IC24 - Legal Aspects of Life Assurance - 6

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Q 1. Which schedule of the Industrial Disputes Act specifies in great detail the unfair labor practices that may be indulged in by either of the parties.

a) Second

b) Third

c) Fouth

d) Fifth

Q 2. How many types of Proposal forms are there?

a) four

b) five

c) six

d) seven

Q 3. ______________ is the legal right of the person to ensure the subject matter with which they have a legal relationship is recognized by law.

a) Premium

b) Insurable interest

c) Policy

d) Sumassured

Q 4. When a life insurance policy is declared void on the ground of mistake, fraud, or illegality, life assured or his successor-in-interest will be entitled to the refund of premiums, Say whether True or False.

a) True

b) False

Q 5. Where do you not find insurable interest in the following options?

a) Surety-Co Surety

b) Employee-Employer

c) Husband-Wife

d) Brother-Sister

Q 6. When the policy money is due to a minor, to whom shall the payment be made?

a) Appointee

b) The minor itself

c) Guardian

d) Legal heir who is a major

Q 7. There are various methods used to calculate how much insurance coverage should an individual take. In which method is the present value of the future earning potential of an individual used as a yardstick to calculate how much insurance covers an individual

a) Need analysis method

b) Income replacement method

c) Income multiple method

d) Expense Substitution method

Q 8. In a critical illness rider, the benefit is payable at the time of______

a) Death of the life-insured

b) Diagnosis of the illness

c) Producing the medical bills

d) Discharge from the hospital

Q 9. Q13) Statement A: An owner of an asset has an insurable interest in that asset. Statement B: A bank or any lender has insurable interest in the life of the person who has taken the loan

a) Statement A is TRUE

b) Statement B is TRUE

c) Both Statements are TRUE

d) Both Statements are False

Q 10. Which means any set of computer instructions that are designed to modify, destroy, record, or transmit data or programs residing within a computer, computer system, or computer network.

a) Computer database

b) Computer contaminant

c) Computer virus

d) Damage

Q 11. Which of the following are the Salient features of the Constitution of the Act?

a) It covers all goods and services

b) It applies to all sectors

c) It provides redressal machinery that is simple, speedy, and less expensive

d) All of the above

Q 12. Under District Forum, the appeal shall be subject to a deposit of 50% of the amount awarded or ______ whichever is less.

a) Rs. 25,000

b) Rs. 35,000

c) Rs. 50,000

d) Rs. 1,00,000

Q 13. The moneys payable under a life insurance policy after the death of the assured is a__________.

a) Credit

b) Debt

c) Probate

d) None of these

Q 14. The Supreme Court is at the apex of the machinery for the administration of justice. Say whether True or False.

a) True

b) False

Q 15. 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


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