IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 04
| Q1.Section 6 of the MWP Act is attracted only where a policy of insurance is |
| a) effected by a married man |
| b) on his own life |
| c) expressed on the face of it to be for the benefit of his wife, or his wife and children, or any of them. |
| d) All of these |
| Q2.If the life insurance policy is endorsed under MWP Act, 1874 then which of the following is TRUE? |
| a) Creditors have the first claim over policy proceeds |
| b) Creditors have no claim over policy proceeds |
| c) Creditors have residual claim over policy proceeds |
| d) Income tax authorities have claim over policy proceeds |
| Q3.Rahul is employed by Sunny In respect of this employment, Rahul automatically has an insurable interest in Sunny's life up to what limit, if any? |
| a) Rahuls monthly salary |
| b) Rahul's pension fund value |
| c) Sunnys annual profit |
| d) There is no limit |
| Q4.Which of the below action showcases the principle of Uberrima Fides? |
| a) Lying about known medical conditions on an insurance proposal form |
| b) Not revealing known material facts on an insurance proposal form |
| c) Disclosing known material facts on an insurance proposal form |
| d) Paying a premium on time |
| Q5.In an Individual policy, assignment or nomination is possible. Say whether True or False. |
| a) True |
| b) False |
| Q6. The records referred to in sub-section(1) shall be maintained for a period of ____ from the date of cessation of the transactions between the clients and the banking company or financial institution. |
| a) 5 years |
| b) 10 years |
| c) 25 years |
| d) 30 years |
| Q7.Who devised the concept of HLV? |
| a) Dr. Martin Luther King |
| b) Warren Buffet |
| c) Prof. Hubener |
| d) George Soros |
| Q8.The remuneration payable to an agent takes the form of commission not only on the premium payable on a policy for the first year but also on the second and subsequent year's premiums, called___. |
| a) Premiums |
| b) Renewal premium |
| c) Bonus premiums |
| d) None of these |
| Q9.As of date, how many high courts are there in India? |
| a) 17 |
| b) 19 |
| c) 21 |
| d) 23 |
| Q10._____ is the process of bringing illegal money from illegitimate sources into the financial system by hiding its illegal origin so that it appears to be legal and legitimate. |
| a) Money laundering |
| b) Black money |
| c) Layering |
| d) None of these |