IC11 - LICENTIATE - Practice Of General Insurance 24

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Q 1. A fire policy covers assets like printers, machines, etc. The policy did not have a Reinstatement Value Clause. In the event of loss, will the claim be paid or not, and if yes, how?

a) No, the claim will not be paid

b) Yes, it will be paid on a market-value basis

c) Yes, it will be paid on a Reinstatement Value basis

d) Yes, it will be paid on a market value basis or Reinstatement Value basis ever is higher

Q 2. Which policy provides cover for plant and machinery while being erected and tested?

a) Pre Launch insurance

b) Erection insurance

c) Loss of profit insurance

d) Fire insurance

Q 3. Who is exempt from the IRDA-prescribed compulsory training for various intermediaries?

a) Surveyors

b) TPA's

c) Brokers

d) Corporate agents

Q 4. Which of the following does not attract additional premium under motor policies?

a) CNG/LPG fuel kit

b) Anti-theft devices

c) Fiberglass fuel tanks

d) Electronic items fitted to the vehicle but not included in the manufacturer's price

Q 5. In which currency should the settlement of claims under non-marine insurance be made?

a) Indian Rupees

b) Swiss Francs

c) US Dollars

d) Euro's

Q 6. The key issue under 'Subrogation' is ____________.

a) Establishing fault and getting the other party to accept liability

b) To locate the party that is a fault

c) To ascertain whether the third party is insured

d) To take over the insured's legal rights

Q 7. A customer having a complaint regarding his insurance policy can approach IRDA through

a) IGMS

b) District Consumer Forum

c) Ombudsman

d) IGMS or District Consumer Forum or Ombudsman

Q 8. Which of the following statements is False?

a) Coinsurance is the sharing of risks between insurers

b) The Insurer has a contractual relationship with the reinsurer

c) The Re-Insurer is the Insurer of the Insurer

d) The Insured has a contractual relationship with the reinsurer

Q 9. In the case of Motor Insurance of Private Cars if the age of the vehicle is more than 15 years then Which of the following is True?

a) Comprehensive Cover Shall be issued

b) Comprehensive cover subject to satisfactory inspection report

c) The act Covers only

d) Comprehensive cover subject to the satisfactory inspection report and additional excess

Q 10. 'Increased value' insurance covers are issued for _____________.

a) imports

b) exports

c) both exports and imports

d) Marine cargo imports

Q 11. Under the Motor Vehicles Act, the amount of compensation for death based on no-fault liability is Rs.________

a) Rs.1,00,000/-

b) Rs.50,000/-

c) Rs.25,000/-

d) Rs.2,00,000/-

Q 12. Personal liability insurance policies cover damages to properties and injuries to other people due to

a) Negligence

b) willful misconduct

c) war losses

d) burglary

Q 13. Q13) Cargo is transported from India to France. The insurance policy transfers with the goods when the goods are transferred from the Indian carrier to the French carrier. This principle of insurance is known as

a) Assignment

b) Average

c) Contribution

d) Subrogation

Q 14. For which of the following crops is Plantation (inputs) policy not available

a) Rubber

b) Coffee

c) Tea

d) Sugarcane

Q 15. Under inland transit (rail/road) clauses B and A, the duration of cover terminates after the expiry of ____days after the arrival of the railway wagon at the final destination railway station.

a) 3 days

b) 7 days

c) 10 days

d) 15 days


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