Insurance numerical problems

1. If the date of birth is 24, June 1979, the proposal is dated
26.11.2004, the policy is to commence from 15th April 2004, and the
term of the policy is 30 years, which among the following would be
the correct statement.

1. Age nearest birthday on maturity will be 55
2. Age next birthday on maturity will be 56
3. Age last birthday on maturity will be 55
4. All the above statements are wrong

2. Calculate age nearer birthday, last birthday and next birthday,
incase date of proposal was 7.8.03 and date of birth was 8.4.1956.

1. Age nearer birthday 47, next birthday 48, age last birthday 47
4. none of the above

3. If the date of birth is 24. June 1979. the proposal is dated 16.8.2004
and the policy is to commence from 15 April 2004, which among the
following would be the correct statement

1. Age nearest birthday is 24
2. Age next birthday is 26.
3. Age last birthday is 25.

4. Calculate age next birthday if date of proposal is 12.05.2003 and
date of birth is 08.01.1953

1. 51
2. 52
3. 50

5. If the date of birth is 24th January 1976, the proposal is dated
10.08.2004 and the policy is to commence from 10th April 2004, which
among the following would be the correct statement.

3. Age last birthday is 29

6. If the date of birth of a proposer is 30.7.1960, what is his age nearer
birthday on date 30.7.2002.

1. 42 Years
2. 41 Years
3. 39 Years
4. 41 Years

7. If the proposer wants insurance from 28-4-2000 his date of birth is
1-11-1975, what will his age taken for premium calculation.

1. 24 Years
2. 25 Years
3. 26 Years
4. 27 Years

8. If a person is born on 2.2.1979, his age nearer birthday on
5.11.2000 will be_______.

1. 22
2. 23
3. 20
4. 21

9. For a person born on 22.5.1985 then his age on birthday i.e.
22.5.2000 will be_______years

1. 14
2. 15
3. 16
4. 17

10. If a person is born on 4-7-1981, his age on nearer birthday on
25-11-2000 will be________.

1. 21
2. 19
3. 20
4. 18

11. Calculate the age next birthday,if; Date of birth is: 08- Jan-1953
Date of proposal is: 12- May-2003

1. 51
2. 52
3. 50

12. If the Date of Birth is 24- Jan-1976, the proposal is dated 10-8-2004
and the policy is to commence from 10-Apr-2004, which among the
following would be the correct statement?

3. Age last birthday is 29

13. Given the following information, indicate which of the four options given
below would be the correct half yearly premium for an Endowment policy for Rs.
1 lakh, on the life of person born on 28.06.1974.
Term : 35 year
Date of maturity : 24.12.2037
Tabular premium for age :-
nearest birthday 27 : Rs. 27.46 per thousand
nearest birthday 29 : Rs.28.37 per thousand
Premium adjustment - 5% extra for monthly mode. Rs. 1 less for half yearly
mode and Rs. 1.50 less for yearly mode.
SA Rebate Rs. 1.50 less for Rs. 50,000 and above

1. Rs. 1,266.50
2. Rs. 1,246.50
3. Rs. 1,293.50

below would be the correct annual premium (rounded off to the nearest rupee)
for an Endowment policy on the life of a person born on 28.06.1974. Sum
assured : Rs. 50,000 Policy taken on 3rd March, 2003 to be back dated by three
months.
Tabular premium for age :
nearest birthday 29 : Rs.28.37 per thousand
Premium adjustment 5% extra for monthly mode. Rs. 1 less for half yearly mode
and Rs. 1.50 less for yearly mode.

1. Rs. 1,241.00
2. Rs. 1,241.50’
3. Rs. 1,242.00

15. Calculate premium from the following data.
Sum Assured : Rs. 25000
Plan : Endowment 30 years
Mode : Qly
Tabular premium : Rs. 34.40
Proposal accepted with accident benefit and health extra of
Rs. 2.10%c per year.
Premium for accident benefit Rs. l %
Rebate for half yearly premium Nil
Rebate for 25000 S.A. Rs. 1 %

