IC24 Mock Test Sample 9
These questions cover legal, insurance, taxation, and regulatory concepts. A will represents the legal intention of a testator, while mortgage and trustee concepts define property and trust relationships. LIC structure, IRDA regulations, and prospectus requirements ensure transparency in insurance operations. Money laundering stages include placement, layering, and integration. Taxation laws define assessee and wealth limits. Legal systems provide appeal mechanisms such as Cyber Appellate Tribunal and Supreme Court. Industrial Disputes Act promotes employer-employee harmony. RTI ensures transparency through the Information Commission. Concepts like public policy remain uncertain and evolving. Overall, these principles ensure fairness, accountability, and proper governance in legal and financial systems.
1. __________ means the legal declaration of intention of a testator.
a) Executor
b) Administrator
c) Probate
d) Will
2. Section requiring prospectus copy for insurer registration:
a) Section 1
b) Section 2
c) Section 3
d) Section 4
3. Receipt must be given if amount exceeds:
a) Rs. 5000
b) Rs. 6000
c) Rs. 7000
d) Rs. 9000
4. Which is a stage of Money Laundering?
a) Smurfing
b) Shell Companies
c) Placement
d) None
5. LIC Corporation consists of members not exceeding:
a) Four
b) Eight
c) Twelve
d) Sixteen
6. Who is competent to contract?
a) Minor
b) Unsound mind
c) Disqualified person
d) None of the above
7. Chapter dealing with miscellaneous provisions:
a) Chapter I
b) Chapter II
c) Chapter III
d) Chapter IV
8. __________ is a person liable to pay tax.
a) Assessee
b) Income Tax Officer
c) Insurance agent
d) None
9. Person who accepts confidence is called:
a) Trustee
b) Trustor
c) Beneficiary
d) None
10. Document issued by insurer describing products:
a) Supplement
b) Prospectus
c) Brochure
d) Catalogue
11. Grace period for monthly premium:
a) 10 days
b) 15 days
c) 30 days
d) 45 days
12. Section 58 defines:
a) Tenancy
b) Mortgage
c) Policy loan
d) None
13. Wealth tax applicable above:
a) Rs. 10,00,000
b) Rs. 20,00,000
c) Rs. 30,00,000
d) Rs. 40,00,000
14. Appeal lies to __________ under IT Act (Cyber law):
a) Commissioner
b) Investigation officer
c) Cyber Appellate Tribunal
d) None
15. Appeal to Supreme Court within:
a) 15 days
b) 20 days
c) 30 days
d) 45 days
16. Violent unlawful assembly is called:
a) Riot
b) Breach of law
c) Flap
d) Protest
17. Amount paid on survival at end of policy term:
a) Death claim
b) Maturity claim
c) Rider benefit
d) None
18. Act ensuring employer-employee harmony:
a) Shops Act
b) Workmen Compensation
c) Industrial Disputes Act
d) Gratuity Act
19. RTI complaint goes to:
a) Principal
b) Agent
c) Central Information Commissioner
d) High Court Judge
20. Public policy is described as:
a) Unworthy guide
b) Variable quality
c) Uncertain
d) All of these
