tier is mand atory for all Government servants joining Government
service on or after 1 January 2004?
1.a) Tier I (CORRECT)
2.b) Tier II
Q (16): In Which pension scheme, the employer sometimes employee makes regular
payment into a pension fund, and the fund is used to buy a pension when the employee
retires?
1.a) Defined Benefit Schemes (CORRECT)
2.b) Defined Contribution Schemes
3.c) Individual Pensions Group
4.d) Personal Pensions
Q (17): What maximum amount can be invested per year under National Pension
System?
MCQ-83 53 | P a g e
2.b) 6,000
3.c) 70,000
4.d) 1,00,000
Q (18): How much amount of gratuity is payable for each year of completed service
to the monthly rated employees?
1.a) 15 daysamp;amp;rsquo; wages (CORRECT)
2.b) Half a month’s wages
3.c) 20 days’ wages
4.d) None of the above.
Q (19): Mr. Roy has been an employee of a public sector undertaking for the past 25
years and is retiring the next year. He is eligible for gratuity as per the provisions of
the Payment of Gratuity Act, 1972. He hopes to invest the proceeds along with the PF
proceeds, in order to fund his retirement. Prior to his wedding, Mr. Roy had nominated
his mother to receive his gratuity, in the event of his death. Is his wife eligible to receive
the gratuity proceeds in the event of his death?
1.a) All nominations made prior to the employee acquiring a family are invalid once an
employee has acquired a family. (CORRECT)
2.b) As long as a valid nomination is in place, the payment of gratuity will be made
only to such nominees.
3.c) The payment of gratuity will always be according to the registered will, irrespective
of the nominations.
4.d) The information is not sufficient for giving an answer.
Q (20): Which of the below section of the income Tax Act deals with the 'Change of
Income Tax'?
1.a) Section 17 (CORRECT)
2.b) Section 10
3.c) Section 5
4.d) Section 4
Q (21): Section 17 deals with the components of salary, perquisite/s and profits in lieu
of salary. Say whether True or False.
1.a) True (CORRECT)
2.b) False
Q (22): What means an additional amount of premium paid, if any over and above the
contractual basic premiums stipulated in the terms and conditions, at irregular intervals
during the period of contract?
1.a) Extra premium (CORRECT)
2.b) Bonus permium
3.c) Top up premium
4.d) Premium re-direction
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Q (23): TIER 1 account of New Pension Scheme is known as Pension Account
1.a) TRUE (CORRECT)
2.b) FALSE

1.a) Expected Claim Cost = Z + Expected Claim Cost - (1 - Z) x similar group's Claim
Cost (CORRECT)
2.b) Expected Claim Cost = Z - Expected Claim Cost + (1 + Z) x similar group's Claim
Cost
3.c) Expected Claim Cost = Z x Expected Claim Cost + (1 - Z) x similar group's Claim
Cost
4.d) Expected Claim Cost = Z / Expected Claim Cost + (1 - Z) + similar group's Claim
Cost
Q (25): What is the maximum amount of pension that can be commuted as per Rule
90 of the Income Tax Rules?
1.a) 40% of the pension (CORRECT)
2.b) One third of the pension if the employee gets gratuity, otherwise one half of the
pension
3.c) One third of the pension
4.d) One half of the pension
TEST--14
Q (1): Which Occupational pension schemes generate guaranteed benefits based
typically on final pensionable salary and years of service since joining the scheme?
1.a) Defined Benefit scheme (CORRECT)
3.c) National pension system
4.d) Pay as you go pension schemes
Q (2): The cost of defined benefit schemes depends upon which of the following?
1.a) The level of future investment returns (CORRECT)
2.b) How long the pensioners live in retirement
3.c) The cost of administration
Q (3): Gratuity is payable to all employees who leave the service of the employer
(other than by death or incapacitation) after putting in a minimum service of years
1.a) 15 (CORRECT)
2.b) 10
3.c) 5
4.d) 12
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Q (4): Which is the main defining characteristics of employer-employee group
insurance is that there is no need, up to a certain level of cover, for individual evidence
of Insurability except as defined above evidence of Insurability?
1.a) Riders (CORRECT)
2.b) Free cover limit
3.c) OYRGTA
Q (5): Except for single premium payment products, the premium paying term for all
long term group products shall not be less than ______.
2.b) 3 years
3.c) 4 years
4.d) 5 years
Q (6): The cost of a benefit plan depends on which of the following?

1.a) The level of benefits granted (CORRECT)
2.b) The actual financial experience of the Scheme
3.c) The actual scheme membership
Q (7): Which products shall be as defined in IRDA Regulations,2000 and can be

offered only under non-linked platform?
1.a) Par products (CORRECT)
2.b) Non-par products
Q (8): Contribution towards Public Provident Fund(PPF) can be minimum of

Rs._____/- and Maximum of Rs.___/- in a Financial Year.
1.a) 1,000 and; 10,000 (CORRECT)
2.b) 500 and 70,000
3.c) 200 and 50,000
4.d) 500 and 1,50,000
Q (9): If Mr. Kothari's employer had an approved Provident Fund for its employees
and were contributing to the Fund equal to the employees contributions, the benefit
scheme would fall under:
1.a) Defined benefit scheme (CORRECT)
3.c) Either of the two
4.d) None of the two
Q (10): __________ as a benefit is mand ated under the Payment of Gratuity Act,
1972 and the employer is under a statutory obligation to pay gratuity to his employees
under the stipulated conditions.
MCQ-83 56 | P a g e
1.a) Provident Fund (CORRECT)
2.b) Gratuity
3.c) Superannuation
4.d) Social Aspect
Q (11): How many kinds of Additional Voluntary Contributions are there?

