IC11 - LICENTIATE - Practice Of General Insurance 1
IC11 - LICENTIATE - Practice Of General Insurance 1
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Q 1. If the insurer wants to avoid liability on grounds of non-disclosure, he must prove certain facts. Which of the following is INCORRECT?
Undisclosed facts were material
Facts were not communicated to the insurer
Facts were within the actual or presumed knowledge of the insured
The client was fraudulent
None of the above
Q 2. Compensation (Insurance liability) for accidents occurring while handling hazardous substances is provided under the ________.
The Public Liability Insurance Act
The Carriage by Air Act
Indian Post Office Act
The Workmen's Compensation Act
The Employee State Insurance Act
Q 3. The minimum premium condition is meant to cover administrative costs incurred under which policy?
Large Sum Assured policies
All-in-one policy
Each policy
Separate policy
Category policy
Q 4. In which of the following contracts does the buyers's responsibility of arranging insurance begin once the goods are placed on board?
FOB
CIF
C&F
Both FOB and C and F
None of the above
Q 5.
A boiler, which was used by a factory to generate steam for captive use, imploded causing damage to it. There was no other loss than this. Will the fire policy indemnify for the loss of the boiler?
No, as the damage is outside the purview of the fire policy
No, damage to the boiler from implosion/explosion is not covered
Yes, damage to the boiler from implosion/explosion is covered
None of the above
Q 6. A company insured its property assuming full value as Rs 10,00,000/=. In the event of a claim, it was realized that the property's original value was Rs 12,50,000/=. The claim amount was Rs 2,00,000/= Will any claim be paid and if yes, what will
No claim will be paid due to misrepresentation of fact
Yes it will be paid, Rs 2,00,000
Yes it will be paid, Rs 40,000
Yes it will be paid, Rs 1,60,000
Yes it will be paid, Rs 1,80,000
Q 7.
With rapid changes in the insurance sector and increased competition, what should the insurance companies do to stand out?
Organise camps
Recruit more agents
Increase channel selling
Product differentiation
Misfuelling
Q 8. How are the claims costs ideally controlled?
by improved application of dividend payments
by improved application of loss management
by improved application of risks
by improved application of damage control
by improved application of underwriting
Q 9. In which section of the policy document is the property location to be insured mentioned?
Schedule
Heading
Preamble
Conditions
Operative clause
Q 10. For what is the Trial Balance used?
To prepare the Premium Register
To prepare the cash book
To prepare the account book
To prepare the Balance sheet
To prepare the passbook
Q 11. The full form of ILU is __________.
Institute of London Ultrasounds
Institute of London Unified
Institute of London Undertakers
Institute of London Universities
Institute of London Underwriters
Q 12. What is not an implied condition of insurance?
Contribution
Legality of object
Insurable interest
Existence of subject matter
Utmost good faith
Q 13. In PA, the coverage for the loss of two limbs and two eyes is ____ %.
25
50
75
95
100
Q 14. If a / an _________ issues a Claim Form, it does not constitute an admission of liability on its part.
Agent
Insured
Claimant
Broker
Insurer
Q 15. How are a ship owner's liability limits for loss of or damage to cargo calculated?
In terms of returns
In risk terms
In usage terms
In profitable terms
In monetary terms
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