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Category: IC24 – LEGAL ASPECTS OF LIFE ASSURANCE – 15

IC24 – LEGAL ASPECTS OF LIFE ASSURANCE – 15

Que. 1 : Q1) Which of the following is correct?

   1.  a) A waiver is the voluntary relinquishing of a known right and Estoppel is an imposed liability

   2.  b) Estoppel is the voluntary relinquishing of a known right and Waiver is an imposed liability

   3.  c) Waiver and Estoppel are one and the same

   4.  d) All the above options are wrong

Que. 2 : Q2) The Rome Convention was ratified by _________ requisite members and came into force on 1st April 1991.

   1.  a) 3

   2.  b) 5

   3.  c) 7

   4.  d) 10

Que. 3 : Q3) Which of the following is essentials of an insurance contract

   1.  a) age of the policy holder

   2.  b) definition of risk

   3.  c) premium

   4.  d) Both b and c

Que. 4 : Q4) What was the experience to be possessed by the adjudicating officer?

   1.  a) experience in teaching field

   2.  b) experience in information technology

   3.  c) experience in legal or judicial field

   4.  d) Both b and c

Que. 5 : Q5) Which method attempts to arrive at future financial needs of the beneficiaries and then translates the same into the death benefit amount?

   1.  a) Income replacement method

   2.  b) Income multiple method

   3.  c) Need analysis method

   4.  d) None of these