IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 24
| Q1.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 |
| Q2.Which of the following is true with respect to the doctrine of Insurable Interest? |
| a) Wife has an Insurable interest in the Life of her Husband |
| b) A person can take a policy on the life of a customer to whom he has lent money. |
| c) None of the above. |
| d) Both of the above |
| Q3.For seeking insurance, the duly filled form containing detailed information, submitted by an individual to the insurance company is known as __. |
| a) Proposal form |
| b) Application form |
| c) Tender form |
| d) Solicitation form |
| Q4.When a person attempts to dispose of the cash that arises from drug trafficking by Buying a Single Premium Endowment Policy with an Insurance Company, Which stage of the Money Laundering Process is that? |
| a) placement |
| b) layering |
| c) integration |
| d) replacement |
| Q5.According to Section 40A referred to in clause (c) , an insurer, during the first _____ of his business, may paty to an insurance agent, and the insurance agent may receive from such an insurer, 40% of the first year's premium payable on the policy. |
| a) 5 years |
| b) 10 years |
| c) 15 years |
| d) 20 years |
| Q6.Who devised the concept of HLV? |
| a) Dr. Martin Luther King |
| b) Warren Buffet |
| c) Prof. Hubener |
| d) George Soros |
| Q7.In property insurance, insurable interest needs to exist at the time of taking the policy as well as at the time of making the claim. Say whether True or False. |
| a) True |
| b) False |
| Q8.When the consent is given under a mistake in respect of vital terms of the agreement, there is no real agreement upon the same thing in the same sense. A mistake or error may relate to |
| a) the nature of the transaction |
| b) the subject matter of the contract |
| c) the person dealt with |
| d) All of the above |
| Q9.In case of a policy of insurance other than fire insurance who has to pay stamp duty? |
| a) by the person issuing the policy |
| b) by the grantee |
| c) by the lessee or intended lessee |
| d) by the person affecting the insurance |
| Q10.Consideration or object of a contract is not lawful, if |
| a) it is forbidden by law |
| b) is fraudulent |
| c) involves or implies injury to the person or property of another |
| d) All of these |