IC11 - LICENTIATE - Practice Of General Insurance 16

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Q 1. Which two records are maintained for claims?

Claims paid and claims intimated

Policy assured and policy document

Client details and policy document

Basic details and policy documents

Accounts info and premium statements
 
Q 2. The major life insurers in the world are located in which continent?

Asia

Europe

North America

South America

Africa
 
Q 3. The special declaration deposit premium of 100% of the premium on the sum insured based on the __________ (Marine Insurance).

Current years turnover

First years turnover

Next year’s turnover

Last year's turnover

Previous year's turnover
 
Q 4. What is the term used for loss or damage to buildings, machinery, stocks, etc. by fire and other perils?

Loss of personnel

Loss of legal liabilities

Loss of assets

Loss of profit

Loss of finance
 
Q 5. In which year was the Insurance Act passed?

1928

1938

1948

1952

1962
 
Q 6. Claims under Industrial All Risk insurance are computed based on ______.

premium

disability

contract

material damage

risks
 
Q 7. An open cover is not a policy but is more like a _______.

Document note

Debit note

Banknote

Agreement

Credit note
 
Q 8. What happens to the risk if the deposit to the credit of the insured is insufficient to cover a consignment in transit?

The risk is terminated.

The risk is equal to the entire amount of the policy value

The risk is equal to the entire amount of commission

The risk is equal to the entire amount of the discount

The risk is equal to the entire amount of premium paid
 
Q 9. What is the validity period of a cover note in Motor Insurance?

20 days

40 days

60 days

80 days

100 days
 
Q 10. Which one of these perils is covered under Institute cargo clause (B)?

Bursting / tearing of bags

Hook damage

Volcanic eruption

Theft pilferage

Partial loss of package
 
Q 11. Business risk is an ________.

Insurable

Non insurable

Hazardous

Uncontrollable

Controllable
 
Q 12. On which act is the transaction of general insurance business in India based?

Motor vehicles act

Fire insurance act

Insurance act 1938 and IRDAI act 1999

Liability insurance act

Marine insurance act
 
Q 13. In which insurance are the rights of subrogation commonly enforced?

Erection of all risk insurance

Burglary insurance

Marine cargo insurance

Motor TP insurance

Fire insurance
 
Q 14. What is the process called wherein the risk of damage by flooding is avoided by moving the factory to another safer site?

Risk evaluation

Risk avoidance

Risk detection

Risk Control

Risk identification
 
Q 15. On which basis are the reinsurance arrangements of the insurance companies decided upon?

Weekly basis

Quarterly basis

Half-yearly basis

Annual basis

Monthly basis

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