IC24 - LEGAL ASPECTS OF LIFE ASSURANCE - 04

Que. 1 : Q1) The year of the income on which the tax is levied is called the previous year. Say whether True of False.

   1.  a) True

   2.  b) False

   3.  

   4.  

Que. 2 : Q2) As per section 80CCD, any amount contributed by salaried employee to a notified pension scheme shall be allowed as deduction from taxable income up to__________ of his/her salary.

   1.  a) 5%

   2.  b) 7.5%

   3.  c) 10%

   4.  d) 12.5%

Que. 3 : Q3) Which of the following is not correct about Representation?

   1.  a) Need only be substantially correct

   2.  b) May not be incorporated in the policy

   3.  c) Must be strictly and literally true

   4.  d) To avoid the contract the insurer must show the misrepresentation to be material

Que. 4 : Q4) FATF as used in Money Laundering stands for

   1.  a) Financial Advisory Task Force

   2.  b) Financial Action Task Force

   3.  c) Financial Amendment Task Force

   4.  d) Faculty Advisory Task Force

Que. 5 : Q5) A policy is effected under the MWP Act. If the policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy becomes payable to the _____________.

   1.  a) Next of kin

   2.  b) Official Trustee of the State

   3.  c) Insurer

   4.  d) Insured