IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 23
| Q1.Which of the following is an example of corporeal property? |
| a) patents |
| b) copyrights |
| c) building |
| d) goodwill |
| Q2.Who is the State Official charged with administering the State insurance laws in the US? |
| a) Commissioner |
| b) Agent |
| c) Prnicipal |
| d) Broker |
| Q3.As per provisions of Section 45; an insurer cannot repudiate a claim after ____ on the ground of misrepresentation unless he can prove that the insured had deliberately suppressed some material facts. |
| a) One year |
| b) Two year |
| c) Three year |
| d) Four years |
| Q4.Which of the below is true for policies affected under Section 6 of the M.W.P Act? |
| a) Nomination and assignment is applicable |
| b) Nomination is allowed by assignment is not applicable |
| c) Nomination is not allowed but the assignment is applicable |
| d) Nomination as well as assignment is not applicable |
| Q5.Which of the following is one of the stages of Money Laundering? |
| a) Smurfing |
| b) Shell Companies |
| c) Placement |
| d) None of the above |
| Q6.In the case of an annuity plan how much is the maximum lump sum amount that can be withdrawn before the start of regular annuity payments? |
| a) 1/4th of the accumulated fund |
| b) 1/3rd of the accumulated fund |
| c) 1/2nd of the accumulated fund |
| d) 1/5th of the accumulated fund |
| Q7.Which assignment transfers to the assignee all rights, title, and interest which the assignor has in the policy without any defeasance clause. Under such an assignment, the policy vests absolutely in the assignee and shall form part of his estate on his death? |
| a) Conditional assignment |
| b) Statutory assignment |
| c) Equitable assignment |
| d) Absolute assignment |
| Q8.Section 11 states who is competent to enter into a contract. Every person is competent to contract |
| a) who is of the age of majority according to the law |
| b) who is of sound mind |
| c) who is not disqualified from contracting by any law |
| d) All of the above |
| Q9.Rules\ Regulations that have their source from legal textbooks written by eminent jurists will be classified under which source of law? |
| a) Formal source |
| b) Historical source |
| c) Legal source |
| d) Literary source |
| Q10.Who shall be a citizen of India? |
| a) Who was born in the territory of India |
| b) either of whose parents was born in the territory of India |
| c) Who has been ordinarily resident in the territory of India, for not less than five years immediately preceding such commencement |
| d) All of these |