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Estate planning as a process includes?

A.

Accumulation of an estate

B.

Conservation of an estate

C.

Distribution of an estate

D.

All of the above

Section 45 of the Insurance Act,1938 places a check on the power of insurer to avoid life policy on the ground of innocent misrepresentation after the expiry of ____________ of the policy term

A.

Six month

B.

One year

C.

Two years

D.

Five years

In case one wants to sell his/her business interest __________ and __________ are not appropriate.

A.

Lifetime Gifts, Bequest

B.

Lifetime Sale, Bequest

C.

Estate Sale, Buy-Sell Agreement

D.

Buy Sell Agreement, Bequest

Which of the following statement(s) about Ancillary Probate is/are false?

A.

Only (i)

B.

Only (ii)

C.

Both (i) and (ii)

D.

Neither (i) nor (ii)

There are ____________ sources of Law.

A.

Two

B.

Three

C.

Four

D.

Infinite

Which is the following is a part of Executor’s fees?

A.

Funeral Expenses

B.

Master’s fees

C.

Estate duty

D.

All of the above

There are generally________ types of Private Foundations. Out of these, in ____________ arrangement, the donor has no direct participation in any charitable work.

A.

Two, Company-Sponsored Foundation

B.

Three, Non-Operating Foundation

C.

Two, Non-Operating Foundation

D.

Three, Company-Sponsored Foundation

There are ______types of Charitable Trust. Out of these, in ________________ the value of assets are protected against inflation as the payouts vary with the asset value.

A.

Two, Charitable Remainder Unit Trust

B.

Two, Charitable Remainder Annuity Trust

C.

Three, Charitable Remainder Unit Trust

D.

Three, Charitable Remainder Annuity Trust

With reference to Business Succession Planning, ____________ protects the value of the business.

A.

Business Valuator

B.

Private Banker

C.

Insurance Professional

D.

Business Banker

According to ___________ of the Registration Act, 1908 the registration of a Will is not compulsory. A suit can only be filed within ___________days after the refusal of registration by the Registrar. An oral will made by a soldier above 18 years of age will be valid for __________ while a written will be valid for ___________.

A.

Section 18, 30, One month, Forever

B.

Section 18,15,One Month, Three Months

C.

Section 8, 15, One Month, Forever

D.

Section 8, 30, One Month, Forever