Que. 1 : Q1) Which of the following statements is True with respect to Insurable Interest?
1. a) An Employer has Insurable Interest in his employee to the extent of value of services rendered by him
2. b) An Employee has Insurable Interest in the Life of his Employer to the extent of his remuneration for the period of his notice
3. c) Only First Statement is True
4. d) Both Statements are True
Que. 2 : Q2) Promises which form the consideration or part of the consideration for each other are called _____________.
1. a) Contract
2. b) Reciprocal promises
3. c) Agreement
4. d) Consideration
Que. 3 : Q3) Which of the following statements is False with respect to Insurable Interest?
1. a) A person has unlimited insurable interest in his own life
2. b) A Husband has Insurable interest in the life of his wife and Vice versa
3. c) Parents have insurable interest in the lives of their children
4. d) Debtor has Insurable Interest in the life of creditor
Que. 4 : Q4) A person is competent to contract if he
1. a) is of the age of majority
2. b) is of sound mind
3. c) is not disqualified from contracting by any law to which he is subject
4. d) All the above
Que. 5 : Q5) In which year was Insurance Ombudsman established?
1. a) 1992
2. b) 1994
3. c) 1996
4. d) 1998