IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 06

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Q1.Which schedule of the Industrial Disputes Act specifies in great detail the unfair labor practices that may be indulged in by either of the parties.
 a) Second
 b) Third
 c) Fouth
 d) Fifth
 
Q2.How many types of Proposal forms are there?
 a) four
 b) five
 c) six
 d) seven
 
Q3._____ is the legal right of the person to ensure the subject matter with which they have a legal relationship recognized by law.
 a) Premium
 b) Insurable interest
 c) Policy
 d) Sumassured
 
Q4.When a life insurance policy is declared void on the ground of mistake, fraud, or illegality, life assured or his successor-in-interest will be entitled to the refund of premiums, Say whether True or False.
 a) True
 b) False
 
Q5.Where do you not find insurable interest in the following options?
 a) Surety-Co Surety
 b) Employee-Employer
 c) Husband-Wife
 d) Brother-Sister
 
Q6.When the policy money is due to a minor, to whom shall the payment be made?
 a) Appointee
 b) The minor itself
 c) Guardian
 d) Legal heir who is a major
 
Q7.There are various methods used to calculate how much insurance cover should an individual take. In which method is the present value of future earning potential of an individual used as a yardstick to calculate how much insurance cover an individual should take?
 a) Need analysis method
 b) Income replacement method
c) Income multiple methods
 d) Expense Substitution method
 
Q8.In a critical illness rider, the benefit is payable at the time of___
 a) Death of the life insured
 b) Diagnosis of the illness
 c) Producing the medical bills
 d) Discharge from the hospital
 
Q9.Statement A: An owner of an asset has an insurable interest in that asset. Statement B: A bank or any lender has an insurable interest in the life of the person who has taken the loan
 a) Statement A is TRUE
 b) Statement B is TRUE
 c) Both Statements are TRUE
 d) Both Statements are False
 
Q10.Which means any set of computer instructions that are designed to modify, destroy, record, transmit data or program residing within a computer, computer system, or computer network?
 a) Computer database
 b) Computer contaminant
 c) Computer virus
 d) Damage

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