IC24 LEGAL ASPECTS OF LIFE ASSURANCE – 05

Q1.In the case of an annuity plan how much is the maximum lump sum amount that can be withdrawn before the start of regular annuity payments?
 a) 1/4th of the accumulated fund
 b) 1/3rd of the accumulated fund
 c) 1/2nd of the accumulated fund
 d) 1/5th of the accumulated fund

 

Q2.After the enactment of the IRDA Act, as per the provisions of Sections 30, 31, and 32 of the IRDA Act, which of the following Act/s were amended?
 a) Only The Insurance Act, 1938 was amended
 b) The LIC Act, 1956 and The General Insurance Business (Nationalisation) Act, 1972 were amended
c) The Insurance Act, 1938, LIC Act, 1956, and The General Insurance Business (Nationalisation) Act, 1972 were amended
 d) The Insurance Act, 1938 and LIC Act, 1956 were amended

 

Q3.What is the tax treatment for annuities received by an individual as per the Income-Tax Act?
a) Annuities received are completely tax-free in the hands of the individual
b) Annuities received are taxable in the hand s of the individual as salary
c) Annuities received are completely tax-free in the hands of the individual and the tax on the same is partially paid by the insurance company and partially exempt under the Income-Tax Act.
d) Annuities up to Rs. 5000 a month is tax-free and the remaining amount is taxable in the hands of the individual as salary.

 

Q4.Statue law is purely written law. Say whether True or False
 a) True
 b) False

 

Q5.Who among the following can be the beneficiary for an insurance policy taken under MWP Act?
 a) Natural Children
 b) Adopted Children
 c) Natural or Adopted Children
 d) Natural or Adopted daughter

 

Q6.Which of the following aims at bringing one set of rules that will be applicable to all citizens throughout the country?
 a) Modern Law
 b) Ancient Indian Law
 c) Uniform Civil Code(UCC)
 d) None of these

 

Q7.Under which Section of the Act, any person who is of the age of majority according to the law to which he is subject, and who is of sound mind, may employ an agent?
 a) Section 183
 b) Section 184
 c) Section 185
 d) Section 186

 

Q8.The Indian Contract Act declares which of the following agreement to be void?
 a) Agreement in restraint of legal proceedings
 b) Agreement in restraint of marriage of any person other than a minor
 c) Agreement by way of wager
 d) All of the above

 

Q9.Every instrument chargeable with duty executed only out of India and not being a bill of exchange or promissory note may be stamped within __ months after it has been first received in India.
 a) 2
 b) 3
 c) 4
 d) 5

 

Q10.Under which policy, the insurance companies pay the life assured fund value on the maturity of the plan. Some companies even pay the fund value and the sum assured on maturity?
 a) Money Back plans
 b) Return of Premium(ROP) Plans
 c) Unit Linked Insurance Plans(ULIPs)
 d) Annuities

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