IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 20
| 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. |
| a) 30 days |
| b) 45 days |
| c) 90 days |
| d) Specified days |
| Q2. The term ___ ordinarily means a transfer of property by writing as distinguished from one by delivery. |
| a) Property |
| b) Assignment |
| c) Mortgage |
| d) None of these |
| 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 the date of such instrument - the maximum amount payable during the period of ___. |
| a) 5 years |
| b) 7 years |
| c) 10 years |
| d) 12 years |
| Q4.Which tax was payable by firms and companies on their income? |
| a) Wealth tax |
| b) Corporate tax |
| c) Income tax |
| d) Property tax |
| Q5.Which of the below is not an indirect tax? |
| a) Excise duty |
| b) Service Tax |
| c) Value added tax |
| d) Corporate tax |
| Q6.Which of the following is correct with respect to a group insurance policy? |
| a) Nomination is possible but the assignment is not possible |
| b) Assignment is possible but the nomination is not possible |
| c) Neither nomination is possible nor assignment is possible |
| d) Nomination as well as assignment is possible |
| Q7.HLV-Human Life Value can be arrived at by dividing by |
| a) Gross Earnings, Rate of Interest |
| b) Net Earnings, Gross Earnings |
| c) Gross Earnings, Net Earnings |
| d) Net Earnings, Rate of Interest |
| Q8.Under which section, a person born outside India on or after, 26th January 1950 shall be a citizen of India by descent if his father is a citizen of India by birth? |
| a) Section 2 |
| b) Section 3 |
| c) Section 4 |
| d) Section 5 |
| Q9. The process of money laundering is perpetrated by - |
| a) Placement and; Layering |
| b) Organisation and Controlling |
| c) Depositing and Withdrawing |
| d) All of the these |
| Q10.Which of the following is one of the stages of Money Laundering? |
| a) Smurfing |
| b) Shell Companies |
| c) Layering |
| d) None of the above |