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

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

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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 prohibited concerning insurance policies?

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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 does an absolute assignment transfer to the assignee?

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Q. When is a conditional assignment considered valid?

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

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Q. Which of the following policies are eligible for relaxation from Section 64 VB under Rule 59 of the Insurance Rules 1939?

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Q. According to Rule 59 of the Insurance Rules 1939, what provision is made for annual insurances connected with aircraft hulls, other aviation risks, and marine hulls?

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Q. What provision does Rule 59 make for policies issued on the basis of adjustable premium, such as workmen’s compensation and cash in transit?

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Q. For Fidelity Guarantee Insurance covering Government and semi-Government employees, when must the premium be paid according to Rule 59?

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Q. According to Rule 59 of the Insurance Rules 1939, what provision is made for premium payment on policies under Sickness Insurance, Group Personal Accident Insurance, Medical Benefits Insurance, and Hospitalization Insurance Schemes?

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Q. What relaxation does Rule 59 of the Insurance Rules 1939 provide for policies issued to Government and semi-Government bodies under Section 64VB?

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