IC24 – LEGAL ASPECTS OF LIFE ASSURANCE – 21

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Que. 1 : Q1) Which of the following is the Long term
business?

   1.  a) Damage to property

   2.  b) Aircraft liability

   3.  c) Marriage and birth

   4.  d) Fire and natural forces

Que. 2 : Q2) __________ is a process in which a ceding
company cedes part of the risk to a reinsurer.

   1.  a) Insurance

   2.  b) Reinsurance

   3.  c) Premium

   4.  d) Policy

Que. 3 : Q3) A life insurance license issued to an
individual shall remain valid for ________ from the date of issue.

   1.  a) 1 year

   2.  b) 3 years

   3.  c) 5 years

   4.  d) Life long

Que. 4 : Q4) Under Section 80CCD deposits made by a Central
Government employee or other employee upto an amount not exceeding _______ of
his annual salary towards contribution to a pension scheme are deductible from
his salary.

   1.  a) 5%

   2.  b) 10%

   3.  c) 15%

   4.  d) 20%

Que. 5 : Q5) The stamp duty payable insurance contracts is
___________ for every sum insured Rs.1000 or part thereof in excess of Rs.1000.

   1.  a) Ten paise

   2.  b) Twenty paise

   3.  c) Thirty paise

   4.  d) Fourty paise

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