IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-28

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Q 1. How is assignment typically affected?

a) On the policy document or through a separate stamped document

b) Verbally with the insurer

c) Through an online portal provided by the insurer

d) Through a legal notice served to the insurer

e) Through an endorsement of the policyholder's bank account
 
Q 2. How is the contribution condition typically worded in interest insurances, such as fidelity guarantee?

a) Each insurer is liable for the entire loss irrespective of other insurance

b) Insurers contribute proportionately based on the sum insured

c) Insurers do not contribute in case of other insurances held by the insured

d) Insurers contribute only if the loss exceeds a certain threshold

e) Insurers do not contribute if the insured holds any other policy
 
Q 3. In a scenario where a direct chain of events can be traced to an excepted peril, what is the insurer's liability?

a) The insurer is partially liable, depending on the involvement of other perils.

b) The insurer is not liable for any losses.

c) The insurer is liable only if the excepted peril is minor.

d) The insurer is liable regardless of the involvement of the excepted peril.

e) The insurer is liable if the excepted peril is the dominant cause.
 
Q 4. Which of the following is an example of general average expenditure?

a) Loss of cargo due to theft

b) Damage to the ship's hull during navigation

c) Hiring tugs to refloat a stranded vessel

d) Repairing minor damages to cargo containers

e) Payment for routine maintenance of the vessel
 
Q 5. What is the preferred location for heavy machinery to minimize the risk of collapse during a fire?

a) Upper floors to prevent damage from flooding.

b) Adjacent to combustible materials for better utilization of space.

c) In areas with limited ventilation to reduce the risk of fire.

d) On the lowest floor to prevent the risk of crashing through a fire-weakened floor.

e) In areas with high ceilings to accommodate the machinery height.
 
Q 6. What amendments were made to the Insurance Act, of 1938, by the Insurance Regulatory and Development Act, of 1999?

a) Introduction of new insurance products

b) Changes in the registration process for insurance companies

c) Revision of minimum paid-up share capital requirements

d) Modification of claim settlement procedures

e) None of the above
 
Q 7. What aspects of a shipowner's liabilities towards cargo owners are dealt with by the Carriage of Goods by Sea Act, of 1925?

a) Only the circumstances when the shipowner is deemed liable for loss or damage to cargo

b) Only the circumstances when the shipowner is exempted from liability

c) Only the limits of liability of a shipowner for loss or damage to cargo

d) All of the above

e) None of the above
 
Q 8. What range of claimant temperaments might a surveyor encounter?

a) Only honest and corrupt

b) Only misinformed and hostile

c) From the most honest to the most corrupt, with various categories in between

d) Only reasonable and unreasonable

e) Only impossible and trading types
 
Q 9. When did independent loss assessors for fire claims begin to emerge?

a) 17th century

b) Early 18th century

c) Early 19th century

d) Late 19th century

e) Early 20th century
 
Q 10. In which policy would the loss of money and/or other property abstracted from a safe following the use of the insured's key is excluded?

a) Electronic Equipment Policy

b) Motor Policy

c) Burglary Policy

d) Health Insurance Policy

e) Travel Insurance Policy
 
Q 11. What is the bounden duty of the insured regarding protecting affected property from further damages?

a) To abandon the property immediately

b) To ignore the damages until the surveyor arrives

c) To minimize the extent of the loss or damage

d) To avoid contacting the insurance company

e) To tamper with the damages for better assessment
 
Q 12. What is the primary purpose of the final survey report according to the text?

a) To expedite the claim settlement process

b) To provide evidence of loss adjustment concurred by the insured

c) To standardize the format across different classes of insurance

d) To minimize the details presented to the insurer

e) To simplify the process for the surveyor
 
Q 13. Which of the following is included in the debit side of the Trading Account?

a) Sales, less returns

b) Closing stock of finished goods

c) Purchases of finished goods, less returns

d) Sales returns

e) Closing stock of raw materials
 
Q 14. Among the options listed, which is NOT a class of insurance recognized for licensing surveyors and loss assessors under IRDA regulations?

a) Marine cargo insurance

b) Engineering Insurance

c) Health insurance

d) Motor insurance

e) Miscellaneous insurance
 
Q 15. Under which section of Householders’ Insurance would loss of or damage to contents due to burglary, housebreaking, larceny, and theft be covered?

a) Section 1

b) Section 2

c) Section 3

d) Section 4

e) Section 5


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