IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 09

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Q1.Performance of the promise is the usual way to discharge the legal obligation under a contract. Say whether True or False.
 a) True
 b) False
 
Q2.Where there is no nomination, or in the event of the death of the nominee, the payment shall be made to the heirs on a joint discharge by them. Say whether True or False.
 a) True
 b) False
 
Q3.Which of the following policy cannot be taken under MWP Act 1874?
 a) Joint Life Policy
 b) Life Insurance
 c) Janata Policy
 d) SSS
 
Q4.Section 10 (1) of the FEMA vests the ___ with powers to authorize any person to be known as an authorized person to deal in foreign exchange or in foreign securities as an authorized dealer, money changer, or off-shore banking unit or in any other manner as it deems fit.
 a) IRDA
 b) RBI
 c) SEBI
 d) SBI
 
Q5.In which Types of Pension the employee gets a guaranteed pension for a specified term like 5, 10, 15 or 20 years and throughout his life thereafter. In case the employee dies within the specified time period then the nominee will be paid the pension for the remaining term?
 a) Pension for life
 b) Pension for life with return of premiums
c) Pension for the specified time period
 d) Pension for joint life
 
Q6.When was the Life Insurance Companies Act was enacted?
 a) 1910
 b) 1912
 c) 1922
 d) 1932
 
Q7.The right to ___ against unfair trade practices or unscrupulous exploitation of consumers.
 a) informed
 b) assured
 c) heard
 d) seek redressal
 
Q8.As per the Indian Evidence Act, if a person has not been heard of for _____ he is presumed to be dead.
 a) Three years
 b) Five years
 c) Seven years
 d) Ten years
 
Q9.Under the KYC norms, which document can be accepted as valid photo id proof as well as address proof?
 a) PAN Card
 b) Driving Licence
 c) Electricity Bill
 d) Premium receipt issued by an insurance company
 
Q10.Which of the below statement is correct with regards to nomination and assignment?
 a) Assignment is governed by provisions of Section 38 and nomination is governed by provisions of Section 39
 b) Nomination is governed by provisions of Section 38 and assignment is governed by provisions of Section 39
 c) Assignment and nomination are governed by provisions of Section 38
 d) Assignment and nomination are governed by provisions of Section 39
 

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