IC24 - Legal Aspects of Life Assurance - 10

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Q 1. Which of the below statement is false regarding nomination?

a) Nomination can be made at the time of effecting the policy

b) Nomination can be made anytime during the tenure of the policy but not in the last one month before maturity of the policy

c) Nomination can be made anytime during the tenure of the policy

d) A policy can have more than one nominee

Q 2. Pick the True Statement with respect to Insurable Interest

a) Bailees, which includes garage owners, warehouses, etc., have insurable interest in the goods held by them on behalf of others, for payment or otherwise

b) Cargo owners, both sellers and buyers, have insurable interest in goods in transit during sale

c) Executors and trustees have insurable interest in the properties under their charge

d) All of them are True

Q 3. How much percentage should be invested in Central Government Marketable securities by Life Insurance Corporation(LIC) of India each year ?

a) Not less than 25%

b) Not less than 10%

c) Not less than 15%

d) Not less than 20%

Q 4. Which of the following statements is False withrespect to policies under MWP Act?

a) Insurance under the MWP Act is free from court attachments

b) The policy cannot be amended or surrendered

c) The policy must be on his own life

d) Nomination and assignment are allowed

Q 5. Assignment of insurance policies is regulated by ______ of the Insurance Act. 1938.

a) Section 38

b) Section 39

c) Section 40

d) Section 41

Q 6. Patents will be classified under which type of property?

a) Corporeal

b) Incorporeal

c) Tangible

d) Movable

Q 7.
Which of the following is correct about Assignment?

a) It is the process of appointment of a person to receive the death claim

b) It can be made only by the life-assured on the policy of his own life.

c) It is applicable only where the Insurance Act, 1938 is applicable.

d) It can be done only after the commencement of the policy

Q 8. A Valid _______________ as contemplated under Sub section 7 creates an immediate vested interest in the assignee, but such interest is liable to be divested on the happening of the contingencies set out in the assignment.

a) Absolute Assignment

b) Statutory assignment

c) Conditional assignment

d) None of these

Q 9. The purpose of _________ is to indemnify a business firm for the loss of earning resulting from the death of a valuable and important employee.

a) Partnership Insurance

b) Key man Insurance

c) Group Insurance

d) None of these

Q 10. Which of the following are corporate agent?

a) Firm

b) Company

c) NGO

d) All of these

Q 11. The replies given by the proposer in the proposal form are treated as ________ by the insurer.

a) Warranties

b) Representations

c) Assurances

d) Promises

Q 12. If the net wealth of an individual is Rs.35,00,000, then how much is the wealth tax payable by him?

a) Rs. 35,000

b) Rs. 3,500

c) Rs. 5,000

d) Rs. 500

Q 13. Q13) Which Article provides for the continuance of 'all the law in force'.

a) Article 374

b) Article 372(1)

c) Article 376(2)

d) Article 379

Q 14. A Certificate under Administrator General's Act, is ___________.

a) Legal discharge

b) Document

c) Evidence of title

d) Agreement

Q 15. Any person who acts as an insurance agent without holding a licence issued under this section to act as such shall be punishable with fine which may extend to _________ .

a) 250 rupees

b) 350 rupees

c) 500 rupees

d) 750 rupees


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