Legal Aspects of Insurance - 1.1

• Valid contract is a contract:-
  Enforceable by law
• In the present globalization scenario all countries in the world came closer in all aspects of insurance business.
  True
• The Indian Post Act,1898 covers:-
  Loss of property , Wrong delivery , Delay in delivery
• Hut Insurance scheme provides compensation of Rs ________ for belongings to poor families when their huts are destroyed by fire.
  500
• The Employees State Insurance Act applies to all factories where:-
  10 or more employees are there & manufacturing is carried on with power , 20 or more employees are there & manufacturing is carried on without power
• The consent of the parties cannot be termed as a free consent when it is obtained by :-
  Fraud , Misrepresentation , Under undue influence
• Project Insurance covers installed machinery.
  False
• A promise is an agreement, but every promise is not an agreement________.
  Enforceable by law
• "In Insurance, the loss should arise out of some particular peril and risk", this principle is known as :-
  Principle of proximate cause
• Free consent of the parties must be obtained by:-
  Showing willingness
• Intention to cause or knowing act to cause a wrongful loss or damage to public or any person is known as:-
  Mischief
• Giving a reason of repudiation is not duty of Surveyor.
  False
• Insurance for Vehicle of Central & State Government is not compulsory because:-
  They have created a separate Fund
• The employer is not liable to pay compensation to employee if:-
  Accident happens while he was engaged in his personal work , Disease suffering is not inherent to the occupation
• Malicious civil action is a type of tort to property.
  False
• It is not necessary that rules & regulations formed by IRDA has to be followed by all insurance companies.
  True
• Due to compulsory insurance of vehicle people know about ________ insurance.
  Motor