IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 26
| Q1.As per Section2(h) of the Indian Contract Act; an agreement enforceable by law is a ___. |
| a) Deal |
| b) Pact |
| c) Treaty |
| d) Contract |
| Q2.Which of the following is the Long term business? |
| a) Damage to property |
| b) Aircraft liability |
| c) Marriage and birth |
| d) Fire and natural forces |
| Q3.How much is the minimum paid-up capital specified by IRDA for life insurance companies? |
| a) 50 crores |
| b) 100 crores |
| c) 150 crores |
| d) 200 crores |
| Q4.Which of the following is true with respect to insurable interest for property insurance? |
| a) Insurable interest should exist only at the time of buying the policy |
| b) Insurable interest should exist only at the time of claim |
| c) Insurable interest should exist at the time of buying the policy as well as at the time of claim |
| d) Insurable interest need not exist at any point of time |
| Q5.Who can appoint the Administrator-General for the state according to Administrator General's Act, 1963? |
| a) Central Government |
| b) State Government |
| c) IRDA |
| d) RBI |
| Q6.The person for whose benefit the confidence is accepted is called a beneficiary. Say whether True or False. |
| a) True |
| b) False |
| Q7.The Employee Deposit Linked Insurance Scheme was introduced in ___. |
| a) 1975 |
| b) 1976 |
| c) 1977 |
| d) 1978 |
| Q8.The Term Integration in Money Laundering refers to? |
| a) stage where all the black money are accumulated in one place for placement |
| b) Investigation carried out in respect of suspicious transactions by financial institutions |
| c) A stage where the dirty money eventually merges into the legitimate financial system as clean money |
| d) Washing of dirty money into clean money |
| Q9.Assignment of insurance policies is regulated by ___ of the Insurance Act. 1938. |
| a) Section 38 |
| b) Section 39 |
| c) Section 40 |
| d) Section 41 |
| Q10.The document issued by the insurer giving information about products offered by the insurer is known as ___. |
| a) Supplement |
| b) Prospectus |
| c) Brochure |
| d) Catalogue |