IC24 - LEGAL ASPECTS OF LIFE ASSURANCE - 22

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)A contract is said to be induced by ___________ where the relations subsisting between the parties are such that one of the parties is in a position to dominate the will of the other and uses that position to obtain an unfair advantage over the other.

   1.  a) Undue influence

   2.  b) Corecion

   3.  c) Fraud

   4.  d) Misrepresentation

Que. 3 : Q3)Section 3 defines the offence of money-laundering as whosoever directly or indirectly:

   1.  a) attempts to indulge

   2.  b) knowingly assists

   3.  c) knowingly is a party

   4.  d) All of these

Que. 4 : Q4)Whenever a policy lapses, neither the insurer benefits nor the insured. The insured loses the insurance risk cover and the insurer loses a customer. Because lapsation affects both parties adversely, insurance companies make it possible for lapsed policies to be brought bank into full force. This process is called as

   1.  a) Lapse

   2.  b) Revival

   3.  c) Reopening

   4.  d) Starting

Que. 5 : Q5)If the premium is not paid within the days of grace, then subject to the terms and conditions of the policy, the insurance company may terminate the policy. This is known as policy ________.

   1.  a) Revival

   2.  b) Expires

   3.  c) Lapse

   4.  d) Grace period