1 Which one of the following statements is correct?
- An assignment changes the title to the policy
- A nomination does not change the title to the policy
- Both the statements above are correct *
- Both the statements above are wrong
2. Which one of the following statements is correct?
- When a nomination is made, the rights to the policy are transferred
- The assignee immediately becomes the policyholder *
- Both the statements above are correct
- Both the statements above are wrong
3. Which one of the following statements is correct?
- An assignee can only act under instructions of the assignor
- An assignee is the absolute owner of the policy *
- Both the statements above are correct
- Both the statements above are wrong
4. Which one of the following statements is correct?
- An assignment can be cancelled at any time by the assignor
- A nomination can be cancelled at any time by the life insured *
- Both the statements above are correct
- Both the statements above are wrong
5. Which one of the following statements is correct?
- An absolute assignment holds good even after maturity
- A nomination holds good only till maturity
- Both the statements above are correct *
- Both the statements above are wrong
6. Which one of the following statements is correct?
- In an assignment, property is transferred *
- When a nomination is made, property is transferred
- Both the statements above are correct
- Both the statements above are wrong
7. Which one of the following statements is correct?
- The assignment can be made on a separate paper *
- The nomination can be made on a separate paper
- Both the statements above are correct
- Both the statements above are wrong
8. Which one of the following statements is correct?
- An assignment is effective as soon as it made
- A nomination is effective when it is registered by the insurer
- Both the statements above are correct *
- Both the statements above are wrong
9. Which one of the following statements is correct?
- An assignment is to be notified to the insurer in order to become effective
- A nomination is to be notified to the insurer to become effective *
- Both the statements above are correct
- Both the statements above are wrong
10. A policy which has been assigned, will revert to the assignor
- If the assignor survives till amturity
- Whenever the assignor demands it
- When the conditions specified in a conditional assignment happen *
- On maturity of the policy
11. A policy which has been assigned absolutely, will revert to the assignor
- When the assignee reassigns the policy *
- Whenever the assignor likes it to happen
- When the policy becomes a claim
- When the assignee dies
12. A policy which has been assigned, will revert back to the assignor
- When the purpose for which it was assigned is not valid any more
- When the policy becomes a claim
- When the nominee under the policy dies
- When the policy is assigned back by the assignee *
13. Which one of the following statements is correct?
- The nomination becomes invalid when the policy is assigned *
- The assignee can make a fresh nomination
- Both the statements above are correct
- Both the statements above are wrong
14. Which one of the following statements is correct?
- On maturity, the nomination is automatically ineffective *
- The nominee can collect maturity proceeds if the policyholder dies
- Both the statements above are correct
- Both the statements above are wrong
15. Which one of the following statements is correct?
- A Children’s Deferred policy can be assigned any time
- A nomination can be made under a Children’s Deferred policy after vesting date
- Both the statements above are correct *
- Both the statements above are wrong
16. Which one of the following statements is correct?
- The nomination is intended to make claim settlements easier *
- Only heirs to the policyholder can become nominees
- Both the statements above are correct
- Both the statements above are wrong
17. Which one of the following statements is correct?
- The nomination can only be in favour of one person
- The nomination can be in favour of more than one person *
- Both the statements above are correct
- Both the statements above are wrong
18. Which one of the following statements is correct?
- In the case of many nominees, the claim will be paid to them jointly *
- In the case of many nominees, the claim will be divided among them
- Both the statements above are correct
- Both the statements above are wrong
19. Which one of the following statements is correct?
- A nomination can be made even before the policy commences
- A nomination can be made only by the insured himself
- Both the statements above are correct *
- Both the statements above are wrong
20. Which one of the following statements is correct?
- Assignee is free from the Assignor’s obligations under the policy
- A nomination is automatically cancelled when a loan is taken under the policy
- Both the statements above are correct
- Both the statements above are wrong *
21. Which one of the following statements is correct?
- A nominee must be above 18 years of age
- A nominee must be a close relative
- Both the statements above are correct
- Both the statements above are wrong *
22. Which one of the following statements is correct?
- Only heirs of the insured can be nominees under a life insurance policy
- A person to whom one owns moneys can be made a nominee *
- Both the statements above are correct
- Both the statements above are wrong
23. Which one of the following statements is correct?
- A nomination can be made in favour of an institution *
- A nomination takes away the rights of the heirs to the insured person
- Both the statements above are correct
- Both the statements above are wrong
24. Which one of the following statements is correct?
- The nominee becomes the owner of the policy
- The nominee becomes an heir to the insured person
- Both the statements above are correct
- Both the statements above are wrong *
25. Which one of the following statements is correct?
- If the nominee is a minor, the claim can be paid to the guardian
- If the nominee dies, the claim can be paid to the heirs of the nominee
- Both the statements above are correct
- Both the statements above are wrong *
26. Which one of the following statements is correct?
- If the assignee is dead, the claim can be paid to the assignee’s heirs *
- An assignee can make a nomination under the policy
- Both the statements above are correct
- Both the statements above are wrong
27. Which one of the following statements is correct?
- An assignee can assign the policy further to another person
- The assignee can take a loan under the policy
- Both the statements above are correct *
- Both the statements above are wrong
28. Which one of the following statements is correct?
- The nominee can make a further nomination under the policy
- The assignee can make a nomination
- Both the statements above are correct
- Both the statements above are wrong *
29. Which one of the following statements is correct?
- The claim amount, when paid, belongs to the nominee
- The claim amount belongs to the heirs of the deceased *
- Both the statements above are correct
- Both the statements above are wrong
30. Which one of the following statements is correct?
- An assignee becomes the policyholder *
