IC11 - LICENTIATE - Practice Of General Insurance 28
IC11 - LICENTIATE - Practice Of General Insurance 28
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Q 1. What do 'Reserves' refer to in insurance accounting?
a) Estimate for future liabilities
b) Funds for future expansions
c) Funds available for investments
d) Invested funds
Q 2. Which of the below statements is correct with regards to a householder insurance policy?
a) A named-peril policy may be purchased as a less expensive alternative to a comprehensive coverage policy that tends to offer coverage to most perils.
b) A comprehensive policy that tends to offer coverage to most perils; may be purchased as a less expensive alternative to a named peril policy.
c) A named-peril policy or comprehensive policy comes at the same price.
d) With regards to a householders policy, only a named peril policy can be bought and comprehensive policies are not available.
Q 3. Is the natural peril covered under a standard? Re policy is ________.
a) Storm
b) Riot and strike
c) Malicious damage
d) Aircraft damage
Q 4. A man insures his property for Rs.500000. The Actual value of the property is Rs.750000. There is a loss of Rs.100000. How much will the insurer pay?
a) Rs, 100000
b) Rs, 500000
c) Rs, 83000
d) Rs, 67000
Q 5. Which clauses are used for export-import policies?
a) London cargo clauses
b) American cargo clauses
c) East Indian cargo clauses
d) Institute cargo clauses
Q 6. License to work as an insurance agent is issued by __________.
a) General Insurance Corporation (GIC)
b) Insurance Regulatory and Development Authority (IRDA)
c) By the respective life insurance company
d) Finance Ministry
Q 7. The Dumpers and tippers are insured under __________.
a) Motor
b) Fire insurance
c) Machinery breakdown
d) Marine Cargo
Q 8. Which of the following is not a rating factor for Own Damage Cover for Taxies?
a) Age of vehicle
b) Cubic Capacity
c) Geographical zone
d) Insureds declared value of the vehicle
Q 9. The Motor Vehicles Act was enacted in the year
a) 1939
b) 1940
c) 1941
d) 1942
Q 10. In motor insurance Certificates of insurance are issued because
a) Making a vehicle is not known
b) Year of manufacture is not known
c) Seating capacity is not known
d) It is required by the Motor Vehicles Act
Q 11. Karan insures his property worth Rs 5 Lakhs for Rs 3 Lakhs only and a loss occurred to the tune of Rs 50,000. He will be paid
a) Rs 50,000
b) Rs 2.5 Lakhs
c) Rs 30,000
d) Rs 3,00,000
Q 12. When does a General Insurance policy expire?
a) At noon of the day of expiry
b) Midday of the date of expiry
c) Midnight of the date of expiry
d) Midnight of the day before the date of expiry
Q 13. Q13) Which of the following is correct about the fire reinstatement value policy? (1) Depreciation Applied (2) Pro-rata Average applies
a) Statement 1 is True
b) Statement 2 is True
c) Both are true
d) Both are false
Q 14. The first Aviation Policies were issued in which year?
a) 1911
b) 1921
c) 1931
d) 1941
Q 15. The rates of depreciation for the replacement of rubber parts under the private car package policy is
a) 10%
b) 20%
c) 30%
d) 50%