IC24 – LEGAL ASPECTS OF LIFE ASSURANCE – 28

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Que. 1 : Q1) Which of the below is not an appropriate
example of group insurance?

   1.  a) Employer buying insurance for its
employees

   2.  b) Lawyer’s association buying insurance
for its members

   3.  c) A shopping mall buying insurance for
its customers

   4.  d) A bank buying insurance for its
account holders

Que. 2 : Q2) The records referred to in sub-secion(1) shall
be maintained for a period of _______ from the date of cessation of the
transactions between the clients and the banking company or financial
institution.

   1.  a) 5 years

   2.  b) 10 years

   3.  c) 25 years

   4.  d) 30 years

Que. 3 : Q3) Full Form of PIA

   1.  a) Personal Investment Authority

   2.  b) Personal Insurance Authority

   3.  c) Personal Insurance Agent

   4.  d) Professional Investment Agency

Que. 4 : Q4) A ________ is voluntary relinquishing of a
known right.

   1.  a) Estoppel

   2.  b) Waiver

   3.  c) HLV

   4.  d) None of these

Que. 5 : Q5) Which of the below statement is correct with
regards to stamp duty payable to life insurance policies?

   1.  a) Ten paise for every sum insured of
Rs.100

   2.  b) Twenty paise for every sum insured of
Rs.100

   3.  c) Ten paise for every sum insured of
Rs.1000

   4.  d) Twenty paise for every sum insured of Rs.1000

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