Prudential Assurance Uganda Ltd

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| By Akol David
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Akol David
Community Contributor
Quizzes Created: 1 | Total Attempts: 161
Questions: 15 | Attempts: 162

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Prudential Assurance Uganda Ltd - Quiz

New Financial Sales Consultant Assessment Test
Instruction (Read carefully before you start) This is a multiple-choice Assessment Test. Please circle the answer that you consider to be correct. Pass Mark is 60%


Questions and Answers
  • 1. 

    List down the features of the Edusave Policy.

  • 2. 

    What are the benefits of Edusave to the client?

  • 3. 

    In the event of Death or Permanent Total Disability, Prudential will waive off premiums. Define what you understand by Waiver of Premium.

  • 4. 

    A client takes on a 12year EduSave Policy and is making quarterly payments of Ush 2,000,000. What discount will the client receive?

  • 5. 

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

    • A.

      18 Years

    • B.

      20 Years

    • C.

      65 Years

    • D.

      None of the Above

    Correct Answer
    A. 18 Years
    Explanation
    The minimum entry age for one to take out a Pru EduSave is 18 years.

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  • 6. 

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

    • A.

      No

    • B.

      Yes

    • C.

      Only a maximum of 2 beneficiaries is allowed

    • D.

      Only a maximum of 3 beneficiaries is allowed

    Correct Answer
    B. Yes
    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.

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  • 7. 

    What does it mean to say that a policy has “lapsed”?

    • A.

      Non-payment of premium for sometime

    • B.

      Non-payment of premium for six months

    • C.

      Non-payment of premium for three consecutive months

    • D.

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

    Correct Answer
    C. Non-payment of premium for three consecutive months
    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.

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  • 8. 

    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?

    • A.

      Partial withdrawal

    • B.

      No benefit

    • C.

      Surrender value

    • D.

      Maturity value

    Correct Answer
    C. Surrender value
    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.

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  • 9. 

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

    • A.

      50 Years

    • B.

      55 Years

    • C.

      60 Years

    • D.

      65 Years

    Correct Answer
    C. 60 Years
    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.

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  • 10. 

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

    • A.

      31 Years

    • B.

      30 Years

    • C.

      29 Years

    • D.

      None of the above

    Correct Answer
    B. 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.

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  • 11. 

    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.

    • A.

      Ugx 171,000

    • B.

      Ugx 171,680

    • C.

      Ugx 17,168

    • D.

      None of the above

    Correct Answer
    D. None of the above
  • 12. 

    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?

    • A.

      Ugx 2,060,160

    • B.

      Ugx 2,000,000

    • C.

      Ugx 171,680

    • D.

      None of the above

    Correct Answer
    B. Ugx 2,000,000
    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.

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  • 13. 

    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.

    • A.

      Ugx 41,858,518

    • B.

      Ugx 42,000,000

    • C.

      Ugx 41,900,000

    • D.

      None of the above

    Correct Answer
    A. Ugx 41,858,518
    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.

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  • 14. 

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

    • A.

      40%

    • B.

      20%

    • C.

      30%

    • D.

      None of the above

    Correct Answer
    D. None of the above
  • 15. 

    What risks are covered within the Pru Edusave Policy?

    • A.

      Only the Risk of Death

    • B.

      Risk of Death, Total & Permanent Disability & Critical Illness

    • C.

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

    • D.

      ​​​​​​​Only the Risk of Death & Total & Permanent Disability of the life assured Death and Total & permanent disability of everyone in the policy

    Correct Answer
    C. Only the Risk of Death & Total & Permanent Disability of the life assured
    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.

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