IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-11

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Q 1. What is the frequency of premium adjustment for package policies?

a) Monthly

b) Quarterly

c) Semi-annually

d) Annually

e) Every two years
 
Q 2. What factor affects physical hazards in Marine Insurance related to cargo?

a) The insured's profession

b) The insured's age

c) The method of packing

d) The insured's gender

e) The insured's marital status
 
Q 3. According to the Marine Insurance Act, of 1963, when is a person considered interested in a marine adventure?

a) When they have no legal or equitable relation to the adventure

b) When they have no potential benefit or prejudice from the adventure

c) When they have a legal or equitable relation to the adventure or any insurable property at risk

d) When they have no financial relationship with the adventure

e) When they are not liable in respect of the adventure
 
Q 4. What is the significance of breaches of utmost good faith in insurance contracts?

a) They lead to automatic policy renewals

b) They result in premium adjustments

c) They allow insurers to repudiate the contract

d) They trigger immediate compensation for the insured

e) They facilitate policy modifications
 
Q 5. What action is required of the insured upon an event covered by a burglary policy?

a) The insured should immediately file a claim with the insurers

b) The insured must waive their rights to subrogation

c) The insured should execute assurances and take actions to recover lost property

d) The insured should bear all expenses related to the claim

e) The insured is not required to take any action
 
Q 6. How are exclusions typically framed in standard insurance policies?

a) To provide coverage for all potential risks.

b) To discourage insureds from purchasing insurance.

c) To limit coverage to a basic minimum and maintain reasonable premiums.

d) To include coverage for risks not commonly encountered.

e) To provide coverage for both personal and commercial properties.
 
Q 7. In cargo damage, who typically bears the loss according to the distinction between the particular average (P.A.) and the general average (G.A.)?

a) The shipowners

b) The cargo owners or their insurers

c) The salvors

d) The freight forwarders

e) None of the above
 
Q 8. Why are Control Rooms in the hydrocarbon processing industry designed with sturdy constructions and explosion-proof glasses?

a) To enhance the aesthetic appeal of the facility

b) To facilitate easy access for maintenance workers

c) To provide a comfortable working environment for operators

d) To ensure the safety of personnel and equipment in case of explosions

e) To reduce construction costs
 
Q 9. How can a Consumer Forum ensure that hazardous goods are not offered for sale?

a) By issuing an order to withdraw the hazardous goods from sale.

b) By directing the complainant to sell the hazardous goods.

c) By increasing the prices of hazardous goods.

d) By ignoring the issue of hazardous goods.

e) By offering hazardous goods at a discount.
 
Q 10. When does acceptance become effective in a contract of insurance?

a) Immediately upon the insurer's receipt of the proposal

b) Upon the insurer's issuance of a cover note

c) When the insurer processes the claim

d) Upon communication with the party who made the offer

e) When the policy is issued
 
Q 11. How are surveyors categorized based on their level of membership in the Institute?

a) By their age

b) By the number of countries they've worked in

c) By their level of education

d) By their experience as surveyors and loss assessors

e) By their proficiency in multiple languages
 
Q 12. What is the primary requirement for a Company or Firm to obtain or renew a license under Sec64 UM?

a) Having a minimum capital requirement

b) Possessing one or more qualifications specified in Clause (I)

c) Being registered with the Insurance Regulatory Authority

d) Having a large number of employees

e) None of the above
 
Q 13. What is the primary reason insurers prefer not to become the compulsory owners of salvage?

a) To avoid assuming financial responsibility for salvage disposal.

b) To prevent conflicts with insured parties over salvage ownership.

c) To discourage insured parties from filing claims.

d) To facilitate the salvage recovery process.

e) To minimize their involvement in salvage operations.
 
Q 14. What action does a surveyor take to avoid tampering with stock-related records during the assessment?

a) Videography of the damaged items

b) Reviewing the insurer's policy documents

c) Perusing and initialing stock-related books during the first visit

d) Organizing salvage recovery measures

e) Interviewing eyewitnesses
 
Q 15. What is the purpose of a spot survey for motor policies?

a) To assess future risks

b) To finalize the claim settlement

c) To record visible damages and gather relevant information

d) To estimate long-term damages

e) To conduct a thorough investigation of the accident scene



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