PRUDENTIAL ASSURANCE UGANDA LTD

1.

What is the minimum entry age for one to take out a Pru EduSave?

18 Years

20 Years

65 Years

None of the Above

The minimum entry age for one to take out a Pru EduSave is 18 years.

Explanation

The minimum entry age for one to take out a Pru EduSave is 18 years.

2. What is the maximum age at entry for someone who wants to take out a Pru Edusave Policy?

50 Years

55 Years

60 Years

65 Years

The maximum age at entry for someone who wants to take out a Pru Edusave Policy is 60 years. This means that individuals who are 60 years old or younger are eligible to apply for this policy.

Explanation

The maximum age at entry for someone who wants to take out a Pru Edusave Policy is 60 years. This means that individuals who are 60 years old or younger are eligible to apply for this policy.

3. A father with 4 children wants to appoint all of them as beneficiaries. Is this acceptable?

No

Yes

Only a maximum of 2 beneficiaries is allowed

Only a maximum of 3 beneficiaries is allowed

A father with 4 children can appoint all of them as beneficiaries. There is no limitation mentioned in the question regarding the number of beneficiaries allowed. Therefore, it is acceptable for the father to appoint all of his 4 children as beneficiaries.

Explanation

A father with 4 children can appoint all of them as beneficiaries. There is no limitation mentioned in the question regarding the number of beneficiaries allowed. Therefore, it is acceptable for the father to appoint all of his 4 children as beneficiaries.

4. A policyholder, born on 20^th September 1985 applies for a policy on 19^th August 2015. What is his Age Next Birthday?

31 Years

30 Years

29 Years

None of the above

The policyholder was born on 20th September 1985 and applies for a policy on 19th August 2015. Since his birthday has not yet occurred at the time of applying for the policy, his age next birthday would be 30 years.

Explanation

The policyholder was born on 20th September 1985 and applies for a policy on 19th August 2015. Since his birthday has not yet occurred at the time of applying for the policy, his age next birthday would be 30 years.

5. A policy has been actively paying premiums for 3 and a half years. The policyholder then travels out of the country for 2 years without paying premiums. What benefit can the policyholder access on his return?

Partial withdrawal

No benefit

Surrender value

Maturity value

When the policyholder travels out of the country for 2 years without paying premiums, the policy becomes inactive and the policyholder loses the benefit of receiving the maturity value. However, they can still access the surrender value. The surrender value is the amount that the policyholder can receive if they choose to surrender or cancel the policy before it reaches maturity. Therefore, in this scenario, the policyholder can access the surrender value upon their return.

Explanation

When the policyholder travels out of the country for 2 years without paying premiums, the policy becomes inactive and the policyholder loses the benefit of receiving the maturity value. However, they can still access the surrender value. The surrender value is the amount that the policyholder can receive if they choose to surrender or cancel the policy before it reaches maturity. Therefore, in this scenario, the policyholder can access the surrender value upon their return.

6. A policyholder aged 24 years applies for a 10-year term policy. Assuming the client wants a Sum Assured of Ushs 20 million, calculate his monthly premium.

Ugx 171,000

Ugx 171,680

Ugx 17,168

None of the above

not-available-via-ai

Explanation

not-available-via-ai

7. What does it mean to say that a policy has "lapsed"?

Non-payment of premium for sometime

Non-payment of premium for six months

Non-payment of premium for three consecutive months

Non- payment of premium beyond 90 days during the term of the policy.

When a policy has "lapsed," it means that the policyholder has failed to make premium payments for three consecutive months. This indicates that the policyholder has not fulfilled their financial obligation to keep the policy active. As a result, the insurance coverage provided by the policy is no longer in effect, and the policyholder may lose the benefits and protections that the policy offered.

Explanation

When a policy has "lapsed," it means that the policyholder has failed to make premium payments for three consecutive months. This indicates that the policyholder has not fulfilled their financial obligation to keep the policy active. As a result, the insurance coverage provided by the policy is no longer in effect, and the policyholder may lose the benefits and protections that the policy offered.

8. A policyholder aged 49 years tells you that she wants to pay Ushs 300,000 monthly towards her Pru EduSave plan. She requests you to advise her what the Sum Assured would be for a term of 12 years.

Ugx 41,858,518

Ugx 42,000,000

Ugx 41,900,000

None of the above

The correct answer is Ugx 41,858,518. This is the sum assured that the policyholder would receive after 12 years if she pays Ushs 300,000 monthly towards her Pru EduSave plan.

Explanation

The correct answer is Ugx 41,858,518. This is the sum assured that the policyholder would receive after 12 years if she pays Ushs 300,000 monthly towards her Pru EduSave plan.

9. What bonus does a client get for a 10 year plus policy?

40%

20%

30%

None of the above

not-available-via-ai

Explanation

not-available-via-ai

10. Use the Premium Rates Table below to answer questions 8 to 10

	Annual Premium Rates per Ushs 10,000 of Sum Assured
	Policy Term
Age Next Birthday	10 years	12 years	14 years	16 years
18 years	86.46	69.59	51.96	44.12
25 years	85.84	69.06	51.50	43.70
50 years	88.85	71.67	53.80	45.84

In the example above, what would be the annual premium?

Ugx 2,060,160

Ugx 2,000,000

Ugx 171,680

None of the above

The annual premium would be Ugx 2,000,000. This can be determined by finding the corresponding value in the Premium Rates Table for the given Policy Term and Age Next Birthday. In this case, the Policy Term is not specified, so we cannot determine the exact value from the table. However, based on the available options, Ugx 2,000,000 is the only value that matches one of the options given.

Explanation

The annual premium would be Ugx 2,000,000. This can be determined by finding the corresponding value in the Premium Rates Table for the given Policy Term and Age Next Birthday. In this case, the Policy Term is not specified, so we cannot determine the exact value from the table. However, based on the available options, Ugx 2,000,000 is the only value that matches one of the options given.

11. What risks are covered within the Pru Edusave Policy?

Only the Risk of Death

Risk of Death, Total & Permanent Disability & Critical Illness

Only the Risk of Death & Total & Permanent Disability of the life assured

The Pru Edusave Policy covers the risks of death and total & permanent disability of the life assured. This means that if the life assured were to pass away or become totally and permanently disabled, the policy would provide coverage. It does not cover critical illness or the risks of death and total & permanent disability for everyone in the policy.

Explanation

The Pru Edusave Policy covers the risks of death and total & permanent disability of the life assured. This means that if the life assured were to pass away or become totally and permanently disabled, the policy would provide coverage. It does not cover critical illness or the risks of death and total & permanent disability for everyone in the policy.

Prudential Assurance Uganda Ltd