1. Rs. 215
2. Rs. 170
3. Rs. 228.13
4. Rs. 238

Date of commencement 1.4.1992
Date of birth 15.4.1961
Plan Endowment without profit
Tabular premium
for age 31 Rs. 41.50
for age 32 Rs.41.65
for age 33 Rs. 41.80
Sum assured Rs. 100000
Mode Yearly
Proposal accepted at ordinary rates without accident benefit.
Rebate for large Sum Assured Rs. 2%o
Rebate for Yly. mode 3%
And double accident Rs. 1 per thousand S.Assd.
benefit is available at annum

1. Rs. 3840
2. Rs. 4165
3. Rs.3965
4. Rs. 3825

Plan Money back 20 years
Mode Halfyearly
Age nearer birthday 36 years
Proposal accepted at ordinary rates with double accident benefit.
Tabular premium Rs. 69.25
Rebate for Hly. premium 1.5%
Rebate for large S.Assd. Rs. 2%o
And premium for double Rs. l%o
sum accident benefit

1. Rs. 3261
2. Rs. 3461
3. Rs. 3461
4. Rs. 3361

17. Calculate the halfyearly premium payable for the following particulars :
Adjustments allowed
Extra for monthly mode 5% "
Rebate for hly mode l%o
Rebate for yearly mode 1.50%o
For sum assured of Rs. Rs. 2.00 less
25000 and above
Rs. 1.00%o sum assured for double accident benefit (max. limit Rs. 3
Lakh)
Proposal for S.A. of Rs. 9.00 lakh has been accepted with D.A.B.
and health
extra of Rs. 1.75%o

1. Rs.16188
2. Rs. 15873
3. Rs. 17888
4. Rs. 15688

18. Calculate the yearly premium for
Sum assured :Rs 25000
Age nearer birthday :35
Riders desired ADB
The tab premium is :36.55/1000 SA
Rider Premium : Re 1/1000 SA
High SA rebate Rs 25,000 – Rs 49,999 Re 1
Rs 50,000 – Rs 99,999 Rs 1.50
Rs 100,000 and over Rs 2
Modal Rebate Yearly 1.5%
Half Yearly 1%

1. 900.5
2. 875
3. 1000
4. nil

19. Calculate the premium from the following data:
Sum assured Rs.25,000
Endowment plan Rs. 30 years
Mode Quarterly premium
Proposal accepted with accident benefit and health extra of Rs.2.10 per thousand
per year Charge for accident premium is Re.1/ for thousand per annum, rebate for
sum assured Rs.25,000 is Rs.1/ and no rebate for mode

1. Rs.215.00
2. Rs. 170.00
3. Rs. 228.13
4. Rs. 238.00

20. Calculate the half premium payable from the following particulars:
Tabular premium is Rs. 36.19
Adjustment allowed 5%extra for monthly mode, Re.1.00 for half
yearly mode and Rs 1.50 for yearly mode,
Rs. 2 lakh for sum Assured of Rs 25,000 and above
Re. 1.00per thousand SA of Rs. 9 lakh has been accepted with DAB n and health
extra of rs 1.75 Per thousand

1. Rs. 15,688
2. Rs. 16,188
3. Rs. 15,873
4. Rs. 17,888

21. Calculate the half yearly premium payable form the following particulars:
Tabular premium is Rs.36.19 Adjustment allowed 5% extra for monthly mode
Rs.1.00 half yearly mode and Rs. 1.50 for yearly mode, Rs. 2 less for sums
assured of Rs 25,000 and above Rs.1.00 per thousand S.A for double accident
benefit (Maximum limit Rs. 3 lakh) Proposal for SA of Rs. 9 lakh has been
accepted with DAB and health extra of Rs1.75 per thousand

1. Rs.15,688
2. Rs. 17,888
3. Rs 16,188
4. Rs.15,873

below shows the monthly premium (rounded off to the nearest rupee) to be paid
by a person born on 28-6-1974, who has taken an Endowment policy on his life.
SA- Rs. 40,000; Term-35 yrs; Date of Maturity- 24-12-2037.
Tabular premium for age nearest birthday:
27 years - Rs.27.46 per thousand
28 years – Rs. 27.83 per thousand
29 years – Rs. 28.37 per thousand
Premium adjustment- 5% extra for monthly mode, Re.1 less for halfyearly mode
and 1.50 less for yearly mode.

