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

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