IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 08
| Q1.In the case of life insurance, the principle of insurable interest operates? |
| a) in the same way as in marine insurance |
| b) in the same way as in fire insurance |
| c) in the same way as in motor insurance |
| d) differently than in other forms of insurances |
| Q2.As per the Industrial Dispute Act, which of the following can be classified as an industrial dispute? |
| a) A dispute between employers and employers |
| b) A dispute between employers and workmen |
| c) A dispute between workmen and workmen |
| d) All of the above |
| Q3.The final decision arrived at by the Arbitrator/s is expressed in writing and it is called an____. |
| a) Award |
| b) Arbitration |
| c) Conciliation Act |
| d) None of these |
| Q4.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 |
| Q5.How many methods are there to calculate HLV? |
| a) 1 |
| b) 2 |
| c) 3 |
| d) 4 |
| Q6.The existence of insurable interest is decided by |
| a) the interest which the proposer has in the asset being insured |
| b) the relationship between the proposer and the object of insurance |
| c) the legal decisions on these matters |
| d) all of the above |
| Q 7. The replies given in the proposal form by the proposer are treated as warranties. Say whether True or False. |
| a) True |
| b) False |
| Q8.The complaint is to be made within ____ from the date if the representation is rejected or not replied to. |
| a) 30 days |
| b) 45 days |
| c) 3 months |
| d) 1 year |
| Q9.Under which Section of the Act gives various powers to LIC to carry on life insurance business to the best advantage of the community. |
| a) Section 4 |
| b) Section 5 |
| c) Section 6 |
| d) Section 7 |
| Q10.LIC was formed by the merger of ___ Indian life insurers, ___ non-Indian life insurers, and ___ Provident Societies. |
| a) 154, 75, 16 |
| b) 16, 75, 154 |
| c) 154, 16, 75 |
| d) 165, 18, 75 |
