Important for :

1

A

Actuarial Science is that branch of study of science which utilizes mathematical and statistical methods in order to assess the risks associated with insurance, finance, investment banking etc. The person who is proficient in this and is employed by the insurance companies to decide the magnitude of risk associated and the premium is decided accordingly.

Hence, option A is correct.

Hence, option A is correct.

2

3

D

Paid-up policy is such that the policyholder has stopped the payment of premium and the insurer pays only a reduced value if the policyholder surrenders a paid-up policy. It is to be noted that a policy can only be considered as a paid-up policy after three continuous years of payment of premium to the insurance company.

Hence, option D is correct.

Hence, option D is correct.

4

5