IC24 - LEGAL ASPECTS OF LIFE ASSURANCE - 06

Que. 1 : Q1) With regard to the composition of the IRDA which of the following is true?

   1.  a) The Authority shall consist of only Chairperson

   2.  b) The Authority shall consist of Chairperson and not more than four whole time members

   3.  c) The Authority shall consist of a Chairperson and not more than five whole time members and not more than four part time members

   4.  d) The Authority shall consist of Chairperson and not more than four whole time members

Que. 2 : Q2) Insurance company is not required to maintain a margin of solvency. Say whether True of False.

   1.  a) True

   2.  b) False

   3.  

   4.  

Que. 3 : Q3) Which of the following is correct about Estoppel?

   1.  a) It is the voluntary relinquishing of a known right

   2.  b) It is more closely associated with tort liability

   3.  c) It is based on consent

   4.  d) None of these

Que. 4 : Q4) Equity means fairness and what is agreeable to good conscience. Say whether True or False

   1.  a) True

   2.  b) False

   3.  

   4.  

Que. 5 : Q5) If any surplus emerges as a result of the investigation, _______ of the surplus shall be allocated or reserved for the policyholders and the balance paid to the Central Government or utilised in such manner as that Government determines.

   1.  a) 75%

   2.  b) 80%

   3.  c) 85%

   4.  d) 90%