IC24 - Legal Aspects of Life Assurance - 7

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Q 1. Under State Commission, the appeal shall be subject to a deposit of 50% of the amount awarded or ______ whichever is less.

a) Rs. 25,000

b) Rs. 35,000

c) Rs. 50,000

d) Rs. 1,00,000

Q 2. What are all the main sources of funds for the government?

a) Taxes

b) Dividend

c) Market borrowing

d) All of the above

Q 3. Rules\ Regulations that have originated from Roman Law will be classified under which source of law?

a) Formal source

b) Historical source

c) Legal source

d) Literary source

Q 4. Which section of the Insurance Act stipulates that every application for the registration of an insurer shall be accompanied inter alia by a certified copy of the published prospectus?

a) Section 1

b) Section 4

c) Section 6

d) Section 3

Q 5. What maximum amount can an individual save in various investment instruments under Section 80C to claim a deduction from taxable income in an Assessment Year?

a) Rs. 1,15,000

b) Rs. 1,50,000

c) Rs. 1,25,000

d) Rs. 2,50,000

Q 6. Provisions of Section 65 to 78: Imposition of penalties for offenses describe the different offenses, includes

a) tampering with computer source documents

b) hacking a computer system

c) failure to comply with the order of the Controller

d) All of the above

Q 7. Ramu has taken a car loan of Rs 10 lakhs from a bank. The bank has insurable interest in the car to the extent of

a) Full loan amount of Rs 10 lakhs

b) 50% of the loan amount

c) Only on the interest of Rs 10 lakhs

d) The bank has no insurable interest

Q 8. An individual should send to the Authority, the application for the renewal of a life insurance license at least _______ before the date on which the license ceases to remain in force.

a) Thirty days

b) Forty-five days

c) Fifty days

d) Sixty days

Q 9. Under which list the enumerating matters in respect of which parliament and State Legislatures may both make laws?

a) Union List

b) State list

c) Concurrent List

d) Other Constitutional provisions

Q 10. This means the copy of a will certified under the seal of a court of competent jurisdiction with a grant of administration to the estate of the testator.

a) Executor

b) Administrator

c) Probate

d) Will

Q 11. ____________ means the legal declaration of the intention of the testator concerning his property which he desires to be carried into effect his death.

a) Executor

b) Administrator

c) Probate

d) Will

Q 12. Which section of the Insurance Act stipulates that every application for the registration of an insurer shall be accompanied inter alia by a certified copy of the published prospectus?

a) Section 1

b) Section 2

c) Section 3

d) Section 4

Q 13. Any person receiving any money exceeding ___________ in amount shall on demand by the person paying such money give a duly stamped receipt for the same.

a) Rs.5000

b) Rs.6000

c) Rs.7000

d) Rs.9000

Q 14. Which of the following is one of the stages of Money Laundering?

a) Smurfing

b) Shell Companies

c) Placement

d) None of the above

Q 15. Section 4 of the LIC Act provides that the Corporation shall consist of such number of persons not exceeding ________ as the Central Government may think fit to appoint thereto and one of them shall be appointed by the Central Government to be the Ch

a) Four

b) Eight

c) Twelve

d) Sixteen


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