IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 25
| Q1.A Certificate under Administrator General's Act is _____. |
| a) Legal discharge |
| b) Document |
| c) Evidence of title |
| d) Agreement |
| Q2.Section 3 of the Act states that _____ is deemed to be made by 'any act' of the party proposing, accepting or revoking (either proposal or acceptance) by which he intends to communicate such proposals, acceptance, or revocation. |
| a) Proposal |
| b) Communication |
| c) Acceptance |
| d) Promise |
| Q3.As per the Act, ___ means a system of a secure key pair consisting of a private key for creating a digital signature and a public key to verify the digital signature. |
| a) electronic record |
| b) digital signature |
| c) asymmetric cryptosystem |
| d) None of these |
| Q4.Performance of the promise is the usual way to discharge the legal obligation under a contract. Say whether True or False. |
| a) True |
| b) False |
| Q5.What is the tax treatment for annuities received by an individual as per the Income-Tax Act? |
| a) Annuities received are completely tax-free in the hands of the individual |
| b) Annuities received are taxable in the hands of the individual as salary |
| c) Annuities received are completely tax-free in the hands of the individual and the tax on the same is partially paid by the insurance company and partially exempt under the Income-Tax Act. |
| d) Annuities up to Rs. 5000 a month are tax-free and the remaining amount is taxable in the hands of the individual as salary. |
| Q6.In which insurance scheme the policy evidencing the contract is issued to the assured by the insurer. |
| a) Individual insurance |
| b) Group insurance |
| Q7.A __ in an insurance policy corresponds with a condition in any other contract, and a breach of it entitles the aggrieved party to repudiate all liability under the contract. |
| a) Representation |
| b) Consent |
| c) Warranty |
| d) None of these |
| Q8.Sanjay has given a loan of Rs 15,000 to Mohit for 5 years. At the end of 4 years, the outstanding balance of the loan due us Rs 2500. According to the principle of insurable interest, How much is the insurable interest of Sanjay on the life of Mohit? |
| a) The full loan amount of Rs 15000 |
| b) The amount already paid of Rs 15,500 |
| c) The outstanding loan balance of Rs 2500 |
| d) None. Sanjay cannot take insurance on Mohit life as the two don't have any legal relationship |
| Q9.Under the Constitution, laws related to matters enumerated in the concurrent list are made by ___. |
| a) Parliament only |
| b) State Legislature only |
| c) Both Parliament and State Legislatures |
| d) Both- State Legislatures and Municipal Corporations |
| Q10.For becoming eligible for a license, among other things, the agent has to complete __ of minimum practical training from an approved institution. |
| a) 25 hours |
| b) 50 hours |
| c) 75 hours |
| d) 100 hours |