IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-22

Get More Mock Tests Here

Q 1. What is the maximum weekly payment for temporary total disablement, regardless of the capital sum insured?

a) Rs. 500

b) Rs. 2,000

c) Rs. 1,500

d) Rs. 3,000

e) Rs. 1,000

Q 2. In insurance law, what is the consequence of breaching a warranty?

a) The insured must provide additional collateral to the insurer.

b) The insurer must lower the premium rate.

c) The insurer may avoid a claim any time after the breach, regardless of its impact on the risk or loss.

d) The insured is entitled to receive double the coverage amount.

e) The policy automatically extends for an additional term.

Q 3. Which of the following is an example of a business risk?

a) Winning a lottery

b) Sudden illness

c) Destruction of property by fire

d) Unexpected promotion

e) Finding a lost item

Q 4. Which type of facts are insurers presumed to know in the absence of specific inquiry?

a) Facts diminishing the risk

b) Facts known only to the proposer

c) Facts that could be ascertained from the information supplied by the proposer

d) Matters of law

e) Facts discovered during a risk inspection

Q 5. How do insurers handle salvage glass under a Plate Glass policy?

a) Salvage glass is discarded

b) Salvage glass becomes the property of the insured

c) Salvage glass is sold to recover costs

d) Salvage glass is preserved and becomes the property of the insurers

e) Salvage glass is repaired and reused

Q 6. When should the insured claim immediately on carriers or bailees according to cargo insurance policies?

a) Only if the loss is substantial

b) Only if the carrier denies responsibility

c) Immediately after receiving the insurance payout

d) As soon as any missing packages are noticed

e) Only if instructed to do so by the insurer

Q 7. What is the purpose of the subrogation condition in insurance policies?

a) To absolve the insured from any liability for the loss.

b) To transfer the insured's rights and remedies against other parties responsible for the loss to the insurer.

c) To ensure that the insured receives full compensation for the loss.

d) To exempt the insurer from any obligation to indemnify the loss.

e) To limit the insurer's liability for the loss.

Q 8. What contributes to the fire hazards associated with boiler installations?

a) Use of electricity in boiler operation.

b) Storage of fuels such as coal, furnace oil, and natural gas.

c) Adequate ventilation around the boiler.

d) Presence of firefighting equipment near the boiler.

e) Location of the boiler near water sources.

Q 9. Which of the following statements about the Redressal Public Grievances Rules, 1998, is true?

a) They apply only to general insurance.

b) They were enacted by the Insurance Act, of 1938.

c) They consist of 21 rules defining various keywords.

d) They were enacted in 1999.

e) They apply to all types of insurance except personal lines insurance.

Q 10. Which Act provides for compulsory public liability insurance for accidents involving hazardous substances?

a) The Sale of Goods Act

b) The Indian Stamp Act, 1899

c) Public Liability Insurance Act, 1991

d) Exchange Control Regulations

e) Indian Penal Code

Q 11. What is the principal objective of a survey in the context of insurance claims?

a) To establish the identity of the insured individual

b) To assess the weather conditions at the time of loss

c) To evaluate the potential for future losses

d) To establish the cause of loss or damage and assess the extent of loss

e) To determine the insured individual's favorite color

Q 12. What was considered necessary to ensure proper professional development among surveyors?

a) Increasing lobbying capacity

b) Introducing a rotation system for surveyor appointments

c) Implementing a systematic training program before licensing

d) Eliminating practical training requirements

e) None of the above

Q 13. Which of the following is NOT listed as a peril covered under Marine (Inland Transit) "B" policy?

a) Fire

b) Lightning

c) Flood

d) Breakage of Bridges

e) Overturning of the carrying vehicle

Q 14. What steps should the surveyor take in cases of reported shortages or pilferages?

a) Formulating an action plan

b) Recording all details of the observations

c) Conferring with eyewitnesses

d) Conducting a closer examination of packing and stuffing arrangements

e) Organizing salvage recovery measures

Q 15. What clause in the fire policy specifies the timeframe within which the insured must submit a claim for loss or damage?

a) The "Right of Entry" clause

b) The "Duty of Assured" clause

c) The "Claims Submission" clause

d) The "Loss Assessment" clause

e) The "Policy Duration" clause


Get More Mock Tests Here