IC24 LEGAL ASPECTS OF LIFE ASSURANCE – 07

Q1.Which of the following is one of the stages of Money Laundering?
 a) Smurfing
 b) Shell Companies
 c) Placement
 d) None of the above

 

Q2.Section 4 of the LIC Act provides that the Corporation shall consist of the such number of persons not exceeding __ as the Central Government may think fit to appoint thereto and one of them shall be appointed by the Central Government to be the Chairman thereof?
 a) Four
 b) Eight
 c) Twelve
 d) Sixteen

 

Q3.As per section 11 of the Indian Contract Act, who of the below is competent to enter into a contract?
 a) A person who is a minor
 b) A person of unsound mind
c) A person who is disqualified from contracting by law
 d) None of the above

 

Q4.Which chapter concerns with other miscellaneous aspects such as protection of action taken in good faith by the members of various forums, power to remove difficulties, power to make rules in the Constitution of the Act?
 a) Chapter I
 b) Chapter II
 c) Chapter III
 d) Chapter IV

 

Q5.___ is a person or a firm or a company or someone by whom any tax or any other sum of money is payable under the Income Tax Act.
 a) Assessee
 b) Income Tax Officer
 c) Insurance agent
 d) None of these

 

Q6.The person who accepts the confidence is called as_____.
 a) Trustee
 b) Trustor
 c) Beneficiary
 d) None of these

 

Q7.The document issued by the insurer giving information about products offered by the insurer is known as ___.
 a) Supplement
 b) Prospectus
 c) Brochure
 d) Catalogue

 

Q8.When the premium payment frequency is monthly then the grace period allowed is ___.
 a) 10 days
 b) 15 days
 c) 30 days
 d) 45 days

 

Q 9. Section 58 of the Transfer of Property Act, 1882 defines ___ as the transfer of an interest in specific immovable property as security for the repayment of a debt.
 a) Tenancy in common
 b) Mortgage
 c) Policy loans
 d) None of these

 

Q10.It is chargeable at the rate of 1% of the amount by which net wealth exceeds ___ in terms of provision of Section 3 of the Wealth Tax Act.
 a) Rs. 10,00,000
 b) Rs. 20,00,000
 c) Rs. 30,00,000
 d) Rs. 40,00,000

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