IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-15

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Q 1. What does the ejusdem generis rule entail regarding the interpretation of general terms following specific ones?

a) It limits the interpretation to items of high value and small bulk.

b) It broadens the interpretation to cover items of various types.

c) It specifies that the terms are confined to items of the same type as the specific ones.

d) It excludes any interpretation of the general terms.

e) It provides exceptions to the interpretation.

Q 2. Which part of the insurance policy takes precedence in case of contradiction between the standard printed form and the typed or handwritten parts?

a) Standard printed form

b) Typed or handwritten parts

c) Endorsement

d) Marginal clauses

e) Gummed clauses

Q 3. What categories were established for surveyors and loss assessors based on the fee structure?

a) Basic, Intermediate, Advanced

b) Bronze, Silver, Gold

c) Category A, Category B, Category C

d) Novice, Experienced, Expert

e) None of the above

Q 4. In which policy would loss occurring when premises are left uninhabited for more than 7 consecutive days and nights be excluded?

a) Motor Policy

b) Burglary Policy

c) Life Insurance Policy

d) Homeowners Insurance Policy

e) Travel Insurance Policy

Q 5. What does the surveyor need to establish regarding the goods to make a suitable adjustment to the price?

a) Their manufacturing date

b) Their retail price

c) Their moving pattern and obsoleteness

d) Their wholesale price

e) Their brand popularity

Q 6. How can the point of origin of a marine loss be determined during a survey?

a) By observing the location of mold and bacterial infection

b) By examining the color of the damaged materials

c) By assessing the extent of water damage

d) By inspecting the condition of nearby wood

e) By testing for the presence of mold and fungus

Q 7. What additional information might be included in the report for items of common use compared to sophisticated technological equipment/products?

a) Detailed financial analysis

b) Information on the insured's background

c) Brief details of the manufacturing processes and products

d) Summaries of previous claims history

e) Personal opinions of the surveyor

Q 8. What does the profits policy provide indemnity for, in addition to loss of gross profit?

a) Increased cost of working

b) Reduction in net profit

c) Decrease in variable expenses

d) Expansion of the business

e) Acquisition of new assets

Q 9. Which of the following perils/covers are included in the widest form of cover under the Industrial All Risks Policy?

a) Earthquake and Tsunami

b) Fire and all Special Perils

c) Theft and Vandalism

d) Crop Damage and Livestock Loss

e) Personal Injury and Medical Expenses

Q 10. Which of the following is excluded from coverage under Baggage Insurance?

a) Loss occurring during routine travel

b) Loss of articles like sticks and umbrellas

c) Theft from unattended luggage

d) Damage to baggage during specified journeys

e) Loss of dealer's stock during transportation

Q 11. What risks are excluded under Institute Time Clauses?

a) Perils of the seas and rivers

b) War, strikes, malicious acts, and nuclear risks

c) Jettison and piracy

d) Collision with aircraft and similar objects

e) Negligence of Master, Officers, Crew, or Pilots

Q 12. During what economic conditions might insured owners of property be tempted to cause deliberate losses?

a) Economic prosperity

b) Times of war

c) Times of technological advancement

d) Periods of high consumer spending

e) Economic stability

Q 13. Why is consent from insurers required for the assignment of fire policies?

a) To increase the premium amount

b) To ensure the assignee's financial stability

c) To allow the insurer to make appropriate inquiries about the assignee

d) To transfer liability to the assignee

e) To expedite the claims process

Q 14. What does the measure of indemnity cover for architects' fees in fire insurance claims?

a) Fees based on the original contract with the architect

b) Actual fees subject to policy limits

c) Fees reimbursed based on the replacement cost of the building

d) Covered fully by the insurance policy

e) Not covered under the insurance policy

Q 15. How are architects' fees typically handled in fire insurance claims?

a) Covered fully by the insurance policy

b) Not covered under the insurance policy

c) Reimbursed based on the original contract with the architect

d) Reimbursed based on the replacement cost of the building

e) Paid only if the architect is directly affected by the fire


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