IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 14

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Q1.Which Ancient Indian law are the principal sources of Lawyer's law?
 a) Srutis
 b) Smritis
 c) Immemorial customs
 d) Commentaries

 

Q2.The enactment of which act marked the beginning of insurance regulation in the UK?
 a) The Life Assurance Companies Act
 b) The Insurance Companies Act
 c) The Financial Services Act
 d) The Assurance Companies Act

 

Q3.Full Form of UCC
 a) Universal Civil Code
 b) Uniform Civil Code
 c) Ultimate Civil Code
 d) None of these

 

Q4.Which was the first regulation for insurance in India?
 a) Insurance Act
 b) Insurance Rules
 c) Life Insurance Companies Act
 d) Insurance Regulatory Authority(IRA) Act

 

Q5.Insurable interest may be defined as
 a) possession of certain goods.
 b) the amount always payable for insurance claims.
 c) a legally recognized relationship to the subject matter.
 d) the interest payments due if the insurance premium is paid late.

 

Q6.As per the MWP Act who among the following are Consumers for an Insurance Policy?
 a) The Policyholder himself
 b) Nominee of the policy
 c) Beneficiary of the policy
 d) All of the above

 

Q7.In terms of Section 25 of the Act, the amount secured by an annuity policy shall be deemed to be where the sum is payable in perpetuity- the total amount which will be payable during a period of ____.
 a) 10 years
 b) 15 years
 c) 20 years
 d) 25 years

 

Q8. The Industrial Disputes Act, 1947 aims at maintaining a harmonious relationship between employers and employees. Say whether True or False.
 a) True
 b) False

 

Q9.Insurable interest is required for all of the following reasons EXCEPT
 a) to prevent gambling
 b) to measure the extent of loss
 c) to reduce premiums
 d) None of the above

 

Q10.Ajay forces Vijay to sign property transfer papers at gunpoint, failing which he threatens to kill Vijay. This is an act of ___ committed by Vijay to force Ajay to transfer his property in Vijay's name.
 a) Undue influence
 b) Coercion
 c) Fraud
 d) Misrepresentation

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