1.a) One (CORRECT)
2.b) Two
3.c) Three
4.d) Four
Q (12): An investor in NPS chooses the life cycle option. This means his asset
allocation will be based on:
1.a) Holding period (CORRECT)
2.b) Amount invested
3.c) Age
4.d) Risk profile
Q (13): Q13) The interest credited to the Public Provident Fund is

1.a) Exempt from the tax (CORRECT)
2.b) Allowed benefit of 80L
3.c) Fully taxable income
Q (14): What means a specific portion or part of the underlying segregated unit linked
fund which is representative of the policyholder's entitlement in such funds?
1.a) Units (CORRECT)
2.b) Fund value
4.d) Assured benefit
Q (15): The subscription paid into the PPF account enjoys the tax benefit of:
1.a) Section 80C (CORRECT)
2.b) Section 10
3.c) Section 80CCC
4.d) Section 80D
Q (16): What is the cost which arises because PVO increase due to the service
rendered by the employees in the current period and it also includes employee's
benefits which are not vested?
1.a) Fair value of plan Assets (CORRECT)
2.b) Past Service Cost
MCQ-83 57 | P a g e
Q (17): Net worth would comprise of ______.
1.Paid up capital (CORRECT)
2.Free reserves
3.Share premium
4.All of the above
Q (18): Which scheme offers both defined benefit and defined contribution sections
or benefits that are the greater of two amounts?
1.a) Pay as you go pension scheme (CORRECT)
2.b) Hybrid schemes
3.c) Defined Benefit scheme
4.d) Defined Contribution scheme
Q (19): Accounting for __________ is straight forward because the reporting

enterprise's obligation for each period is determined by the amount to be contributed
for that period.
2.b) Defined benefit plans
3.c) Defined contribution plans
4.d) Long-term employee benefits
Q (20): What is the amount at which an asset could be exchanged or a liability settled
between knowledgeable parties?
Q (21): The different is that in group policies, a group of people are covered under a
single policy and this Single policy is known as
1.a) Premium policy (CORRECT)
2.b) Great policy
3.c) Master policy
4.d) Bonus policy
Q (22): In Public Provident Fund Scheme, loan against investment is available from
Which financial year?
1.a) 2nd financial year (CORRECT)
2.b) 3rd financial year
3.c) 4th financial year
4.d) 5th financial year
MCQ-83 58 | P a g e
Q (23): Generally on annual basis the _________ will be provided for member's and
these help the members in deciding whether there is any need to increase their
contributions.
1.a) Contribution rate (CORRECT)
2.b) Death benefits
3.c) Benefit projections
4.d) Security
Q (24): Which pension schemes are arrangements established by employers to

provide pension and related benefits for their employees?
1.a) Individual pensions (CORRECT)
2.b) Personal pensions
3.c) Occupational pensions
4.d) None of these
Q (25): With effect from 1st September 2014, the wage ceiling for EDLI contribution
has been increased from _________ per month to ________ per month.
1.a) Rs.1000 to Rs.20000 (CORRECT)
2.b) Rs.4500 to Rs.20000
3.c) Rs.6500 to Rs.15000
4.d) Rs.8500 to Rs.20000
TEST--15
Q (1): Which is also known as No Evidence Limit?
1.a) Dependent Insurance (CORRECT)
2.b) Riders
3.c) Free Cover Limit
4.d) Evidence of Insurability
Q (2): Which pension refers to pension payable under normal circumstances/by

default?
1.a) Life Pension (CORRECT)
2.b) Normal Pension
4.d) Joint Pension
Q (3): The ___________ paid to agents or corporate agents in respect of a group

insurance policy shall not exceed the percentage approved by IRDA.
1.a) Norms (CORRECT)
2.b) Premium
3.c) Commission
4.d) None of these
Q (4): A NPS subscriber who is not satisfied with the services offered, or has any
other grievance, can lodge his compliant using
MCQ-83 59 | P a g e
1.a) IGMS (CORRECT)
2.b) CGMS
3.c) SCORES
4.d) SAT
Q (5): Insurers in India are often offering which of the following riders?
1.a) Accidental death cover (CORRECT)
2.b) Critical illness cover
3.c) Some partial disability benefits
Q (6): An investor under the new pension scheme can choose which of the following
asset classes
1.a) Equities (CORRECT)
2.b) Corporate debt
3.c) Government Securities
4.d) Any of the above
Q (7): ____________ is an arrangement established by employers to provides

pension and related benefits for their employees.
1.a) Occupational pension (CORRECT)
2.b) Gratuity
3.c) Bonus
4.d) Employee stock option
Q (8): In Pradhan Mantri Suraksha Bima Yojna, It has an annual premium of ______
excluding service tax, which is about 14% of premium.
2.b) Rs.120
3.c) Rs.330
4.d) Rs.500
Q (9): In case of discontinuance of policy after the lock-in period, the insurer shall
offers a revival period of _______ from the date of discontinuance of premium.
1.a) 2 years
2.b) 3 years (CORRECT)
3.c) 4 years
4.d) 5 years
Q (10): The employee's share of contribution under the ESI Act is

1.a) 12% (CORRECT)
2.b) 8.33%
3.c) 1.75%
4.d) 4.75%
MCQ-83 60 | P a g e
Q (11): Na partial withdrawal was allowed in Linked pension products. Say whether
True or False.
1.a) True (CORRECT)
2.b) False
Q (12): In which insurance policies, the policyholder pays the premium for given sum
coverage and insurer agrees to pay the sum assured in case the event happens as
per policy terms and conditions?
1.a) Group Insurance (CORRECT)
2.b) Individual Insurance
Q (13): Q13) In Unit Linked Insurance Products , in case of death due to suicide within
how many months from the date of inception of the policy or from the date of revival
of the policy, the nominee of the policyholder shall be entitled to the fund value as
available on the date of death?
1.a) 3 months (CORRECT)
2.b) 6 months
3.c) 9 months
4.d) 12 months
Q (14): Interest allowed at a rate exceeding the rate fixed by ___________ is deemed
as income of the employee in that year and is taxable.
1.a) Organisation (CORRECT)
2.b) State Government
3.c) Central Government
4.d) None of these
Q (15): The need for regular income in old age post _____________ sprouted in India
as the result of a combination of important economic, demographic, social and political
development.
1.a) Social security benefits (CORRECT)
2.b) Superannuation
3.c) Pension scheme
4.d) Provident Scheme
Q (16): In case of allows termination of employment, the member of a group scheme

