IC24 Mock Test Sample 19
This set of questions covers important concepts of insurance, law, and regulatory frameworks. It explains types of reinsurance, insurable interest principles, and dispute resolution methods like arbitration. It also includes legal provisions such as the Payment of Gratuity Act, High Court structure, and consumer forums. Key insurance topics include claim requirements, need analysis method, and principle of indemnity (not applicable to life insurance). It highlights roles of TPAs, ombudsman, and adjudicating officers. Overall, it focuses on legal compliance, policy conditions, financial protection, and governance in insurance and commercial practices.
1) Reinsurance in life business is broadly classified into how many types?
a) One
b) Two
c) Three
d) Four
2) Which of the following is true with respect to doctrine of Insurable Interest?
a) Wife has insurable interest in the life of her husband
b) A person can take a policy on the life of a customer to whom he has lent money
c) None of the above
d) Both of the above
3) Q13) Under National Commission, who can be a President?
a) District Judge
b) High Court Judge
c) Supreme Court Judge
d) None of these
4) _________ is one of the methods of settling civil disputes between two or more parties by referring to a third party.
a) Law
b) Arbitration
c) Equity
d) Award
5) Written records of legal rules, law reports, statutory instruments and textbooks are classified under which source?
a) Formal source
b) Historical source
c) Legal source
d) Literary source
6) Which documents are required for death claim settlement?
a) Proof of death
b) Proof of age
c) Policy bond
d) All of the above
7) The Payment of Gratuity Act came into force in _______.
a) 1942
b) 1952
c) 1962
d) 1972
8) Which of the following is correct about High Courts?
a) Article 214 states there shall be a High Court for each state
b) Judges are appointed by Prime Minister
c) There are 21 High Courts in India
d) None of these
9) The instrument by which mortgage transfer is effected is called
a) Mortgage document
b) Mortgage deed
c) Mortgage agreement
d) None of these
10) Shops and Establishments Acts specify
a) Weekly holidays
b) Opening & closing hours
c) Overtime payments
d) All of the above
11) Which method calculates future needs and converts into death benefit?
a) Income replacement method
b) Income multiple method
c) Need analysis method
d) None of these
12) Essentials of insurance contract include
a) Age of policyholder
b) Definition of risk
c) Premium
d) Both b and c
13) Adjudicating officer should have experience in
a) Teaching
b) Information technology
c) Legal or judicial field
d) Both b and c
14) Rome Convention was ratified by ______ members
a) 3
b) 5
c) 7
d) 10
15) Which is correct about waiver and estoppel?
a) Waiver = voluntary relinquishment, Estoppel = imposed liability
b) Estoppel = voluntary relinquishment, Waiver = imposed liability
c) Both same
d) All wrong
16) Which is FALSE regarding insurable interest?
a) Employee has interest in employer’s life
b) Employer has interest in employee’s life
c) Surety has interest in debtor’s life
d) Debtor has interest in surety’s life
17) Correct statement about TPAs
a) TPA tied with one insurer only
b) Insurer tied with one TPA only
c) Both can tie with multiple
d) All false
18) District Forum complaint condition
a) Value ≤ Rs. 20 lakhs
b) Only services ≤ Rs. 20 lakhs
c) Only compensation ≤ Rs. 20 lakhs
d) Value > Rs. 20 lakhs
19) GBIC appoints
a) Ombudsman
b) Agent
c) Principal
d) None of these
20) Principle of Indemnity is not applicable to
a) General insurance
b) Life insurance
