IC24 Mock Test Sample 4
This set covers key legal and regulatory concepts in insurance and law. Ombudsman decisions must be complied with within 15 days. The Supreme Court was established under Article 124, not in 1960. Reinsurance arrangements are decided annually by insurers. Judicial precedents guide law in absence of statutes. Concepts like insurable interest, nomination, and Section 45 (3 years) are crucial in insurance. Property and IT laws govern ownership and cyber offences. Legal terms like will, mortgagor, and corporeal property define rights and obligations. Taxation frameworks, citizenship laws, and IRDA provisions ensure governance. Reinsurance helps risk sharing, strengthening financial stability in insurance operations.
1. If the ombudsman's recommendation is accepted by the complainant, the insurer has to comply with it in:
a) 7 days
b) 15 days
c) 30 days
d) 45 days
2. Which of the following is not correct about the Constitution of the Supreme Court?
a) The Supreme Court of India is established under Article 124 of the Constitution of India
b) It came into existence on 30th January 1960
c) All Supreme Court judges are appointed by the President of India
d) The Supreme Court of India is at the apex of the machinery for administration of justice
3. Reinsurance arrangements for the insurance companies registered with IRDA are to be decided by the companies themselves on ______ basis.
a) Annual
b) Half-yearly
c) Quarterly
d) Monthly
4. Which is an important source of law and serves as guidelines to deal with incidents in the absence of law?
a) Instance
b) Judicial precedents
c) Antecedent
d) None of these
5. Which of the following is not considered as a permanent disability?
a) Entire sight of both eyes
b) Leg fracture
c) Amputation of both hands
d) Amputation of both feet
6. In a property mortgage transaction, the person who transfers the property is known as:
a) Transferor
b) Transferee
c) Mortgagor
d) Mortgagee
7. Under Section 108 of the Indian Evidence Act, 1872, if a person has not been heard of for ___________, there is a presumption which is rebuttable.
a) 4 years
b) 5 years
c) 6 years
d) 7 years
8. Which of the below is not true in relation to nomination?
a) Nomination can be made at the time of effecting the policy or before maturity
b) There can be more than one nominee
c) Nomination once made cannot be cancelled
d) Nomination can be changed at any time
9. As per Section 45, an insurer cannot repudiate a claim after __________ on the ground of misrepresentation unless fraud is proved.
a) One year
b) Two years
c) Three years
d) Four years
10. In property insurance, insurable interest needs to exist at the time of taking the policy as well as at the time of making the claim.
a) True
b) False
11. If a person damages a computer system without permission, it is punishable under which provision?
a) Authentication of electronic record
b) Issue of Digital Signature Certificate
c) Civil liability for contravention of provisions of the Act
d) Legal recognition of electronic record
12. The Constitution of the Act was divided into how many Chapters?
a) 2
b) 3
c) 4
d) 5
13. __________ means the legal declaration of the intention of the testator regarding his property after death.
a) Will
b) Probate
c) Execution
d) Administration
14. Suresh earned income in FY April 2010–March 2011. The tax is paid in April 2011–March 2012. What is the assessment year?
a) April 2009 to March 2010
b) April 2010 to March 2011
c) April 2011 to March 2012
d) April 2013 to March 2014
15. Which Section defines that the Authority shall be a body corporate with perpetual succession and common seal?
a) Section 4: Composition of Authority
b) Section 3(2): Establishment and incorporation of Authority
c) Section 14: Duties, powers and functions of Authority
d) None of these
16. Which of the following is an example of corporeal property?
a) Patents
b) Copyrights
c) Building
d) Goodwill
17. In which year was life insurance business nationalised in India?
a) 1958
b) 1956
c) 1957
d) 1959
18. The ITAT Tribunal handles disputes related to:
a) Telecom
b) Taxation
c) Insurance
d) Information Technology
19. __________ is the process in which a ceding company transfers part of the risk to a reinsurer.
a) Insurance
b) Reinsurance
c) Reinsurer
d) Cede
20. Which of the following is true with regards to Section 3 of the Citizenship Act?
a) Citizenship by birth
b) Citizenship by descent
c) Citizenship by registration and naturalisation
d) All of the above are true