has the option to convert his / her group life cover into which of the following individual
plan? choose an appropriate answer
1.a) Individual whole of a plan (CORRECT)
2.b) Individual endowment plan
3.c) Any of the above
4.d) Group schemes cannot be converted into individual plans
MCQ-83 61 | P a g e
Q (17): The benefit provided to the employee in the Defined Contribution Scheme is
not known in advance and it will depend on which of the following?
1.a) the contributions that are paid (CORRECT)
2.b) the investment returns on the funds in the period before retirement
3.c) the cost of buying a pension at reitrement
Q (18): What means the period of two consecutive years from the date of
discontinuance of the policy, during which period the policyholder is entitled to revive
the policy which was discontinued due on the non-payment of premium?
1.a) Surrender period (CORRECT)
2.b) Maturity period
3.c) Revival period
4.d) Replacement period
Q (19): In which method the total pension as per the scale prescribed by the rules of
the scheme is paid for by equated level annual premium during the future service of
the member?
4.d) None of these
Q (20): Which of the following is Accrued Benefit Methods?

1.a) Projected Unit Method (CORRECT)
2.b) Entry Age Method
3.c) Current Unit Method
4.d) Both a and c
Q (21): State may grant ____________ to employers and /or employees under
retirement schemes thereby facilitating provisions for old age.
1.a) Provisions of social security (CORRECT)
2.b) Statutory compulsions
3.c) Tax concessions
4.d) None of these
Q (22): What is a voluntary Occupational Pension Scheme adopted by many of the

employers and is began governed only by the provisions of the IT Act?
1.a) Provident Fund (CORRECT)
2.b) Gratuity
3.c) Superannuation
4.d) Social Aspect
MCQ-83 62 | P a g e
Q (23): Which of the following comes under the other segments of Group Schemes
Market?
1.a) Labour unions (CORRECT)
2.b) Association of persons
3.c) Weaker sections
Q (24): Under which insurance, the reinsurer's liability is based on the aggregate
claims incurred by the ceding office?
1.a) Obligatory reinsurance (CORRECT)
3.c) Non-proportional Reinsurance
4.d) Proportional Reinsurance
Q (25): Which means the benefit, agreed at the inception of the contract, which is
payable on death as specified in the policy document?
1.a) Early benefit (CORRECT)
2.b) Death benefit
3.c) Bonus benefit
4.d) Maturity benefit
TEST--16
Q (1): Under which group business, the following group products shall be permitted
for employer-employee groups: a) Fund based Group Insurance Products b) Single
premium Group Term Insurance c) Group immediate annuity products
1.a) Employer-Employee Group products (CORRECT)
2.b) Non-Employer-Employee Group products
Q (2): ___________, if any, declared shall become payable on the specified events
agreed in the policy at the end of the term of the policy.
1.a) Terminal Bonus (CORRECT)
2.b) Interim bonus
3.c) Regular bonus
4.d) None of these
Q (3): Which is another non-proportional reinsurance arrangement where the

reinsurer will pay all or a portion of claims in excess of a stipulated amount that is a
multiple of an insurer's expected total annual claims?
1.a) Surplus arrangement (CORRECT)
Q (4): The Gratuity limit as per Section 4(3) has been raised from 3.5 lakhs to
____________ with effect from 24th May,2010.
MCQ-83 63 | P a g e
1.a) 5 lakhs (CORRECT)
2.b) 10 lakhs
3.c) 15 lakhs
4.d) 25 lakhs

1.a) MCR = SCR + Variation arising from the fund not being equal to the AL
(CORRECT)
2.b) MCR = SCR - Variation arising from the fund not being equal to the AL
3.c) MCR = SCR * Variation arising from the fund not being equal to the AL
4.d) MCR = SCR / Variation arising from the fund not being equal to the AL
Q (6): Employee pension scheme, 1995 caters to which of the following

contingencies?
1.a) Survivor pension (CORRECT)
2.b) Old Age pension
Q (7): Which of the following are false?

1.a) An NRI can open a PPF account (CORRECT)
2.b) The parents can open PPF account on behalf of their minor children
3.c) A discontinued account cannot be closed before the date of maturity
4.d) A resident who had opened a PPF account can continue his account till its maturity
on becoming an NRI
Q (8): ______ is a part of salary that is received by an employee from his/her employer
in gratitude for the services offered by the employee in the company.
1.a) Gratuity (CORRECT)
2.b) PF
3.c) Annuity
4.d) PPF
Q (9): Which of the following services would be provided by Central Recordkeeping

Agency?
1.a) CRA would provide Aggregators with a web based interface to view history of
transactions of PRA. (CORRECT)
2.b) Monitor each Aggregator's contributions and instructions and transmit the
informations to the relevant pension fund.
3.c) Receive instructions from subscribers through their Aggregator;transmit such
instructions to appointed Trustee Bank, Annuity service Provider.
Q (10): Contributions under a defined benefit plan
MCQ-83 64 | P a g e
1.a) Will be fixed in relation to the wages earned (CORRECT)
2.b) Will be determined based on the benefits assured
3.c) Will remain unaltered once fixed
4.d) Will be decided by the members of the benefit scheme
Q (11): In India, IRDA has allowed which methods of reinsurance for group business
in case of new insurers?
1.a) Quota share Arrangement (CORRECT)
2.b) Surplus Arrangement
3.c) Proportional Reinsurance
4.d) Non Proportional Reinsurance
Q (12): Group insurance is cost efficient because of which of the following reasons?
1.a) Lower acquisition exenses (CORRECT)
2.b) Proportionally lower commissions to sales intermediaries
3.c) By its nature pre-empts the need for individual underwriting
Q (13): Q13) If the underlying investments of a ____________ under-perform, then

