IC24 Mock Test Sample 18
This set of questions covers key concepts from insurance, contract law, and regulatory frameworks. It highlights the importance of insurable interest to prevent gambling and measure loss, along with principles like coercion, contingent contracts, and proposal forms. It also touches on money laundering stages such as placement, layering, and integration. Legal aspects include Section 45 of the Insurance Act, MWP Act protections, and rights of legal representatives. Additionally, it explains roles like Ombudsman, Estate Officer, and committees like Narasimham Committee. Overall, it emphasizes legal compliance, consumer protection, and proper conduct in insurance and financial systems.
1) The Industrial Disputes Act, 1947 aims at maintaining a harmonious relationship between the employers and employees. Say whether True or False.
a) True
b) False
2) Insurable interest is required for all of the following reasons EXCEPT
a) to prevent gambling
b) to measure the extent of loss
c) to reduce premiums
d) None of the above
3) Ajay forces Vijay to sign property transfer papers at gun point, failing which he threatens to kill Vijay. This is an act of _________
a) Undue influence
b) Coercion
c) Fraud
d) Misrepresentation
4) LIC of India conducts actuarial valuation of its liabilities once in 5 years. Say whether True or False.
a) True
b) False
5) After financial reforms, the committee appointed was known as
a) Naresh Chandra Committee
b) Narasimham Committee
c) Rangarajan Committee
d) Malhotra Committee
6) A _____________ is a contract dependent on a collateral event
a) Simple contract
b) Specialty contract
c) Contingent Contract
d) General contract
7) Buying a Single Premium Policy with illegal money is which stage of money laundering?
a) Placement
b) Layering
c) Integration
d) Replacement
8) Section 45 has no application for a period of _________
a) One year
b) Two years
c) Three years
d) Four years
9) According to _______ , any agreement enforceable by law is a contract
a) Anson
b) Pollock
c) Ranking
d) Indian Contract Act
10) If policy is under MWP Act, then
a) Creditors have first claim
b) Creditors have no claim
c) Creditors have residual claim
d) Income tax authorities have claim
11) Which contract must be in writing and enforceable without consideration?
a) Simple contract
b) Specialty contract
c) Contingent contract
d) None of these
12) Investigating officer for public grievances is called
a) Authority
b) Inspector
c) Ombudsman
d) Magistrate
13) Insurance application form is called
a) Proposal form
b) Application form
c) Tender form
d) Solicitation form
14) Employer-paid premium schemes are called
a) Contributing schemes
b) Non-contributing schemes
c) Individual insurance
d) None of these
15) Public Premises Act was passed in
a) 1970
b) 1971
c) 1961
d) 1973
16) Which is related to money laundering?
a) Smurfing
b) Shell Companies
c) Integration
d) All of the above
17) Functions of Estate Officer include
a) Personal hearing
b) Recording reasons
c) Removing unauthorized construction
d) All of these
18) If no nomination/assignment, money is paid to
a) Legal representatives
b) Proposer
c) Gazette officer
d) Agent
19) Grace period allowed is
a) Exactly 30 days
b) 1 month but not less than 30 days
c) 1 month but not less than 31 days
d) Exactly 31 days
20) Agency will be terminated
a) By principal revoking authority
b) By agent renouncing business
c) By completion of business
d) In all the above situations
