IC24 - Legal Aspects of Life Assurance - 5

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Q 1. _____________ is the insurance company that accepts the transfer of risk from the ceding company.

a) Reinsurance

b) Cede

c) Reinsurer

d) None of these

Q 2. Assessment is generally classified into how many process?

a) 1

b) 2

c) 3

d) 4

Q 3. Which of the following is Layering stage of Money Laundering?

a) Utilizing laundered money

b) Investing small amounts everyday

c) Moving funds to distance place

d) Introducing Illegal Profits into the Financial System

Q 4. The Indian Law classifies property as __________.

a) Real and Personal property

b) Movable and immovable property

c) Corporeal and incorporeal property

d) Tangible and intangible property

Q 5. The Term Integration in Money Laundering refers to?

a) stage where all the black money are accumulated in one place for placement

b) Investigation carried out in respect of suspicious transactions by financial institutions

c) A stage where the dirty money eventually merges into legitimate financial system as clean money

d) Washing of dirty money into clean money

Q 6. How many months usually a Insurance company allow grace period for payment of premium from due date.

a) 1 months

b) 2 month

c) 3 month

d) 4 month

Q 7. Sharon promises to paint a picture for Minal by a certain day, at a certain price. Sharon dies before the painting delivery date. The contract cannot be enforced either by Sharon's representatives or by Minal. It is an example of

a) Discharge of contracts

b) Contingent Contract

c) Voidable

d) Unlawful contract

Q 8. The provisions of income tax are contained in the Income Tax Act, 1961 which extends to the whole of India. This act is effective since________ .

a) 1st March 1962

b) 1st April 1962

c) 1st May 1962

d) 1st June 1962

Q 9. Foreign Currency means any currency other than Indian currency. Say whether True of False.

a) True

b) False

Q 10. An agent can act only to the extent of the authority granted to him by the principal. Say whether True or False.

a) True

b) False

Q 11. Under the facultative type of reinsurance, the case may be sent to more than one reinsurer, and the reinsuere who gives the most competitve offer is chosen by the insurance company. This is termed as ____________.

a) Facultative discounting

b) Treaty shopping

c) Treaty discounting

d) Facultative shopping

Q 12. According to Indian Law the property are divided into

a) real and personal property

b) movable and immovable property

Q 13. Suresh has earned Rs. 7, 50,000 in the financial year April 2010 to March 2011. This income will be assessed and taxed in the financial year April 2011 to March 2012. So in this case the income is earned in the year 2010-11. So the financial year 201

a) Previous year

b) Assessment year

Q 14. Which of the below statement is correct?

a) Consideration is required to create an agency

b) No consideration is required to create an agency

c) Partial Consideration is required to create an agency

d) Consideration is the basis of creation of any agency

Q 15. The person for whose benefit the confidence is accepted is called as beneficiary. Say whether True of False.

a) True

b) False


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