9/29/21, 8:12 AM III Exam Series, Licentite Mock Test, Associate Mock Test, Fellowship Exam

Your Result for IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 30

Result Fail
No of Questions 25
Question Attempted 25
Total Marks 25
Your Marks 6
Percentage Obtained 24%

Buy all IC24 LEGAL ASPECTS OF LIFE ASSURANCE - 30 

DETAILED RESULT

Q (1): Generally speaking, a person's ___________ means the place where he has his
permanent home.

1. a) domicile (Your answer is correct)

2. b) residence

3. c) accommodation

4. d) appartment

Q (2): If the life insurance policy is endorsed under MWP Act, 1874 then which of the following
is TRUE?

1. a) Creditors have first claim over policy proceeds

2. b) Creditors have no claim over policy proceeds (Your answer is correct)

3. c) Creditors have residual claim over policy proceeds

4. d) Income tax authorities have claim over policy proceeds

Q (3): Which of the following is not correct with regard to prevention of Money Laundering
provisions:

1. a) it is acquiring, owning, possessing or transferring any proceeds of money of crime (Your

answer is incorrect)

2. b) it is a process of converting money obtained illegally to appear to have originated legitimate

sources

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3. c) Records relating to money laundering transactions are to be preserved by Insurance

Companies for 20 years

(This is the correct answer)

4. d) Offences under money laundering are cognizable and non-bailable.

Q (4): Under which section of the Insurance Act, the policyholder of life insurance on his own
life may nominate the person or persons to whom the money secured by the policy shall be
paid in the event of his death.

1. a) Section 37

2. b) Section 38 (Your answer is incorrect)

3. c) Section 39 (This is the correct answer)

4. d) Section 40

Q (5): Which of the following statement is correct?

1. a) All citizens are nationals of a particular State (This is the correct answer)

2. b) All nationals are citizens of the State

3. c) Both the statements are correct (Your answer is incorrect)

4. d) Both the statements are wrong

Q (6): Which of the following is the best method to calculate the Human Life Value?

1. a) Reference method (Your answer is incorrect)

2. b) Income replacement method

3. c) Both a and b (This is the correct answer)

4. d) None of these

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Q (7): If the ombudsman's recommendation is accepted by the complaint the insurer has to
comply with it in ____.

1. a) 7 days

2. b) 15 days (This is the correct answer)

3. c) 30 days (Your answer is incorrect)

4. d) 45 days

Q (8): To whom the matter can be referred when the collector is not sure on the case referred to
him?

1. a) Union List (Your answer is incorrect)

2. b) State Government

3. c) Chief Controlling Revenue Authority (This is the correct answer)

4. d) Central Government

Q (9): Which act aims at maintaining a hormonious relationship between the employers and
employees?

1. a) Shops and Establishment Acts

2. b) Workmen's Compensation Act

3. c) Industrial Disputes Act, 1947 (Your answer is correct)

4. d) Payment of Gratuity Act, 1972

Q (10): Which Acts says that provides for disbursal of wages to workers within the prescribed
time limits and ensures that the employees get their full wages without any deductions not
authorised by law?

1. a) The Trade Union Act, 1926 (Your answer is incorrect)

2. b) The Payment of Wages Act, 1930 (This is the correct answer)

3. c) RTI Act

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4. d) Workmen Compensation Act

Q (11): Q13) In which cases, Insurable interest exist only at the time of taking the policy?

1. a) Life Insurance (This is the correct answer)

2. b) Property insurance

3. c) Marine hull insurance

4. d) Marine cargo insurance (Your answer is incorrect)

Q (12): Section 6(3) of FEMA, 1999 stipulates the power of ____________ to regulate the
transfer or issue of any foreign security by a person resident in India.

1. a) Insurance Regulatory and Development Authority(IRDA) (Your answer is incorrect)

2. b) Reserve Bank of India(RBI) (This is the correct answer)

3. c) Export Import (EXIM) Bank

4. d) External Affairs Ministry

Q (13): The objective of Insurance Ombudsman is

1. a) Collect the premium from the customers

2. b) Solve the complaints relating to the settlements to the claims (Your answer is correct)

3. c) Giving training to the agent

4. d) All of these

Q (14): When the agency will be terminated

1. a) by the principal revoking his authority

2. b) by the agent renouncing the business of the agency (Your answer is incorrect)

3. c) by the business of the agency being completed

4. d) In all the above situations (This is the correct answer)

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Q (15): 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?

1. a) Chapter I

2. b) Chapter II (Your answer is incorrect)

3. c) Chapter III

4. d) Chapter IV (This is the correct answer)

Q (16): Where a person against whom a complaint is made or the Complainant fails to comply
with the order of District Forum, State and National Commission, such a person may be with
fine of minimum _____ to maximum ____________.

1. a) Rs. 3000, Rs. 5000

2. b) Rs. 2000, Rs. 10000 (This is the correct answer)

3. c) Rs. 5000, Rs. 15000 (Your answer is incorrect)

4. d) Rs. 3000, Rs. 50000

Q (17): In which plans the insurance company pays the life assured the promised sum assured
and the accumulated bonuses(if any) at the end of the tenure of the plan?

1. a) Money back plan (Your answer is incorrect)

2. b) Return of Premium(ROP) plans

3. c) Annuities

4. d) Endowment and whole life plans (This is the correct answer)

Q (18): Foreign Currency means any currency other than Indian currency. Say whether True of
False.

1. a) True (Your answer is correct)

2. b) False

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Q (19): Which of the following policy cannot be taken under MWP Act 1874 ?

1. a) Joint life policy (This is the correct answer)

2. b) Life insurance (Your answer is incorrect)

3. c) Janata policy

4. d) SSS

Q (20): According to _______ , any promise or agreement enforceable at law is a contract.

1. a) Anson

2. b) Pullock (This is the correct answer)

3. c) Ranking (Your answer is incorrect)

4. d) The Indian Contract Act

Q (21): The complainant has option to accept or reject the recommendations. If accepted by
him, the insurer has no option but to comply with them within ________ failing which
Ombudsman shall pass a speaking Award.

1. a) 10 days (Your answer is incorrect)

2. b) 15 days (This is the correct answer)

3. c) 30 days

4. d) 50 days

Q (22): The Central Public Information Officers(CPIO) is duty-bound to dispense of the

application so made as expeditiously as possible, but in any case within___________ of the
receipt of the application.

1. a) 15 days

2. b) 30 days (Your answer is correct)

3. c) 45 days

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4. d) 75 days

Q (23): Which of the following is essentials of an insurance contract

1. a) age of the policy holder

2. b) definition of risk (Your answer is incorrect)

3. c) premium

4. d) Both b and c (This is the correct answer)

Q (24): Which of the following is true with regards to HLV?

1. a) HLV method takes into account the multiple of annual salary of an individual for calculating how
much life insurance is needed

2. b) HLV method takes into account the value of financial liabilities of the individual for calculating

how much life insurance is needed

(Your answer is incorrect)

3. c) HLV method takes into account the value of financial responsibilities of the individual for
calculating how much life insurance is needed

4. d) HLV method takes into account the present value of future earning potential of the individual

for calculating how much life insurance is needed

(This is the correct answer)

Q (25): Under Section 3 of which act, if personal injury is caused to a workman by accident
arising out of and in the course of his employment, his employer shall be liable to pay
compensation in accordance with the provisions of the Act?

1. a) The payment of wages Act, 1930 (Your answer is incorrect)

2. b) Workman Compensation Act, 1923 (This is the correct answer)

3. c) Trade Unions Act, 1926

4. d) Payment of Gratuity Act, 1972

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