IC11 - LICENTIATE - Practice Of General Insurance 20

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Q 1. Excess of Loss Reinsurance is a type of _________reinsurance

a) Proportional

b) Non Proportional

c) Surplus

d) Quota Share
 
Q 2. Of the following which is an optional cover under industrial al Risks policy.

a) Machinery Breakdown policy

b) Electronic Equipment policy

c) Business Interruption (Machinery Breakdown

d) Business Interruption (fire and Special Perils
 
Q 3. Workmen's Compensation Act provides insurance for which of the following liabilities?

a) Loss due to? Goods or? re

b) Liabilities in respect of railways as carriers of goods

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

d) Payment of compensation to employees for injury by accident in the course of employment
 
Q 4. Under the Corporate Frequent Travel Annual Policy, the Duration of any one trip is not to exceed ________days.

a) 30 days

b) 45 days

c) 60 days

d) 90 days
 
Q 5. Where are the rights of subrogation commonly enforced?

a) Motor Third Party (TP) insurance

b) Burglary insurance

c) Marine insurance

d) Fire insurance
 
Q 6. Which of the following is taken into account to fix rates of premium for the policy under Public Liability Insurance 1991?

a) Limit of indemnity. Any one accident

b) Limit of indemnity. Any one-year

c) Limit of indemnity. Any one year and turnover

d) Limit of indemnity for any one accident and turnover
 
Q 7. __________ can also be known as an Endorsement.

a) Signature on policy

b) Policy Document

c) Articles

d) Memorandum
 
Q 8. As per IRDA regulation, no commission or brokerage can be paid by an insurer exceeding

a) 10%

b) 15%

c) 20%

d) 30%
 
Q 9. Which of the following is not covered under Industrial All Risks insurance?

a) Fire and special perils as per fire insurance practice

b) Larceny

c) Machinery breakdown

d) Electronic equipment
 
Q 10. The sum insured (provisional) under the fire declaration policy is Rs.100, 00,000/-, rate of premium is Re.(1) 00 per mile average sum insured is Rs.50, 00,000. The refund premium is

a) Rs.5,000/-

b) Rs.6,000/-

c) Rs.10,000/-

d) Nil
 
Q 11. With a minimum premium of Rs 15, what is the sum assured offered in a Janta Personal Accident policy?

a) Rs 20000

b) Rs 22500

c) Rs 25000

d) Rs 27500
 
Q 12. Which among the following is the reason for the Immediate Notification Condition?

a) The Insurer gets time to prepare legal documents

b) The Insurer gets a chance to investigate the loss

c) The Insurer gets time to file an arbitration

d) The Insurer gets time to file a case in the court
 
Q 13. Q13) Which policy provides cover for loss of Gross Profit due to stoppage of production?

a) Consequential Loss Policy

b) Long Term Policy

c) Reinstatement Value Policy

d) Declaration Policy
 
Q 14. ____________cannot be an intermediary.

a) Bank

b) Insurer

c) Agent

d) Insurance Broker
 
Q 15. Subsidence covered under standard fire and special perils policy means

a) Normal cracking

b) Settlement

c) Bedding down of new structures

d) Subsidence of part of the site on which the property stands


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