IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 14
| Q1.Which Ancient Indian law are the principal sources of Lawyer's law? |
| a) Srutis |
| b) Smritis |
| c) Immemorial customs |
| d) Commentaries |
| Q2.The enactment of which act marked the beginning of insurance regulation in the UK? |
| a) The Life Assurance Companies Act |
| b) The Insurance Companies Act |
| c) The Financial Services Act |
| d) The Assurance Companies Act |
| Q3.Full Form of UCC |
| a) Universal Civil Code |
| b) Uniform Civil Code |
| c) Ultimate Civil Code |
| d) None of these |
| Q4.Which was the first regulation for insurance in India? |
| a) Insurance Act |
| b) Insurance Rules |
| c) Life Insurance Companies Act |
| d) Insurance Regulatory Authority(IRA) Act |
| Q5.Insurable interest may be defined as |
| a) possession of certain goods. |
| b) the amount always payable for insurance claims. |
| c) a legally recognized relationship to the subject matter. |
| d) the interest payments due if the insurance premium is paid late. |
| Q6.As per the MWP Act who among the following are Consumers for an Insurance Policy? |
| a) The Policyholder himself |
| b) Nominee of the policy |
| c) Beneficiary of the policy |
| d) All of the above |
| Q7.In terms of Section 25 of the Act, the amount secured by an annuity policy shall be deemed to be where the sum is payable in perpetuity- the total amount which will be payable during a period of ____. |
| a) 10 years |
| b) 15 years |
| c) 20 years |
| d) 25 years |
| Q8. The Industrial Disputes Act, 1947 aims at maintaining a harmonious relationship between employers and employees. Say whether True or False. |
| a) True |
| b) False |
| Q9.Insurable interest is required for all of the following reasons EXCEPT |
| a) to prevent gambling |
| b) to measure the extent of loss |
| c) to reduce premiums |
| d) None of the above |
| Q10.Ajay forces Vijay to sign property transfer papers at gunpoint, failing which he threatens to kill Vijay. This is an act of ___ committed by Vijay to force Ajay to transfer his property in Vijay's name. |
| a) Undue influence |
| b) Coercion |
| c) Fraud |
| d) Misrepresentation |