IC24 LEGAL ASPECTS OF LIFE ASSURANCE – 01

Q1.Under Keyman Insurance the loss may occur in several ways but basically, they may be grouped into how many types?
 a) 1
 b) 2
 c) 3
 d) 4

 

Q2.Which of the following is the General business?
 a) Linked Long term
 b) Tontines
 c) Capital redemption
 d) Accident

 

Q3.The appointment of the Ombudsman is made by ___
 a) Insurance Regulatory and Development Authority (IRDA)
 b) Governing Body of the Insurance Council (GBIC)
 c) Central Government in consultation with State Government
 d) Finance Ministry

 

Q4.In the process of meeting its social commitments, the Government has a huge expenditure program that is greater than its revenues. This results in the Government running ____. It is financed by the Government through market borrowing and/or by printing currency.
 a) Surplus deficit
 b) Fiscal deficit
c) Spending
 d) Debt

 

Q5.How many stages are there in the process of Money Laundering?
 a) one
 b) two
 c) three
 d) four

 

Q6.Full-Form of PIA
 a) Personal Investment Authority
 b) Personal Insurance Authority
 c) Personal Insurance Agent
 d) Professional Investment Agency

 

Q7.In case of RTI application/s seeking information, the CPIO is duty-bound to dispose of the application within __ of the receipt of the application.
 a) 7 days
 b) 30 days
 c) 45 days
 d) 90 days

 

Q8.Which of the following is the best method to calculate the Human Life Value?
 a) Reference method
 b) Income replacement method
 c) Both a and b
 d) None of these

 

Q9.These sources find their authority from the commands of the sovereign or supreme temporal authority. It will classify under which source?
 a) Historical source
 b) Legal source
 c) Formal source
 d) Literary source

 

Q10.The ___ principle is the base for all internal anti-money laundering systems which should enable insurance companies to properly assess the potential risks posed to them by individuals client relationships.
 a) Study the customer attitude
 b) Know your Customer(KYC)
 c) Read the Customer mind
 d) None of these

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