IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 18
| Q1.Which of the below statement is correct with respect to the fee for the issue of duplicate licenses by IRDA to life insurance agents? |
| a) Fee should not exceed Rs. fifty for the issue of a duplicate license |
| b) Fee should not exceed Rs. one hundred for the issue of a duplicate license |
| c) Fee should not exceed Rs. two hundred fifty for the issue of a duplicate license |
| d) Fee should not exceed Rs. five hundred for the issue of a duplicate license |
| Q2.The conditions for an individual to be classified as a citizen of India are given under ___ of the Constitution of India. |
| a) Article 3 |
| b) Article 5 |
| c) Article 7 |
| d) Article 9 |
| Q3.Under the District Forum, the value of services and compensation claimed should not exceed __. |
| a) Rs.20 lakhs |
| b) Rs.25 lakhs |
| c) Rs.30 lakhs |
| d) Rs.35 lakhs |
| Q4.If an insurer may not allow the revival of a policy if the policy has remained in lapsed condition for more than ____. |
| a) 2 years |
| b) 3 years |
| c) 4 years |
| d) 5 years |
| Q5.As per the principle of insurable interest, an individual cannot buy a life insurance policy on the life of which of the below? |
| a) Parents |
| b) Spouse |
| c) Children |
| d) Own life |
| Q6.The Central Public Information Officers(CPIO) is duty-bound to dispense of the application so made as expeditiously as possible, but in any case within_____ of the receipt of the application. |
| a) 15 days |
| b) 30 days |
| c) 45 days |
| d) 75 days |
| Q7.A __ is the voluntary relinquishing of a known right. |
| a) Estoppel |
| b) Waiver |
| c) HLV |
| d) None of these |
| Q8.Any insurance business in the UK can be carried out only with the authorization of the Secretary of State. Say whether True or False. |
| a) True |
| b) False |
| Q9.Service tax was introduced for the 1st time in which year? |
| a) 1994 |
| b) 1995 |
| c) 1996 |
| d) 1997 |
| Q10.From the below options which one is most appropriate on who can be the beneficiary of a policy effected under the M.W.P. Act? |
| a) Wife and adopted children |
| b) Wife and son/s |
| c) Wife and children |
| d) Wife and daughter/s |