IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-12

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Q 1. What is considered for the calculation of the liability of the insurance company for partial losses, according to the policy?

a) Original purchase price of the vehicle

b) Current market value of the vehicle

c) Actual and reasonable costs of repair and/or replacement subject to depreciation

d) Sum insured mentioned in the policy document

e) None of the above

Q 2. What is the maximum recommended height for stacks of combustible materials in the paper industry?

a) 4 meters

b) 5 meters

c) 6 meters

d) 7 meters

e) 8 meters

Q 3. Under Regulation 4, what is the responsibility of the insurer if a proposal form is not used?

a) The insurer is not responsible for recording any information

b) The insurer must reject the proposal

c) The insurer must record the information obtained orally or in writing and confirm it within 15 days

d) The insurer must charge an additional fee

e) The insurer must ignore the information

Q 4. In what circumstances is an assembly designated as an "unlawful assembly" under Section 141 of the Indian Penal Code?

a) When individuals gather for a peaceful protest

b) When three or more persons gather for any common purpose

c) When five or more persons gather for any purpose without lawful authority

d) When individuals gather for a religious ceremony

e) When two or more persons gather for socializing

Q 5. What major factor affects a surveyor's workload?

a) Technological advancements

b) Coordination difficulties

c) Travel requirements

d) Administrative duties

e) Regulatory changes

Q 6. What types of losses were adjusters concerned with by the mid-20th century?

a) Only fire losses

b) Residential burglaries

c) Bank robberies

d) Goods in transit by road

e) All of the above

Q 7. Why is it necessary for a surveyor to list out all policies covering the loss in case of multiplicity?

a) To increase the claim amount

b) To expedite the claim process

c) To identify potential conflicts between insurers

d) To ensure fairness in claim settlement

e) To avoid informing insurers about other policies

Q 8. What is one benefit of recording all inspection details in a permanent record book?

a) To increase insurance premiums

b) To expedite claim settlements

c) To decrease salvage recovery options

d) To maintain accuracy and completeness of information

e) To avoid involving experts

Q 9. What attributes do insurers typically look for in a surveyor when awarding survey assignments?

a) Marketing skills, negotiation tactics, and communication prowess

b) Technical competence, specialisation, and professionalism

c) Ability to multitask, prioritize, and meet deadlines

d) Salesmanship, persuasive abilities, and networking proficiency

e) Administrative efficiency, documentation accuracy, and time management

Q 10. What is the term used for a person who owes something?

a) Debtor

b) Creditor

c) Assets

d) Liabilities

e) Real Accounts

Q 11. Which method of insuring wages under the policy involves removing wages entirely from the gross profit cover?

a) Insurance for the full indemnity period, including wages for specific employee categories

b) Insurance for a shorter indemnity period, representing the annual amount of wages

c) Insurance on a "Pro-rata" basis, covering wages for selected shorter periods

d) Dual Basis of Insurance, where wages are entirely removed from gross profit cover

e) Insurance for a shorter indemnity period, but with supplemental cover

Q 12. Loss of money in transit due to accident or misfortune is covered under which section of Shopkeeper’s Insurance?

a) Section 3a

b) Section 3b

c) Section 3c

d) Section 3d

e) Section 6

Q 13. Under what circumstances is terrorism cover available?

a) Only at storage points

b) Only during transit

c) Both during transit and at storage points

d) Only during loading and unloading

e) Only during air transport

Q 14. What is the purpose of the declaration included in insurance proposal forms regarding the accuracy of the information?

a) To absolve the insurer of any liability

b) To simplify the underwriting process

c) To protect the interests of the policyholder

d) To ensure the accuracy of the policy premium

e) To convert representations into warranties

Q 15. In the example provided, what additional expenditure is incurred for managing the scheme?

a) Rs.5,000/-

b) Rs.10,000/-

c) Rs.15,000/-

d) Rs.25,000/-

e) Rs.30,000/-



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