IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 20

Q1.Under the disability benefit clause to avail the insurance benefit, the accidental injury should lead to total and permanent disability within __ of the accident.
 a) 30 days
 b) 45 days
 c) 90 days
 d) Specified days
 
Q2. The term ___ ordinarily means a transfer of property by writing as distinguished from one by delivery.
 a) Property
 b) Assignment
 c) Mortgage
 d) None of these
 
Q3.In terms of Section 25 of the Act, the amount secured by an annuity policy shall be deemed to be where the sum is payable for an indefinite time terminating with any life in being at the date of such instrument - the maximum amount payable during the period of ___.
 a) 5 years
 b) 7 years
 c) 10 years
 d) 12 years
 
Q4.Which tax was payable by firms and companies on their income?
 a) Wealth tax
 b) Corporate tax
 c) Income tax
 d) Property tax
 
Q5.Which of the below is not an indirect tax?
 a) Excise duty
 b) Service Tax
 c) Value added tax
 d) Corporate tax
 
Q6.Which of the following is correct with respect to a group insurance policy?
a) Nomination is possible but the assignment is not possible
b) Assignment is possible but the nomination is not possible
 c) Neither nomination is possible nor assignment is possible
 d) Nomination as well as assignment is possible
 
Q7.HLV-Human Life Value can be arrived at by dividing by
 a) Gross Earnings, Rate of Interest
 b) Net Earnings, Gross Earnings
 c) Gross Earnings, Net Earnings
 d) Net Earnings, Rate of Interest
 
Q8.Under which section, a person born outside India on or after, 26th January 1950 shall be a citizen of India by descent if his father is a citizen of India by birth?
 a) Section 2
 b) Section 3
 c) Section 4
 d) Section 5
 
Q9. The process of money laundering is perpetrated by -
 a) Placement and; Layering
 b) Organisation and Controlling
 c) Depositing and Withdrawing
 d) All of the these
 
Q10.Which of the following is one of the stages of Money Laundering?
 a) Smurfing
 b) Shell Companies
 c) Layering
 d) None of the above

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