IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 27
| Q1.Which of the following statement is correct with respect to TPAs? |
| a) A TPA can tie up with only one life insurance company for rendering its services, whereas a life insurance company can tie with multiple TPA's for availing their services |
| b) A life insurance company can tie up with only one TPA for availing its services, whereas a TPA can tie with multiple life insurance companies for rendering its services |
| c) A TPA can tie-up with multiple life insurance companies for rendering its services and a life insurance company can tie with multiple TPA's for availing their services |
| d) All the above are false |
| Q2.___ is a person or a firm or a company or someone by whom any tax or any other sum of money is payable under the Income Tax Act. |
| a) Assessee |
| b) Income Tax Officer |
| c) Insurance agent |
| d) None of these |
| Q 3. The person to whom the promise is made is called ___. |
| a) Promisor |
| b) Promisee |
| Q4.Under which section, a person born outside India on or after, 26th January 1950 shall be a citizen of India by descent if his father is a citizen of India by birth? |
| a) Section 2 |
| b) Section 3 |
| c) Section 4 |
| d) Section 5 |
| Q5.Which of the following is not correct about Provisions of Section 39? |
| a) Addition, change, or cancellation of nomination shall be acknowledged by the insurer |
| b) Assignment shall automatically cancel a nomination |
| c) Nomination cannot be an endorsement |
| d) Nomination does not apply to Section 6 of the MWP Act |
Q (6):
According to Section 40A, any default in complying with this provision shall be punishable with a fine which may extend upto ____. |
| a) Rs. 200 |
| b) Rs. 300 |
| c) Rs. 400 |
| d) Rs. 500 |
| Q7.To qualify for a life insurance license, the minimum hours of training required for an insurance agent is __. |
| a) 25 hours |
| b) 50 hours |
| c) 75 hours |
| d) 60 hours |
| Q8.Which of the following terms is dissimilar to the other four in the context of insurable interest in life insurance? |
| a) Employer has an insurable interest in the life of Employee |
| b) Employee has an insurable interest in the life of Employer |
| c) Creditor has an insurable interest in the life if Debtor |
| d) Debtor has an insurable interest in the life of the creditor |
| Q9.As per the provisions of the Copa which of the following is true with respect to the establishment of consumer disputes redressal agencies? |
| a) The Act provides for the establishment of consumer disputes redressal agencies at three levels: City level, state level, national level |
| b) The Act provides for the establishment of consumer disputes redressal agencies at three levels: Panchayat level, district level, state level |
| c) The Act provides for the establishment of consumer disputes redressal agencies at three levels: district level, state level, national level |
| d) The Act provides for the establishment of consumer disputes redressal agencies at three levels: state level, national level, international level |
| Q10.Which of the below is not an indirect tax? |
| a) Excise duty |
| b) Service Tax |
| c) Value added tax |
| d) Corporate tax |
