IC11 - LICENTIATE - Practice Of General Insurance 32

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Q 1. Which of the following is not a part of the fundamentals of a contract?

a) Consent of the parties

b) Offer and Acceptance

c) Written agreement

d) Legality and being capable of performance

Q 2. The total loss of any package lost overboard or dropped whilst loading on to or unloading from a vessel or craft is

a) covered by the Institute Cargo Clauses C

b) covered by the Institute Cargo Clauses B

c) covered by the Institute Cargo Clauses C and B

d) covered by the Institute Cargo Clauses A, B and C

Q 3. Agreed value policies are issued for

a) Marine Cargo

b) Marine hull

c) Marine cargo and hull

d) Fire insurance on high-valued machinery

Q 4. Under the private car package policy, the rate of depreciation for all parts made of glass is

a) 20%

b) 30%

c) 50%

d) Nil

Q 5. Which social peril is included in standard fire insurance?

a) Explosion

b) Lightning

c) Landslide

d) Riot

Q 6. What is the process called wherein the various techniques available to control and manage the risk exposures are studied and decisions taken on the measures to be adopted?

a) Risk detection

b) Risk evaluation

c) Risk identification

d) Risk control

Q 7. A company deals in export-import of cement. For each declaration they make, the Sum Insured under the policy gets reduced. What type of marine policy is this? And what can the insured do in this case?

a) Open Policy, Insured can get the sum insured enhanced for further disposal

b) Open Cover, Insured can get the sum insured enhanced for further disposal

c) Specific Marine, Insured should take a new policy

d) Open Policy, Insured will have to wait till the year-end I or for the expiry of the policy

Q 8. Which of the below statements is correct with regards to a warranty?

a) A warranty is a condition which is implied without being stated in the policy

b) A warranty is a condition expressly stated in the policy

c) A warranty is a condition expressly stated in the policy and communicated to the insured separately and not as part of the policy document

d) If a warranty is breached, the claim can still be paid if it is not material to the risk

Q 9. Which of the following statements is True?

a) Insurance protects the asset

b) Insurance prevents its loss

c) Insurance reduces the possibility of loss

d) Insurance pays when there is a loss of asset

Q 10. The proximate cause has to be selected

a) When two or more causes operate simultaneously

b) When two or more causes operate one another

c) When insured peril and excluded peril operate together

d) All of the above

Q 11. The object of the principle of indemnity is to

a) Pay the full cost of repairs

b) Pay the full cost of replacement

c) Pay the cost of reinstatement

d) Prevent the insured from making any profit out of his loss

Q 12. For what is? We 'Premium Register Copy' must?

a) Underwriting premium

b) Underwriting loans

c) Underwriting services

d) Underwriting returns

Q 13. Q13) Micro-insurance agent under the IRDA regulation means.

a) A non-government organization

b) A self-help group

c) A micro-finance group

d) All of the above

Q 14. Which of the following is a type of Insurers Income?

a) Refunds

b) Outst and ing Claims

c) Outstanding Dividends

d) Returns on Investment

Q 15. Which two records are maintained for claims?

a) Claims paid and claims intimated

b) Policy assured and policy document

c) Client details and policy document

d) Basic details and policy documents



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