IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-38

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Q 1. How many outdoor hydrants should be provided in addition to any indoor hydrants within the sites of the buildings protected?

a) One

b) Two

c) Three

d) Four

e) Five
 
Q 2. What is the purpose of the Insurance Advisory Committee established under Section 25 of the Act?

a) To oversee the functioning of insurance companies

b) To guide the Authority on matters related to insurance regulations

c) To handle insurance claims

d) To manage insurance investments

e) To appoint members to the Authority
 
Q 3. What is the definition of consideration in the context of insurance contracts?

a) The price of the insurance policy

b) The insurer's promise to indemnify

c) Any act or promise offered by one party and accepted by the other as the price of the other's promise

d) The amount of loss or responsibility suffered by the insured

e) The profit accruing to the insurer
 
Q 4. What are the two kinds of administrative constraints faced by surveyors?

a) Legal and financial

b) Organizational and professional

c) Regulatory and compliance

d) Coordination difficulties and irregular assignments

e) Technical and logistical
 
Q 5. What is the maximum time limit for a surveyor or loss assessor to submit their report to the insurer after the appointment?

a) 60 days

b) 45 days

c) 90 days

d) 30 days

e) 120 days
 
Q 6. What is the primary concern regarding the shaft in the second practical example under the Storage cum Erection policy?

a) Its weight

b) Its origin

c) Its dimensions

d) Its material composition

e) Its condition due to rusting
 
Q 7. What is a recommended practice for surveyors when reported damages are not obvious by visual inspection?

a) Rely solely on visual inspections for assessment

b) Arrange for immediate disposal of affected materials

c) Seek chemical and metallurgical analysis from authorized agencies

d) Initiate legal proceedings against the insured

e) Proceed with the claim settlement without further inspection
 
Q 8. How does the insured typically react when a higher rate of depreciation is applied by the surveyor?

a) Agrees with the assessment

b) Objects to the application of depreciation

c) Requests a higher claim amount

d) Files a lawsuit against the insurer

e) Accepts the decision without question
 
Q 9. What should a surveyor do when it's difficult to establish the precise cause of loss?

a) Omit details of the occurrence from the report

b) Present a detailed analysis of all possible causes

c) Rely solely on the insured's version

d) Provide vague descriptions to confuse the insurer

e) Delay the submission of the report
 
Q 10. What is the deductible amount for each claim arising from "Act of God" perils under the Standard Fire and Special Perils policy?

a) First Rs. 5,000

b) First 10% of the claim amount

c) First Rs. 10,000 for each claim

d) First 2% of the claim amount

e) No deductible
 
Q 11. Who is eligible for the extension covering additional expenses for alternate accommodation?

a) Only the insured's Rail / Road vehicle operators

b) Only the insured's tenants

c) Only the insured's building owners

d) Both tenants and owner occupants

e) Only the insured's plant operators
 
Q 12. Which policy covers loss or damage to cycles by accidental external means?

a) Neon Sign Insurance

b) Hoarding Insurance

c) Pedal Cycle Insurance

d) Fire Insurance

e) Personal Accident Insurance
 
Q 13. What is covered under a hull policy in addition to the vessel itself?

a) Only freight

b) Only disbursements

c) Only the shipbuilder's risks

d) Disbursements and freight

e) Only the ship in the course of construction
 
Q 14. How can moral hazard arising from carelessness be addressed?

a) By imposing excess clauses

b) By increasing the sum insured

c) By ignoring the hazard and issuing the policy

d) By charging lower premiums

e) By avoiding insuring the risk altogether
 
Q 15. Fire policies are considered personal contracts because:

a) They cover personal accidents

b) They require the insurer to personally inspect the property

c) They involve consideration of the insured's personal integrity and moral hazard

d) They only cover specific individuals

e) They are limited to residential properties



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