B.A. LL.B. (Five Years) Sem 10 Law of Insurance 2021-22 Question Paper - Mumbai University | munotes

Questions asked in this paper

MCQ Multiple choice questions

1. (1) Which of the following is the regulator of Insurance sector in India? (a) RBI (b) AMFI (c) IRDI (d) SEBI
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2. (2) In Life Insurance risk depends on which factors? (a) Job (b) Physical condition (c) Occupation (d) B and c both
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3. (3) When Insurance Regulatory and Development Authority Act commenced? (a) 1971 (b) 1999 (c) 1973 (d) 1997
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4. (4) The Insurer on the payment of premium gives deposit receipt which is called as ______ (a) Premium (b) Data receipt (c) Cover note (d) Insurance receipt
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5. (5) When was the General insurance Corporation of India incorporated? (a) 1971 (b) 1973 (c) 1975 (d) 1972
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6. (6) Which section define deviation in Marine Insurance Act, 1968? (a) sec 33 (b) sec 48 (c) sec 59 (d) sec 42 marks
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7. (7) Insurable interest is the relation between ______ (a) the policy holder and the event insured (b) insurance company and policy holder (c) policy holder and the state (d) insurance company and the government
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8. (8) Which section defines claim tribunal? (a) sec 149 (b) sec 165 (c) sec 168 (d) sec 120
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9. (9) When was life insurance sector nationalised? (a) 1947 (b) 1951 (c) 1956 (d) 1950
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10. (10) Fire insurance provides cover for ______ (a) tangible assets (b) intangible assets (c) fictitious assets (d) business employees
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11. (11) When the same risk and subject matter is insured with more than one insurer is called as ______ (a) double insurance (b) over insurance (c) reinsurance (d) external insurance
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12. (12) Insurance helps to ______ (a) prevent adverse situations from occurring (b) reduce the financial consequences of adverse situations (c) negate all consequences of adverse situations (d) make assets continuously productive
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13. (13) If the policy holder decides to discontinue the plan before the maturity age the life insurance company pays an amount to the policyholder this is called as ______ (a) sum assured (b) surrender value (c) sum insured (d) sum claimed
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14. (14) The part of insurance premium paid by the insurer to an agent or broker for his services in procuring and servicing the insurance is ______ (a) salary (b) premium (c) commission (d) salvage
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15. (15) The committee established under sec. 25 of I.R.D.A. Act, 1999 is known as ______ (a) Tariff Committee (b) Insurance Advisory Committee (c) commission Committee (d) Registration Committee
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16. (16) Cover note is also known as ______ (a) Interim protection note (b) premium notice (c) assignment (d) Nomination
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17. (17) Hull insurance, Cargo Insurance, freight Insurance are types of ______ (a) Fire Insurance (b) Marine Insurance (c) Life Insurance (d) Burglary insurance
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18. (18) All the parties to an insurance contract must deal in good faith, making a full declaration of all material facts in the insurance proposal. This principle is reflected in doctrine of ______ (a) Indemnity (b) Reinstatement (c) Contribution (d) Uberrima Fides
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19. (19) ______ is an arrangement whereby original insurer accepts greater risk than its capacity and insures a part of that risk again with another bigger insurer in order to diminish his own liability. (a) Reinsurance (b) Double Insurance (c) Insurable interest (d) Uberrima fides
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20. (20) The document containing the contract of insurance is called as ______ (a) Insurance policy (b) Cover note (c) Mature policy (d) Premium Notice
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Descriptive Descriptive questions

1. (1) What do you mean by Double Insurance?
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2. (2) What is Suicide clause?
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3. (3) What is Causa Proxima?
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4. (4) Explain the ingredients of Contract Of Insurance.
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5. (5) Explain Hull insurance And Cargo insurance.
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6. (6) Explain the concept of Perils of the sea.
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7. (7) Explain Claims tribunals under Motor vehicles Act, 1988.
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8. (8) What is Aleatory Contract?
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9. (9) Is it true that Husband has insurable interest in his wife's life? explain.
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10. (10) Mr. Ram issued insurance policy from insurance Company. He already have health problems before issuing this policy. Which principle is used in this situation? Explain.
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