IC24 Mock Test Sample 15
These questions cover key concepts from insurance, law, taxation, and consumer protection. They test knowledge of stamp duty rules, IRDA provisions, and legal principles under the Insurance Act and Transfer of Property Act. Topics include insurable interest, early death claims, and roles of authorities like the Central Government and CIC. It also examines money laundering stages such as integration and layering, and taxation of insurance proceeds under Section 10(10D). Additionally, it includes concepts like facultative reinsurance, Administrator General limits, and consumer protection laws. Overall, the set focuses on regulatory frameworks, legal definitions, and practical insurance-related applications important for professional exams.
1. All instruments chargeable with duty and executed in India shall be stamped before or at the time of execution. Say whether True or False.
a) True
b) False
2. Section 21 empowers the ______________ to give directions to the Corporation in matters of policy involving public interest and the Corporation shall be guided by such directions.
a) Central Government
b) State Government
c) IRDA
d) RBI
3. According to Section 40A, any default in complying with this provision shall be punishable with fine which may extend upto _______.
a) Rs. 200
b) Rs. 300
c) Rs. 400
d) Rs. 500
4. Which of the following was correct about Section 106 of the Transfer of Property Act, 1982?
a) Defines a lease
b) Specifies the duration of the lease which requires registration
c) Provides how a lease can be made
d) Enumerates the rights and liabilities of lessor and lessee
5. Name the person to whom the entire estate is bequeathed.
a) Universal legatee
b) Residuary legatee
6. The conflicts of law rules for life insurance policies and the power of national authorities to obtain information was in which directives?
a) First directive
b) Second directive
c) Third Directive
d) Fourth Directive
7. The Central Information Commissioner (CIC) may recommend disciplinary action as per service rules against the erring CPIO/SPIO, in case it is found that:
a) The application is refused without reasonable cause
b) Information is not provided within time
c) Information is malafidely refused
d) All of these
8. When an overdose of sleeping pills kills, and it is claimed as accidental, it is an example of:
a) Death due to influence of liquor/drugs
b) Death due to suicide/self-inflicted injury
c) Death due to accident
d) Death due to breach of contract
9. Which of the following is one of the stages of Money Laundering?
a) Smurfing
b) Shell Companies
c) Integration
d) None of the above
10. A certificate provided by an Administrator General under the Administrator General's Act, 1963 shall not exceed ______ in value.
a) Rs. 2,500
b) Rs. 5,000
c) Rs. 10,000
d) Rs. 50,000
11. Facultative risk is at which level?
a) At a risk level
b) At a portfolio level
12. Which Section of the Insurance Act provides for appointment of an appointee where the nominee is a minor?
a) Section 37
b) Section 38
c) Section 39
d) Section 40
13. In case of a fire insurance policy, which statement is correct regarding stamp duty?
a) Payable by insurer
b) Payable by proposer
c) Paid by Government
d) Exempted
14. Which death claim is treated as an early death claim?
a) Within 2 years
b) Within 5 years
c) Within 3 years
d) Within 10 years
15. The Insurance Advisory Committee has been established under _______ of the IRDA Act.
a) Section 25
b) Section 26
c) Section 27
d) Section 28
16. Which means any company and includes firm, sole proprietorship or association engaged in commercial activities?
a) Body corporate
b) Reasonable security practices
c) Sensitive personal data
d) None of these
17. The Insurance Advisory Committee shall consist of not more than ______ members.
a) 35
b) 25
c) 45
d) 55
18. If money received under insurance is treated as capital receipt, then tax treatment will be:
a) Not taxable under Section 10(10D)
b) Not taxable under Section 80C
c) Taxable
d) Taxable under Section 10(10D)
19. Which chapter deals with Consumer Protection Councils?
a) Chapter I
b) Chapter II
c) Chapter III
d) Chapter IV
20. What is layering in Money Laundering?
a) Smuggling gold
b) Depositing small amounts
c) Disguising source through multiple transactions
d) None of these
