Sunday, December 9, 2007

Legal Aspects of Insurance - 1

  • Duplicate license can be issued on payment a fee of ________.
    Rs. 50.00
  • Where can we file an appeal against the order of the National commission?
    Supreme court
  • Various funds created to pay compensation can be listed as:-
    Environment fund , War injuries fund , Personal injuries fund
  • Mr.Naidu made a complaint to consumer forum regarding manufacturing defect in "Indica" car. He should receive replacement of defected parts within ________ from the date of notice.
    90 days
  • Intermediary between the Insure & Insured are:-
    Brokers , Consultant
  • The provision of consumer protection act is in addition to any other law in the force.
  • Claims in favor of residents in countries in Bilateral Group should be settled in foreign currency.
  • ________ distinguishes Insurance contract from contract of indemnity and wagering agreement .
    Insurance interest
  • The Complaints or the allegations with the consumer court are of the following nature:-
    Unfair trade practice , Defect in goods , Excess price charged
  • What should a Complaint to consumer court contain?
    Name of complainant and opposite party , Facts of complaints , Documents in support of allegation
  • What was Insurance Act 1938 and Insurance Rule 1939 enacted for ?
    To safeguard the interest of policy holders , To prevent the unhealthy competition among insurance companies
  • All contracts of insurance are:-
    Promise to indemnify the loss , Against the payment of premium
  • A mishap happened due to release of chlorine gas in air from a factory. There were number of claims against the owner of the factory. The final Authority for settlement of claims is:-
  • A limit of third party property damage is ________.
    Rs. 6,000.00
  • If huts of poor families destroyed by fire, the compensation payable is Rs.________ for huts.
    Rs. 1,000.00
  • Every insurer who begins to carry an Insurance Business has obligation to do Rural Sector Business ________% in the first financial year.

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