IC11 - LICENTIATE - Practice Of General Insurance 22

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Q 1. Replacement Cost is paid for the property by the insurer under which policy?

a) Declaration Policy

b) Reinstatement Value Policy

c) Floating Policy

d) Consequential Loss Policy

Q 2. On what is the cover of stop loss treaty based?

a) Claims ratio

b) Sum insured

c) Premium

d) Loss amount

Q 3. From the given options, the renewal notice is effected by ________.

a) payment of penalty

b) payment of renewal charges

c) payment of premium

d) payment of bonus

Q 4. Which of the following is not an exclusion under cattle policy?

a) Theft of the animal

b) Cl and estate sale of the animal

c) Transport by air

d) Surgical operations

Q 5. Which of the following statements is True? (1) For export/import cargo policies, institute cargo clauses (ICC) are used. (2) For inland transit consignments, local clauses are used.

a) Statement 1 is True

b) Statement II is true

c) Both are true

d) Both are false

Q 6. The following is not covered in Personal Accident

a) Death

b) Suicide

c) Permanent disability

d) Loss of one hand

Q 7. Mr. Ajay owns a restaurant, which he had bought three years ago for Rs. 2 lakhs. He had bought fire insurance worth Rs. 1.6 lakhs (which is the written-down value of his insured property). His restaurant caught fire and the amount of loss suffered wa

a) Rs 90,000

b) Rs 1.6 Lakhs

c) Rs 2 Lakhs

d) Rs 72,000

Q 8. The responsibility of proving the claim is covered rests with

a) The third party

b) Insurer

c) Insured

d) All of the above

Q 9. If Insurance is required during inland transit from the factory or warehouse but the carrying vehicle has already left the premises then the Insurance Company

a) Can give the coverage by accepting the premium

b) Can refuse the coverage

c) Can provide coverage on Ex Gratia basis

d) All of the above

Q 10. In the case of a Jewelers Block Policy, property damage insured when it is in transit by registered parcel will be covered under ____________.

a) Section I

b) Section II

c) Section III

d) Section IV

Q 11. What is meant by Malus?

a) Level of Margin for Commission

b) Loading of the renewal premium for adverse claims experience

c) Expected costs due to losses

d) Renewal Premium for Favorable Claims Experience

Q 12. The maximum amount that is borne by the insurers as towing charges in the case of Motor Cycles is

a) Rs 2,500

b) Rs 300

c) Rs 3,000

d) Rs 2,000

Q 13. Q13) Which of the following is not a step in risk management?

a) Risk Assessment

b) Risk Transfer

c) Risk Evaluation

d) Risk Pricing

Q 14. In the case of fire and marine cargo insurance, the percentage of premium that the insurer is required to provide for as reserves is ________.

a) 25%

b) 30%

c) 50%

d) 75%

Q 15. __________ policies provide cover against loss of profits (machinery) insurance I advance loss of Profits?

a) Marine insurance

b) Fire insurance

c) Engineering Insurance

d) Burglary insurance


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