IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-66

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Q 1. What is necessary for the acceptance of the claimant's statement regarding lost books of accounts?

a) Detailed examination of the debris and verification of the usual place of storage

b) Acceptance based solely on the claimant's statement

c) Requesting the claimant to provide duplicate copies of the books

d) Ignoring the claimant's statement and proceeding with the assessment

e) Consulting legal experts for validation
 
Q 2. How is "Miscellaneous Insurance Business" defined?

a) Business of insuring only maritime vessels

b) Business of insuring cargo transported by land or air

c) Business of insuring against risks not covered in specific clauses

d) Business of providing medical benefits to policyholders

e) Business of insuring residential properties
 
Q 3. What is a typical exclusion under Cyber Liability Insurance?

a) Legal liability arising from negligence

b) Compensation for diseases mentioned in Schedule III of the Workmen Compensation Act

c) Legal liability to employees of contractors

d) Third-party liabilities arising from damage to computer systems

e) Claims arising from breach of confidentiality/data protection legislation
 
Q 4. What type of policy covers the carriage of goods within the country?

a) Open cover

b) Open policy

c) Sales turnover policy

d) Specific policy

e) Inland transit policy
 
Q 5. Under the Agreed Bank Clause, who receives the claim payment?

a) Insured party

b) Third-party claimant

c) Bank

d) Insurance agent

e) Regulatory authority
 
Q 6. What condition must be met for an insurer to offer insurance against a particular type of risk?

a) The risk must be covered by personal accident policies

b) The risk must be independently exposed to risk

c) The risk must not be catastrophic

d) There must be a large number of exposure units that are sufficiently alike and independently exposed to risk

e) The risk must be covered by professional indemnity insurance
 
Q 7. What is the purpose of an endorsement prescribed by the India Motor Tariff in motor vehicle insurance?

a) To exclude certain parties from the policy

b) To increase the premium amount

c) To protect the interests of owners in case of loss or damage

d) To limit the coverage of the policy

e) To transfer ownership of the vehicle
 
Q 8. What is the extent of insurers' rights in insurance against legal liability, such as workmen's compensation policies?

a) Insurers have no rights in such policies

b) Insurers can only provide compensation to the assured

c) Insurers are entitled to control all claims and proceedings arising from an accident

d) Insurers are not allowed to conduct any settlements or proceedings

e) Insurers can only offer limited assistance to the assured
 
Q 9. How does the doctrine of proximate cause benefit both the insured and insurers?

a) By allowing insured parties to make unlimited claims.

b) By restricting insurers from providing coverage.

c) By enlarging the scope of insurance coverage.

d) By defining the scope of coverage under the contract.

e) By preventing insured parties from making claims.
 
Q 10. Under what circumstance is there a constructive total loss according to Section 60(2)(i)?

a) When the insured voluntarily abandons the ship or goods

b) When the ship or goods are temporarily lost but later recovered

c) When the assured is deprived of possession due to an insured peril and recovery is unlikely

d) When the ship or goods are damaged but still operable

e) When the assured fails to report the loss to the insurer within a reasonable time
 
Q 11. What is the recommended space between outdoor piles of waste paper?

a) 10 meters

b) 15 meters

c) 20 meters

d) 25 meters

e) 30 meters
 
Q 12. According to Regulation 4, within what period should the insurer communicate all decisions regarding proposals?

a) Within 5 days

b) Within 10 days

c) Within 15 days

d) Within 20 days

e) Within 30 days
 
Q 13. Which Act provides for the registration of multi-modal transport operators engaged in transportation under more than one mode of transport?

a) The Workmen’s Compensation Act, 1923

b) The Multi-Modal Transportation Act, 1993

c) The Employees’ State Insurance Act, 1948

d) The Carriage by Air Act, 1972

e) The Indian Ports (Major Ports) Act, 1963
 
Q 14. What is the claim settlement requirement for Professional Indemnity insurance (excluding for medical profession)?

a) Need-based survey

b) Doctor's Opinion

c) Investigation Report

d) Survey Report

e) Final Survey Report / Reinspection
 
Q 15. What is the additional training requirement for a licensed surveyor and loss assessor seeking a license in a different category?

a) No additional training is required

b) 3 months of training

c) 9 months of training

d) 6 months of training

e) 12 months of training


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