IC24 LEGAL ASPECTS OF LIFE ASSURANCE – 08

Q1.In the case of life insurance, the principle of insurable interest operates?
 a) in the same way as in marine insurance
 b) in the same way as in fire insurance
 c) in the same way as in motor insurance
 d) differently than in other forms of insurances

 

Q2.As per the Industrial Dispute Act, which of the following can be classified as an industrial dispute?
 a) A dispute between employers and employers
 b) A dispute between employers and workmen
 c) A dispute between workmen and workmen
 d) All of the above

 

Q3.The final decision arrived at by the Arbitrator/s is expressed in writing and it is called an____.
 a) Award
 b) Arbitration
 c) Conciliation Act
 d) None of these

 

Q4.The Memorandum of Foreign Exchange Regulations issued by RBI governs which of the following?
 a) Issue of life insurance policies in rupees and foreign currencies to non-residents
 b) Collection of premia
c) Reinsurance
 d) All of the above

 

Q5.How many methods are there to calculate HLV?
 a) 1
 b) 2
 c) 3
 d) 4

 

Q6.The existence of insurable interest is decided by
 a) the interest which the proposer has in the asset being insured
 b) the relationship between the proposer and the object of insurance
 c) the legal decisions on these matters
 d) all of the above

 

Q 7. The replies given in the proposal form by the proposer are treated as warranties. Say whether True or False.
 a) True
 b) False

 

Q8.The complaint is to be made within ____ from the date if the representation is rejected or not replied to.
 a) 30 days
 b) 45 days
 c) 3 months
 d) 1 year

 

Q9.Under which Section of the Act gives various powers to LIC to carry on life insurance business to the best advantage of the community.
 a) Section 4
 b) Section 5
 c) Section 6
 d) Section 7

 

Q10.LIC was formed by the merger of ___ Indian life insurers, ___ non-Indian life insurers, and ___ Provident Societies.
 a) 154, 75, 16
 b) 16, 75, 154
 c) 154, 16, 75
 d) 165, 18, 75

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