IC24 Mock Test Sample 17
These questions focus on key concepts of insurance, law, and regulatory provisions. They cover topics such as critical illness policies (benefit-based), revival of lapsed policies, and insurer’s rights even after receiving premium. Legal provisions like Section 39 (nomination), MWP Act, and IRDA regulations are included. Concepts of assignment, insurable interest, and types of contracts are also tested. Questions also touch on consumer protection, TPA licensing requirements, and appeal procedures. Additionally, they include historical aspects of insurance regulation and legal sources like Smritis. Overall, the set emphasizes practical insurance knowledge, legal principles, and regulatory frameworks important for professional exams.
1. Critical Illness policy is a:
a) Indemnity policy
b) Benefit policy
c) Both indemnity and benefit policy
d) Neither of the two
2. Whenever a policy lapses, insurers allow it to be brought back into force. This is called:
a) Lapse
b) Revival
c) Reopening
d) Starting
3. Even after the first premium has been tendered, insurer can reject the risk.
a) True
b) False
4. To whom can the matter be referred when the collector is not sure?
a) Union List
b) State Government
c) Chief Controlling Revenue Authority
d) Central Government
5. Composite insurance agent is licensed to act for:
a) Life insurer
b) General insurer
c) Both a and b
d) None of these
6. Appeal against District Forum order requires deposit of:
a) 50% or Rs. 25,000 whichever less
b) 50% or Rs. 35,000 whichever less
c) 50% or Rs. 50,000 whichever less
d) 50% or Rs. 45,000 whichever less
7. Which is NOT correct about Individual insurance?
a) Contract between individual and insurer
b) No scope for assignment/nomination
c) Level premium charged
d) Policy issued to assured
8. Who are consumers under MWP Act?
a) Policyholder
b) Divorcee/married woman
c) Married man
d) All of the above
9. The person to whom right is transferred is called Assignor.
a) True
b) False
10. Which is NOT correct about Section 39 provisions?
a) Changes in nomination acknowledged
b) Assignment cancels nomination
c) Nomination cannot be endorsement
d) Not applicable to MWP Act
11. Minimum paid-up capital for TPA license is:
a) Ten lakhs
b) 50 lakhs
c) 75 lakhs
d) One crore
12. Under MWP Act, Raghav’s distribution will be:
a) Entire to son
b) Children cannot be beneficiaries
c) Entire to daughter
d) Son gets 1/3, daughter’s heirs get 2/3
13. Contracts are classified into how many types?
a) 1
b) 2
c) 3
d) 4
14. Principal sources of Lawyer’s law are:
a) Srutis
b) Smritis
c) Immemorial customs
d) Commentaries
15. Beginning of insurance regulation in UK was marked by:
a) Life Assurance Companies Act
b) Insurance Companies Act
c) Financial Services Act
d) Assurance Companies Act
16. Full form of UCC:
a) Universal Civil Code
b) Uniform Civil Code
c) Ultimate Civil Code
d) None of these
17. First insurance regulation in India was:
a) Insurance Act
b) Insurance Rules
c) Life Insurance Companies Act
d) IRA Act
18. Insurable interest means:
a) Possession of goods
b) Amount payable
c) Legal relationship to subject matter
d) Interest payments
19. Under MWP Act, who are consumers?
a) Policyholder
b) Nominee
c) Beneficiary
d) All of the above
20. Under Section 25, annuity payable in perpetuity is calculated for:
a) 10 years
b) 15 years
c) 20 years
d) 25 years
