141. Which of the following documents contains rules and regulations for internal management of the business?

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Memorandum of association
Articles of association
Prospectus
Statutory Declaration
✅ The correct answer is B.
Articles of association contains rules and regulations for internal management of the business. Articles of Association is a document which prescribes the rules and bye-laws for the general management of the company and for the attainment of its object as given in the memorandum.

1585. In capital budgeting, two projects who have cost of capital as 12% is classified as

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hurdle rate
capital rate
return rate
budgeting rate
✅ The correct answer is A.
In capital budgeting, two projects who have cost of capital as 12% is classified as hurdle rate. A hurdle rate is the minimum rate of return on a project or investment required by a manager or investor.

1582. When is a policy deemed to be lapsed?

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If the premiums are not paid on due date
If the premiums are not paid before the due date
If the premium has not been paid even during days of grace
If the policy is surrendered
✅ The correct answer is C.
If the premium has not been paid even during days of grace policy is deemed to be lapsed. The policy for which all benefits to the policy holder cease and is terminated due to non payment of premium amount on the due date or even after the grace period is called a lapsed policy.

1580. What does price elasticity of demand measure?

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Change in price caused by changes in demand
The rate of change of sales
The responsiveness of demand to price changes
The value of sales at a given price
✅ The correct answer is C.
The price elasticity of demand measures the responsiveness of the quantity demanded to changes in the price. Demand is inelastic if it does not respond much to price changes, and elastic if demand changes a lot when the price changes. Necessities tend to have inelastic demand.

1573. Which of the following statements are correct?

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The Ombudsman’s authority is limited to claims matters only
The Ombudsman is not a judicial authority
Both the statements above are correct
None of the three
✅ The correct answer is B.
The insurance ombudsman mechanism had been set up by the insurers themselves, as an alternative dispute redressal system. It is a quasi-judicial body, established to address the grievances of customers, without them having to involve themselves in lengthy court proceedings.

1559. The debentures are given a security on assets are called as ________ debentures.

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Unsecured
Secured
Bearer
Registered
✅ The correct answer is B.
The debentures are given a security on assets are called as Secured debentures. These are debentures that are secured against an asset/assets of the company. This means a charge is created on such an asset in case of default in repayment of such debentures.