IC11 - LICENTIATE - Practice Of General Insurance 12

Explore Additional Mock Tests Here

Q 1. Floater policies are issued for ________.

Ships

Marine Hull

Plant and Machinery

Stocks

Furniture and fixtures

Q 2. Which category of insurers has the largest share of general insurance premiums in India?

Private Insurance Companies

Public Private Insurance Companies

Public Sector Insurance Companies (PSU)

Foreign Insurance Companies

Mutual Fund Companies

Q 3. The _________ treaty is an automatic reinsurance whereby the ceding insurer is bound to part with a fixed percentage of every risk written by it.

Facultative

Excess of loss

Stop loss

Quota share

Surplus

Q 4. How are rates of premium quoted for Fire and miscellaneous insurance?

Weekly basis

Monthly basis

Quarterly basis

Six monthly basis

Annual basis

Q 5. To whom should the insurer inform while devising their re-insurance program every year?

RBI

GIC

SEBI

LIC

IRDAI

Q 6. One way in which traders can suffer losses is _______.

insolvency or default in payments by vendors

insolvency or default in payments by suppliers

insolvency or default in payments by exporters

insolvency or default in payments by consumers

insolvency or default in payments by buyers

Q 7. The commission that is paid back to the insured as an incentive to buy insurance is known as ______.

Kickback

Corruption

Premium

Discount

Rebate

Q 8. When a Cover Note is issued, it is _______ .

valid for 30 days

permanent

temporary

contractual

specific

Q 9. What is not a peril but still covered under the Institute Cargo Clauses -ICC ( C ) clauses for sea voyages?

Grounding

Capsizing

Explosion

Sinking

Stranding

Q 10. Where is the 'prohibition of rebates' mentioned?

Claim form

Endorsement

Renewal notice

Proposal form

Policy form

Q 11. What does Commercial Pricing in a hard market refer to?

Increasing the premium above book rates

Decreasing the premium below book rates

Special premium rates

Below market deductibles

Free add-on covers

Q 12. The cover of stop loss treaty based on ________.

Underwriters assessment

Sum insured

Loss amount

Claims ratio

Size of loss

Q 13. Underwriting returns are required by ________.

Regional Office

General Office

General administrative & department

Post Office

Head Office

Q 14. Workmen's Compensation Act provides insurance for which of the following liabilities?

Loss due to floods or fire

Liabilities in respect of railways as carriers of goods

Payment by employers to their employees as compensation for injury by accident in the course of employment

Payment of compensation to employees for injury by accident in the course of employment

Loss, miss-deliver,y or damage of any postal article

Q 15. Personal health insurance, home insurance, etc are examples of ________.

Wholesale insurance

Retail Insurance

Hull insurance

Corporate insurance

Property insurance


Explore Additional Mock Tests Here