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Category: IC24 – LEGAL ASPECTS OF LIFE ASSURANCE – 28

IC24 – LEGAL ASPECTS OF LIFE ASSURANCE – 28

Que. 1 : Q1) Which of the below is not an appropriate example of group insurance?

   1.  a) Employer buying insurance for its employees

   2.  b) Lawyer’s association buying insurance for its members

   3.  c) A shopping mall buying insurance for its customers

   4.  d) A bank buying insurance for its account holders

Que. 2 : Q2) The records referred to in sub-secion(1) shall be maintained for a period of _______ from the date of cessation of the transactions between the clients and the banking company or financial institution.

   1.  a) 5 years

   2.  b) 10 years

   3.  c) 25 years

   4.  d) 30 years

Que. 3 : Q3) Full Form of PIA

   1.  a) Personal Investment Authority

   2.  b) Personal Insurance Authority

   3.  c) Personal Insurance Agent

   4.  d) Professional Investment Agency

Que. 4 : Q4) A ________ is voluntary relinquishing of a known right.

   1.  a) Estoppel

   2.  b) Waiver

   3.  c) HLV

   4.  d) None of these

Que. 5 : Q5) Which of the below statement is correct with regards to stamp duty payable to life insurance policies?

   1.  a) Ten paise for every sum insured of Rs.100

   2.  b) Twenty paise for every sum insured of Rs.100

   3.  c) Ten paise for every sum insured of Rs.1000

   4.  d) Twenty paise for every sum insured of Rs.1000