IC24 – LEGAL ASPECTS OF LIFE ASSURANCE – 32

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Que. 1 : Q1) Under the facultative type of reinsurance, the
case may be sent to more than one reinsurer, and the reinsuere who gives the
most competitve offer is chosen by the insurance company. This is termed as
____________.

   1.  a) Facultative discounting

   2.  b) Treaty shopping

   3.  c) Treaty discounting

   4.  d) Facultative shopping

Que. 2 : Q2) The Memorandum of Foreign Exchange Regulations
issued by RBI governs which of the following?

   1.  a) Issue of life insurance policies in
rupees and foreign currencies to non-residents

   2.  b) Collection of premia

   3.  c) Reninsurance

   4.  d) All of the above

Que. 3 : Q3) Which of the following is FALSE with respect to
insurable interest?

   1.  a) Employee has insurable interest on
Employer Life

   2.  b) Employer has insurable interest on
Employees life

   3.  c) Surety has Insurable interest on Debtors
life

   4.  d) Debtor has insurable interest on the
life of surety

Que. 4 : Q4) A license issued under Section 42D shall remain
in force for a period of _______ only from the date of issue.

   1.  a) 1 year

   2.  b) 2 years

   3.  c) 3 years

   4.  d) 4 years

Que. 5 : Q5) Under Section 108 of the Indian Evidence Act, 1872
if a person has not been heard of for ___________, there is a presumption which
is rebuttable.

   1.  a) 4 years

   2.  b) 5 years

   3.  c) 6 years

   4.  d) 7 years

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