IC24 LEGAL ASPECTS OF LIFE ASSURANCE -32
| Q1.Under the facultative type of reinsurance, the case may be sent to more than one reinsurer, and the reinsurers who give the most competitive offer are chosen by the insurance company. This is termed as ___. |
| a) Facultative discounting |
| b) Treaty shopping |
| c) Treaty discounting |
| d) Facultative shopping |
| Q2.The Memorandum of Foreign Exchange Regulations issued by RBI governs which of the following? |
| a) Issue of life insurance policies in rupees and foreign currencies to non-residents |
| b) Collection of premia |
| c) Reinsurance |
| d) All of the above |
| Q3.Which of the following is FALSE with respect to insurable interest? |
| a) Employee has insurable interest on Employer Life |
| b) Employer has insurable interest in Employees life |
| c) Surety has an Insurable interest in Debtors life |
| d) Debtor has an insurable interest in the life of surety |
| Q4.A license issued under Section 42D shall remain in force for a period of ____ only from the date of issue. |
| a) 1 year |
| b) 2 years |
| c) 3 years |
| d) 4 years |
| Q5.Under Section 108 of the Indian Evidence Act, 1872 if a person has not been heard of for _____, there is a presumption that is rebuttable. |
| a) 4 years |
| b) 5 years |
| c) 6 years |
| d) 7 years |
| Q6.A person is competent to contract if he |
| a) is of the age of majority |
| b) is of sound mind |
| c) is not disqualified from contracting by any law to which he is subject |
| d) All the above |
| Q7.Which of the following is correct about the Assignment? |
| a) It is the process of appointment of a person to receive the death claim |
| b) It can be made only by the life-assured on the policy of his own life. |
| c) It is applicable only where the Insurance Act, 1938 is applicable. |
| d) It can be done only after the commencement of the policy |
| Q8.What are all the elements of a Valid Contract? |
| a) Proposal and acceptance and their communication |
| b) parties to the contract and their capacity to contract |
| c) consideration |
| d) All of the above |
| Q9.FATF as used in Money Laundering stands for |
| a) Financial Advisory Task Force |
| b) Financial Action Task Force |
| c) Financial Amendment Task Force |
| d) Faculty Advisory Task Force |
| Q10.Critical Illness policy eases the financial pressure of an individual by providing ____on a diagnosis of a covered condition |
| a) Reimbursement of the actual cost |
| b) Lumpsum Payment |
| c) Daily Cash Allowance |
| d) Health Care Services in International Speciality Hospitals |