IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 26

Q1.As per Section2(h) of the Indian Contract Act; an agreement enforceable by law is a ___.
   a) Deal
   b) Pact
   c) Treaty
   d) Contract
 
Q2.Which of the following is the Long term business?
   a) Damage to property
   b) Aircraft liability
   c) Marriage and birth
   d) Fire and natural forces
 
Q3.How much is the minimum paid-up capital specified by IRDA for life insurance companies?
   a) 50 crores
   b) 100 crores
   c) 150 crores
   d) 200 crores
 
Q4.Which of the following is true with respect to insurable interest for property insurance?
  a) Insurable interest should exist only at the time of buying the policy
   b) Insurable interest should exist only at the time of claim
   c) Insurable interest should exist at the time of buying the policy as well as at the time of claim
   d) Insurable interest need not exist at any point of time
 
Q5.Who can appoint the Administrator-General for the state according to Administrator General's Act, 1963?
   a) Central Government
   b) State Government
   c) IRDA
   d) RBI
 
Q6.The person for whose benefit the confidence is accepted is called a beneficiary. Say whether True or False.
   a) True
   b) False
 
Q7.The Employee Deposit Linked Insurance Scheme was introduced in ___.
   a) 1975
   b) 1976
   c) 1977
   d) 1978
 
Q8.The Term Integration in Money Laundering refers to?
   a) stage where all the black money are accumulated in one place for placement
   b) Investigation carried out in respect of suspicious transactions by financial institutions
  c) A stage where the dirty money eventually merges into the legitimate financial system as clean money
   d) Washing of dirty money into clean money
 
Q9.Assignment of insurance policies is regulated by ___ of the Insurance Act. 1938.
   a) Section 38
   b) Section 39
   c) Section 40
   d) Section 41
 
Q10.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

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