Q. What is the purpose of the Insurance Act, 1938?

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Q. What amendments were carried out in the Insurance Act, 1938 at the time of passing the IRDA Act, 1999?

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Q. What does the unit primarily focus on in relation to the Insurance Act, 1938?

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Q. What is required for a transfer or assignment to be complete and effectual for the transferee/assignee?

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Q. When is a conditional assignment considered valid?

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Q. What does an absolute assignment transfer to the assignee?

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Q. When can a policyholder nominate a family member/s to receive the policy moneys?

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Q. What is prohibited concerning insurance policies?

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Q. Within what timeframe can an insurer repudiate a policy based on inaccurate or false information in the proposal or document?

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Q. What is the requirement for installment premium payment for policies under certain schemes?

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Q. Fill in the blanks by choosing the right option: The instrument through which a transfer or assignment of a policy of life insurance is made must be ________, ________, and ________.

(i) Signed
(ii) Attested
(iii) Notified
(iv) Stamped

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Q. Nomination may be made by the holder of the policy only when the policy is on _______ life.

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Q. Any person making default in complying with the provisions of section 41 shall be punishable with fine which may extend to _________.

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Q. As per Section 45 of the Insurance Act 1938, a life insurer can repudiate the policy on the ground that any material facts in the proposal or document are inaccurate or false within ___________ from the date of the issuance of the policy or commencement of risk.

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Q. Fill in the blank by choosing the correct option: For policies under Group Personal Accident Insurance, the installment of the premium covering a particular period must be paid within _______ from the date of commencement of that period.

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Q. What type of assignment is valid only if the specified event happens during the lifetime of the life assured?

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Q. Section 39 of the Insurance Act, 1938 provides that the policyholder may nominate ______ to whom the money secured by the policy shall be paid in the event of the death of the policyholder.

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Q. Nomination is canceled where the nominee/s _______ before the policy matures for payment.

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Q. Which of the below assignments transfers to the assignee all rights, title, and interest of the assignor in the policy?

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Q. Fill in the blank by choosing the correct option: Any nomination can be at any time canceled or changed before the policy _______.

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