IC24 - Legal Aspects of Life Assurance - 8

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Q 1. An assembly of five or more persons is designated as 'unlawful assembly' if their common object is to overawe the Government or to commit any offense, and if the activity of the assembly is accompanied by the use of violence, then it is called______.

a) Riot

b) Breach of law

c) flap

d) Protest

Q 2. The amount paid by the insurance company at the end of the tenure of the plan provided the life assured survives, is known as __________.

a) Death claim

b) Maturity claim

c) Rider Benefit

d) None of these

Q 3. Which act aims at maintaining a harmonious relationship between employers and employees?

a) Shops and Establishment Acts

b) Workmen's Compensation Act

c) Industrial Disputes Act, 1947

d) Payment of Gratuity Act, 1972

Q 4. The applicant, if not satisfied by the reason given by the CPIO/SPIO/Appellate Authority for rejection of information request under RTI, May complain to the ___________.

a) Principal

b) Agent

c) Central Information Commissioner

d) High Court Judge

Q 5. As observed by the Supreme Court, Public policy or the policy of law is an illusive concept, it has been described as an

a) unworthy guide

b) variable quality

c) uncertain one

d) All of these

Q 6. Section 6(3) of FEMA, 1999 stipulates the power of ____________ to regulate the transfer or issue of any foreign security by a person resident in India.

a) Insurance Regulatory and Development Authority(IRDA)

b) Reserve Bank of India(RBI)

c) Export-Import (EXIM) Bank

d) External Affairs Ministry

Q 7. In which cases does insurable interest exist only at the time of taking the policy?

a) Life Insurance

b) Property Insurance

c) Marine hull insurance

d) Marine cargo insurance

Q 8. The Insurance Companies Act restricts the investment of long-term funds in subordinate companies. Only ____________ of the long-term funds can be used for this purpose.

a) 2%

b) 5%

c) 7%

d) 10%

Q 9. The part of the money laundering process where a criminal gets access to the money is

a) Accessing

b) Legitimising

c) Layering

d) Integration

Q 10. __________refers to the reinjection of the laundered proceeds back into the economy in such a way that they re-enter the financial system as normal business funds

a) Placement

b) Layering

c) Integration

d) Smurfing

Q 11. Section 64 and Section 65 of the Indian Contract Act, will not apply to a case where a policy of insurance has been rendered void on the ground of fraudulent concealment of material facts. Say whether True or False.

a) True

b) False

Q 12. When there is a false representation that the service has sponsorship, approval, performance, uses, or benefits which such services do not have, then it refers to?

a) Fair trade practice

b) UnFair trade practice

c) Legal contract

d) None of these

Q 13. Q13) When the consent is given under a mistake in respect of vital terms of the agreement, there is no real agreement upon the same thing in the same sense. A mistake or error may relate to

a) the nature of the transaction

b) the subject matter of the contract

c) the person dealt with

d) All of the above

Q 14. If a lapsed policy is to be brought back into full force, it is known as___________

a) Revival

b) Lapsed

c) Sum assured

d) Premium

Q 15. In the case of life insurance, the principle of insurable interest operates?

a) in the same way as in marine insurance

b) in the same way as in fire insurance

c) in the same way as in motor insurance

d) differently than in other forms of insurance


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