the employer may have to pay more money into the scheme to honour the guarantees.
1.a) Defined Contribution scheme (CORRECT)
2.b) Pay as you go pension schemes
4.d) National pension system
Tier I is
2.b) Rs.250
3.c) Rs.500
4.d) Rs.1000
Q (15): Which is a combination of term assurance and pure endowment to ensure

payment of certain benefit both on death and on retirement?
1.a) Group Superannuation Schemes (CORRECT)
2.b) Group Life Insurance Schemes
4.d) None of these
Q (16): Which pensions schemes is based on final salary and the employee is typically
promised a pension of a fixed proportion of their salary in the period leading up to
retirement?
1.a) Defined Contribution Schemes (CORRECT)
2.b) Defined Benefit Schemes
MCQ-83 65 | P a g e
3.c) Individual pension schemes
4.d) Group Pension schemes
Q (17): Which scheme is a pension scheme for survivors, old aged and disabled
persons?
Q (18): The sum of all the rider premiums attached to the pension product shall not
exceed ________ of the premium paid for the pension policy.
1.a) 15% (CORRECT)
2.b) 20%
3.c) 25%
4.d) 30%
Q (19): Expected Return on plan Assets comprises of A. Interest B. Dividend C.

Unrealised gain on the plan assets
1.a) Only A (CORRECT)
2.b) Only B
3.c) Both A and B
4.d) A,B and C
Q (20): The scheme rules commonly allow part of the pension to be commuted for a
tax-free lump sum at a rate of __________ times final salary for each year of service,
leaving a reduced pension of _______ times final salary for each year of service.
1.a) 2/80th,2/80th (CORRECT)
2.b) 3/80th,1/80th
3.c) 4/80th,3/80th
4.d) 1/80th,3/80th
pension schemes targets a stable contribution rate?
2.b) Projected unit method
Q (22): Who among the following are classified under 'class 1' occupation class?
1.a) Professionals (CORRECT)
2.b) Real estate agents
3.c) Insurance agents
4.d) Tradesmen
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Q (23): Which risk is that insurer expects say n deaths in the group but in actual the
deaths are more than n?
1.a) Regular risk (CORRECT)
2.b) Mortality risk
3.c) Rider risk
4.d) None of these
Q (24): Employees Provident Fund and Miscellaneous Provisions Act. 1952 is applied
to establishments employing not less than
1.a) 10 employees (CORRECT)
2.b) 20 employees
3.c) 50 employees
4.d) 100 employees
Q (25): To contribute in Tier II account, a subscriber is required to make his/her

contribution at the time of applying for registration, the minimum contribution should
be ________ at any point of Presence Service Providers (POP-SP) with NCIS.
2.b) Rs.250
3.c) Rs.500
4.d) Rs.1000
TEST--17
Q (1): Which means an amount, if any, that becomes payable in case of surrender in
accordance with the terms and conditions of the policy?
1.a) Maturity value (CORRECT)
2.b) Death value
3.c) Surrender value
4.d) Bonus value
Q (2): Which policy is to cover the entire group of insured and the stamping is down
taking into cognizance the benefit offered but not only the sum assured?
1.a) Documentation (CORRECT)
2.b) Master policy
3.c) Commission
4.d) Reinsurance
Q (3): Which refers to actuarial liability and for computation future projected salary
has to be taken but service up to valuation date only?
MCQ-83 67 | P a g e
Q (4): In case of _________, the reinsurer's experience will not be as credible as that
of the insurers since many fewer lives are reinsured.
Q (5): A person can have maximum of ______________ PPF accounts in his/her

name at different places in India?
1.a) 1 (CORRECT)
2.b) 2
3.c) 3
4.d) 5
Q (6): Who is eligible for Insurance cover in Group insurance scheme?

1.a) Part time employees (CORRECT)
2.b) Permanent full time employees
3.c) Both a and b
4.d) None of these
Q (7): Which Pension schemes generate non-guaranteed benefits based on the fund
value at retirement, subject to maximum emerging benefits?
1.a) Pay as you go pension schemes (CORRECT)
Q (8): Who contributes for the Statutory Employees Pension Scheme (EPS) , 1995?
1.a) Employer only (CORRECT)
2.b) Employer and Employee
3.c) Employer and the Central Government
4.d) Employer, Employee and the Central Government
Q (9): What is the minimum amount on NPS subscriber is required to contribute at the
time of account opening under Tier I account.
2.b) Rs. 500
3.c) Rs. 1000
4.d) Rs. 2000
Q (10): Mohan has been an employee of a public sector undertaking for the past 25
years and is retiring after one year. He is eligible for gratuity as per the provisions of
MCQ-83 68 | P a g e
the Payment of Gratuity Act, 1972. His monthly salary at retirement is expected to be
Rs. 20,000. The amount of gratuity that he will receive on retirement will be ________.
1.a) Rs. 2,88,461 (CORRECT)
2.b) Rs. 3,00,000
3.c) Rs. 3,40,909
4.d) Rs. 3,75,000
Q (11): In a voluntary plan, once they have satisfied this probationary period, they
must join the scheme within minimum stipulated period say __________ or otherwise
have to provide some evidence of insurability.
2.b) 45 days
3.c) 50 days
4.d) 60 days
Q (12): In case the employee is not paid his due amount of gratuity, in which' from'
does the employee needs to submit an application to employer?
1.a) Form I (CORRECT)
2.b) Form II
3.c) Form III
4.d) Form IV
Q (13): Q13) Which of the following is an net return and it comprises of interest,
dividend and other revenue derived from the plan assets and any realised or
unrealised gain on the plan assets?
1.a) Current service cost (CORRECT)
2.b) Interest Costs
3.c) Expected Return on Plan Assets
4.d) Actuarial Gain or loss
Q (14): Which schemes guarantee benefits based typically on final pensionable salary
and years of service since joining the scheme etc., if the underlying investments of a
defined benefit scheme under-perform, then the employer may have to pay more
money into the scheme to honor the guarantee?
1.a) Employer to Decide (CORRECT)
2.b) Superannuation
3.c) Defined Benefit Schemes
4.d) Economic Schemes
Q (15): In the context of NPS, Asset Class C predominantly invests in Corporate

