IC24 Mock Test Sample 20
These questions cover key concepts from insurance, contract law, and legal frameworks in India. Topics include employer liability under the Workmen Compensation Act, regulatory authorities, and principles like representation and consideration. Important insurance concepts such as assignment, group insurance conditions, and actuarial valuation are tested. Legal knowledge includes partnership requirements, unlawful agreements, and sources of law like Smritis. It also highlights regulatory acts like the Payment of Wages Act and PMLA Act. Additionally, concepts like cession in insurance and statutory law are covered. Overall, the set focuses on practical legal, financial, and insurance knowledge relevant for professional exams.
Q1) Under Section 3 of which act, if personal injury is caused to a workman by accident arising out of and in the course of his employment, his employer shall be liable to pay compensation in accordance with the provisions of the Act?
a) The Payment of Wages Act, 1930
b) Workmen Compensation Act, 1923
c) Trade Unions Act, 1926
d) Payment of Gratuity Act, 1972
Q2) Who is the regulatory authority for independent financial advisors?
a) LAUTRO
b) FIMBRA
c) Personal Investment Authority (PIA)
d) Each IFA is a Self-Regulating Organisation (SRO)
Q3) A _____________ is a statement made by one party to another, at or before the making of a contract, to induce the other to enter into the contract.
a) Warranty
b) Representation
c) Consideration
d) Consent
Q4) Ajay has done an absolute assignment of a policy in favour of Rajesh. Rajesh dies before maturity. To whom will the policy money be payable?
a) To Ajay
b) Rajesh's nominee
c) Rajesh's legal heirs
d) Court will decide
Q5) To qualify for a life insurance license, the minimum hours of training required is _______.
a) 25 hours
b) 50 hours
c) 75 hours
d) 60 hours
Q6) Consideration is necessary to create an agency. Say whether True or False.
a) True
b) False
Q7) Meena promises to pay Rs. 25,000 for getting a government job. This consideration is ____________.
a) Valid consideration
b) Unlawful consideration
c) Partially valid consideration
d) Partially unlawful consideration
Q8) Any promise or agreement enforceable at law is a contract. It was coined by:
a) Anson
b) Pollock
c) Ranking
d) Phillips Heck
Q9) Which of the following is the condition for group insurance coverage?
a) Purpose of the group
b) Continued existence
c) Member selection
d) All of the above
Q10) A person who is insane, drunk, or lunatic can enter into a contract.
a) True
b) False
Q11) Which Act ensures timely payment of wages without unauthorized deductions?
a) Trade Union Act, 1926
b) Payment of Wages Act, 1930
c) RTI Act
d) Workmen Compensation Act
Q12) LIC of India now conducts actuarial valuation __________.
a) Every quarter
b) Every half year
c) Every year
d) Every 5 years
Q13) Dharma in Smritis includes which rules?
a) Religious
b) Moral
c) Legal
d) All of the above
Q14) A license issued under Section 42D remains valid for _______.
a) 1 year
b) 2 years
c) 3 years
d) 4 years
Q15) To constitute a partnership, there must be at least ________.
a) 1 adult
b) 2 adults
c) 3 adults
d) 4 adults
Q16) Which of the following State Governments has NOT declared LIC policies as securities?
a) Andhra Pradesh
b) Gujarat
c) Tamil Nadu
d) Karnataka
Q17) “Cede” in insurance terminology refers to:
a) Acceptance of risk
b) Availability of risk
c) Transfer of risk
d) None of these
Q18) Which Act strengthens criminal laws against terrorism and money laundering?
a) IRDA Act
b) BR Act
c) SEBI Act
d) PMLA Act
Q19) Mitakshara and Dayabhaga are schools of _______.
a) Hindu law
b) Vedic law
Q20) Statute Law includes which of the following?
a) Laws made by Parliament
b) Laws made by Parliament and State Legislatures
c) Subordinate legislation
d) All of the above
