Question

SECTION A
Q1. All the members of a company sitting in a general meeting were killed by a
Which feature states that the company will not be wound up?
(a) Artificial person
(b) Perpetual succession
(c) Separate legal entity
(d) Common seal
Q2. To which type of insurance is the principle of Indemnity not applicable?
(a) Marine insurance
(b) Fire insurance
(c) Life insurance
(d) Health insurance​

Answer 1

Answer:

Q1 A

Q2 c

Explanation:

Q1 A company is an artificial person. It exists only in contemplation of law and is distinct from the members constituting it. Being distinct from the members, the death, insolvency or retirement of its members leaves the company unaffected. Members may come and go but the company can go forever. It continues even if all its human members are dead. Even where during the war all the members of a private company, while in general meeting were killed by a bomb, the company survived. Not even a hydrogen bomb could have destroyed it.

Q2 Since the value of human life cannot be ascertained, the principle of indemnity does not apply as it is not possible to quantify the loss. Life insurance policies are fixed benefit policies. When a claim is triggered, the defined sum assured gets paid out irrespective of other existing policies of the insured

Answer 2

Answer:

1):-Option (A)

2):-option (C)

here is your answer