Bonds
1.a) TRUE (CORRECT)
2.b) FALSE
MCQ-83 69 | P a g e
Q (16): The conversion option is normally restricted to lives accepted at the group
stand ard rates. Say whether True of False.
1.a) True (CORRECT)
2.b) False
Q (17): In case of accidental death of full disability, the payment of the nominee will
be _____________ in Pradhan Mantri Suraksha Bima Yojna,
1.a) Rs.1,00,000 (CORRECT)
2.b) Rs.2,00,000
3.c) Rs.2,50,000
4.d) Rs.3,00,000
Q (18): The maximum deposit of _________ can be made in a Public Provident Fund
Scheme in any given financial year.
1.a) Rs.25,000 (CORRECT)
2.b) Rs.50,000
3.c) Rs.75,000
4.d) 150,000/-
Q (19): What refers to all such services, amenities and facilities to the employees that
improve their working conditions as well as stand ard of living?
1.a) Labour welfare (CORRECT)
2.b) Gratuity
3.c) Share premium
4.d) Free Reserves
Q (20): The accumulated fund may be very small if

1.a) the member has a short period of service or is young (CORRECT)
2.b) the contributions rates to the scheme are low
3.c) investment returns have been poor
Q (21): If death occurs during service period, then it is called

1.a) Survivor Pension (CORRECT)
2.b) Old Age Pension
4.d) Partial Pension
Q (22): NPS investments have been restricted to _______ of the 'paid up equity
capital' of all sponsor group companies.
1.a) 5% (CORRECT)
2.b) 10%
3.c) 15%
4.d) 20%
MCQ-83 70 | P a g e
Q (23): Which of the following statement is incorrect with regards to Group Insurance?
1.a) Group insurance implies one correct covering a group of lives (CORRECT)
2.b) The underwriter unit in the group of lives
3.c) Evidence of health is essential in group insurance
4.d) The premium rates of a group scheme are adjustment periodically on the basis of
experience rating
Q (24): Gratuity in the hand s of government employee is

1.a) Fully taxable (CORRECT)
2.b) Fully exempted from tax
3.c) Taxable on maturity
TEST--18
Q (1): During group renewal, the claims and exposures may be analysed by taking
into account
1.a) Group's internal record keeping mechanism (CORRECT)
2.b) Group's mortality experience confidence intervals
3.c) Group's credibility to the experience
Q (2): Member's personal contributions are restricted to ________ of 'pensionable

remuneration' as defined by the scheme rules up to maximum emerging benefits.
1.a) 10% (CORRECT)
2.b) 15%
3.c) 20%
4.d) 25%
Q (3): Minimum investment that is to be made in PPF to keep it active is ________.?

2.b) Rs. 1,000
3.c) Rs. 70,000
4.d) Rs. 1,00,000
Q (4): How many kinds of Additional Voluntary Contributions are there?

1.a) One (CORRECT)
2.b) Two
3.c) Three
4.d) Four
Q (5): Which scheme is a pension scheme for survivors, old aged and disabled
persons?
MCQ-83 71 | P a g e
Tier II is
2.b) Rs.250
3.c) Rs.500
4.d) Rs.1000
Q (7): Which means that the ceding company and the reinsurer negotiate and execute
a reinsurance contract under which the reinsurer covers the specified share of all the
insurance policies issued by the ceding company which come within the scope of that
contract?
1.a) Treaty Reinsurance (CORRECT)
Q (8): Charges could change from year to year in a reasonably orderly manner so
that the difference between the maximum and minimum charges during first 5 years
shall not vary by more than __________ times.
1.a) 2.3 times (CORRECT)
2.b) 1.5 times
3.c) 3.5 times
4.d) 6.5 times
Q (9): Non-resident are eligible to open an account under the public provident scheme.
1.a) TRUE (CORRECT)
2.b) FALSE
Tier I is
2.b) Rs.250
3.c) Rs.500
4.d) Rs.1000
Q (11): Which benefits means an amount of benefit payable on a specified event

offered under the rider, and is allowed as add-on benefit to main benefit?
1.a) Maturity benefit (CORRECT)
2.b) Death benefit
3.c) Early benefit
4.d) Rider benefit
MCQ-83 72 | P a g e
Q (12): In which method a defined unit of pension is respect of a year of service will
be purchased fully by payment of one single premium in that year?
4.d) None of these
Q (13): Q13) Accounting for _____________ is complex because actuarial

assumptions are required to measure the obligation and the expense.
2.b) Long-term employee benefits
3.c) Defined contribution plans
4.d) Defined benefit plans
Q (14): If the commission or remuneration if any form offered in a product is

substantially different between the distribution channels, the _________ shall justify
the reasons for the difference.
1.a) Agent (CORRECT)
2.b) Appointed Actuary
3.c) Chairman
4.d) Principal
Q (15): Which products may be offered either under a linked platform or a non-linked
platform?
1.a) Par products (CORRECT)
2.b) Non-par products
Q (16): Which type of pension is payable for life and on demise the purchase will be
returned to legal heirs in lump sum?
1.a) Life Pension (CORRECT)
2.b) Normal pension
4.d) Return of Purchase
Q (17): In which Group insurance Schemes, insured member also share the cost and
these schemes are generally optional for members and thereof a certain minimum
proportion of members should contribute in order to reduce the risk of selection against
the insurer?
MCQ-83 73 | P a g e
Q (18): What refers to the sum Assured Limit up to which the entire risk is borne by
the insurer himself without opting for reinsurance?
1.a) Proportional limit (CORRECT)
2.b) Treaty limit
3.c) Retention limit
4.d) Contraction limit
Q (19): What is the amount up to which Employees' Provident fund

organisation(EPFO) is allowed to invest its fund in debt securities issued by banks and
financial institution and other body corporates?
1.a) Up to 10 percent (CORRECT)
2.b) Up to 15 percent
3.c) Up to 35 percent
4.d) Up to 55 percent
Q (20): Net worth would comprise of_______________.

