IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 13

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Q1.____ of the IRDA (Protection of Policyholders' Interests) Regulations, 2002 also provides that a proposal for life insurance be evidenced by a written document.
 a) Regulation 4
 b) Regulation 6
 c) Regulation 8
 d) Regulation 10
 
Q2.Contributions made by an employer towards premium for a group life insurance scheme qualify for deduction from income under __ of the Income-Tax Act.
 a) Section 36(1) (iv)
 b) Section 80 C
 c) Section 10(10D)
 d) Section 24
 
Q3.In a group life insurance, there is scope for assignment or nomination. Say whether True or False.
 a) True
 b) False
 
Q4.Which means any fault, imperfection, shortcoming, or inadequacy in the quality, nature, and manner of performance in relation to any service?
 a) Weakness
 b) Shortage
 c) Deficiency
 d) Bug
 
Q5.Securities Appellate Tribunal(SAT) handles disputes related to
 a) Telecom disputes
b) Tax-related disputes
 c) Capital market issues
 d) None of these
 
Q6.An appeal shall lie from every order of the estate officer, to be made within ___ from the date on which the order is communicated to the appellant before the District Judge or the Principal Judge of the City Civil Court as the case may be.
 a) 10 days
 b) 11 days
 c) 12 days
 d) 13 days
 
Q7.Critical Illness policy is a:
 a) Indemnity policy
 b) Benefit policy
 c) Both indemnity and benefit policy
 d) Neither of the two
 
Q8.Whenever a policy lapses, neither the insurer benefits nor the insured. The insured loses the insurance risk cover and the insurer loses a customer. Because lapsation affects both parties adversely, insurance companies make it possible for lapsed policies to be brought bank into full force. This process is called as
 a) Lapse
 b) Revival
 c) Reopening
 d) Starting
 
Q9.Even after the first premium has been tendered with the proposal, the insurer has the right to reject the risk. Say whether True of False.
 a) True
 b) False
 
Q10.To whom the matter can be referred when the collector is not sure on the case referred to him?
 a) Union List
 b) State Government
 c) Chief Controlling Revenue Authority
 d) Central Government

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