IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 16

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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

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