1. Rs. 97.00
2. Rs.97.40
3. Rs.97.50
4. None of the above

23. Calculate paid up value if :
Sum Assured : Rs. 25,000
Plan and Term : Endowment - 10 years
Date of commencement 1st January, 1997
Date of 1st Unpaid Premium 1 January, 2000
Mode of Payment Quarterly

1. Rs. 10,000
2. Rs. 7,500
3. Rs. 8,500
4. nil

24. Calculate paid up value if :
Sum Assured : Rs.10,000
Date of commencement : 1st August, 1997
Date of 1st Unpaid Premium : 1 February, 2001
Mode of Payment : half yearly

1. Rs. 1,500
2. Rs. 2,250
3. Rs. 2,000
4. Rs. 1,750

25. From the following Calculate paid up value if :
Sum Assured : Rs. 40,000
Date of commencement : 1st September, 2000
Date of 1st Unpaid Premium : 1st April, 2002
Mode of Payment : half yearly
1. Rs. 1600
2. Rs.2400
3. Rs.3200
4. Rs. Nil

26. Sum assured : Rs100000
Mode : Yearly
Plan : Endowment policy without profit
Term : 30 years
D.O.C. : 25.10.1993
F.U.P. : 25.10.2001
The paid up value will be_______

1. Rs. 25666
2. Rs. 26667
3. Rs. 30
4. Rs. 25667

27. What would be the paid up value of a 25 year endowment policy for Rs.50000
taken in Oct. 1988, if the last half-yearly premium paid was in Oct. 2000?

1. Rs. 25000
2. Rs. 27000
3. Rs. 24000
4. Rs. 26000

28. From the following particulars, calculate the paid-up value:

Plan Endowment without profits
Term 20 years
Date of commencement 19-2-1994
Last premium paid yearly 19-2-2000

1. Rs. 50000
2. Rs. 17500
3. Rs. 15000
4. Rs.18000

29. Given that :-
Sum assured - Rs. 1,00,000
Premium payment - yearly mode
Table Term -endowment policy 30 years without profit.
Date of commencement - 25.10.1993
First unpaid premium -25.10.2001

The paid up value will be___________

1. Rs. 26,667
2. Rs. 30
3. Rs. 25,667
4. Rs. 25,666

30. Given the following data, what would be the maximum permissible loan
available under the policy on 5th July, 2004: SA- Rs. 2,00,000; Plan & term-
Endowment & 33 yrs; DOC- 19-4-1987; Premium Position- Half yearly premium
due in April 2003 paid. Bonus vested after valuation on 31-3-2003 Rs. 50,000, S.V.
Factor, Duration- 15yrs- 27%, 16 yrs-30%, 17yrs- 32%. Loan is upto maximum of
90% of SV (rounded upto next higher rupee)
1. Rs. 37,500
2. Rs. 40,000
3. Rs. 45,000
4. Rs. 48,000

31. If the policy for SA Rs. 50.000 had become paid up for Rs. 25,000, the bonus
vested till the date of last unpaid premium was Rs. 28,000, and further bonuses at
the rate of Rs. 40 per thousand SA had been declared by the insurer for the
remaining ten years till the date of maturity, what would be the amount receivable
on maturity.

1. Rs. 25,000
2. Rs. 53,000
3. Rs. 63,000
4. Rs. 73,000

32. If a policyholder asks for the surrender of a policy that has remained paid up
for Rs. 70,000 (after payment of 25 half yearly installments of premium of Rs. 2200
each) and the appropriate SA factor is 40%, what would be the amount of
surrender value payable
1. Rs. 25,800
2. Rs. 28,000 c
3. Rs. 25,800 plus vested bonus

33. Given that the insurer calculates premium on the basis of age nearest
birthday, what would be the half-yearly premium on a policy Rs. 1 lakh for a
person born on 30th October 1980, whose proposal dated 21st August 2004 has
been accepted with extra of Rs.5 per thousand. Risk is to commence on 25th April
2004. Tabular premium is as follows. There are no rebates for large SA but 10% is
allowed for yearly mode of premium.
Age 22 Rs. 60 Age 23 Rs. 65 Age 24 – Rs. 68

1. Rs. 2,925
2. Rs. 3,150
3. Rs. 3,250
4. Rs. 3,500

34. A death claim has arisen in a policy for SA Rs. 1 lac, 2 SBs of Rs 20000 each
have been paid. The bonus declared and vested till the payment of the first SB
was Rs. 400 per thousand SA and for the remaining 5 yrs till the 2nd SB the bonus
declared and vested was Rs. 250 per thousand SA. Since then, two yrs have
passed and Rs 50 had been declared as bonus in each of these 2 yrs. What
would be the amount of claim payable?

