IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-29

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Q 1. How should a surveyor handle pressure tactics from the insured or other parties during the assessment process?

a) Succumb to pressure and expedite the assessment

b) Ignore the pressure and proceed independently

c) Work at excessive speed to meet demands

d) Escalate the issue to higher authorities

e) Refuse to proceed until pressure tactics cease
 
Q 2. What is NOT a duty of the Surveyors and Loss Assessors Committee?

a) Recommending the syllabus for examination and practical training requirements

b) Improving and developing the status and standard of the profession

c) Setting insurance premiums for different categories of policies

d) Coordinating with educational institutions with similar objectives

e) Dealing with complaints of the insured or insurer regarding survey work
 
Q 3. What determines the final decision on the admissibility of a claim based on the proximate cause of loss?

a) The insured's statement

b) The insurer's discretion

c) The policyholder's preference

d) The insurance agent's opinion

e) Referring to the conditions in the respective policy and consulting with the insurer
 
Q 4. How is the quantification of cotton bales typically done in cases of total loss?

a) By weighing each bale individually

b) By counting the bales

c) By using volumetric measurements

d) By assessing material balance calculations

e) By measuring smoke marks on the walls
 
Q 5. Which type of obsolescence relates to the difference between the design and materials of construction presently used compared to the item being assessed?

a) Technological

b) Functional

c) Economic

d) Mechanical

e) Structural
 
Q 6. In case irregularities like overwriting or tampering are observed in the records, what should the surveyor do?

a) Ignore the irregularities and proceed with the assessment

b) Request the claimant to explain the irregularities

c) Verify the relevant entries with source documents

d) Make a note of the irregularities but take no further action

e) Report the irregularities to the insurer without further investigation
 
Q 7. What is covered under the insurance provided for in item 1 of the Gross Fees Policy?

a) Loss of gross fees due to standard gross revenue falling short during the indemnity period

b) Increased cost of working incurred by the insured

c) Loss of net profit due to reduced business turnover

d) Compensation for damage to physical assets of the insured

e) Legal fees incurred by the insured in pursuing insurance claims
 
Q 8. According to the specimen table of benefits, what is the compensation payable for the loss of one limb or one eye if the sum insured is Rs1 lac?

a) Rs. 1,00,000

b) Rs. 50,000

c) Rs. 25,000

d) Rs. 75,000

e) Rs. 1,50,000
 
Q 9. Which type of Rural Insurance policy covers damage to earthwork and salt on platforms by storm, flood, and unseasonal rainfall?

a) Livestock

b) Property Insurance

c) Agricultural Pump set policy

d) Failed Well Insurance

e) Salt Works policy
 
Q 10. In engineering insurance, what does a warranty in a boiler policy typically require regarding inspections?

a) Annual inspections by government inspectors

b) Quarterly inspections by the insured

c) Biennial inspections by independent contractors

d) No inspections required

e) Monthly inspections by insurance agents
 
Q 11. How can risks be managed?

a) By avoiding them entirely

b) By ignoring their existence

c) By transferring them to others

d) By minimizing or eliminating them through better management techniques

e) By accepting them without taking any action
 
Q 12. In marine insurance, which detail about the voyage is considered a material fact?

a) The captain's favorite food

b) The color of the ship's flag

c) The name of the ship

d) The captain's favorite hobby

e) The number of crew members
 
Q 13. Under what circumstances does the principle of contribution apply?

a) When the insured has multiple policies with different perils covered

b) When the policies are not legally enforceable

c) When the policies cover different insurable interests

d) When the subject matter and peril causing the loss are common to all policies

e) When the policies are not in force at the time of loss
 
Q 14. In what scenario are group personal accident policies treated as contracts of indemnity?

a) When the employer is not liable for employee wages

b) When the policy covers only certain accidents

c) When the insured opts for fixed benefit coverage

d) When the insurer provides additional coverage without consent

e) When the policy is taken out for personal use
 
Q 15. What is the purpose of the condition in Burglary insurance requiring immediate notice to the police?

a) To file a lawsuit against the insurance company.

b) To inform the neighbors about the incident.

c) To prevent further loss or damage.

d) To avoid insurance coverage.

e) To comply with legal obligations.


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