- The nominee becomes the policyholder
- Both the statements above are correct
- Both the statements above are wrong
31. Which one of the following statements is correct?
- A nomination can be made in joint life policies
- A joint life policy can be assigned
- Both the statements above are correct *
- Both the statements above are wrong
32. Which one of the following statements is correct?
- The policy has to be given to the insurer at the time of surrender
- The policy has to be given to the insurer at the time of taking a loan
- Both the statements above are correct *
- Both the statements above are wrong
33. Which one of the following statements is correct?
- When a loan is taken, the policy is surrendered
- Loans are given only on policies that are in full force
- Both the statements above are correct
- Both the statements above are wrong *
34. Which one of the following statements is correct?
- The amount of loan can be more than the Surrender Value
- Loans are available on Paid up policies *
- Both the statements above are correct
- Both the statements above are wrong
35. Which one of the following statements is correct?
- A policy is foreclosed when the loan is not repaid
- A policy is foreclosed at the time of claim
- Both the statements above are correct
- Both the statements above are wrong *
36. Which one of the following statements is correct?
- Foreclosure action is taken when interest is outstanding for two years
- Foreclosure action is taken when loan plus interest equals surrender value *
- Both the statements above are correct
- Both the statements above are wrong
37. Which one of the following statements is correct?
- Loans are not granted under Term Assurance policies *
- Loans are not granted under Whole Life policies
- Both the statements above are correct
- Both the statements above are wrong
38. Which one of the following statements is correct?
- When a loan is taken under the policy the nomination is cancelled
- A loan will be paid only when the policy is assigned to the insurer
- Both the statements above are correct *
- Both the statements above are wrong
39. Which one of the following statements is correct?
- The rates of interest on loans are fixed by the IRDA
- The rates of interest on loans are fixed by the Reserve Bank of India
- Both the statements above are correct
- Both the statements above are wrong *
40. Which one of the following statements is correct?
- Outstanding amounts of loans are deducted from the claim amount *
- Fresh loans cannot be taken till the earlier loan is repaid
- Both the statements above are correct
- Both the statements above are wrong
41. Which one of the following statements is correct?
- Foreclosure action cannot be taken till a notice is served on the policyholder *
- When a foreclosure action is taken, nothing is payable to the policyholder
- Both the statements above are correct
- Both the statements above are wrong
42. Which one of the following statements is correct?
- A policy which is foreclosed can be reinstated *
- Wife is automatically the beneficiary under a MWP Act policy
- Both the statements above are correct
- Both the statements above are wrong
43. Which one of the following statements is correct?
- Foreclosure can be done only with the consent of the policyholder
- Foreclosure can be done only after informing the policyholder *
- Both the statements above are correct
- Both the statements above are wrong
44. When a policy is foreclosed, the insurer will
- Pay the balance moneys to the nominee
- Offer to reinstate the policy on original terms
- Pay balance surrender after adjustment of all outstanding dues *
- Do none of the above
45. When a policy is foreclosed, it benefits
- The policyholder
- The insurer
- Both the policyholder and the insurer
- Neither the policyholder nor the insurer *
46. Which one of the following statements is correct?
- No alteration can be made without the request of the policyholder
- Some kind of alterations do not require the consent of the insurer
- Both the statements above are correct *
- Both the statements above are wrong
47. Which one of the following statements is correct?
- An alteration necessarily changes the terms of the insurance contract
- No alteration can be made without the approval of the underwriter
- Both the statements above are correct
- Both the statements above are wrong *
48. Which one of the following statements is correct?
- Alterations are generally allowed if they do not affect the risk
- Alterations are generally allowed if they do not increase the risk
- Both the statements above are correct *
- Both the statements above are wrong
49. Which one of the following statements is correct?
- A change of nomination is an alteration requiring insurer’s consent
- A change of mode of premium requires insurer’s consent
- Both the statements above are correct
- Both the statements above are wrong *
50. Which one of the following statements is correct?
- Section 45 of the Insurance Act deals with nominations
- Indisputability clause does not apply to children’s policies
- Both the statements above are correct
- Both the statements above are wrong *
51. Which one of the following statements is correct?
- The Insurance Act does not protect those who try to cheat the insurer
- Section 45 does not apply if the policy had been revived within a year
- Both the statements above are correct *
- Both the statements above are wrong
52. Which one of the following statements is correct?
- A MWP Act policy can be assigned
- Loans are not granted under MWP Act policies *
- Both the statements above are correct
- Both the statements above are wrong
53. Under a MWP Act policy, the beneficiaries
- Must be specified at the commencement of the policy *
- Can be specified at any time during the course of the policy
- May be specified even after the claim has arisen
- Are determined by the law
54 If a policy is under the MWP Act,
- It can be surrendered by the beneficiaries
- A loan can be taken by the trustees
- It can be made paid up *
- It can be assigned
55. If a policy is under the MWP Act, the policyholder is
- The life insured
- The beneficiaries
- The trustee *
- The Administrator
56. Which one of the following statements is correct?
- The beneficiaries under the MWP Act can be any member of the family
- A policy can be taken under the MWP Act for the benefit of parents
- Both the statements above are correct
- Both the statements above are wrong *
57. Which one of the following statements is correct?
- Brothers and sisters cannot be beneficiaries under the MWP Act *
- A policy under the MWP Act is the property of the life insured
- Both the statements above are correct
- Both the statements above are wrong
58. Which one of the following statements is correct?
- The beneficiaries permitted under the MWP Act depend also on religion
- A MWP Act policy cannot be surrendered
- Both the statements above are correct *
- Both the statements above are wrong
59. Which one of the following statements is correct?
- A change of job after the commencement of policy affects the terms of policy
- The life insured can change his job only with the consent of the insurer
- Both the statements above are correct
- Both the statements above are wrong *
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