IC11 - LICENTIATE - Practice Of General Insurance 42

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Q 1. Which of the following property is covered under the fire policy if expressly stated in the policy?

a) books of account

b) business books

c) computer system records

d) all the above

Q 2. As per Mediclaim policy, Statement A. Expenses on Hospitalisation for a minimum period of 24 hours are admissible. Statement B: This time limit is not applied if the insured is discharged the same day after specific treatment e.g. Dialysis.

a) 1 is true

b) 2 is true

c) Both are true

d) Both are false

Q 3. Which of the following are covered in fire insurance?

a) Raw materials

b) Semi-finished goods

c) Packing materials

d) All of the above

Q 4. Earthquake is an example of:

a) Catastrophic risk

b) Dynamic risk

c) Marginal risk

d) Speculative risk

Q 5. Under the Compulsory Public Liability policy in case of permanent partial disablement, the amount of relief fixed is __________.

a) Rs 10000

b) Rs 12500

c) Rs 15000

d) Rs 12000

Q 6. ________________ is a wrong statement made during negotiation of a contract.

a) Misrepresentation

b) Contribution

c) Offer

d) Representation

Q 7. In a customer relationship, the first impression is created:

a) By being confident

b) By being on time

c) By showing interest

d) By being on time, showing interest, and being confident

Q 8. Which of the following statements is True? (1) A micro agent shall not distribute any product other than a micro-insurance product. (2) A micro-agent shall not work for more than one life insurer and one general insurer

a) Statement 1 is True

b) Statement 2 is True

c) Both are true

d) Both are false

Q 9. When looking for Reinsurance the Underwriter works at Two levels. One is Risk Level and the other is

a) Micro

b) Portfolio

c) Retention

d) Primary

Q 10. In which category of insurance the insured is not paid the loss?

a) Marine hull policy

b) Liability insurance

c) PA policy

d) Fire insurance

Q 11. IBNR stands for

a) Income Before Not Reported

b) Incurred But Not Reviewed

c) Incurred But Not Reported

d) Investment Before Net Result

Q 12. If there is no insurable interest the insurance contract becomes

a) Unenforceable in a Court of Law

b) Illegal

c) Void

d) Voidable

Q 13. Q13) Interruption of business due to machinery breakdown or damage to stocks etc is termed as __________.

a) Loss of continuity

b) Loss of assets

c) Loss of finance

d) Loss of profit

Q 14. ___________ is the maximum amount that an insurance company will indemnify someone who files a claim.

a) Sum insured

b) Premium

c) Rider

d) Benefits

Q 15. Under which clause is the cover for costs related to i) Cost of controlling the blow ii) Cost of Cleaning Up iii) Pollution Liability etc. provided?

a) Blow-out clause

b) All risk clause

c) Energy explosion and development clause

d) Launch clause


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