1.a) Paid up capital (CORRECT)
2.b) Free Reserves
3.c) Share premium
Q (21): What may be expressed as a flat percentage of premium(Where the

percentage varies according to group size) or it may be layered?
1.a) Expenses (CORRECT)
2.b) Commissions
3.c) The required return
4.d) Risk
Q (22): Which Group insurance Schemes are to insure the loanee members against
outstand ing loan and such contract are generally granted on Single Premium basis?
1.a) non-Contributory Schemes (CORRECT)
2.b) Contributory scheme
Q (23): Which of the following statements is/are true about Tier I accounts of NPS?
1.a) The funds in the Tier I account can be withdrawn only on attainment of 60 years
of age. (CORRECT)
2.b) 60% of amount withdrawn can be taken in lump sum and balance 40% of is to be
used for purchase annuity from Life Insurance Company.
3.c) In case the subscriber withdraws funds before 60 years of age, 80% of the savings
must be used purchase the annuity and balance 20% can be withdrawn in lump sum.
MCQ-83 74 | P a g e
Q (24): A minimum yearly deposit of _______ is required to open and maintain a
Public Provident Fund Scheme Account.
2.b) Rs.1000
3.c) Rs.1500
4.d) Rs.2000
Q (25): In case of _________, the reinsurer's experience will not be as credible as

that of the insurers since many fewer lives are reinsured.
TEST--19
Q (1): Which act provides for 12 weeks wages during maternity as well as paid leave
in certain other related contingencies?
1.a) The Workmen's Compensation Act,1923 (CORRECT)
2.b) The Employees' State Insurance Act, 1948
3.c) The Maternity Benefit Act, 1961
Q (2): Which is an important piece of Labour Welfare Legislation enacted by the

parliament to provide social security benefits to the workers?
Q (3): Commutation of pension up to a limit of _____is tax exempt in case the gratuity
also is received
1.a) 1/4 of the pension (CORRECT)
2.b) 1/3 of the pension
3.c) 1/2 of the pension
4.d) 3/4 of the pension
Q (4): Which Section of Indian Income Tax speaks about Incomes not included in total
income?
1.a) Section 4 (CORRECT)
2.b) Section 5
3.c) Section 10
4.d) Section 11
Q (5): All Indian Citizen between the age of ________ can join the NPS.
MCQ-83 75 | P a g e
1.a) 10 to 50 (CORRECT)
2.b) 18 to 60
3.c) 15 to 75
4.d) 17 to 55
Q (6): In Group savings Variable Insurance Products, the minimum size of the group
shall be at least ______ and the maximum size of the group shall not exceed______.
1.a) 10 - 1000 (CORRECT)
2.b) 15 - 3000
3.c) 20 - 5000
4.d) 30 - 7000
Q (7): How much maximum amount employee can contribute towards provident fund?
1.a) 8.33% of basic salary (CORRECT)
2.b) 10% of basic salary
3.c) 12% of basic salary
4.d) 20% of gross salary
Q (8): In India, IRDA has allowed which methods of reinsurance for group business
in case of new insurers?
1.a) Quota share Arrangement (CORRECT)
2.b) Surplus Arrangement
3.c) Proportional Reinsurance
4.d) Non Proportional Reinsurance
Q (9): What means a facility allowing the policyholder to change the investment
pattern by moving from one segregated fund, either wholly or in part, to other
segregated amongst the segregated funds offered under the underlying unit linked
product of the insurer?
1.a) Redemption (CORRECT)
2.b) Switches
4.d) Units
Q (10): Which means the time granted by the insurer from the due date for the
payment of premium, without any penalty or late fee, during which time the policy is
considered to be in-force with the risk cover without any interruption as per the terms
of the policy?
1.a) Forgive period (CORRECT)
2.b) Limited period
3.c) Grace period
4.d) None of these
Q (11): Which of the following is not correct about Pay as you go Pension schemes?
MCQ-83 76 | P a g e
1.a) No money is invested for this plan as retiree benefits (CORRECT)
2.b) This is an illegal funding method for broad based private pension plans in US
3.c) Required assets are held so if the plan sponsor goes banrupt
4.d) The Contributions of the workers are shared between the retirees
Q (12): In case the employee is not paid his amount of gratuity, what is the time period
within which he needs to apply to employer?
1.a) Within 10 days (CORRECT)
2.b) Within 15 days
3.c) Within 30 days
4.d) Within 45 days
Q (13): Q13) Under Trust-based occupational pension scheme, the sponsoring

employer will set which of the following?
1.a) The term of the trust (CORRECT)
2.b) Requirement for ember's contributions
3.c) Eligibility criteria for membership
pension schemes targets a stable contribution rate?
2.b) Projected unit method
Q (15): __________ are add on to the base policy and one can avail various
supplementary riders to the basic life cover under Group Insurance.
1.a) OYRGTA (CORRECT)
2.b) Riders
3.c) Premiums
Q (16): Which is also known as Projected Unit Credit Method?

