IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 21
| Q1.Who is the State Official charged with administering the State insurance laws in the US? |
| a) Commissioner |
| b) Agent |
| c) Prnicipal |
| d) Broker |
| Q2. The Insurance Companies Act, 1982 classifies insurance business into how many types? |
| a) 1 |
| b) 2 |
| c) 3 |
| d) 4 |
| Q3.In which of the below scenario is a contract discharged by Breach of Contract? |
| a) By performance of the contract |
| b) When a party to the contract refuses to perform his promise |
| c) By the death of either party to the contract |
| d) By operation of law |
| Q4.As per the provisions of Section 40, during the first ten years of his business, how much is the maximum commission that an insurer can pay an agent from the first year's premium payable on the policy? |
| a) 100% |
| b) 40% |
| c) 35% |
| d) 7.5% |
| Q 5.Which Contract is a contract to do or not to do something, if some event, collateral to the contract, does or does not happen? |
| a) Simple contract |
| b) Specialty contract |
| c) Contingent contract |
| d) None of these |
| Q6.Which of the following are correct about the Law? |
| a) Law in very simple terms is the set of rules that a country enacts/ passes/ introduces for regulating the actions of the citizens of the country |
| b) These rules are made by the judiciary, Government or other empowered authorities of that country |
| c) These rules are binding on all the citizens of that country. Breaking these rules shall be punishable in terms of monetary fine or imprisonment or both. |
| d) All of the above |
| Q 7. The people of a State are ordinarily the citizens of that State. There may be foreigners also in the State and they are called ____. |
| a) exotic persons |
| b) unusual person |
| c) aliens |
| d) None of these |
| Q 8. Benefits under Section 80C are available for ULIP schemes with a lock-in period of ____ years. |
| a) 1 |
| b) 3 |
| c) 5 |
| d) None of the above |
| Q9.In Life Insurance Insurable interest should be present at the time of claim and should be proved. |
| a) Partially True |
| b) Partially FALSE |
| c) Completely True |
| d) Completely False |
| Q10.The stamp duty payable insurance contract is _____ for every sum insured Rs.1000 or part thereof in excess of Rs.1000. |
| a) Ten paise |
| b) Twenty paise |
| c) Thirty paise |
| d) Forty paise |