IC11 - LICENTIATE - Practice Of General Insurance 31

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Q 1. Which among the following is a Definition of Moral Hazard?

a) Individual Moral Weakness

b) The risk arising due to natural calamities

c) The risk arising due to the age of the policyholder

d) The risk arising due to the age of the vehicle
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Q 2. Under which of the following circumstances market value only is payable under the fire reinstatement value policy

a) Insured is unwilling to reinstate

b) Heavy under insurance

c) Breach of warranty

d) Breach of utmost good faith
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Q 3. ________ hazard is not one of the prime hazards an underwriter looks at.

a) Physical

b) Moral

c) Risk

d) Financial
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Q 4. Which of the following is not paid up to the full limit of cover under the overseas medical policy?

a) Physical

b) Moral

c) Risk

d) Financial
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Q 5. An Excess is another word for

a) Franchise

b) Warranty

c) Deductible

d) Exclusion
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Q 6. ___________is the last step in Risk Management which is to monitor the results produced by implementing the various techniques selected.

a) Risk analysis

b) Risk review

c) Risk management

d) Risk evaluation
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Q 7. Under personal accident cover for the owner-driver the capital sum insured for commercial vehicles is

a) Rs. 50,000/-

b) 1,00,000/-

c) 2,00,000/-

d) 3,00,000/-
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Q 8. Self-ignition damage is covered under which standard policy?

a) Personal accident

b) Motor package

c) Fire

d) Marine hull
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Q 9. The information necessary to complete a burning cost rating calculation is

a) Claims experience split between claims paid and claims outstanding

b) Turnover or wages

c) Previous Insurers for each of the past five years

d) All of the above
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Q 10. Which of the following policies on NOT granted in Burglary(Business Premises) policy?

a) First loss policy

b) Reinstallment value policy

c) Declaration policy

d) Floating policy
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Q 11. A subrogation claim is recovered from the Third Party and /or which other party?

a) Client's insurers

b) Reinsurers

c) Third Party Reinsurers

d) Third-party insurers
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Q 12. Which among the following is not a characteristic of ethical behavior?

a) Making adequate disclosures to enable the clients to make an informed decision

b) Maintaining confidentiality of clients business and personal information

c) Placing self-interest ahead of clients interests

d) Placing client's interest ahead of self-interest
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Q 13. Q13) Which of the following risks does not require an additional premium under the Money in Transit Policy?

a) Robbery

b) Riot

c) Terrorism

d) Strike
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Q 14. Compensation (Insurance liability) for accidents occurring while handling hazardous substances is provided under the____________________.

a) The Public Liability Insurance Act

b) The Carriage by Air Act

c) Indian Post Office Act

d) The Workmen's Compensation Act
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Q 15. Which of the following is not covered under Institute cargo clauses(c)?

a) Stranding of vessel

b) Washing overboard

c) Collision of vessel

d) Jettison


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