IC11 - LICENTIATE - Practice Of General Insurance 38

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Q 1. ________ is not covered under satellite insurance.

a) Pre Launch insurance

b) Personal Accident cover for the crew

c) Orbit insurance

d) Third-party liability

Q 2. Which of the following can be covered under the money-in-transit policy at an extra premium? ((1) Dishonesty of persons carrying the cash ((2) Loss of wages on premises during payment to employees

a) Statement 1 is True

b) Statement 2 is True

c) Both can be covered

d) Neither can be covered

Q 3. ILU stands for ____________.

a) Institute of London universities

b) Institute of London underwriters

c) Institute of London undertakers

d) Institute of London UNICEF

Q 4. A company insured its property assuming for full value as Rs 10,00,000]=. In the event of a claim, it was realized that the original value of the property was Rs 12,50,000/=. The claim amount was Rs 2,00,000/= Will any claim be paid and if yes, what will

a) No claim will be paid due to misrepresentation of fact

b) Yes it will be paid, Rs 2,00,000

c) Yes it will be paid, Rs 40,000

d) Yes it will be paid, Rs 1,60,000

Q 5. The process of insuring losses for an entire class, territory, or book of business is known as

a) treaty reinsurance

b) portfolio reinsurance

c) facultative reinsurance

d) proportional reinsurance

Q 6. The duty of disclosure arises

a) Before the inception of the policy

b) After the inception of the policy

c) Before inception and continues during the policy

d) There is no such duty

Q 7. Which of the following statements is True? (1) In fire insurance interest is required both at the time of taking the policy and at the time of loss. (2) In marine hull insurance insurable interest is required both at the time of taking the policy and

a) Only 1

b) Only 2 Both are false

c) Both are true

d) Both are false

Q 8. A claim under maternity extension in respect of any insured person is payable only for

a) First child

b) First two children

c) First three children

d) First four children

Q 9. Material fact

a) Is the value of all material covered in a policy

b) Not important for assessing the risk

c) Is important as it influences the decision of the underwriter

d) Is not important as it has no bearing on the decision of the underwriter

Q 10. Claims assessed outside the country in case of travel insurance policies are assessed by:

a) Indian surveyors

b) Local surveyors in the country of loss

c) Insurers own employees

d) Claims to settle agents named in the policy

Q 11. The_____________treaty is an automatic reinsurance whereby the ceding insurer is bound to part with a ? xed percentage of every risk written by it.

a) Facultative

b) Excess of loss

c) Stop loss

d) Quota share

Q 12. Under IRDA guidelines which of the following policies does not fall under internal tariff-rated products

a) Burglary insurance

b) Fidelity insurance

c) Personal accident insurance

d) Group health insurance

Q 13. Q13) Whom does the Fidelity Insurance policy cover?

a) Non Govt employees

b) Semi Govt employees

c) Govt employees

d) All employees of any organization

Q 14. Investigation of loss is done by:

a) unlicensed surveyor

b) licensed and qualified surveyor

c) insureds representative

d) any person with a degree in engineering

Q 15. Fire Insurance Policy does not cover property damage even as add-on cover due to___________.

a) Floods

b) Earthquake

c) Fire

d) Bombing due to war


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