IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 10
| Q1.In case a nominee is a minor, _____ needs to be appointed. |
| a) Guardian |
| b) Appointee |
| c) Representative |
| d) Minor cannot be appointed as nominee |
| Q2.Which of the following is true with respect to insurable interest for property insurance? |
| a) Insurable interest should exist only at the time of buying the policy |
| b) Insurable interest should exist only at the time of claim |
| c) Insurable interest should exist at the time of buying the policy as well as at the time of claim |
| d) Insurable interest need not exist at any point in time |
| Q3.The maturity amount received under an endowment policy is tax-free under which section of the Income Tax Act? |
| a) Section 10(10D) |
| b) Section 80C |
| c) Section 24 |
| d) Section 80DD |
| Q4.Sanjay has given a loan of Rs 15,000 to Mohit for 5 years. At the end of 4 years, the outstanding balance of the loan due us Rs 2500. According to the principle of insurable interest, How much is the insurable interest of Sanjay on the life of Mohit? |
| a) The full loan amount of Rs 15000 |
| b) The amount already paid of Rs 15,500 |
| c) The outstanding loan balance of Rs 2500 |
| d) None. Sanjay cannot take insurance on Mohit life as the two don't have any legal relationship |
| Q5.______ is used as a yardstick to calculate the amount of life insurance an individual should buy. |
| a) Human Life Value |
| b) Income |
| c) Age |
| d) Educational Qualification |
| Q6.Who can take a policy under MWP Act 1874? |
| a) Married Men |
| b) Divorced Men |
| c) Widowed man |
| d) All of the above |
| Q7.Which of the following is essential for an insurance contract? |
| a) Definition of risk |
| b) Premium |
| c) Amount of insurance |
| d) All of these |
| Q8.Where the deceased at the time of his death had a fixed place of abode situate within the jurisdiction of such Judge, and such Judge certifies that the value of the property and estate beyond the limit of the State does not exceed ____. |
| a) Rs. 10,000 |
| b) Rs. 20,000 |
| c) Rs. 40,000 |
| d) Rs. 50,000 |
| Q9.Which of the below is not a direct tax? |
| a) Wealth Tax |
| b) Income tax |
| c) Service Tax |
| d) Property Tax |
| Q10.Does the complaint have to be made in writing within how many years from the date on which the cause of action has arisen? |
| a) 1 year |
| b) 2 years |
| c) 3 years |
| d) 4 years |