IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-14
IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-14
Q 1. what would happen if insurance coverage for business risks were provided?
a) Economic progress would be encouraged
b) Businesses would have better risk management practices
c) Insurers would have better knowledge of economic factors
d) Insured parties would rely on insurance protection rather than making efforts to avoid losses
e) Insurance premiums would decrease
Q 2. Which of the following is an example of a material fact in fire insurance?
a) The insured's favorite color
b) The size of the insured's family
c) The construction of the building
d) The insured's favorite food
e) The insured's hobbies
Q 3. How can the additional cost of reinstatement of buildings due to municipal regulations be covered under fire insurance?
a) Automatically covered under the policy
b) Covered through a separate municipal regulations insurance
c) Included in the sum insured of the fire insurance policy
d) Reimbursed based on the market value of the property
e) Not covered under the insurance policy
Q 4. What type of insurance covers properties sold under a contract that is canceled either wholly or to the extent of the loss or damage?
a) Reinstatement value insurance
b) Valued insurance
c) Specific goods insurance
d) Contract price insurance
e) Municipal regulations insurance
Q 5. What does the usual contribution condition specify in insurance policies?
a) The insured must contribute a fixed amount towards any loss.
b) The insurer is solely responsible for covering the entire loss regardless of other insurance policies.
c) The insurer is liable to pay only a proportionate share of the loss if multiple policies cover the same property.
d) The insured is entitled to receive compensation equivalent to the total sum insured under all policies.
e) The insured is exempt from bearing any portion of the loss if other insurance policies are in place.
Q 6. What construction material is recommended for incinerators to mitigate fire risks?
a) Wood for easy maintenance.
b) Metal for durability.
c) Bricks or masonry lined with refractory material.
d) Plastic for cost-effectiveness.
e) Fiberglass for insulation.
Q 7. Which of the following statements about filing a complaint with consumer redressal agencies is true?
a) Only advocates are allowed to file complaints.
b) Complaints can only be filed in person, not by post.
c) There is a fee for filing a complaint.
d) Complaints can be filed by the complainant or their authorized agent, personally or by post, without the need for an advocate.
e) Complaints can only be filed electronically.
Q 8. Which Act gives effect to the provisions of the Warsaw Convention and the Hague Protocol relating to international carriage by air?
a) The Multi-Modal Transportation Act, 1993
b) The Carriage by Air Act, 1972
c) The Workmen’s Compensation Act, 1923
d) The Employees’ State Insurance Act, 1948
e) The Indian Ports (Major Ports) Act, 1963
Q 9. What is the primary purpose of discussing with the insured regarding the mode of repair, replacement, or reinstatement?
a) To negotiate settlement terms with the insured
b) To create additional paperwork
c) To determine the insured's favorite color
d) To capture evidence of damages
e) To decide the appropriate course of action based on the nature of loss/damage
Q 10. What step was taken in the UK to provide recognition to surveyors?
a) Granting of the charter by the Queen in 1961
b) Establishment of statutory regulations
c) Formation of a monitoring formal body
d) Introduction of parliamentary acts
e) None of the above
Q 11. Which of the following is NOT an example of an express warranty in an insurance policy?
a) The insured warrants that no inflammable material with a flashpoint below 32 degrees Celsius is stored in the warehouse.
b) The insured warrants that the premises will be used solely as a shop and no manufacturing activities will occur.
c) The insured warrants that the policy will cover all possible damages.
d) The insured warrants that goods will be packed in new double gunny bags.
e) The insured warrants that the insured property will not be used for illegal purposes.
Q 12. What must the surveyor ensure when the insured sells salvage to safeguard the insurer's interest?
a) The insured receives the full amount of the loss.
b) The insured has first-hand knowledge of the market.
c) The insured understands the terms and conditions of the insurance contract.
d) The insured retains the money received from salvage sales.
e) The insured provides detailed records of salvage sales.
Q 13. What can olfactory analysis be useful for in assessing damages?
a) Identifying potential insurance fraud
b) Estimating the cost of repairs
c) Determining the presence of contaminants
d) Assessing structural integrity
e) Identifying the cause of the damage
Q 14. Who typically ratifies the claim note at various levels during claim processing?
a) Senior administrative assistants
b) Surveyors
c) Insured parties
d) Senior officials at different levels
e) Claim settling authority
Q 15. Which of the following is NOT considered a traditional class of general insurance business?
a) Fire insurance
b) Marine insurance
c) Miscellaneous insurance
d) Health insurance
e) Life insurance