IC11 - LICENTIATE - Practice Of General Insurance 29

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Q 1. When an insurer cedes its business, it

a) charges a reinstatement premium

b) seeks a contribution from another insurer

c) subrogates against an insured third party

d) transfers risk to a reinsurer
 
Q 2. With whom must the Premium rates, Policy Terms, and Underwriting guidelines be filed ?

a) Insurance regulator

b) RBI

c) Controller of Insurance

d) Policyholders association
 
Q 3. As per the Insurance Act, every insurer has to prepare at the end of the financial year

a) Balance Sheet, Profit and Loss account

b) Accounts of receipts and payments in respect of shareholders

c) Revenue Account for each class of Insurance business

d) All of the above
 
Q 4. A policy covering a single shipment or consignment is known as __________.

a) Single policy

b) Open policy

c) Special policy

d) Specific policy
 
Q 5. The major life insurers in the world are located in which continent?

a) Asia

b) Europe

c) North America

d) South America
 
Q 6. The actions to be done before the contract commences are reiterated in which document?

a) Contract Form

b) Policy form

c) Renewal notice

d) Proposal form
 
Q 7. Which of the following terms matches closest with Professional indemnity cover?

a) Hospitals Nursing homes

b) Insurance Companies

c) Practicing Surgeons

d) Fast Moving Consumer Goods
 
Q 8. Which of the following is not part of the sales process?

a) Prospecting

b) Sales interview

c) Loss assessment

d) Closing
 
Q 9. Under IRDA guidelines which of the following policies are packaged or customized products?

a) Homeowners' comprehensive

b) Shopkeepers' comprehensive

c) Bankers' blanket

d) All of the above
 
Q 10. The cover under the transit clause of ICC terminates on the expiry of ____days after discharge from the vessel at the final port of discharge.

a) 15 days

b) 30 days

c) 45 days

d) 60 days
 
Q 11. UNDER Corporate group Overseas Medical Policy deposit premium equal to the premium of at least ______ days travel under the plan (worldwide travel including USA/Canada)

a) 200 days

b) 300 days

c) 400 days

d) 500 days
 
Q 12. What does 'Condition of Average' mean?

a) The property is double insured

b) The property is over-insured

c) The property is fully insured

d) The property is underinsured
 
Q 13. Q13) Which of the following documents have to be stamped as per the Indian Stamp Act? (1) Endorsement on a fire policy increasing the sum insured. (2) Marine open cover for export shipments

a) Statement 1 is True

b) Statement 2 is True

c) Both 1 and 2

d) Neither of the documents
 
Q 14. On which basis are the reinsurance arrangements of the insurance companies decided upon?

a) Weekly basis

b) Quarterly basis

c) Half-yearly basis

d) Annual basis
 
Q 15. Pick the correct option -

a) Reinstatement insurances are generally issued on building and; stocks

b) Reinstatement insurances are generally issued only on stocks

c) Reinstatement insurances are generally issued on building, plant and machinery

d) Reinstatement insurances are generally issued on buildings, plants, and machinery in comparatively new condition.


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