IC11 - LICENTIATE - Practice Of General Insurance 25

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Q 1. Personal health insurance, home insurance, etc are examples of_________________.

a) Wholesale Insurance

b) Retail Insurance

c) Hull insurance

d) Corporate Insurance

Q 2. A person's house catches? And most of the furniture is damaged. The cost of replacing this furniture is Rs.300000. He convinces a furniture dealer to provide a cash memo of Rs 500000. What situation is this?

a) Under insurance

b) Overinsurance

c) Claims fraud

d) Deductible

Q 3. Which of the following documents is not required under particular average claims?

a) Policy

b) Bill of lading

c) Survey report

d) General average statement

Q 4. Independent surveyors are required for claims above_______ as per the Insurance Act.

a) 40000

b) 15000

c) 20000

d) 25000

Q 5. Employees Compensation Policy is a type of

a) Liability Insurance

b) Fire Insurance

c) Marine Cargo Insurance

d) Engineering Insurance

Q 6. The premium payable for the Public Liability Act policy is _________ including ERF.

a) 1.5 times

b) 2 times

c) 2.5 times

d) 3 times

Q 7. What is the process called wherein the risk of damage? Coding is avoided by moving the factory to another safer site.

a) Risk evaluation

b) Risk avoidance

c) Risk detection

d) Risk control

Q 8. The standard erection all risk insurance policies do not cover:

a) Fire risk

b) Negligence

c) Storm caused damages

d) Removal of debris

Q 9. Which of the following statements is correct according to low? (1) The Parties to a commercial contract have to observe good faith (2) The parties to an insurance contract have to observe utmost good faith

a) Statement 1 is True

b) Statement 2 is True

c) Both are correct

d) Both are incorrect

Q 10. Why was the expert group constituted at the request of the General Insurance Council?

a) To look into insurance disputes

b) To look into underwriting issues

c) To look into customer complaints

d) To look into misrepresentation

Q 11. The minimum retention of premium under the fire declaration policy is ___% of the annual premium

a) 10%

b) 25%

c) 50%

d) 75%

Q 12. The Maximum amount that an Insurer wishes to keep on any risk is known as

a) Capacity

b) Retention

c) Maximum Limit

d) Ceding Amount

Q 13. Q13) Which of the following ensures that the amount of claim payable is not more than the actual amount of loss?

a) Pro-rata average

b) Excess limit

c) Salvage

d) All of the above

Q 14. Cyber Liabilities cannot Insure which of the following?

a) Losses arising from Hacking into the insureds server

b) Liability for the Insured for spreading a virus to the third party

c) Deliberate Malicious Files from the Insured to the third party

d) Losses occurred because Third Parties could not access the system

Q 15. What is the maximum amount of sum insured under the Janta Personal Accident policy?

a) Rs, 25000

b) Rs, 50000

c) Rs, 75000

d) Rs, 100000



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