IC11 - LICENTIATE - Practice Of General Insurance 10

Discover More Mock Tests Here

Q 1. When claim recoveries are made from third parties, it's known as ______.

Premium Recovery

Subrogation

Deductible

Co-pay

Salvage

Q 2. What is the General Insurance Corporation commonly known as?

Government Re-insurer

National Re-insurer

International Re-insurer

Re-insurer

Global Re-insurer

Q 3. Changes in the physical environment can be identified as what type of risk?

Strategic risk

Operational risk

Financial risk

Knowledge management risk

Compliance risk

Q 4. Which is one main important provisions of the Insurance Act?

Claiming

Application

Filing

Registration

Enrolment

Q 5. The full form of ALOP is ________.

Advance Loss of Price Policy

Advance Loss of Profit Policy

Advance Loss of Property Policy

Advance Loss of Pension Policy

Advance Loss of Penalty Policy

Q 6. Interruption of business due to machinery breakdown or damage to stocks etc is termed as _______.

Loss of continuity

Loss of assets

Loss of finance

Loss of legal liability

Loss of profit

Q 7. Just because an insurer places facultative reinsurance on a policy will not make it ______.

Risk-free

More risky

Sudden risk

Constant risk

Regular risk

Q 8. An exporter regularly insures the export consignments. In case the deposit with the insurance company falls short for one of the consignments, the risk is __________.

equal to the policy amount

equal to the amount paid/deposited

equal to the commission

terminated

None of the above

Q 9. In which category of insurance the insured is not paid the loss?

Motor Vehicle Insurance

Fire insurance

PA policy

Liability insurance

Marine hull policy

Q 10. Which natural peril is covered under a standard fire policy?

Ship damage

Aircraft damage

Riot and Strike

Explosion

Storm

Q 11. Select the appropriate insurance product for the following : (i) Electro Medical Equipment (ii) Navigational equipment (iii) Signal and transmitting equipment (iv) Telecommunication.

Advance Loss of Profits policy

Machinery Breakdown Policy

Standard fire and Machinery breakdown Policy

Contractor's plant and machinery policy

Electronic Equipment Insurance Policy

Q 12. Whose task is to meet people, explain, and persuade them to buy the correct insurance?

Brokers

Banks

Individuals

Agents

Insurers

Q 13. A person, whose home was destroyed in a fire, has replaced the tile flooring with marble and advised the supplier to mention in the bill the material as tile. This is an example of claim ________

Overvaluation

Indemnity

Betterment

Under insurance

Reinstatement

Q 14. Where are the rights of subrogation commonly enforced?

Motor Third Party (TP) insurance

Burglary insurance

Marine insurance

Fire insurance

Erection of all risk insurance

Q 15. The public disclosure of an unaudited balance sheet has to be made ________ by the insurance firm.

Half monthly

Monthly

Quarterly

Half-yearly

Annually


Discover More Mock Tests Here