IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 01
| Q1.Under Keyman Insurance the loss may occur in several ways but basically, they may be grouped into how many types? |
| a) 1 |
| b) 2 |
| c) 3 |
| d) 4 |
| Q2.Which of the following is the General business? |
| a) Linked Long term |
| b) Tontines |
| c) Capital redemption |
| d) Accident |
| Q3.The appointment of the Ombudsman is made by ___ |
| a) Insurance Regulatory and Development Authority (IRDA) |
| b) Governing Body of the Insurance Council (GBIC) |
| c) Central Government in consultation with State Government |
| d) Finance Ministry |
| Q4.In the process of meeting its social commitments, the Government has a huge expenditure program that is greater than its revenues. This results in the Government running ____. It is financed by the Government through market borrowing and/or by printing currency. |
| a) Surplus deficit |
| b) Fiscal deficit |
| c) Spending |
| d) Debt |
| Q5.How many stages are there in the process of Money Laundering? |
| a) one |
| b) two |
| c) three |
| d) four |
| Q6.Full-Form of PIA |
| a) Personal Investment Authority |
| b) Personal Insurance Authority |
| c) Personal Insurance Agent |
| d) Professional Investment Agency |
| Q7.In case of RTI application/s seeking information, the CPIO is duty-bound to dispose of the application within __ of the receipt of the application. |
| a) 7 days |
| b) 30 days |
| c) 45 days |
| d) 90 days |
| Q8.Which of the following is the best method to calculate the Human Life Value? |
| a) Reference method |
| b) Income replacement method |
| c) Both a and b |
| d) None of these |
| Q9.These sources find their authority from the commands of the sovereign or supreme temporal authority. It will classify under which source? |
| a) Historical source |
| b) Legal source |
| c) Formal source |
| d) Literary source |
| Q10.The ___ principle is the base for all internal anti-money laundering systems which should enable insurance companies to properly assess the potential risks posed to them by individuals client relationships. |
| a) Study the customer attitude |
| b) Know your Customer(KYC) |
| c) Read the Customer mind |
| d) None of these |