IC24 - Legal Aspects of Life Assurance - 4

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Q 1. Which of the following is an example of corporeal property?

a) patents

b) copyrights

c) building

d) goodwill

Q 2. In which year the Life insurance business in our country was nationalized?

a) 1958

b) 1956

c) 1957

d) 1959

Q 3. Which of the following is true regarding Section 3 of the Citizenship Act?

a) It provides that every person born in India on or after 26th January 1950 shall be a citizen of India by birth

b) Under this Section, a person born outside India on or after, 26th January 1950 shall be a citizen of India by descent if his father is a citizen of India by birth

c) It provides for citizenship by registration and citizenship by naturalization

d) All of the above are true

Q 4. The ITAT Tribunal handles disputes related to ________

a) Telecom

b) Taxation

c) Insurance

d) Information Technology(IT)

Q 5. ____________ is the process in which a ceding company cedes part of the risk to a reinsurer.

a) Insurance

b) Reinsurance

c) Reinsurer

d) Cede

Q 6. Section 10 of the Indian Contract Act states that all agreements are contracts if they are

a) made by free consent of

b) parties competent to contract

c) for a lawful consideration

d) All of the above

Q 7. Which of the following details does the proposal form not include about the proposer?

a) name

b) address

c) education qualification

d) age

Q 8. The complainant has the option to accept or reject the recommendations. If accepted by him, the insurer has no option but to comply with them within ________ failing which Ombudsman shall pass a speaking Award.

a) 10 days

b) 15 days

c) 30 days

d) 50 days

Q 9. Section 6 of the MWP Act is attracted only where a policy of insurance is

a) affected by a married man

b) on his own life

c) expressed on the face of it to be for the benefit of his wife, or his wife and children, or any of them.

d) All of these

Q 10. If the life insurance policy is endorsed under the MWP Act, 1874 then which of the following is TRUE?

a) Creditors have first claim over policy proceeds

b) Creditors have no claim over policy proceeds

c) Creditors have residual claim over policy proceeds

d) Income tax authorities have a claim over policy proceeds

Q 11. Rahul is employed by Sunny In respect of this employment, Rahul automatically has an insurable interest in Sunny's life up to what limit, if any?

a) Rahul's monthly salary

b) Rahul's pension fund value

c) Sunny annual profit

d) There is no limit

Q 12. Which of the below actions showcases the principle of Uberrima Fides?

a) Lying about known medical conditions on an insurance proposal form

b) Not revealing known material facts on an insurance proposal form

c) Disclosing known material facts on an insurance proposal form

d) Paying a premium on time

Q 13. In an Individual policy, assignment or nomination is possible. Say whether True or False.

a) True

b) False

Q 14. Q13) The records referred to in sub-section (1) shall be maintained for a period of _______ from the date of cessation of the transactions between the clients and the banking company or financial institution.

a) 5 years

b) 10 years

c) 25 years

d) 30 years

Q 15. Who devised the concept of HLV?

a) Dr. Martin Luther King

b) Warren Buffet

c) Prof. Hubener

d) George Soros


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