Products of life insurance — the range of life products, riders, ULIPs and how they meet customer needs.
These are 5 of the 534 IC-104 questions in Certena, taken from across the paper. Every answer key has been checked against a source — a printed answer key, a textbook extract, or arithmetic — not guessed. Reveal the answer and the explanation below each question. No sign-up needed.
Answer: C. They are different and typically lower
Standard tables reflect only insured lives, the experience of ordinary policyholders, and typically show lower rates than the crude death rate from a census.
Answer: D. Losses make people more miserable than equal gains make them happy
Tversky and Kahneman described loss aversion as a disposition in which losses make people more miserable than gains make them happy.
Answer: B. They assess and monitor clients' deposits or investments on the clients' behalf
Their superior ability to collect information and assess riskiness lets them act as delegated monitors, assessing and monitoring deposits and investments on behalf of their clients.
Answer: B. Dopamine
Dopamine, the motivational molecule, gives pleasurable sensations and keeps people coming back for more; it is active in the pursuit of wealth, gambling, power and addictions.
Answer: E. Mortality, morbidity and longevity
Traditional life insurance products have addressed life contingent events such as mortality, morbidity and longevity.
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