IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-51
IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-51
Get More Mock Tests Here
Q 1. How does the Marine Insurance Act define actual total loss in cases of damage?
a) Only when the subject matter is destroyed
b) When the subject matter is partially damaged
c) When the damage makes the subject matter unfit for its intended purpose
d) When the damage reduces the value of the subject matter
e) When the damage is insignificant
Q 2. What is the primary reason for the critical importance of layout in petrochemical complexes?
a) Ease of access for maintenance personnel
b) Optimization of production efficiency
c) Minimization of environmental impact
d) Mitigation of fire and explosion hazards
e) Reduction of construction costs
Q 3. What is the main objective of the Insurance Regulatory and Development Authority (IRDA) Act, of 1999?
a) To regulate the banking sector
b) To promote the stock market
c) To protect the interests of insurance policyholders and ensure orderly growth of the insurance industry
d) To control the telecommunications sector
e) To manage the real estate industry
Q 4. What does the Indian Ports (Major Ports) Act, 1963, define regarding the liability of Port Trust Authorities?
a) Liability for accidents involving port machinery only
b) Liability for loss or damage to goods in their custody
c) Liability for environmental pollution caused by port operations
d) Liability for delays in port operations only
e) Liability for injuries to port workers only
Q 5. Which policy does not require a survey report for claim settlement?
a) Mediclaim
b) Workmen’s compensation
c) Suhana Safar
d) Personal Accident
e) Marine Cargo
Q 6. Which of the following qualifications is NOT listed as a requirement for obtaining a license under Sec64 UM?
a) Engineering degree from a recognized university
b) Membership in a professional accounting institute
c) Actuarial qualifications
d) Diploma in insurance recognized by the Government
e) High school diploma
Q 7. What does the surveyor need to examine closely in the scenario involving garment manufacturing within the premises of a pharmaceutical company?
a) The nature of occupancy
b) The brand of the pharmaceutical products
c) The manufacturing process of pharmaceuticals
d) The insurance history of the pharmaceutical company
e) The packaging materials used in the pharmaceutical products
Q 8. What is the primary concern when using accounting methods for depreciation in insurance claims?
a) Consistency in rates
b) Adaptation to insurance policy terms
c) Consideration of asset condition and utility
d) Reflection of replacement cost of new
e) Compliance with income tax regulations
Q 9. When is it preferable to present details of large losses involving many items in the form of a table as an annexure?
a) When the insurer requests it
b) Only when repairs are carried out
c) When the surveyor is convinced about the veracity of the claim
d) When the loss assessment is complex
e) When the items involved are few
Q 10. In cases of high-value claims, what specialist is generally expected to be involved by the insurer?
a) Legal Expert
b) Marketing Specialist
c) Chartered Accountant
d) Medical Practitioner
e) Engineering Consultant
Q 11. What are variable charges in the context of turnover?
a) Expenses that remain fixed regardless of business volume
b) Expenses incurred in producing goods that vary in amount in direct proportion to the volume of business
c) The net profit earned by the business
d) Expenses that are incurred for expanding the business
e) Expenses that are incurred for marketing and advertising
Q 12. What does the Agricultural Pump set policy typically cover?
a) Loss or damage to livestock
b) Loss of horticulture crops
c) Damage to agricultural pump sets due to mechanical breakdown
d) Failed well construction indemnity
e) Damage to salt works due to storm and flood
Q 13. Which type of cover provides the widest protection for inland transit?
a) Inland Transit (Rail or Road) Clause "C"
b) Inland Transit (Rail / Road) Clause "B"
c) Inland Transit (Rail / Road) Clause "A"
d) Inland Transit (Waterway) Clause "C"
e) Inland Transit (Air) Clause "B"
Q 14. According to the Marine Insurance Act, what is implied in a voyage policy regarding the ship's seaworthiness?
a) A warranty that the ship is insured
b) A warranty that the ship is new
c) A warranty that the ship is seaworthy
d) A warranty that the ship is unsinkable
e) A warranty that the ship is fully equipped
Q 15. what factor influences the rate of contribution (premium) in insurance?
a) Future predictions
b) Type of vehicle
c) Geographical area
d) Population density
e) Government regulations