IC11 - LICENTIATE - Practice Of General Insurance 4

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Q 1. Which policy covers stocks at various specific locations under one sum assured?

Floater policy

Declaration policy

Stock policy

Marine cargo policy

Reinstatement value policy
 
Q 2. Pick the correct option -

Reinstatement insurances are generally issued on building amp; amp; stocks

Reinstatement insurances are generally issued only on stocks

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

Reinstatement insurances are generally provided on plant and machinery

Reinstatement insurances are generally issued on buildings, plants, and machinery in comparatively new condition.
 
Q 3. The Annual Policy in marine insurance covers _________.

covers cargo in the voyage by sea

covers goods being airlifted

all cargo in transit annually

covers goods which are in transit from one depo to another by rail or road

All the above
 
Q 4. Which component of the policy document is unique to each insured person?

The preamble

The policy schedule

The operating clause

The annexure

The exclusions
 
Q 5. Risk, Strike, and Malicious Damage cover(RSMD) is associated with ________.

aviation cover

Marine hull insurance

terrorism cover

earthquake cover

None of the above
 
Q 6. Increased value insurance covers are issued for ________.

imports

exports

both exports and imports

marine cargo imports

carriage by road
 
Q 7. Which document has the final supremacy when there is a conflict in the wording of various documents?

Proposal

Policy

Contract

Preamble

Policy schedule
 
Q 8. In which insurance can the certificate take the place of the policy?

Fidelity insurance

Marine insurance

Contractors 'All Risks Insurance'

Fire insurance

Health insurance
 
Q 9. The All Risks Insurance Policy _________ .

is decided on the principle of indemnity

is settled on an agreed value basis

is based on the principle of contribution

is settled based on the loss incurred

None of the above
 
Q 10. A deductible is also known as ________.

a franchisee

a warranty

a representation

an excess

a declaration
 
Q 11. A man insures his property for Rs.500000. The Actual value of the property is Rs.750000. There is a loss of Rs.100000. How much will the insurer pay?

Rs.100000

Rs.500000

Rs. 83000

Rs. 125000

Rs. 67000
 
Q 12.
In marine insurance, the Special declaration policy can be applied by individual companies having a minimum turnover of Rs __________.

1 crore

2 crore

3 crore

4 crore

5 crore

 
Q 13. Which of these is a contractual obligations that require one party to the contract to do something before the other party to the contract is required to do something?

implied conditions

express conditions

conditions after the contract

compulsory conditions to the contract

conditions precedent to the contract
 
Q 14. The contra-referendum rule is used against the ___________.

the insurer when it declines a claim

the insurer when the wording in the policy document is ambiguous

the insured when he suppresses an important and material fact

the underwriter when he charges the wrong premium

the insurer when it delays servicing of a policy
 
Q 15. In which of the below activities is an actuary not involved?

Loss assessment

Pricing

Financial management

Product design

Corporate planning

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