IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 16
| Q1.Which of the following is FALSE with respect to insurable interest? |
| a) Employee has insurable interest on Employer Life |
| b) Employer has an insurable interest in Employees life |
| c) Surety has an Insurable interest in Debtors life |
| d) Debtor has an insurable interest in the life of surety |
| Q2.Which of the following statement is correct with respect to TPAs? |
| a) A TPA can tie up with only one life insurance company for rendering its services, whereas a life insurance company can tie with multiple TPA's for availing their services |
| b) A life insurance company can tie up with only one TPA for availing its services, whereas a TPA can tie with multiple life insurance companies for rendering its services |
| c) A TPA can tie-up with multiple life insurance companies for rendering its services and a life insurance company can tie with multiple TPA's for availing their services |
| d) All the above are false |
| Q3.In the case of a complaint filed in the District Forum, which of the following is true? |
| a) Value of services and compensation claimed shall not exceed Rs. 20 lakhs |
| b) Value of services claimed shall not exceed Rs. 20 lakh |
| c) Value of compensation claimed shall not exceed Rs. 20 lakhs |
| d) Value of services and compensation claimed shall exceed Rs. 20 lakhs |
| Q4.The Governing Body of the Insurance Council(GBIC) appoints |
| a) Ombudsman |
| b) Agent |
| c) Principal |
| d) None of these |
| Q5.Principle of Indemnity is not applicable to |
| a) General insurance |
| b) Life insurance |
| Q6. Under Section 3 of which act, if personal injury is caused to a workman by accident arising out of and in the course of his employment, his employer shall be liable to pay compensation in accordance with the provisions of the Act? |
| a) The payment of wages act, 1930 |
| b) Workman Compensation Act, 1923 |
| c) Trade Unions Act, 1926 |
| d) Payment of Gratuity Act, 1972 |
| Q7.Who is the regulatory authority for independent financial advisors? |
| a) LAURO |
| b) FIMBRA |
| c) Personal Investment Authority (PIA) |
| d) Each IFA is a Self- Regulating Organisation (SRO) |
| Q8.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 |
| Q9.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 |
| Q10.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 |