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Category: IC24 – LEGAL ASPECTS OF LIFE ASSURANCE – 32

IC24 – LEGAL ASPECTS OF LIFE ASSURANCE – 32

Que. 1 : Q1) Under the facultative type of reinsurance, the case may be sent to more than one reinsurer, and the reinsuere who gives the most competitve offer is chosen by the insurance company. This is termed as ____________.

   1.  a) Facultative discounting

   2.  b) Treaty shopping

   3.  c) Treaty discounting

   4.  d) Facultative shopping

Que. 2 : Q2) The Memorandum of Foreign Exchange Regulations issued by RBI governs which of the following?

   1.  a) Issue of life insurance policies in rupees and foreign currencies to non-residents

   2.  b) Collection of premia

   3.  c) Reninsurance

   4.  d) All of the above

Que. 3 : Q3) Which of the following is FALSE with respect to insurable interest?

   1.  a) Employee has insurable interest on Employer Life

   2.  b) Employer has insurable interest on Employees life

   3.  c) Surety has Insurable interest on Debtors life

   4.  d) Debtor has insurable interest on the life of surety

Que. 4 : Q4) A license issued under Section 42D shall remain in force for a period of _______ only from the date of issue.

   1.  a) 1 year

   2.  b) 2 years

   3.  c) 3 years

   4.  d) 4 years

Que. 5 : Q5) 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.

   1.  a) 4 years

   2.  b) 5 years

   3.  c) 6 years

   4.  d) 7 years