IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-67

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Q 1. What action should the insured take if goods are in doubtful condition in cargo insurance?

a) Give clean receipts without any protest

b) Immediately file a claim against the carrier

c) Refrain from taking any action

d) Take measures to preserve and exercise their rights

e) Demand compensation from the insurer

Q 2. Which of the following losses are generally not covered under a fire insurance policy and require a separate policy for coverage?

a) Damage to property by fire.

b) Loss of rent or profits due to fire damage.

c) Damage to neighboring properties caused by fire.

d) Loss of inventory due to fire.

e) Damage to electrical wiring caused by fire.

Q 3. Which scenario does NOT constitute an actual total loss?

a) The subject matter is destroyed

b) The subject matter is severely damaged and unfit for its intended purpose

c) The assured is temporarily deprived of the subject matter

d) The subject matter is completely lost to the insured

e) The subject matter is irretrievably damaged

Q 4. What is the purpose of constructing roads on all sides of a tank farm in a petrochemical complex?

a) To enhance aesthetic appeal

b) To optimize land utilization

c) To facilitate drainage during rainfall

d) To provide a direct approach to each tank from the roadside

e) To reduce noise pollution

Q 5. What is the maximum time limit for complaining to an insurer, according to recommendations?

a) Three months after the insurer's rejection.

b) One year after the insurer's rejection.

c) Six months after the insurer's rejection.

d) Two years after the insurer's rejection.

e) No time limit specified.

Q 6. What is the first exception to defamation under Section 499 of the Indian Penal Code?

a) Imputation of truth made or published for the public good

b) Expression of opinions about public servants' conduct

c) Making sarcastic remarks about someone's intelligence

d) Publishing statements about a deceased person's character

e) Imputing something to a company or association that harms its reputation

Q 7. Besides technical aspects, what knowledge does a surveyor need to possess?

a) Legal expertise only

b) Commercial and accounting practices

c) Negotiation skills only

d) Insurance policy conditions only

e) Failure analysis techniques

Q 8. How long is a surveyor or loss assessor ineligible for obtaining a license after their license has been canceled?

a) One year

b) Two years

c) Three years

d) Five years

e) Indefinitely

Q 9. What is a commonly encountered cause of losses in a Fire Policy?

a) Theft and pilferage

b) Impact from falling objects

c) Loss of vacuum

d) Jerks and jolts in road transit

e) Collision with other vehicles

Q 10. What is the process involved in the sale by tender method?

a) The insured directly negotiates with prospective buyers.

b) The insured advertises the sale and invites bids from interested parties.

c) The insured sells salvage through government agencies.

d) The insured sells salvage through charitable organizations.

e) The insured sells salvage through auction houses.

Q 11. Why is it advisable for a surveyor to collect the policy copy from the insurer during the survey?

a) To increase the workload

b) To delay the claims settlement process

c) To provide reference and details of the policy during the survey

d) To confuse the insured party

e) To discourage the insured party from filing claims

Q 12. What does the balance of the Trading Account represent?

a) Net profit

b) Net loss

c) Gross profit

d) Gross loss

e) Operating profit

Q 13. What does the Industrial Disputes Act, of 1947, mandate regarding lay-off or retrenchment compensation?

a) It requires employers to provide compensation only if employees are laid off due to industrial disputes

b) It mandates compensation to employees laid off or retrenched due to circumstances beyond the employer's control

c) It specifies compensation for employees involved in workplace accidents

d) It requires employers to provide compensation for employees experiencing reduced work hours

e) It mandates compensation for employees involved in industrial espionage

Q 14. What is one of the common exclusions under Mediclaim insurance policies?

a) Coverage for pre-existing diseases

b) Reimbursement of hospitalization expenses

c) Coverage for childbirth expenses

d) Coverage for overseas medical expenses

e) Coverage for specified diseases during the first year of the policy

Q 15. Which additional risks can be added to the cover under Inland Transit (Rail / Road) Clause "B"?

a) Fire and lightning

b) Theft and burglary

c) Flood and earthquake

d) Strike and riot

e) None, additional risks cannot be added


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