IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 16

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Q1.A ____ is a statement made by one party to another, at or before the making of a contract, as to the existence of some fact or set of facts, with a view to influencing or inducing the other to enter into the contract.
 a) Warranty
 b) Representation
 c) Consideration
 d) Consent
 
Q2.Ajay has done an absolute assignment of a policy in favor of Rajesh. Rajesh dies in an accident. The policy will mature in the next few days. To whom will the policy money be payable?
 a) To Ajay, as the assignee has died
 b) Rajesh's nominee
 c) Rajesh's legal hier/s
 d) The insurance company will let the court decide on who will receive the policy money
 
Q 3.To qualify for a life insurance license, the minimum hours of training required for an insurance agent is __.
 a) 25 hours
 b) 50 hours
 c) 75 hours
 d) 60 hours
 
Q4.Consideration is necessary to create an agency. Say whether True or False.
 a) True
 b) False
 
Q5.Vimal promises to obtain Meena employment in the public service, and Meena promises to pay Rs. 25,000 to Vimal. In this case, Meena's consideration will be classified as ___.
 a) Valid consideration
 b) Unlawful consideration
 c) Partially valid consideration
 d) Partially unlawful consideration
 
Q6.Any promise or an agreement enforceable at law is a contract. It was coined by
 a) Anson
b) Pollock
 c) Ranking
 d) Phillips Heck
 
Q7.Which of the following are the conditions for group insurance coverage?
 a) Purpose of the group
 b) Continued existence
 c) Member selection
 d) All of the above
 
Q8.A person who is insane, drunk, lunatic can enter into a contract. Say whether True or False.
 a) True
 b) False
 
Q9.Which did Acts say that provides for disbursal of wages to workers within the prescribed time limits and ensures that the employees get their full wages without any deductions not authorized by law?
 a) The Trade Union Act, 1926
 b) The Payment of Wages Act, 1930
 c) RTI Act
 d) Workmen Compensation Act
 
Q10.LIC of India now conducts actuarial valuation ____.
 a) Every quarter
b) Every half-year
 c) Every year
 d) Every 5 years

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