IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-7
IC S01 - Exam Principles And Practice Of Insurance And Survey And Loss Assessment-7
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Q 1. What is designated as "stolen property" according to Section 410 of the Indian Penal Code?
a) Property acquired through inheritance
b) Property obtained through legitimate business transactions
c) Property transferred through legal means
d) Property acquired through theft, extortion, or misappropriation
e) Property entrusted to a public servant
Q 2. Which trait is essential for a successful surveyor when dealing with claimants?
a) Aggressiveness
b) Tactfulness and diplomacy
c) Technical expertise
d) Indifference
e) Rigidity
Q 3. What action can the Controller take against an approved surveyor or loss assessor found guilty of fraudulent activities?
a) Issue a warning to the surveyor or loss assessor
b) Suspend the surveyor's or loss assessor's license temporarily
c) Cancel the license of the surveyor or loss assessor
d) Impose a fine on the surveyor or loss assessor
e) None of the above
Q 4. In the case of a fire policy claim for damage caused during a Bundh, why was the claim denied upon examination of insurable interest?
a) The insured did not have sufficient coverage
b) The insured failed to report the claim on time
c) The insured was not the rightful owner of the property
d) The policy had lapsed
e) The damages were not covered by the policy
Q 5. How does the surveyor typically verify the identification of damaged property during inspection?
a) By taking photographs of the entire location
b) By recording details of the observations
c) By drawing minutes of the meeting
d) By conferring with eyewitnesses
e) By taking photographs of the damaged property
Q 6. When does segregation in marine losses assume special significance?
a) When dealing with small consignments
b) When dealing with lightweight items
c) When the consignment size is large
d) When the items are easily movable
e) When the items are non-perishable
Q 7. Why is it important for a surveyor to know both technical and commercial fields?
a) To increase the workload for the insurer
b) To complicate the claim handling process
c) To ensure professionalism in handling claims independently
d) To delay the claims settlement process
e) To confuse the insurer with technical jargon
Q 8. What does Loss of Profits insurance aim to provide coverage for?
a) Loss of personal belongings
b) Loss of property due to theft
c) Loss of or damage to buildings and machinery by fire
d) Trading losses due to total or partial stoppage of the business
e) Physical injuries to employees
Q 9. Which type of insurance policy provides indemnity for legal liability arising from negligence in professional duties?
a) Employees Compensation Insurance
b) Cyber Liability Insurance
c) Professional Indemnity Insurance
d) Public Liability Insurance
e) Products Liability Insurance
Q 10. Which of the following types of glass is typically covered under Plate Glass Insurance?
a) Reinforced glass
b) Laminated glass
c) Tempered glass
d) Ordinary glazing quality glass
e) Stained glass
Q 11. In marine cargo insurance, what does a warranty about the packing of goods typically require?
a) Single gunny bags
b) No packing required
c) Double gunny bags
d) Cardboard boxes
e) Plastic containers
Q 12. What does the institution of the modern joint stock company allow?
a) Limited investment opportunities
b) Small-scale manufacturing operations
c) Concentration of risks in a few shareholders
d) Large-scale manufacturing operations with losses spread over a large number of shareholders
e) Direct control of business operations by shareholders
Q 13. How can a marine cargo policy be assigned?
a) Only before a loss occurs
b) Only after a loss occurs
c) Only with the insurer's consent
d) Freely, either before or after loss, without the insurer's consent
e) Only with the assignee's signature on the policy
Q 14. In which scenario is salvage taken over by insurers after a loss?
a) When the property is destroyed
b) When the insured opts for a franchise
c) When the insured retains the salvage
d) When the insured updates the policy
e) When the insured pays a deductible
Q 15. In personal accident insurance policies, under what circumstance can contribution be provided for?
a) When the insured holds multiple policies from different insurers
b) When the insured has a pre-existing medical condition
c) When the insured is involved in high-risk activities
d) When the sum insured exceeds a certain threshold
e) When the policy covers weekly benefits and the total sum insured exceeds a specified amount