IC11 - LICENTIATE - Practice Of General Insurance 41

Get More Mock Tests Here


Q 1. Members of the Insurance Advisory Committee are drawn to represent the interests of different groups like:

a) Surveyors, agents, advocates

b) Employees

c) Consumer forum, industry, intermediaries

d) Research bodies, organizations engaged in safety and loss prevention

Q 2. Which of the following risks is NOT covered at an extra premium under the Burglary(Business) premises policy?

a) Strike

b) Riot

c) Breakage of plate glass

d) Terrorism

Q 3. Which insurance will cover the contingent losses of - Own property damage, Gate money, advertising revenues, Own property damage, etc?

a) Films / Entertainment

b) St and ard Fire and LOP

c) Standard Fire burglary and Liability

d) Event Cancellation

Q 4. Which of the following statements is true?

a) Insurance is a method of sharing the losses of a few by the many

b) Insurance is a method of transferring the risk of an individual to another individual

c) Insurance is a method of sharing the losses of many by a few

d) Insurance is a method of transferring the gains of a few to the many

Q 5. Which of the below statements is correct about the renewal notice?

a) As per regulations there is a legal obligation on insurers to send a renewal notice to the insured, 30 days before the expiry of the policy

b) As per regulations there is a legal obligation on insurers to send a renewal notice to the insured, 15 days before the expiry of the policy

c) As per regulations there is a legal obligation on insurers to send a renewal notice to the insured, 7 days before the expiry of the policy

d) As per regulations there is no legal obligation on insurers to send a renewal notice to the insured before the expiry of the policy

Q 6. The Maximum amount recoverable in a General Insurance Policy is

a) Sum Insured

b) Actual Loss

c) Lower of the above two

d) Higher of the above two

Q 7. Raj is involved in a car accident. His car is insured under a motor insurance policy. Which among the following is the most appropriate thing for Raj to do?

a) Notify the insurer of the loss as soon as reasonably possible

b) Notify the insurer at the time of insurance renewal

c) Damage the car further to receive a bigger compensation

d) Ignore the damage

Q 8. Which authority can intervene in the affairs of an insurer?

a) Any legal regulatory body

b) IRDAI

c) Central Government

d) Policyholder

Q 9. Which of the following is a Sub Product of Class Rated Product?

a) Large Risks Product

b) Exposure Rated Product

c) Individual Experience rated Product

d) Packaged Products

Q 10. The minimum premium condition is meant to cover administrative costs incurred under which policy?

a) Large Sum Assured policies

b) All-in-one policy

c) Each policy

d) Separate policy

Q 11. Under the Motor Vehicles Act, liability under the Workmen's Compensation Act towards which of the following of the following is compulsorily insurable.

a) Paid driver of vehicle

b) Conductor (public service vehicle)

c) Ticket examiner (public service vehicle)

d) All of the above

Q 12. Under the fire policy sum insured is Rs.1, ,00,000/-, the loss is Rs.60, 000/-, value of the property at the time of proposal is Rs.1,50,000/-.value of the property at the time of loss is Rs.2, 00,000. What is the amount of loss payable?

a) Rs.40,000/-

b) Rs.30,000/-

c) Nil

d) Rs. 60,000/-

Q 13. Q13) The purpose of the deductible clause is to:

a) To avoid claim payment

b) To eliminate payment of small claims

c) To harass the policyholder

d) To increase the premium

Q 14. Insurance brokers are licensed by:

a) Insurance Regulatory and; Development Authority

b) Reserve Bank of India

c) Security Exchange Board of India

d) Government of India

Q 15. A household insurance policy has an excess of Rs 150 in respect of each claim. If a valid claim for Rs 500 is submitted, what maximum amount would the insured receive in settlement?

a) Rs 150

b) Rs 350

c) Rs 500

d) Rs 650


Get More Mock Tests Here