IC24 Mock Test Sample 13
Yeh questions insurance, taxation, law aur financial concepts se related hain. Topics mein insurable interest, nomination (minor ke case mein appointee), MWP Act, Human Life Value (HLV), aur insurance contract ke essential elements (risk, premium, sum assured) include hain. Taxation mein Section 10(10D) aur direct vs indirect tax cover kiya gaya hai. Legal aspects jaise RTI exceptions, PMLA record maintenance (5 years), aur fraud vs misrepresentation bhi important hain. Group insurance, licensing requirements, aur citizenship concepts bhi pooche gaye hain. Overall, yeh MCQs insurance exams (LIC/NISM/III) ke liye important theoretical aur practical knowledge test karte hain.
1. In case a nominee is a minor, __________ needs to be appointed.
a) Guardian
b) Appointee
c) Representative
d) Minor cannot be appointed as nominee
2. Which of the following is true with respect to insurable interest for property insurance?
a) Only at the time of buying policy
b) Only at the time of claim
c) At both buying and claim time
d) Not required
3. The maturity amount under an endowment policy is tax free under which section?
a) Section 10(10D)
b) Section 80C
c) Section 24
d) Section 80DD
4. Sanjay’s insurable interest in Mohit’s life is ______.
a) Rs. 15,000
b) Rs. 15,500
c) Rs. 2,500
d) None
5. ______ is used as a yardstick to calculate life insurance amount.
a) Human Life Value
b) Income
c) Age
d) Educational Qualification
6. Who can take policy under MWP Act 1874?
a) Married men
b) Divorced men
c) Widowed man
d) All of the above
7. Which of the following is essential for an insurance contract?
a) Definition of risk
b) Premium
c) Amount of insurance
d) All of these
8. Value of estate should not exceed ______.
a) Rs. 10,000
b) Rs. 20,000
c) Rs. 40,000
d) Rs. 50,000
9. Which is not a direct tax?
a) Wealth Tax
b) Income Tax
c) Service Tax
d) Property Tax
10. Complaint must be made within ______ years.
a) 1 year
b) 2 years
c) 3 years
d) 4 years
11. What is NOT true about insurable interest?
a) Not required in life insurance
b) Required in life insurance
c) Required at inception (life)
d) Required at claim (property)
12. Absence of good faith avoids contract.
a) True
b) False
13. Minimum training hours for composite agent?
a) 50 hours
b) 75 hours
c) 100 hours
d) 25 hours
14. Which statement is correct?
a) All citizens are nationals
b) All nationals are citizens
c) Both correct
d) Both wrong
15. Group insurance is not suitable for ______.
a) Employers
b) Professional associations
c) Family members
d) Banks/NBFCs
16. Exceptions under RTI include ______.
a) Sovereignty info
b) Court restricted info
c) Commercial info
d) All of the above
17. Correct statement about HLV?
a) Future value of future income
b) Present value of future income
c) Present value of present income
d) Future value of present income
18. The ______ are also called Vedas.
a) Srutis
b) Smritis
c) Dharmas
d) Dayabhaga
19. PMLA record preservation and STR reporting period?
a) 2 years, 15 days
b) 4 years, 12 days
c) 5 years, 10 days
d) 10 years, 7 days
20. Ajay hiding age in proposal is ______.
a) Fraud
b) Undue influence
c) Misrepresentation
d) Coercion
