IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 02
| Q1.Which of the below is an essential element of a contract? |
| a) There should be no consideration |
| b) The promisor and promise should be a major |
| c) There should be a proposal, acceptance, and communication |
| d) There should not be consensus ad item |
| Q2.Which of the below statement is correct with regards to stamp duty payable to life insurance policies? |
| a) Ten paise for every sum insured of Rs.100 |
| b) Twenty paise for every sum insured of Rs.100 |
| c) Ten paise for every sum insured of Rs.1000 |
| d) Twenty paise for every sum insured of Rs.1000 |
| Q3.As per Section 11 of the Indian Contract Act, who of the below is not competent to enter into a contract? |
| a) A person who is a minor |
| b) A person of unsound mind |
| c) A person who is disqualified from contracting by law |
| d) All of the above |
| Q4.Statement A: A bank or any lender has an insurable interest in the life of the person who has taken the loan. Statement B: A bank or any lender has an insurable interest in the property mortgaged against the loan |
| a) Only Statement A is True |
| b) Only Statement B is True |
| c) Both Statements are True |
| d) None of the statements are True |
| Q5.A customer, Rajesh, agrees to pay Rs. 50 to the shopkeeper and the Shopkeeper in return agrees to give Rajesh a gift voucher having a value of Rs. 50. This is a set of promises which form consideration for each other. This is a set of promises which form consideration for each other. Thus, it is an _____ between Rajesh and the shopkeeper. |
| a) Consideration |
| b) Promises |
| c) Agreement |
| d) Contract |
| Q6.Where an order is passed under the Provincial Insolvency Act and the person is adjudged an insolvent, the whole of his property shall vest in the court or in a ____ appointed by the court. |
| a) Minor |
| b) Receiver |
| c) Sender |
| d) Agent |
| Q7.A person is competent to contract if he |
| a) is of the age of majority |
| b) is of sound mind |
| c) is not disqualified from contracting by any law to which he is subject |
| d) All the above |
| Q8.In which year was Insurance Ombudsman established? |
| a) 1992 |
| b) 1994 |
| c) 1996 |
| d) 1998 |
| Q9.Which of the following statements is false with respect to Insurable Interest? |
| a) A person has an unlimited insurable interest in his own life |
| b) A Husband has Insurable interest in the life of his wife and Vice versa |
| c) Parents have an insurable interest in the lives of their children |
| d) Debtor has Insurable Interest in the life of creditor |
| Q10.Promises which form the consideration or part of the consideration for each other are called ____. |
| a) Contract |
| b) Reciprocal promises |
| c) Agreement |
| d) Consideration |