IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-24

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Q 1. How is the loss apportioned among insurers under the "contribution" clause?

a) Equally among all insurers

b) Based on the order in which the policies were purchased

c) Proportionate to the premium paid by each insurer

d) Based on the "sum insured" method of apportionment

e) According to the insured's preference

Q 2. When might a surveyor engage the services of salvage agents?

a) Only if the insurer explicitly requests it

b) If the insured is unwilling to cooperate

c) When there is substantial savings by using salvage agents

d) If the surveyor lacks expertise in assessing damages

e) Only in metropolitan areas

Q 3. When might a preliminary survey report be required to obtain sanction from appropriate authorities?

a) Before the surveyor begins their assessment

b) After the final survey report is submitted

c) Upon completion of the preliminary assessment

d) When there are disputes between the insurer and the insured

e) When the estimated liability exceeds certain financial limits

Q 4. What action can a policyholder take if they are dissatisfied with the resolution provided by the insurer's grievance redressal officer?

a) Contact the media

b) Approach the local consumer forum

c) Register a complaint with IRDAI's grievance redressal management system

d) Switch to another insurer

e) Accept the resolution without further action

Q 5. What is the primary purpose of the Gross Fees Policy?

a) To provide compensation for damage to the physical assets of the insured

b) To cover additional expenditure incurred for avoiding or diminishing loss

c) To compensate for losses incurred due to under-insurance against property damage

d) To cover legal, clerical, and other charges incurred in the replacement of important documents

e) To provide compensation for lay-off and retrenchment compensation

Q 6. What is "hold up" in the context of Money Insurance?

a) Delay in payment of wages

b) Unauthorized access to the insured's premises

c) Theft accompanied by violence by any person other than an employee of the insured

d) Natural disaster affecting the insured's business

e) Loss of money due to mechanical failure

Q 7. What are the two main bases on which Hull insurance is generally granted?

a) Ocean and inland

b) Sailing vessels and fishing vessels

c) Time and Voyage

d) One year and six months

e) Air and sea

Q 8. What type of cover might insurers offer for an old motor vehicle proposal instead of comprehensive terms?

a) Third-party risks only

b) Fire and theft risks only

c) Comprehensive cover with no restrictions

d) Partial cover for accidental damages

e) Coverage for mechanical breakdowns only

Q 9. What is the primary obligation of the insured under the motor vehicle package policy condition provided?

a) To abandon the vehicle in case of breakdown

b) To neglect the vehicle to test the insurer's response time

c) To take reasonable steps to safeguard the vehicle and maintain it efficiently

d) To conceal the vehicle's condition from the insurer

e) To deny the insurer access to examine the vehicle or any part thereof

Q 10. How is indemnification calculated for property damage in civil engineering projects?

a) Cost of repairs plus salvage value

b) Actual value of property after the occurrence of loss

c) Cost of repairs necessary to restore the property to its condition before the damage occurred, less salvage

d) Replacement value of the damaged property

e) Market value of the damaged property

Q 11. When are valued policies allowed to be issued according to the fire Tariff?

a) For properties with a fluctuating market value

b) For properties with high market value

c) For properties whose market value cannot be ascertained

d) For properties with low market value

e) Not allowed under the fire Tariff

Q 12. What is the purpose of modifying implied conditions in insurance policies?

a) To make them legally enforceable.

b) To increase the complexity of the policy.

c) To protect the interests of the insured and insurer.

d) To discourage individuals from purchasing insurance.

e) To reduce the premium amount for the insured.

Q 13. Under Electronic Equipment insurance, what does the indemnification cover for loss of or damage to equipment (Section 1)?

a) Replacement of the equipment with new material.

b) Repairs to restore the equipment to its condition before the damage.

c) Replacement of the lost or damaged data media themselves with new material.

d) Payment of the market value of the equipment at the time of loss.

e) Payment of the actual value of the equipment before the occurrence of loss.

Q 14. Why is spray painting of large-scale nature preferably carried out in detached buildings?

a) To increase the risk of fire.

b) To minimize ventilation.

c) To reduce the risk of ignition.

d) To facilitate easier access to equipment.

e) To increase the accumulation of flammable vapors.

Q 15. What is the responsibility of the policyholder regarding assistance to the insurer, according to the final regulation provided?

a) No responsibility

b) Only to pay premiums on time

c) To assist the insurer in the prosecution of a proceeding or recovery of claims against third parties

d) To provide feedback on insurance policies

e) To assist the insurer in marketing its products


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