IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-36

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Q 1. What is the duration of the license granted to individual surveyors for practicing under specific departments?

a) 1 year

b) 2 years

c) 3 years

d) 5 years

e) 10 years
 
Q 2. What factor determines the admissibility of the claim for damages under the Storage cum Erection policy in the second example?

a) Atmospheric conditions

b) Delayed erection

c) Transportation mode

d) Type of machinery

e) Manufacturer's warranty
 
Q 3. In marine claims, what is the primary factor considered for adjustment?

a) Depreciation

b) Under insurance

c) Salvage recovery

d) Excess limits

e) Policy premiums
 
Q 4. Which type of policy is generally not available with a reinstatement clause?

a) Fire policies

b) Marine cargo policies

c) Engineering policies

d) Burglary policies

e) Baggage insurance policies
 
Q 5. In which types of claims would a surveyor typically feel the need for accounting knowledge?

a) Health and Life Insurance

b) Travel Insurance

c) Fire and Miscellaneous branches

d) Automotive Insurance

e) Home Insurance
 
Q 6. What should the sum insured represent if the indemnity period is 12 months or less?

a) Twice the annual gross profit

b) Half the annual gross profit

c) The annual net profit only

d) The annual gross profit plus insured standing charges

e) The quarterly gross profit
 
Q 7. Against which risks does the policy indemnify the insured regarding jewelry and precious stones?

a) All risks

b) Only fire and lightning

c) Only burglary and theft

d) Damage due to atmospheric conditions

e) Loss during public exhibitions
 
Q 8. Who can avail of Mediclaim insurance policies?

a) Only individuals

b) Only members of registered cooperative societies

c) Only members of service clubs

d) Only members of a particular profession

e) Individuals, family members, and any group, association, or corporate body with a central administration point
 
Q 9. What does a warranty in electronic equipment insurance often require regarding service or maintenance contracts?

a) Regular servicing and maintenance by the insured

b) Regular servicing and maintenance by the insurance company

c) Regular servicing and maintenance by the equipment manufacturer

d) No requirement for service or maintenance contracts

e) Irregular servicing and maintenance by any qualified technician
 
Q 10. What is defined as "future uncertainty as regards financial loss"?

a) Business profits

b) Economic fluctuations

c) Market competition

d) Business risks

e) Pure risks
 
Q 11. Under what circumstances does the duty of disclosure arise during the currency of the policy?

a) Only when the insured relocates to a different address

b) When alterations are made to the existing policy

c) When the insured decides to cancel the policy

d) Upon expiration of the policy term

e) When the insured requests changes to the premium amount
 
Q 12. What are the higher limits provided for property damage liability under Motor Comprehensive policies for two-wheelers and all other vehicles, respectively?

a) Rs. 500,000 and Rs. 750,000

b) Rs. 1,000,000 and Rs. 500,000

c) Rs. 100,000 and Rs. 750,000

d) Rs. 750,000 and Rs. 100,000

e) Rs. 250,000 and Rs. 1,000,000
 
Q 13. What approach generally applies to the application of indemnity to various properties covered under miscellaneous policies?

a) Fixed payment approach

b) Market value assessment

c) Book value accounting

d) Actual monetary loss computation

e) Depreciation-based calculation
 
Q 14. According to Section 60(2)(ii) of the Act, when is there a constructive total loss?

a) When the ship is destroyed.

b) When the ship encounters severe damage during a storm.

c) When the cost of repairing the damage exceeds the value of the ship when repaired.

d) When the ship is abandoned by the crew.

e) When the ship encounters pirates and is captured.
 
Q 15. What is a key consideration when judging the merits of floors in a building?

a) The number of floors in the building.

b) The existence of floor openings.

c) The presence of hoists and staircases.

d) The height of the building.

e) The distance between floors.


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