2.b) Present Value of Obligation (CORRECT)
4.d) Past Service Cost
Q (17): The Payment of Gratuity Act, 1972 requires gratuity to be paid to an employee
at the time of termination of employment where the employee has been in continuous
service for not less than five years.
1.a) False (CORRECT)
2.b) True
MCQ-83 77 | P a g e
Q (18): As per EDLI Scheme 1976, which of the following amount shall not be
debited/credited to the insurance fund?
1.a) Rent (CORRECT)
2.b) Interest
3.c) Transaction of insurance fund Central Administration Account
Q (19): ____________ generate guarantee benefits based typically on final

pensionable salary and years of services since joining the scheme.
1.a) Defined contribution occupational pension scheme (CORRECT)
2.b) Defined benefit occupational pension scheme
3.c) Hybrid occupational pension scheme
Q (20): If the underlying investments of a ____________ under-perform, then the

employer may have to pay more money into the scheme to honour the guarantees.
1.a) Defined Contribution scheme (CORRECT)
2.b) Pay as you go pension schemes
4.d) National pension system
Q (21): In case of 'Group non-linked products'. non-employee homogeneous group/s

1.a) Any Associations, where the members represent a particular
profession/trade/domestic workers/Anganwadi workers (CORRECT)
2.b) Government agencies
3.c) Parents of school/college students as members
Q (22): Under which insurance, the reinsurer's liability is based on the aggregate
claims incurred by the ceding office?
1.a) Obligatory reinsurance (CORRECT)
3.c) Non-proportional Reinsurance
4.d) Proportional Reinsurance
Q (23): Insurer allows cover to continue for the further period of _________ from the
termination of employment.
2.b) 30 days
3.c) 45 days
4.d) 60 days
MCQ-83 78 | P a g e
Q (24): Who reflects Government's effort to find sustainable solutions to the problem
of providing adequate retirement income?
1.a) Insurance Regualatory (CORRECT)
2.b) National Pension System
3.c) Reserve Bank of India
4.d) None of these
Q (25): In the NPS investor is identified by

1.a) NPS number (CORRECT)
2.b) PRAN
3.c) Folio Number
TEST--20
Q (1): Which of the following is division of Treaty insurance?
2.b) Proproational Reinsurance
4.d) None of these
Q (2): When plan is amended or suspended such that a material element of future
service by current employees does not qualify for benefit or qualify for reduced benefit,
____________ occurs.
1.a) Settlement (CORRECT)
2.b) Actuarial Gain
3.c) Curtailments
4.d) Actuarial Loss
Q (3): What maximum amount can be invested per year under New Pension Scheme?
2.b) 6,000
3.c) 70,000
4.d) 1,00,000
Q (4): What would comprise of Paid-up capital plus Free Reserves including Share
Premium but excluding Revaluation Reserves, plus investment Fluctuation Reserve
and Credit Balance in Profit and Loss, less debit balance in profit and loss account,
Accumulated losses and Intangible Assets?
1.a) Net worth (CORRECT)
2.b) Paid up share capital
3.c) Pensions funds
4.d) Interest rate
MCQ-83 79 | P a g e
Q (5): What is a common asset pool meant generate stable growth over the long term,
and provide pensions for employees when they reach the end of their working years
and commence retirement?
1.a) Curtailments (CORRECT)
2.b) Settlement
3.c) Pension Funds
4.d) Interest funds
Q (6): As per EDLI scheme 1976, the amount received at the employer's contribution
and also the Central Government Contribution to the insurance fund under sub-section
2 and 3 of section 6c shall be credited to an account called the__________.
1.a) Provident fund Account (CORRECT)
2.b) Deposit-Linked Insurance Fund Account
3.c) Interest Suspense account
4.d) Fund Central Administration Account
Q (7): What is the annual premium amount that has to be paid by an individual under
pradhan Mantri Suraksha Yojana(PMSSY) ?
2.b) Rs 12
3.c) Rs 500
4.d) Rs 5000
Q (8): Expected Return on plan Assets comprises of A. Interest B. Dividend C.

Unrealised gain on the plan assets
1.a) Only A (CORRECT)
2.b) Only B
3.c) Both A and B
4.d) A,B and C
Q (9): The maximum contribution an employer can pay to Super Annuation Fund the
scheme as percentage of the salaries of the employees is:
1.a) 15%
2.b) 12% (CORRECT)
3.c) 10%
4.d) 27% minus percentage of PF contribution being paid by the employer
Q (10): Which scheme offers both defined benefit and defined contribution sections
or benefits that are the greater of two amounts?
1.a) Pay as you go pension scheme (CORRECT)
2.b) Hybrid schemes
MCQ-83 80 | P a g e
Q (11): Riders are add on the base policy. Say whether True or False.
1.a) True (CORRECT)
2.b) False
Q (12): The upper ceiling of the Investment Management Fees has been fixed at
______ p.a. of the Asset Under Managment with effect from 1.11.2012
1.a) 0.05% (CORRECT)
2.b) 0.10%
3.c) 0.25%
4.d) 0.50%
Q (13): Q13) How many PPF accounts can be opened in one name?
1.a) One (CORRECT)
2.b) Two
3.c) Three
4.d) Five
Q (14): In the context of group insurance,________________ refers to setting a

premium rate for the future coverage period by reflecting a group past experience, to
the extent that it is credible and is expected to continue into the future.
1.a) Retrospective Experience Rating (CORRECT)
2.b) Prospective Experience Rating
3.c) Pure Risk Premium
4.d) Expenses
Q (15): Who may, without reference to the Central Board, sanction expenditure on
contingencies, supplies and services and purchase of articles required for
administering the insurance Fund, subject to financial provision?
1.a) Agent
2.b) Prinicipal
3.c) Commissioner (CORRECT)
4.d) Customer
Q (16): The cost of a benefit plan depends on which of the following?

