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      Question

      Where any amount is payable whether in instalments or

      otherwise under section 13 of the General Insurance Business (Nationalisation) Act, the unpaid amount, where its payment has become due shall carry interest at the rate of ____________ from the appointed day
      A Two per cent per annum Correct Answer Incorrect Answer
      B Three per cent per annum Correct Answer Incorrect Answer
      C Four per cent per annum Correct Answer Incorrect Answer
      D Five 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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