IC11 - LICENTIATE - Practice Of General Insurance 37

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Q 1. The Overseas Medical Policy Does not provide indemnity for a pre-existing medical condition which is defined as sickness for which the insured person was treated in the preceding ____ months before travel.

a) 3 months

b) 6 months

c) 9 months

d) 12 months

Q 2. As per guidelines, an insurance company has to process an insurance proposal within __________.

a) 7 days

b) 15 days

c) 30 days

d) 45 days

Q 3. Which of the following is not a standing charge under the Consequential loss (fire) policy?

a) Salaries

b) Office expenses

c) Cost of stationery

d) Cost of raw materials

Q 4. What is also known as endorsement?

a) Assignments

b) Stamping of the policy

c) Cover letter

d) Policy document

Q 5. On payment of loss, salvage belongs to:

a) Surveyors

b) Insured

c) Insurer

d) Local authorities

Q 6. Reserves for incurred but unreported claims come under the heading

a) Accounting reserves

b) Technical Reserves

c) Unexpired Premium

d) Asset Liability reserves

Q 7. The Balance Sheet of companies represents ___________.

a) Company Position

b) Legal status of the company

c) Company status

d) Financial position of the company

Q 8. Which of the following is not covered under the Boiler and Pressure Plant policy?

a) Damage to third party property

b) Damage to surrounding property of insured

c) Damage to boiler.

d) Damage by fire

Q 9. Whose responsibility is to collect detailed information on clients' business?

a) Sales agent

b) Insurers

c) Direct brokers

d) Underwriters

Q 10. What does the term Caveat Emptor mean?

a) Buyer beware

b) Seller beware

c) Insurance buyer beware of misselling

d) Insurance agent beware of customer requirement

Q 11. The Certificate of Motor Insurance

a) Is not m mandatory

b) Has to be kept with self always

c) Has to be kept in the car always

d) Has to be kept in the bank locker

Q 12. Which of the following statements is True?

a) Printed word takes precedence over the written word

b) The written word takes precedence over the printed word

c) Printed and Written words are treated on the same footing

d) Printed word takes precedence over the typed word

Q 13. Q13) Broker represents:

a) One insurance company

b) Multiple insurance companies

c) Insurance Regulatory and Development Authority

d) Customer

Q 14. A __________ requires an insured to do or not to do certain things and is often linked to a specific trade.

a) Exclusion

b) Warranty

c) Legal Document

d) Deductible

Q 15. 'Employment Practices' fall under what type of risk?

a) Strategic risk

b) Operational risk

c) Knowledge management risk

d) Compliance risk


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