1. Rs 1,26,000
2. Rs 1,66,000
3. Rs 1,75,000
4. None of the ab

35. From the following particulars, calculate the amount of claim payable, if the
insured died on 27th Nov. 2000
Date of commencement : 13.12.1984
Sum Assured : Rs. 30000
Table-term : Endowment 25 years (with profit)
Last premium paid : 13.12.1999 (Hly) -^^
(Assume that the total bonus declared from 3/85 till 3/1999 is Rs. 600%c
S.A. and the half yearly premium Rs. 400/- ignore interest if any)

1. Rs. 48000
2. Rs. 49400
3. Rs. 47600
4. Rs. 49800

36. From the following particulars, calculate the amount of claim payable, if the
insured died on 27th November 2000;
Date of commencement - 13.12.1984
Sum Assured - Rs.30,000
Table-Term - Endowment 30 years (with profit)
Last premium paid - 13.12.1999(half yearly)
(assume that bonus declared from 3/85 till 3/99 is Rs. 60 per thousand ,and the
half yearly premium is Rs. 400/- Ignore interest, if any.)

1. Rs.49,400
2. Rs. 47,600
3. Rs. 49,800
4. Rs. 48,000

37. Form the following particulars , calculate the amount of claim payable , if the
insured died on 27th august 2000:-
Date of commencement-13.7.1984
Sum assuree -Rs.50,000
Table term - Money Back(with profit 25 years)
Last premium paid due - 13.7.2000
Three installments of Rs. 10,000 each had been paid in 1989,1994 and 1999
(Assume that total bonus declared form 3/85 till 3/2000 is Rs.600 per thousand SA
and that premium is Rs. 2000/- Ignore interest, if any.)

1. Rs. 78000
2. Rs. 32,000
3. Rs. 50,000
4. Rs.62,000

38. If the policy for SA Rs. 50,000 had become paid up for Rs. 25,000, the bonus
vested till date of last unpaid premium was Rs. 32,000, and further bonuses at the
rate of Rs. 40 per thousand SA had been declared by the insurer for the remaining
ten years till the date of maturity, what would be the amount receivable on
maturity

1. Rs.25,000
2. Rs.41,000
3. Rs.57,000
4. Rs.67,000

39. If a policyholder asks for the surrender of a policy that has remained paid up
for Rs. 50,000 (after payment of 25 half yearly paid up for Rs. 2,000 each) and the
appropriate SV factor is 40%, what would be the amount of surrender value
payable.

1. Rs. 20,000
2. Rs. 20,000 less Rs.2000
4. 20,000 plus vested bonus less Rs. 2,000

40. From the following data calculate paid up value: SA- Rs. 23,000; Plan & term-
Endowment & 15 yrs; Date of Commencement- 1-03-1973; Date of 1st Unpaid
Premium- 1-03-1982; Mode of Payment- Quarterly; Bonus Addition- @ Rs.75 per
thousand.

1. Rs. 30,858
2. Rs.28,325
3. Rs.29,325
4. Rs.22,192

41. A death claim has arisen in a policy for SA Rs.1 Lakh, 2 survival benefits of
Rs.20, 000 each have already been paid. The bonus declared till the payment of
the first survival benefit was Rs.600 per thousand SA and for the remaining 5
years till the second survival benefit was Rs. 300 per thousand SA. Since then,
two years have passed and Rs. 80 had been declared as bonuses in each of these
two years. What would be the amount of claim payable?

1. Rs. 1,53,600
2. Rs. 1,93,600
3. Rs. 2,06,000
4. None of the above

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