IC24 – LEGAL ASPECTS OF LIFE ASSURANCE – 01

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Que. 1 : Q1) If the premium is not paid within the days of
grace, then subject to the terms and conditions of the policy, the insurance
company may terminate the policy. This is known as policy ________.

   1.  a) Revival

   2.  b) Expires

   3.  c) Lapse

   4.  d) Grace period

Que. 2 : Q2) Which of the following is correct about
Nationality?

   1.  a) It has reference to the jural
relationship under municipal law

   2.  b) It is intimately connected with civil
rights under municipal law

   3.  c) All citizens are nationals of a
particular state

   4.  d) All nationals may not be citizens of
the State.

Que. 3 : Q3) How many types the sources of law are
classified?

   1.  a) 1

   2.  b) 2

   3.  c) 3

   4.  d) 4

Que. 4 : Q4) A ________________ is a contract to perform the
promise, or discharge the liability of a third person in case of his default.

   1.  a) Contract of guarantee

   2.  b) Contract of document

   3.  c) Contract of agreement

   4.  d) None of these

Que. 5 : Q5) _____________ is the year in which the income
of the previous year is to be assessed for taxation.

   1.  a) Previous year

   2.  b) Assessment year

   3.  

   4.  

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