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      Question

      According to the General Insurance Business

      (Nationalisation) Act, what is the prescribed rate of interest for any unpaid amount, whether in instalments or otherwise, from the appointed day?
      A Three per cent per annum Correct Answer Incorrect Answer
      B Four per cent per annum Correct Answer Incorrect Answer
      C Five per cent per annum Correct Answer Incorrect Answer
      D Eleven per cent per annum Correct Answer Incorrect Answer
      E Thirteen per cent per annum Correct Answer Incorrect Answer

      Solution

      Section 13. Mode of payment: (2) Where any amount is payable whether in instalments or otherwise under the provisions of this section, the unpaid amount, where its payment has become due shall carry interest at the rate of four per cent. per annum from the appointed day.

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