WorksheetsBusiness Insurance Part 1
Total questions: 10
Worksheet time: 50mins
HUF is a
family which consists of all persons directly descended from a common
ancestor and includes their wives and unmarried daughters
True
False
All
direct descendants of the common male ancestor are called
Members
Co-Parceners
Parceners
Co-members
Karta is
the senior most member of the family and the junior most member is the
manager and the authorized signatory of the HUF
True
False
Loss of
Karta due to his demise, will deprive his family of the skills and expertise
he had and hence the business of the family will suffer losses
True
False
Who can
be the life assured in an insurance policy taken for an HUF?
Only the
members of the HUF
Only the
karta of the HUF
The karta
as well as the members of the HUF
Only the
Authorised Signatory of the HUF
Insurance
taken for an HUF enjoys tax benefits under Sec 80C and 80D of the income Tax
Act in any Financial Year even if they have not filed the income Tax returns
True
False
The
premium for an insurance policy taken by an HUF is paid from
The HUF
funds
The
karta’s personal account
The
co-parceners accounts
All of
the above
An
insurance policy taken for an HUF is an asset of the HUF
True
False
Maturity
proceeds paid under an insurance policy taken by an HUF can be deposited in
the account of
The
co-parceners
The
Karta
The HUF
All of
the above
Which of
the below mentioned plan can be given to an HUF
Pension
Guarantee Plan
Pragati
Cancer
Care
Cardiac
Care
