IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-43

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Q 1. In the given scenario of a fire in the neighborhood causing window panes of a shop to break due to mob violence, which cause is considered proximate?

a) The fire.

b) The mob violence.

c) Both the fire and mob violence.

d) The window panes breaking.

e) None of the above.
 
Q 2. In what situation does an actual total loss occur?

a) When the subject matter is damaged beyond repair

b) When the subject matter is partially damaged

c) When the assured is temporarily deprived of the subject matter

d) When the subject matter is damaged but still usable

e) When the subject matter is destroyed or irretrievably lost
 
Q 3. What is the primary reason for maintaining safe distances between bulk storage tankages and other facilities in a petrochemical complex?

a) To optimize transportation routes

b) To facilitate communication between different areas

c) To minimize the risk of fire and explosion

d) To reduce construction costs

e) To improve aesthetic appeal
 
Q 4. What is the main object of the Consumer Protection Councils established under the Consumer Protection Act?

a) Enforcement of consumer rights

b) Promotion of consumer welfare

c) Regulation of consumer prices

d) Issuance of consumer licenses

e) Compilation of consumer complaints
 
Q 5. What distinguishes extortion from robbery according to the Indian Penal Code?

a) The extortion involves a threat of violence against the victim

b) The offender demands property in exchange for the victim's safety

c) The offender is in the presence of the person put in fear during the extortion

d) The extortion occurs in a public place

e) The offender is armed during the extortion
 
Q 6. When is a surveyor's competency and fairness in assessment validated?

a) When receiving appreciation from the insurer only

b) When receiving appreciation from the insured only

c) When receiving appreciation from both the insured and the insurer

d) When encountering legal scrutiny only

e) When encountering technical challenges
 
Q 7. Which of the following is NOT a requirement of the Code of Conduct for surveyors and loss assessors?

a) Behaving ethically and with integrity

b) Striving for objectivity in professional judgment

c) Acting impartially when acting on instructions from an insurer

d) Providing biased opinions to favor a particular party

e) Maintaining proper records for work done
 
Q 8. What does the examination of shipping documents help confirm in a marine insurance claim?

a) The quality of the goods

b) The insurable interest of the insured

c) The authenticity of the insurance policy

d) The insured's previous claims history

e) The potential for future claims
 
Q 9. What is the policy wording regarding depreciation in machinery and engineering policies?

a) No depreciation is deducted

b) Only limited depreciation is deducted

c) Depreciation is deducted for all replaced parts

d) Depreciation is deducted for certain parts with limited life

e) Depreciation is deducted based on the insured's occupation
 
Q 10. What supplementary findings might a surveyor reference to supplement their findings regarding the cause of loss?

a) Personal opinions of the insured

b) Chemical tests by laboratories, meteorological reports, police inquiries, and news coverage

c) Previous claims history

d) Eyewitness testimonies provided by the insured

e) Surveyor's personal experiences
 
Q 11. How are assets and liabilities arranged in Method 2 of presenting the balance sheet?

a) By order of realisability

b) By order of permanency

c) Alphabetically

d) By monetary value

e) Randomly
 
Q 12. In the Dual Basis of Insurance method, for how long are full wages typically insured initially?

a) 1 week

b) 4 weeks

c) 12 weeks

d) 26 weeks

e) 52 weeks
 
Q 13. What does Fidelity Guarantee Insurance primarily protect employers against?

a) Damage to company-owned property

b) Loss of business income

c) Financial loss due to employee dishonesty

d) Legal expenses in case of employee disputes

e) Accidents in the workplace
 
Q 14. What type of risks are covered under Inland Transit (Rail or Road) Clause "C"?

a) All risks of loss or damage

b) Fire risk only

c) Fire, lightning, and theft

d) Fire, lightning, and collision

e) Fire, lightning, and flood
 
Q 15. Which type of warranties do not appear in the policy but apply to a contract of insurance?

a) Express warranties

b) Implied warranties

c) General Warranties

d) Specific warranties

e) Conditional warranties


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