IC24 Mock Test Sample 11
These questions highlight key insurance, legal, and consumer protection concepts. Insurable interest exists in relationships like creditor-debtor, partners, and employer-employee. Rights of consumers include access to goods and protection against unfair practices. FEMA empowers RBI to regulate foreign exchange. Assignment and nomination are governed by Sections 38 and 39 respectively. Legal principles like probate, contract discharge, and presumption of death ensure clarity in claims. KYC norms accept documents like driving licence for identity and address. Pension plans and accident benefits provide financial security. Overall, these concepts ensure fairness, compliance, and protection of policyholders within insurance and legal frameworks.
1. Collector refers duty-related case to:
a) Commissioner
b) Central Investigation Officer
c) Chief Controlling Revenue Authority
d) None
2. Insurable interest exists in which scenario?
a) Creditor in debtor’s life
b) Partners in each other
c) Company in key employee
d) All of the above
3. Right to access variety of goods at competitive prices is:
a) Informed
b) Assured
c) Heard
d) Seek redressal
4. State Commission jurisdiction limit:
a) ₹25 lakh to ₹1.5 crore
b) ₹10 lakh to ₹50 lakh
c) ₹20 lakh to ₹1 crore
d) ₹5 lakh to ₹20 lakh
5. Which assignee cannot deal alone?
a) Absolute assignee
b) Conditional assignee
6. Probate granted only to executor or legatee.
a) True
b) False
7. Stamp duty (non-fire insurance) paid by:
a) Issuer
b) Grantee
c) Lessee
d) Person effecting insurance
8. Person transferring rights is called:
a) Assignor
b) Assignee
9. Children’s deferred policy contract is with:
a) Child
b) Parent
c) Legal guardian
d) Either b or c
10. Performance discharges contract obligation.
a) True
b) False
11. No nomination → payment made to heirs jointly.
a) True
b) False
12. Which policy cannot be under MWP Act?
a) Joint life policy
b) Life insurance
c) Janata policy
d) SSS
13. Section 10(1) FEMA authorizes:
a) IRDA
b) RBI
c) SEBI
d) SBI
14. Pension with guaranteed term + lifetime is:
a) Pension for life
b) Life with return of premium
c) Pension for specified period
d) Pension for joint life
15. Life Insurance Companies Act enacted in:
a) 1910
b) 1912
c) 1922
d) 1932
16. Right against unfair trade practices is:
a) Informed
b) Assured
c) Heard
d) Seek redressal
17. Presumption of death after:
a) 3 years
b) 5 years
c) 7 years
d) 10 years
18. Valid KYC ID + address proof:
a) PAN Card
b) Driving Licence
c) Electricity Bill
d) Premium receipt
19. Correct statement on nomination & assignment:
a) Assignment Sec 38, Nomination Sec 39
b) Nomination Sec 38, Assignment Sec 39
c) Both Sec 38
d) Both Sec 39
20. Accident benefit usually ends at:
a) 55 years
b) 65–70 years
c) 40–50 years
d) 60 years
