If any condition is put by the Insurer then it is
A. Acceptance
B. Offer
C. Counter offer
D. Conditional acceptance
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Which is the ‘consideration’ from the insurer in an insurance contract?
A. Premium
B. Promise to indemnify
C. Policy bond
D. Proposal
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Consent is not said to be free when it is caused by
A. Coercion
B. Fraud
C. Misrepresentation
D. All of the above
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Which is not a capacity to enter into contract?
A. Minor
B. Major
C. Sound mind
D. Not disqualified under law
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In commercial contracts, the principle to be observed is
A. Caveat Emptor
B. Indemnity
C. Proximity
D. Uberrima Fides
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Material facts are those that would help the insurer to decide :
A. The acceptability of risk
B. The rate of premium to be charged
C. Both A & B
D. None are correct
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Which of the following is not a material fact?
A. Hazardous occupation
B. Previous policies of the proposer
C. Health
D. None of the above
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Which of the following material facts need not be disclosed?
A. Matters of law
B. Fact which proposer was not aware
C. Fact which could have been discovered by reasonable diligence
D. All of the above
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Duty to disclose arises in which of the following instances?
A. At the time of taking the policy
B. At the time of revival of lapsed ins
C. Both A & B
D. None of the above situations
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Which of the following constitute Breach of Utmost Good faith?
A. Non-Disclosure
B. Misrepresentation
C. Both A & B
D. None of the above
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Which of the following could be classified as Nondisclosure?
A. Inadvertent omission of information
B. Intentional suppression of information (Concealment)
C. A & B are correct
D. None of the above
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Which of the following could be termed Misrepresentation?
A. Innocent misrepresentation
B. Fraudulent misrepresentation
C. A & B are correct
D. None of the above
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When an insurance contract can be declared void?
A. Innocent misrepresentation
B. Fraudulent misrepresentation
C. A & B are correct
D. None of the above
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Why insurance contract is an Adhesion Contract?
A. Insurance Co. has all the bargaining power
B. Client has also great bargaining power
C. Both A & B
D. None of the three
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Which of the following is not a long term goal of an individual?
A. Education/marriage of child
B. Retirement provision
C. Buying a TV set
D. All of the above
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Which of the following could be termed the need of an individual?
A. Specific transaction needs
B. General transaction needs
C. Meeting contingencies
D. All of the above
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Which of the following is a Contingency product?
A. Bank deposits
B. Real Estate
C. Postal savings
D. Insurance
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Contingency products typically address which type of need?
A. Cash requirements
B. Against uncertainties
C. Wealth creation
D. All of the above
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At young age, one tends to be
A. Progressive
B. Aggressive
C. Secured
D. Conservative
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Which of the following is incorrect? (i) - The longer the period of investment, the more they will multiply. (ii)– The lesser the period of investment, the greater they will multiply.
A. Statement (i)
B. Statement (ii)
C. Both (i) and (ii)
D. Neither (i) nor (ii)
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