IC24 Mock Test Sample 14
Yeh questions insurance, taxation, contract law, aur constitutional provisions par based hain. Topics mein money laundering ke stages (placement, layering, integration), LIC capital, statutory law, aur valid contract ke elements include hain. Income Tax Act 1961, Section 80C deduction limits, aur HLV (Human Life Value) calculation bhi cover kiya gaya hai. Insurance reforms (Malhotra Committee), training requirements, aur free-look (cooling-off) period bhi important hain. Legal areas jaise Lok Adalat jurisdiction, Uniform Civil Code (Article 44), concurrent list, aur consumer protection bhi pooche gaye hain. Overall, yeh MCQs insurance exams ke liye important legal aur financial knowledge test karte hain.
1. Which of these is not one of the three stages in the money laundering process?
a) Placement
b) Integration
c) Layering
d) Conversions
2. The capital of LIC was Rs. 5 crores which has been increased to ____________.
a) Rs. 10 crores
b) Rs. 100 crores
c) Rs. 150 crores
d) Rs. 200 crores
3. Which of the following is not correct about the statute law?
a) Law made by Parliament
b) Laws made by State Legislature
c) Enactment due to Article 357
d) Constitution itself
4. What are all the elements of a valid contract?
a) Proposal and acceptance and their communication
b) Parties and their capacity
c) Consideration
d) All of the above
5. Which means listing of programs, commands, design and analysis of computer resources?
a) Computer database
b) Damage
c) Computer source code
d) Computer contaminant
6. Maximum deduction under Section 80C?
a) Rs. 50,000
b) Rs. 1,00,000
c) Rs. 1,50,000
d) Rs. 2,00,000
7. Income tax is governed by which Act?
a) Income Tax Act, 1961
b) Income Tax Act, 1962
c) Income Tax Act, 1963
d) Income Tax Act, 1964
8. The person to whom promise is made is called ______.
a) Promisor
b) Promisee
9. Which of the following is true with regards to HLV?
a) Multiple of salary
b) Financial liabilities
c) Financial responsibilities
d) Present value of future earning potential
10. Government appointed ______ for insurance sector reforms.
a) Rangarajan Committee
b) Mishra Committee
c) Sinha Committee
d) Malhotra Committee
11. Minimum training hours for licence eligibility?
a) 25 hours
b) 50 hours
c) 75 hours
d) 100 hours
12. Cooling-off period for long-term policies is ______ days.
a) 15
b) 5
c) 10
d) 30
13. Permanent Lok Adalat has no jurisdiction above ______.
a) 5 lakh
b) 10 lakh
c) 25 lakh
d) 50 lakh
14. If Ramesh’s house catches fire, which insurance applies?
a) Life insurance
b) Medical insurance
c) General insurance
d) None of these
15. Uniform Civil Code is under which Article?
a) Article 12
b) Article 24
c) Article 44
d) Article 52
16. Laws in Concurrent List are made by ______.
a) Parliament only
b) State Legislature only
c) Both Parliament and State Legislatures
d) State Legislature and Municipal Corporations
17. Who can be a consumer under COPA?
a) Policyholder
b) Beneficiary under MWP Act
c) Nominee under Section 39
d) Any of the above
18. Contract made by word of mouth is ______.
a) Specialty contract
b) Simple contract
c) Contingent contract
d) None of these
19. Which of the following is correct about Citizenship?
a) Determines civil rights in international law
b) All nationals may not be citizens
c) Citizens have full political rights
d) Jural relationship under international law
20. In case an assignee is a minor, ______ needs to be appointed.
a) Guardian
b) Appointee
c) Representative
d) Minor cannot be appointed
