IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 04

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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

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