IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-61

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Q 1. Which clause in burglary insurance limits the insurer's liability regarding the loss of cash from the safe?

a) Key clause

b) Cash clause

c) Security clause

d) Exclusion clause

e) Burglary clause

Q 2. Which type of insurance often includes warranties related to the use of the vessel?

a) Health insurance

b) Home Insurance

c) Marine hull insurance

d) Travel insurance

e) Life insurance

Q 3. How can diversification be achieved?

a) By focusing on a single product

b) By limiting geographical locations

c) By dealing with a few large customers

d) By concentrating on one area of the world

e) By producing and marketing a wide diversity of products or operating on a global scale

Q 4. According to the Motor Vehicles (Amendment) Act, 1994, what does the deemed transfer include?

a) Transfer of ownership only

b) Transfer of rights and liabilities of the Certificate of Insurance only

c) Transfer of rights and liabilities of the Policy of Insurance only

d) Transfer of rights and liabilities of both the Certificate and the Policy of Insurance

e) No transfer of rights or liabilities

Q 5. In marine cargo and marine hull insurance, what type of indemnity is provided?

a) Pure indemnity

b) Commercial indemnity

c) Hybrid indemnity

d) Limited indemnity

e) Special indemnity

Q 6. Under which circumstance does ratable contribution not apply in Industrial Risks public liability policies?

a) When the insured holds multiple policies from different insurers

b) When the additional insurance is compulsory and based on no-fault liability

c) When the insured has not paid the premium for the policy

d) When the claim amount exceeds the sum insured

e) When the policy is in force for less than a year

Q 7. What type of condition affects the policy after it has come into force if breached?

a) Condition after the contract.

b) Condition precedent of liability.

c) Condition precedent to the contract.

d) Condition after liability.

e) Condition precedent to liability.

Q 8. What increases the risk of fire transmission between two buildings across a yard?

a) Use of the yard for storage of goods.

b) Constructing a perfect party wall.

c) Increasing the height of the buildings.

d) Use of fire-resistant construction.

e) Lack of wall openings.

Q 9. In which scenario can a complaint against an insurer be accepted?

a) The complaint is made after the insurer's rejection.

b) The complaint is pending in any Court.

c) The complaint is pending in a Consumer forum.

d) The complaint is pending Arbitration.

e) The complaint is made more than one year after the insurer's rejection.

Q 10. How should words used in an insurance policy be construed?

a) In their legal sense

b) In their technical sense

c) In their literary sense

d) In their scientific sense

e) In their ordinary and popular sense

Q 11. How can surveyors handle technical challenges effectively?

a) Rely solely on common sense

b) Master every aspect of technical analysis

c) Seek assistance from the claimant

d) Communicate clearly and tactfully with the claimant

e) Avoid complicated claims

Q 12. Which organization has submitted an Action Plan and a draft bill to recommend charter status for itself as a self-regulatory body for the surveyor's profession?

a) Insurance Regulatory and Development Authority of India (IRDA)

b) Indian Institute of Insurance Surveyors and Adjusters (IISLA)

c) Institute of Insurance Surveyors and Adjusters (IISA)

d) Insurance Institute of India (III)

e) Institute of Actuaries of India (IAI)

Q 13. What does the relevant clause in the engineering policy state regarding claims when there is other insurance covering the same loss?

a) The company will pay the entire claim amount

b) The company will not be liable to pay anything

c) The company will contribute proportionately to the loss

d) The company will investigate the other insurance policy

e) The company will repudiate the claim

Q 14. Which of the following is NOT a factor considered for determining depreciation of plant and machinery?

a) Operational environment

b) Type of housekeeping

c) Market value fluctuations

d) Type of usage

e) Maintenance practices

Q 15. What happens if the highest bidder at a sale by tender fails to meet their commitment?

a) The seller forfeits their deposit.

b) The surveyor intervenes to negotiate.

c) The sale is declared null and void.

d) The seller reduces the price of the salvage.

e) The auctioneer cancels the auction.

Q 16. In double-entry bookkeeping, what does "debit" represent?

a) Giving benefit

b) Owning something

c) Receiving benefit

d) Owed amount

e) Business assets


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