T.Y B.COM
SEMESTER - 6
INSURANCE PRODUCT
(IP)
MCQS - ASSIGNMENT AND
NOMINATION
(1) Life insurance policy is a ________ of the policy holder.
(a) Asset
(b) Liability
(c) debt
(d) none of these
(2) ______ can transfer the rights, title and interest in the life insurance policy to the assignee.
(a) Assignee
(b) assignor
(c) insurance company
(d) heirs of the policy holder
(3) Assignment means _______ of rights, title and interest in the property from the assignor to assignee.
(a) purchase
(b) sale
(c) transfer
(d) none of above
(4) According to Insurance Act, ________ Section _______ transfer or assignment of a life insurance policy can be done by endorsement or an instrument.
(a) 1936; 36 (2)
(b) 1938; 38 (1)
(c) 1940; 40 (1)
(d) 1942; 42 (a)
(5) Transfer or Assignment of life insurance policy can be done by…
(a) Endorsement
(b) an instrument
(c) (a) & (b) both
(d) none of these.
(6) When assignment is done by ___ stamp duty is payable.
(a) Endorsement
(b) an instrument
(c) both (a) & (b)
(d) none of these
(7) When assignment is done by _______ stamp duty is not necessary.
(a) Endorsement
(b) an instrument
(c) both (a) & (b)
(d) none of these
(8) The endorsement or a separate deed must be signed by _______ or ______.
(a) Assignor; assignee
(b) assignee; insurance company
(c) authorized agent of the transferor; assignee
(d) Assignor; authorized agent of the transferor
(9) _______ must attest the signature of the assignor.
(a) Assignor
(b) assignee
(c) a witness
(d) insurance company
(10) The assignment is complete and effective …
(a) when it is executed and sent to the insurer along with notice
(b) when it is executed and sent to assignor along with notice
(c) when it is executed and sent to assignee along with notice
(d) none of these
(11) The assignment is effective when _______ is delivered to insurer.
(a) assignment
(b) notice
(c) (a) & (b) both
(d) none of these
(12) Upon the receipt of notice the insurer shall ______
(a) record the facts of such transfer or assignment together with dates.
(b) send the assignment to the assignee.
(c) send the notice to the assignor
(d) cancel the policy.
(13) Subject to the terms and condition of the transfer or assignment ______ is entitled to benefits under the policy.
(a) transferee or assignee
(b) transfer or assigner
(c) insurer
(d) none of these
(14) Assignments are either _________ or ________.
(a) absolute; conditional
(b) absolute; unconditional
(c) (a) & (b) both
(d) none of these
(15) ________ is a simple way to ensure easy payment.
(a) nomination
(b) assignment
(c) (a) & (b) both
(d) none of these
(16) Nomination can be done …
(a) at the time of proposal
(b) at any time during the currency of the policy
(c) (a) & (b) both
(d) none of these
(17) ________ can nominate the person or persons, to whom the money shall be paid in the event of his death.
(a) insurer
(b) nominee
(c) the policy holder
(d) assignee
(18) A nomination can be done by _______ or _______.
(a) endorsement
(b) separate piece of paper
(c) (a) & (b) both
(d) none of these
(19) Nomination must be communicated to _________ and should be registered by ________.
(a) insurer; insurer
(b) nominee; insurer
(c) insurer; nominee
(d) nominator; insurer
(20) Nomination can be cancelled or changed by the policy holder by…
(a) making another endorsement
(b) making a separate piece of paper
(c) (a) & (b) both
(d) none of these
(21) The insurer should send a ________ of having _______ a nomination or change or cancellation.
(a) written acknowledgement; registered
(b) policy; registered
(c) nomination from; registered
(d) none of these
(22) When a policy is assigned or transferred, the existing nomination is automatically ____.
(a) renewed
(b) canceled
(c) done
(d) none of these
(23) Assignee cannot make a nomination because.......
(a) he is a life assured
(b) he is an assurer
(c) he is not a life assured
(d) none of these
(24) When the policy is _______ to the life assured, he will have to make _______.
(a) assigned; a fresh nomination
(b) reassigned; a fresh nomination
(c) nominated; a fresh assignment
(d) none of these
(25) A nomination gives the nominee ___ in the event of death of life assured.
(a) the right to receive the policy money.
(b) the right to assign/transfer the rights, title and interest in the policy
(c) (a) & (b) both
(d) none of these
(26) In case of a minor the policy holder should appoint _______.
(a) nominee
(b) appointee
(c) assigner
(d) assignee
(27) The appointee must affix his signature to the endorsement either in _______ or on the _______.
(a) assignment; nomination
(b) nomination; assignment
(c) proposal form; text of policy
(d) none of these
(28) _________has a right to revoke the appointment of the appointee and to appoint a fresh appointee.
(a) Appointee
(b) Nominee
(c) Assigner
(d) The assured person
(29) In case of minor the appointee loses his status, when the nominee becomes ________.
(a) insolvent
(b) appointee
(c) major
(d) (a) & (b) both
(30) If the nominee is minor and there is no appointee, the claim amount can be paid to only ________ of the deceased policy holder and not to _____.
(a) guardian; the legal heirs
(b) the legal heirs; guardians
(c) guardian; assignee
(d) assignee; guardian
(31) Nomination can be done ___ or ___the issue of policy but assignment can be done by ___the issue of the policy only.
(a) after; before; after
(b) after; after; before
(c) before; before; after
(d) after; after; afte
(32) Nomination..…, whereas assignment…..
(a) cannot be done by a separate deed; can be done by separate deed
(b) can be done by a separate deed; cannot be done by a separate deed
(c) can be done by a separate deed; can be done by a separate deed
(d) cannot be done by a separate deed; cannot be done by a separate deed
(33) After ________ the policy holder loses control over the policy but after ________ the policy holder retains full control over the policy.
(a) nomination; assignment
(b) assignment; nomination
(c) nomination; surrender
(d) none of these
(34) After _______ the assignee is the owner of the policy.
(a) nomination
(b) surrender
(c) assignment
(d) none of these
(35) __________ need not be supported by a consideration whereas _________ must be supported by a consideration.
(a) assignment; nomination
(b) nomination; assignment
(c) surrender; nomination
(d) nomination; surrender
(36) Nomination _______ witnessed whereas assignment ________ witnessed.
(a) must be; may be
(b) cannot be; can be
(c) may be; must be
(d) can be; may be
(37) _________ has no right to sue under policy but ________ has right to sue under the policy.
(a) assignee; nominee
(b) witness; assignor;
(c) nominee; assignee
(d) assignor; witness
(38) _________ can be altered by the life insured whereas ________ cannot be cancelled by the life insured / assignor.
(a) assignment; nomination
(b) nomination; assignment
(c) a separate instrument; assignment
(d) none of these.
(39) If the nominee is minor appointment of _________ is required in case of nomination whereas appointment of _________ is required in the case of assignment.
(a) guardian; appointee
(b) appointee; guardian
(c) assignee; nominee
(d) none of these
(40) _________ does not get vested interest in the policy whereas _________ acquire interest.
(a) assignee; nominee
(b) nominee; assignor
(c) assignor; nominee
(d) Nominee; assignee
(41) If the nominee dies after the life assured and before settlement of the claim …
(a) the policy money are deposited in government treasury.
(b) the policy money are payable to the heirs of the nominee.
(c) the policy money are payable to the heirs of the life assured.
(d) none of these
(42) If the assignee dies at any time, the policy money…....
(a) are payable to the heirs of nominee
(b) are payable to the heirs of assignee
(c) are payable to the heirs of assignor
(d) are payable to the heirs of nominator
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