Legal Aspects of Insurance - 1.2

• Percent of premium received in advance in declaration policy is:-
  0.75
• Household goods are sent to Jaipur from Surat, the insurance available to protect the goods from loss are:-
  Marine transit insurance , Carrier's liabilities insurance
• If the amount of compensation is more than 20 lacs it falls under commission jurisdiction at:-
  National level
• An offer remains open till:-
  It is revoked , It is rejected
• The main object of the environment protection Act is to co-ordinate activities of central & state pollution board.
  True
• Bank financed Mr. Joshi, to purchase a house. Insured and Bank both have taken insurance policies from two different insurers for the same period. Unfortunately there is a claim due to short circuit. The claim now will be:-
  Payable by both Insurer
• Under workmen’s compensation act it is compulsory that all workmen are covered under the policy, and policy is issued on ________ basis.
  Adjustment
• Mr. Ravi made a duplicate Will of his father with the intention to take over all his property. According to Indian Penal Code, the act is:-
  Forgery
• To avoid conflict between two insurer for same risk, the principle of ________ arises.
  Contribution
• Detention is one of tort relating to person.
  False
• After payment of claim amount in full, the care of abandoned damaged subject matter is to be taken by insured.
  False
• Injury caused by or contributed to by war is:-
  Excluded under policy
• Business -Transactions in connection with trade / commerce
  Surveyor belonging to category "A" -12 Months Training
  Loss assessor - Code of conduct
  Hit & Run claims - Solatium fund
• Facilities for delay premium - Legal Liability to passengers
  Objective of reinsurance - Maximum retention within the country
  Premium in installment - Contract performance Bonds
  Rule 58 of Insurance Act - Advance payment of premium yes
  
  
  

Legal Aspects of Insurance - 1.1

• Valid contract is a contract:-
  Enforceable by law
• In the present globalization scenario all countries in the world came closer in all aspects of insurance business.
  True
• The Indian Post Act,1898 covers:-
  Loss of property , Wrong delivery , Delay in delivery
• Hut Insurance scheme provides compensation of Rs ________ for belongings to poor families when their huts are destroyed by fire.
  500
• The Employees State Insurance Act applies to all factories where:-
  10 or more employees are there & manufacturing is carried on with power , 20 or more employees are there & manufacturing is carried on without power
• The consent of the parties cannot be termed as a free consent when it is obtained by :-
  Fraud , Misrepresentation , Under undue influence
• Project Insurance covers installed machinery.
  False
• A promise is an agreement, but every promise is not an agreement________.
  Enforceable by law
• "In Insurance, the loss should arise out of some particular peril and risk", this principle is known as :-
  Principle of proximate cause
• Free consent of the parties must be obtained by:-
  Showing willingness
• Intention to cause or knowing act to cause a wrongful loss or damage to public or any person is known as:-
  Mischief
• Giving a reason of repudiation is not duty of Surveyor.
  False
• Insurance for Vehicle of Central & State Government is not compulsory because:-
  They have created a separate Fund
• The employer is not liable to pay compensation to employee if:-
  Accident happens while he was engaged in his personal work , Disease suffering is not inherent to the occupation
• Malicious civil action is a type of tort to property.
  False
• It is not necessary that rules & regulations formed by IRDA has to be followed by all insurance companies.
  True
• Due to compulsory insurance of vehicle people know about ________ insurance.
  Motor

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.
  True
• Claims in favor of residents in countries in Bilateral Group should be settled in foreign currency.
  False
• ________ 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:-
  Collector
• 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.
  5