IC14 REGULATION OF INSURANCE BUSINESS - 20

Que. 1 : Q1) Which among the following is True with respect to Section 41 of Insurance act?

   1.  a) No person can offer an Inducement to any person to take up a policy

   2.  b) A policyholder can nominate only if the policy is in his own life

   3.  c) A transfer of Policy shall automatically cancel the nomination

   4.  d) The beneficial nominees or the collector nominees should be clearly mentioned in the provision

Que. 2 : Q2) Which type of organisation do the PMLA ACT not apply to?

   1.  a) General Insurance

   2.  b) Life Insurance

   3.  c) Mutual Fund Companies

   4.  d) None of the above

Que. 3 : Q3) Which insurance does the ‘Carriage of goods by sea’ act provide for ?

   1.  a) Packaging of cargo

   2.  b) Carriage of branded merchandise

   3.  c) Transit risks

   4.  d) Cargo shipment

Que. 4 : Q4) The number of non-official members allowed in the executive committee for General Insurance council is / are __________.

   1.  a) NIL

   2.  b) 1

   3.  c) 2

   4.  d) 3

Que. 5 : Q5) Why have the transaction records to be retained for 10 years ?

   1.  a) To answer any queries from policy holders

   2.  b) To achieve 100% compliance

   3.  c) To create data warehousing reports

   4.  d) To enable best practices study