1.a) The level of benefits granted (CORRECT)
2.b) The actual financial experience of the Scheme
3.c) The actual scheme membership
Q (17): Which of the following is a government-backed pension scheme in India

targeted at the unorganised sector?
1.a) Atal pension yojna (CORRECT)
3.c) Pradhan Mantri Jeevan jyoti bima yojana
MCQ-83 81 | P a g e
4.d) Pradhan Mantri Suraksha Bima Yojana
Q (18): In those cases of EDLI Claims where the date of death of member has occured
prior to 1.9.2014 the benefits will be regulated on the basis of the wage ceiling limit of
________ per month.
1.a) Rs.5000
2.b) Rs.6500
3.c) Rs.15000
4.d) Rs.25000
Q (19): Which benefits to Employee provide subsidy, free housing, car, and medical
are treated as an expense?
2.b) Non-monetary benefits
Q (20): State Bank of India has its headquarters in

1.a) Chennai
2.b) Mumbai (CORRECT)
3.c) Kolkata
4.d) Hyderabad
Q (21): What is an amount of premium that is paid by the policyholders at irregular

besides basic regular premium payments specified in the contract and is treated as
single premium for all purposes?
1.a) Pension premium
2.b) Top-up Premium
3.c) Assured Premium
4.d) Partial premium
Q (22): A typical _________ pattern may provide grades depending of grades in

service/salary etc.,
1.a) Flat Rate
2.b) Graded Schedule (CORRECT)
3.c) Average Salary
4.d) Final salary
Q (23): PRAN Stand s for ___________________________?

1.a) Permanent Retirement Account Number
2.b) Permanent Registration Account Number
3.c) Personal Retirement Account Number
MCQ-83 82 | P a g e
Q (24): Which was established by the Government of India on 23rd August 2003 to
promote old age income security by establishing, developing and regulating pensions
funds, to protect the interests of subscribers to schemes of pension funds and for
matters connected therewith or incidental ?
1.a) IRDA
2.b) PFRDA (CORRECT)
3.c) RBI
4.d) SEBI
Q (25): The fund based group non-linked products may levy a surrender charge not
exceeding 0.05 percent of the total policy account value with a maximum of
Rs.5,00,000, if the policy is surrendered within third renewal of the policy.
1.a) RS.2,00,000
2.b) Rs.3,00,000
3.c) Rs.4,00,000
4.d) Rs.5,00,000
MCQ-83 83 | P a g e

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IC-83 : GROUP INSURANCE

Q (5): Under Government Employees scheme Pension is calculated by

Q (7): Which of the following is not a defined contribution scheme?

Q (8): Since FY 2015-16 an additional deduction on investment up to the extent of

Q (11): Which insurance is normally purchased by ceding companies for individual

Q (14): Which of the following is an example of short term employee benefit?

Q (17): Individuals can contribute to ___________ of insurers which are approved by

Q (19): Which of the following is a feature of PPF?

1.a) Obligatory reinsurance

Q (21): Who is not covered under National Pension scheme?

Q (22): Which insurance involves providing insurance to a group of individuals who

Q (1): Which benefit fall within maximum emerging benefits?

Q (4): In the NPS investor is identified by

Q (5): In the Indian Context, ______________ is a comprehensive approach designed

Q (6): Which products is non-par products?

Q (10): Makesh works in an IT company in Bengaluru. Makes is eligible to receive

Q (11): Who can open an account with public provident fund?

Q (13): Q13) Member's personal contributions are restricted to ________ of

Q (17): In the context of NPS, Asset Class G predominantly invests in Government

Q (18): How many types of Pension Schemes are there?

Q (22): Under Trust-based occupational pension scheme, the sponsoring employer

Q (2): For calculation of liability of payment of gratuity to an employee on leaving

Q (3): What is / are advantage/s Defined Contribution Scheme?

Q (4): Which of the following is a solution to manage inadequacy of retirement corpus

Q (6): Which benefits include Retirement benefits, example-gratuity and pension?

Q (10): I open my PPF account on 1-4-2007. When it will mature?

Q (13): Q13) CBDT Notification No.100(F 44 A) /8/64 dated 21.10.1965 says

Q (15): Which is an important piece of Labour Welfare Legislation enacted by the

Q (17): Inflation does which of the following to retirement planning?

Q (3): An employer's contribution of at least ______ of total contributions is a mand

Q (4): Tier 1 Account of NPS is called

Q (7): Under a defined benefit occupational pension scheme, the communication

Q (8): Investment return guarantees can be

Q (9): The prospective method are driven by the __________.

Q (10): In an establishment covered under the EPF Act, can an employee/employees

Q (12): On the date of vesting, To extend the accumulation period\deferment period

Q (17): Section 80CCD of Indian Income Tax speaks about

Q (19): ____________ is the amount at which an assets could be exchanged or a

Q (20): In Products with a premium Paying Term(PPT) of 10 years or more, if all

Q (25): Which of the following are Functions of Trustee Bank?

Q (5): ____________ either on festive occasions or as a reward for their contribution

Q (8): Actuarial valuation is not required for

1.a) Rs.2,88,461 (CORRECT)

Q (16): The number alloted in NPS is

Q (22): In NPS, CRA stand s for

Q (4): What is the minimum number of employees in an establishment for it to come

Q (8): Which benefits means an amount of benefit payable on a specified event

Q (11): The commission paid to agents or corporate agents in respect of a group

Q (22): The Accrued method are driven by the __________.

Q (24): A minimum yearly deposit of _______ is required to open and maintain a

Q (2): What may be expressed as a flat percentage of premium(Where the percentage

Q (5): If the bonus is declared only on an annual basis then it is called

Q (9): As per section 80CCD, any amount contributed by salaried employee to a

Q (10): An establishment had 9,10,11,20,21,9 and 8 employees in the years

Q (13): Q13) State Bank of India has its headquarters in

Q (14): Section 5 of Indian Income Tax speaks about

Q (15): PF, EFP, EDLI, Gratuity are examples of

Q (18): In case of NPS which of the following is True?