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    Question

    As per the Insurance Act which of the following

    conditions would not disqualify a person from being appointed as an insurance agent?
    A The person is a minor Correct Answer Incorrect Answer
    B The person has been found guilty of criminal misappropriation, but at least five years have elapsed since the completion of the sentence Correct Answer Incorrect Answer
    C The person has knowingly participated in fraud or dishonesty against an insurer or insured Correct Answer Incorrect Answer
    D The person has not passed the required examination specified by the regulations Correct Answer Incorrect Answer
    E The person lacks the requisite qualifications or practical training as specified by the regulations Correct Answer Incorrect Answer

    Solution

    Section 42.   Appointment of insurance agents: (3) The disqualifications referred to in the proviso to sub-section (1) shall be the following: -- (a) that the person is a minor; (b) that he is found to be of unsound mind by a court of competent jurisdiction; (c) that he has been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence by a court of competent jurisdiction: Provided that where at least five years have elapsed since the completion of the sentence imposed on any person in respect of any such offence, the Authority shall ordinarily declare in respect of such person that his conviction shall cease to operate as a disqualification under this clause; (d) that in the course of any judicial proceeding relating to any policy of insurance or the winding up of an insurer or in the course of an investigation of the affairs of an insurer it has been found that he has been guilty of or has knowingly participated in or connived at any fraud, dishonesty or misrepresentation against an insurer or insured; (e) that in the case of an individual, who does not possess the requisite qualifications or practical training or passed the examination, as may be specified by the regulations; (f) that in the case of a company or firm making, a director or a partner or one or more of its officers or other employees so designated by it and in the case of any other person the chief executive, by whatever name called, or one or more of his employees designated by him, do not possess the requisite qualifications or practical training and have not passed such an examination as required under clauses (e) and (g); (g) that he has not passed such examination as may be specified by the regulations; (h) that he has violated the code of conduct as may be specified by the regulations.

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