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100+ Free III IC-24 Practice Questions

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2026 Statistics

Key Facts: III IC-24 Exam

100

Online MCQs per paper

III Examination Handbook

2 hours

Exam duration

III Examination Handbook

60%

Passing mark (75% Distinction)

III Examination Handbook

30

Credit points for IC-24

III credit-point system

INR 600

India paper fee (30 credits) w.e.f. 1.4.2026

III Table of Fees

INR 800

Fresh registration (India) w.e.f. 1.4.2026

III Table of Fees

III IC-24 is a 100-question, 2-hour online MCQ paper on Legal Aspects of Life Insurance. Passing requires 60% (Distinction from 75%). India paper enrollment for this 30-credit subject is INR 600 w.e.f. 1.4.2026, plus INR 800 registration for fresh candidates (taxes extra).

Sample III IC-24 Practice Questions

Try these sample questions to test your III IC-24 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1What is the minimum age to enter into a valid insurance contract in India?
A.18 years
B.21 years
C.25 years
D.16 years
Explanation: Under the Indian Contract Act, a person must be at least 18 years old to enter into a valid contract. Minors cannot form a legally binding contract. This applies to insurance contracts as well.
2Which section of the Insurance Act 1938 deals with the nomination by the policyholder?
A.Section 38
B.Section 39
C.Section 45
D.Section 41
Explanation: Section 39 of the Insurance Act 1938 specifically addresses the nomination of a life insurance policy. It allows the policyholder to nominate a person to receive the policy moneys in the event of death. This ensures clear transfer of benefits.
3What does Section 45 of the Insurance Act 1938 primarily concern?
A.Nomination
B.Assignment
C.Incontestability of policy
D.Rebates
Explanation: Section 45 of the Insurance Act 1938 (as amended) provides that no life insurance policy shall be called in question on any ground whatsoever after three years from issuance, commencement of risk, revival, or rider addition (whichever is later). Within three years, an insurer may challenge the policy for fraud or material misstatement/suppression, with written grounds. This is commonly called the incontestability protection.
4Who regulates the insurance sector in India?
A.PFRDA
B.RBI
C.SEBI
D.IRDAI
Explanation: The Insurance Regulatory and Development Authority of India (IRDAI) is the statutory body regulating the insurance sector. It ensures the protection of policyholders and the growth of the industry. The other bodies regulate different financial sectors.
5What is the concept of 'Uberrimae Fidei' in insurance?
A.Utmost good faith
B.Insurable interest
C.Indemnity
D.Buyer beware
Explanation: Uberrimae Fidei translates to utmost good faith, meaning both parties must disclose all material facts honestly. It is a fundamental principle of insurance law. Failure to do so can render the contract voidable.
6Which of the following is essential for a life insurance contract?
A.Subrogation
B.Insurable Interest
C.Contribution
D.Indemnity
Explanation: Insurable interest is legally required at the time of taking the life insurance policy. It means the policyholder must suffer a financial loss upon the death of the insured. The other options are mainly applicable to general insurance.
7Under the Consumer Protection Act, a consumer is someone who:
A.Obtains goods for resale
B.Avails services for free
C.Buys goods or services for personal use for consideration
D.Provides free goods
Explanation: A consumer is defined as a person who buys any goods or hires/avails of any services for a consideration. It explicitly excludes those who obtain goods for resale or commercial purposes. Free services are also largely excluded from the definition.
8What happens if a policyholder fails to disclose a material fact intentionally?
A.The contract remains valid
B.The IRDAI automatically intervenes
C.The insurer must pay half the claim
D.The contract becomes voidable by the insurer
Explanation: Intentional non-disclosure of a material fact violates the principle of utmost good faith (Uberrimae Fidei). This makes the insurance contract voidable at the option of the insurer. The insurer can refuse to pay the claim in such cases.
9Which mechanism handles disputes between insurers and policyholders without court involvement?
A.Insurance Ombudsman
B.IRDAI Tribunal
C.SEBI
D.Supreme Court
Explanation: The Insurance Ombudsman scheme provides a forum for resolving disputes and complaints from aggrieved policyholders. It acts out of court and aims for quick, impartial settlements. It handles specific types of personal lines insurance disputes.
10An assignment of a life insurance policy under Section 38:
A.Can only be conditional
B.Cannot be revoked once complete
C.Does not transfer ownership
D.Must only be made to family members
Explanation: A valid assignment of a life insurance policy, once complete, is irrevocable and transfers all rights, title, and interest to the assignee. It fundamentally changes ownership. It does not need to be limited to family members.

About the III IC-24 Exam

The III IC-24 Legal Aspects of Life Insurance exam evaluates candidate understanding of key principles and practical concepts in Legal Aspects of Life Insurance. The syllabus encompasses various modules detailed below.

Assessment

100 objective multiple-choice questions in a single online paper. IC-24 is a 30-credit paper under the Insurance Institute of India (III) professional credit system.

Time Limit

2 hours

Passing Score

60% (Distinction at 75% or above)

Exam Fee

INR 600 per subject (30 credit points) for India candidates; fresh candidates also pay INR 800 registration (inclusive of life membership). Taxes extra. Fees w.e.f. 1.4.2026 per III Table of Fees. (Insurance Institute of India (III))

III IC-24 Exam Content Outline

37 questions

Contract Law

Practice questions focusing on contract-law essentials for life insurance.

23 questions

Nomination and Assignment

Practice questions focusing on Sections 38–39 nomination and assignment concepts.

14 questions

Insurance Act 1938

Practice questions focusing on key Insurance Act 1938 provisions for life policies.

11 questions

IRDAI Regulations

Practice questions focusing on IRDAI regulations and policyholder-protection timelines.

10 questions

Consumer Protection

Practice questions focusing on consumer-protection remedies against insurers.

5 questions

Dispute Resolution

Practice questions focusing on Insurance Ombudsman and related dispute forums.

How to Pass the III IC-24 Exam

What You Need to Know

  • Passing score: 60% (Distinction at 75% or above)
  • Assessment: 100 objective multiple-choice questions in a single online paper. IC-24 is a 30-credit paper under the Insurance Institute of India (III) professional credit system.
  • Time limit: 2 hours
  • Exam fee: INR 600 per subject (30 credit points) for India candidates; fresh candidates also pay INR 800 registration (inclusive of life membership). Taxes extra. Fees w.e.f. 1.4.2026 per III Table of Fees.

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

III IC-24 Study Tips from Top Performers

1Study the official III IC-24 coursebook chapter by chapter before mixed mocks.
2Review the core regulations and guidelines relating to this paper.
3Sit full 100-question, 2-hour mocks aiming above 60%, with Distinction practice at 75%+.

Frequently Asked Questions

How many questions are on the III IC-24 exam?

The III objective papers, including IC-24, consist of 100 multiple-choice questions completed in 2 hours online.

What is the IC-24 passing score?

Passing marks for III online MCQ papers are 60% or above. Candidates scoring at least 75% earn Distinction in that subject.

How many credit points does IC-24 carry?

This paper (IC-24) carries 30 credit points under the Insurance Institute of India credit system.