IC14 REGULATION OF INSURANCE BUSINESS - 15

Que. 1 : Q1) When are the insurance regulating acts amended ?

   1.  a) Every six months

   2.  b) Every year

   3.  c) When new schemes are introduced in the market

   4.  d) As and when required

Que. 2 : Q2) _____________has the power to issue regulations specifying the manner of receipt of premium by the insurer.

   1.  a) LIC

   2.  b) IRDA

   3.  c) Consumer Forums

   4.  d) National Commission

Que. 3 : Q3) Under the Public Liability Insurance Act, 1991, how much is the compensation payable for actual medical expenses?

   1.  a) Rs 6250

   2.  b) Rs 12500

   3.  c) Rs 25000

   4.  d) Rs 50000

Que. 4 : Q4) Who can charge a fee, not exceeding one rupee, for registering a nomination or cancellation or making a change in nomination ?

   1.  a) The Underwriter

   2.  b) The Authorised broker

   3.  c) The Asignee

   4.  d) The Insurer

Que. 5 : Q5) Nomination is cancelled where the nominees _______ before the policy matures for payment

   1.  a) Die

   2.  b) Becomes major

   3.  c) Gets married

   4.  d) Any one of the above