IC24 - Legal Aspects of Life Assurance - 9

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Q 1. When the collector is himself in doubt about the duty chargeable, he may draw up a case and refer it with the opinion theron for the decision of the __________ who shall consider the case and send a copy of its decision to the collector.

a) Commissioner

b) Central Investigation officer

c) Chief Controlling Revenue Authority

d) None of these

Q 2. Select the correct scenario in which Insurable Interest is deemed to Exist

a) A creditor has an insurable interest in the life of the debtor, to the extent of the debt

b) Partners have insurable interests in the lives of each other

c) A company has an insurable interest in the life of a key valuable employee.

d) All of the above

Q 3. The right to be _________, whenever possible access to a variety of goods at competitive prices.

a) Informed

b) assured

c) heard

d) seek redressal

Q 4. Under State Commission, the value of services and compensation claimed shall be more than __________ but shall not exceed ________.

a) Rs. 25 lakhs and Rs.5crore

b) Rs. 10 lakhs and Rs.10 crore

c) Rs. 20 lakhs, Rs.1 crore

d) None of these

Q 5. Which assignee cannot deal with a policy alone?

a) Absolute assignee

b) Conditional assignee

Q 6. Probate shall be granted only to an executor or legatee appointed by the will. Say whether True or False.

a) True

b) False

Q 7. In the case of a policy of insurance other than fire insurance who has to pay stamp duty?

a) by the person issuing the policy

b) by the grantee

c) by the lessee or intended lessee

d) by the person affecting the insurance

Q 8. The person who transfers his right is called __________

a) Assignor

b) Assignee

Q 9. Under Children's deferred assurance policies, the contract is with whom?

a) Children

b) Parent

c) Legal Guardian

d) Either b or c

Q 10. Performance of the promise is the usual way to discharge the legal obligation under a contract. Say whether True or False.

a) True

b) False

Q 11. Where there is no nomination, or in the event of the death of the nominee, the payment shall be made to the heirs on a joint discharge by them. Say whether True or False.

a) True

b) False

Q 12. Which of the following policy cannot be taken under MWP Act 1874?

a) Joint Life Policy

b) Life Insurance

c) Janata Policy

d) SSS

Q 13. Q13) Section 10 (1) of the FEMA vests the ____________ with powers to authorize any person to be known as an authorized person to deal in foreign exchange or foreign securities as an authorized dealer, money changer, or off-shore banking unit or in a

a) IRDA

b) RBI

c) SEBI

d) SBI

Q 14. In which Types of Pension does the employee get a guaranteed pension for a specified term like 5, 10, 15, or 20 years and throughout his life thereafter? In case the employee dies within the specified period then the nominee will be paid the pension

a) Pension for life

b) Pension for life with return of premiums

c) Pension for the specified period

d) Pension for joint life

Q 15. When was the Life Insurance Companies Act was enacted?

a) 1910

b) 1912

c) 1922

d) 1932


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