IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-30

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Q 1. What type of damage is covered under Plate Glass Insurance?

a) Scratching and disfiguration

b) Superficial damage

c) Partial breakage

d) Actual breakage

e) Cracking due to temperature changes
 
Q 2. What property is covered against loss or damage by the breakage or collapse of aerial fittings or mast of the television apparatus?

a) Property belonging to the insured's neighbors

b) Property inside the insured's home

c) Property outside the insured's home

d) Property inside the television apparatus

e) Property in the custody of the insured
 
Q 3. According to Lord Mansfield in De Hahn vHartley (1786), what is the significance of a warranty in insurance?

a) Warranties are immaterial and do not affect the validity of the contract.

b) Warranties are introduced for a specific purpose, but the contract remains valid regardless of compliance.

c) Warranties are interchangeable with conditions and must be complied with for the contract to exist.

d) Warranties provide additional protection to the insured against loss or damage.

e) Warranties are optional provisions that can be included at the discretion of the insurer.
 
Q 4. Why do enterprising businessmen or industrialists accept risks in their enterprises?

a) To ensure guaranteed profits

b) To avoid stagnation in economic development

c) To minimize overall economic progress

d) To discourage innovation and progress

e) To maximize losses
 
Q 5. Which type of insurance policy typically contains a condition regarding misrepresentation, misdescription, or non-disclosure of material particulars?

a) Personal accident policies

b) Fire insurance policies

c) Motor insurance policies

d) Health insurance policies

e) Travel insurance policies
 
Q 6. How is indemnity calculated for debris removal costs in fire insurance claims?

a) Based on the selling price of the damaged property

b) Actual expenses of removal incurred by the insured, subject to policy limits

c) Covered fully by the insurance policy

d) Reimbursed based on the replacement cost of the property

e) Not covered under the insurance policy
 
Q 7. Which of the following parts are subject to a depreciation rate of Nil in the case of partial losses?

a) Rubber parts

b) Fiberglass components

c) Glass parts

d) Wooden parts

e) Metal parts
 
Q 8. When can a dispute be referred to arbitration according to the arbitration condition?

a) Only if the insurer accepts liability under the policy.

b) Only if the insured disputes the amount of compensation offered by the insurer.

c) Only if the insured initiates arbitration within 30 days of the loss.

d) Only if both parties agree to arbitration.

e) Only if the insured fails to comply with the policy conditions.
 
Q 9. What does a good layout aim to minimize?

a) The number of employees required for production.

b) The time and expense involved in production processes.

c) The amount of raw material used in production.

d) The variety of products manufactured in the factory.

e) The complexity of machinery used in the factory.
 
Q 10. Within how many days must an insurer respond to any communication from its policyholders according to Regulation 10?

a) 5 days

b) 7 days

c) 10 days

d) 14 days

e) 21 days
 
Q 11. Which of the following is NOT a condition that renders the object of an agreement unlawful according to Section 23 of the Indian Contract Act?

a) It is forbidden by law

b) It would defeat the provision of any law or is fraudulent

c) It involves or implies injury to the person and property of another

d) The court regards it as immoral or opposed to public policy

e) It is of such a nature that it promotes public welfare
 
Q 12. What knowledge is essential for a successful surveyor beyond visiting the site of occurrence?

a) Technical expertise only

b) Knowledge of insurance policy conditions and commercial practices

c) Negotiation skills

d) Accounting practices only

e) Legal expertise
 
Q 13. What was the name changed to for the Canadian Independent Adjusters Conference in 1984?

a) Canadian Independent Adjusters Union

b) Canadian Independent Adjusters Society

c) Canadian Independent Adjusters Association

d) Canadian Independent Adjusters Guild

e) None of the above
 
Q 14. In the first practical example, why was the claim for damages to the sinter bushes likely rejected?

a) Due to the country of origin

b) Due to the inadequate weight of the packaging

c) Due to the inherent vice of the cargo

d) Due to the tearing of the external carton

e) Due to the presence of separators within the external carton
 
Q 15. When is the quantitative extent of loss particularly useful?

a) In cases of partial damages

b) When repair or reconditioning is possible

c) In cases of total losses

d) When the items are fully damaged

e) In all types of losses


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