IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-3

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Q 1. What is the role of the Grievance Redressal Officer (GRO) at the corporate office of an insurer?

a) Handling marketing activities

b) Resolving policyholder complaints

c) Managing financial operations

d) Conducting actuarial analysis

e) Monitoring IT systems
 
Q 2. Which of the following is NOT covered under the Standard Fire and Special Perils policy?

a) Loss or damage to manuscripts

b) Loss or damage to computer system records

c) Loss or damage to precious stones exceeding Rs. 10,000

d) Loss or damage to business books

e) Loss or damage due to change of temperature in cold storage
 
Q 3. Which type of Rural Insurance policy covers horticulture crops like grapes and plantation crops like rubber against specified perils such as fire, storm, flood, and riot?

a) Livestock

b) Property Insurance

c) Agricultural Pump set policy

d) Failed Well Insurance

e) Salt Works policy
 
Q 4. Which type of policy covers damage sustained by a vessel during the period of the charter?

a) Ship Repairers Liability policy

b) Off-Shore Oil/Gas Units Policy

c) Shipowners Hull and Machinery Policy

d) Charterers’ Liability policy

e) Marine Cargo Insurance
 
Q 5. Which of the following is an example of a physical hazard in Fire Insurance?

a) The insured's credit history

b) The distance from fire brigade facilities

c) The insured's occupation

d) The insured's age

e) The insured's education level
 
Q 6. According to the judge in Rozanes vBowen (1928), why is it the duty of the assured to make a full disclosure to the underwriter?

a) Because the underwriter knows everything

b) Because the underwriter can be easily misled

c) Because the underwriter trusts the representations of the assured

d) Because the underwriter is responsible for assessing the risk

e) Because the underwriter has limited knowledge of the risk
 
Q 7. What is the purpose of the contractual duty of utmost good faith?

a) To maximize profits for the insurer

b) To ensure fairness in premium rates

c) To protect the insured against fraud

d) To emphasize the importance of policy renewal

e) To simplify the claims process for policyholders
 
Q 8. Under the Motor Tariff, what type of policies are allowed for vintage cars?

a) Market value policies

b) Agreed value policies

c) Comprehensive policies

d) Third-party liability policies

e) Excess insurance policies
 
Q 9. What distinguishes "specified perils" insurance policies from "all risks" policies?

a) Specified perils policies cover only specific risks mentioned in the contract, while all risks policies cover all potential risks.

b) Specified perils policies have higher premiums compared to all-risk policies.

c) All risk policies have more exclusions compared to specified perils policies.

d) Specified perils policies are only available for commercial properties, while all risk policies are for personal properties.

e) Specified perils policies have shorter policy terms compared to all-risk policies.
 
Q 10. How are losses, sacrifices, and contributions distributed according to the general average adjustment?

a) Equally among all parties involved in the voyage

b) Based on the discretion of the captain

c) Over the ship, freight, and cargo in a rateable manner

d) Only among the cargo owners

e) As per the decision of the insurance company
 
Q 11. Which of the following is NOT listed as a negative constructional feature in tea factories?

a) Intermediate floors of timber

b) Wooden ducts for flue gases

c) Unprotected structural steel framework

d) Presence of water storage facility

e) Absence of fire fighting equipment
 
Q 12. According to Regulation 9, how long should a surveyor take to furnish his report after the appointment?

a) 15 days

b) 30 days

c) 3 months

d) 6 months

e) 1 year
 
Q 13. What rule states that where a group of particular things has been specified followed by more general terms, the latter must be construed as being of the same kind as the specifically mentioned ones?

a) The rule of strict construction

b) The rule of statutory interpretation

c) The rule of ejusdem generis

d) The rule of contra proferentem

e) The rule of ambiguity resolution
 
Q 14. According to the Code of Conduct, what activity should a surveyor and loss assessor avoid to prevent conflicts of interest?

a) Outsourcing activities

b) Undertaking business activities

c) Consulting services

d) Participating in training programs

e) Performing administrative tasks
 
Q 15. What is one of the "salient features" of the regulations mentioned?

a) Introduction of apprenticeship for insurers

b) Establishment of a professional body for insurers

c) Categorization of surveyors based on experience

d) Enumeration of duties and responsibilities for surveyors

e) None of the above


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