Question

Can policies be financed from the HUF income for the benefits of only one member?

a.

Yes

b.

No

c.

It depends on the decision of the Karta

d.

None of the above

Posted under IC22 Life Insurance Underwriting

Answer: (b).No Explanation:Neither the 'karta' nor any other member of the HUF can take policies to be financed from the HUF income, seeking the benefits only for himself or his immediate dependents.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. Can policies be financed from the HUF income for the benefits of only one member?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. Who will be the owner of a policy affected under HUF?

View solution

Q. Can an HUF earn income from investment of its funds?

View solution

Q. How is the insurance cover amount for an HUF policy calculated?

View solution

Q. What is the Married Women's Property (MWP) Act?

View solution

Q. What is the provision of Section 6 of the MWP Act?

View solution

Q. Who can be the beneficiary under the MWP Act?

View solution

Q. Can the beneficiaries of policies taken under the MWP Act be changed by the proposer at any time?

View solution

Q. Who can claim the benefits of policies taken under the MWP Act?

View solution

Q. What is the difference in beneficiary specification for Mohammedan and Non-Mohammedan proposers under the MWP Act?

View solution

Q. How can the cover amount for a policy issued under the MWP Act be determined?

View solution

Q. What is the starting point for financial underwriting?

View solution

Q. For small to moderate insurance covers, what information is sufficient for an underwriter?

View solution

Q. For business insurance, which of the following documents are required?

View solution

Q. How long of a salary slip history should be provided to estimate a steady and realistic income?

View solution

Q. For which type of insurance covers is very little financial underwriting required?

View solution

Q. What is required for business insurance?

View solution

Q. What financial documents are required for self-employed applicants/professionals?

View solution

Q. What is the basic financial document required for all cases?

View solution

Q. What is the standard income document required for salaried applicants?

View solution

Q. Which document can be used to estimate the annual income of the life assured in case the applied sum assured is not justifiable based on income documents?

View solution
View All MCQs on IC22 Life Insurance Underwriting

Recommended Subjects

Are you eager to expand your knowledge beyond IC22 Life Insurance Underwriting? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Foundation Engineering

Master the principles of Foundation Engineering with our specialized category....

Enzyme Technology

Unlock the power of enzymes with our Enzyme Technology category. Explore enzyme...

DC Machines

Dive into the fundamentals of direct current (DC) machines with our specialized...

Surveying

Master the art of land surveying and geomatics with our Surveying category. Explore...

Drug and Pharmaceutical Biotechnology

Navigate the world of pharmaceuticals and biotechnology with our dedicated category....

IC22 Life Insurance Underwriting

Prepare for success in the Insurance Institute of India (III) examination with IC22...

Cost Accounting

Dive into the realm of Cost Accounting with our specialized category. Explore cost...

IC85 Reinsurance Management

Gear up for success in the Insurance Institute of India (III) examination with IC85...

Mechanical Engineering

Explore the world of Mechanical Engineering with our specialized category. Dive into...