IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 22
| Q1.Which of the following statements is true with respect to Insurable Interest? |
| a) An Employer has Insurable Interest in his employee to the extent of the value of services rendered by him |
| b) An Employee has Insurable Interest in the Life of his Employer to the extent of his remuneration for the period of his notice |
| c) Only First Statement is True |
| d) Both Statements are True |
| Q2.Section 29 of the Act provides that whenever any person has died leaving behind assets not exceeding ____ in value (at the date of death) within the State, the Administrator-General may grant a certificate. |
| a) Rs. 20,000 |
| b) Rs. 50,000 |
| c) Rs. 75,000 |
| d) Rs. 1,00,000 |
| Q3.In District Forum, Who can be the President? |
| a) District Judge |
| b) High court Judge |
| c) Supreme Court Judge |
| d) None of the above |
| Q 4.Who will be considered as Consumers under MWP Act and can avail protection under Consumer Protection Act 1986? |
| a) Policy Holder |
| b) Nominee |
| c) Beneficiary of an Insurance Policy |
| d) All of the above |
| Q5.In an Individual policy, assignment or nomination is possible. Say whether True or False. |
| a) True |
| b) False |
| Q6.When was the Life Insurance Companies Act was enacted? |
| a) 1910 |
| b) 1912 |
| c) 1922 |
| d) 1932 |
| Q7.Consideration is necessary to create an agency. Say whether True or False. |
| a) True |
| b) False |
| Q8.The Insurance Advisory Committee shall consist of not more than __ members. |
| a) 35 |
| b) 25 |
| c) 45 |
| d) 55 |
| Q9.The person in respect of whose default the Guarantee is given is called the ______. |
| a) Contract of guarantee |
| b) Agent |
| c) Principal debtor |
| d) None of these |
| Q10.Income tax is governed by which of the following provisions? |
| a) Income Tax Act, 1961 |
| b) Income Tax Act, 1962 |
| c) Income Tax Act, 1963 |
| d) Income Tax Act, 1964 |