IC24 - LEGAL ASPECTS OF LIFE ASSURANCE - 20

Que. 1 : Q1) Under the disability benefit clause to avail the insurance benefit, the accidental injury should lead to total and permanent disability within ________ of the accident.

   1.  a) 30 days

   2.  b) 45 days

   3.  c) 90 days

   4.  d) Specified days

Que. 2 : Q2) The term ____________ ordinarily means a transfer of property by writing as distinguished from one by delivery.

   1.  a) Property

   2.  b) Assignment

   3.  c) Mortgage

   4.  d) None of these

Que. 3 : Q3) 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 for an indefinite time terminating with any life in being at date of such instrument - the maximum amount payable during the period of _________ .

   1.  a) 5 years

   2.  b) 7 years

   3.  c) 10 years

   4.  d) 12 years

Que. 4 : Q4) Which tax was payable by firms and companies on their income?

   1.  a) Wealth tax

   2.  b) Corporate tax

   3.  c) Income tax

   4.  d) Property tax

Que. 5 : Q5) Which of the below is not an indirect tax?

   1.  a) Excise duty

   2.  b) Service Tax

   3.  c) Value added tax

   4.  d) Corporate tax