IC11 - LICENTIATE - Practice Of General Insurance 45

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Q 1. An insurer may pay a claim for a loss which is excluded by a policy when

a) the claim applies to compulsory insurance

b) the insurer makes an ex-gratia settlement

c) an insurer exercises subrogation rights against a negligent third-party

d) Settlement is made through the IRDA Claim Scheme
 
Q 2. Under which of the following P.A... Policies long term discount is available.

a) Individual policies

b) Family package policies

c) Group policies on Government employees

d) Group janata personal accident policy
 
Q 3. Which of the below will be treated in a daycare center?

a) Cancer

b) Cataract

c) Stroke

d) Heart attack
 
Q 4. Who does the pricing of the products?

a) Surveyor

b) Loss Assessor

c) Risk Engineer

d) Actuary
 
Q 5. As per the structured formula under the Motor Vehicle Act victims of fatal injuries are paid compensation based on the following:

a) Age and sex

b) Age, Income, and number of dependents

c) Income and size of family

d) Age and income
 
Q 6. In PA, the coverage for loss of two limbs and two eyes is______________%.

a) 25

b) 50

c) 75

d) 100
 
Q 7. What is expected of an agent when she detects a moral hazard?

a) Continue with the insurance as before

b) Report the same to the insurer

c) Ask for a share in the claims

d) Turn a blind eye
 
Q 8. Which of the following statements is True? (1) Compensation to victims of hit-and-run motor accidents is payable out of the solatium fund. (2) Compensation for victims of motor accident claims tribunal.

a) Statement 1 is True

b) Statement 2 is True

c) Both are true

d) Both are false
 
Q 9. As per premium investment guidelines by IRDA, Investment in central government securities should not be less than

a) 20%

b) 15%

c) 10%

d) There are no such guidelines and Insurance companies can invest the premium collected the way they want to invest
 
Q 10. M/s. XYZ Construction Co. has got an order to construct a bridge and tunnel. Which policy should they take before they start the project?

a) Machine Insurance Policy

b) Storage cum Erection Policy

c) Erection All Policy

d) Contractors All Risk Policy
 
Q 11. Which extraneous risks can be added under ICC(B) clauses on payment of extra premium?

a) Heating

b) Sweating

c) Breakage

d) All the above
 
Q 12. How much is the amount of claim payable, if the sum insured is Rs. 2 Lakhs, the excess limit is Rs. 20,000/-, and the loss is Rs. 25,000 /-

a) Rs. 20,00

b) Rs. 25,000

c) Rs.15,000

d) Rs.5000
 
Q 13. Q13) Under Fidelity Guarantees, the customary time limit for discovery of loss is not later than a month after the resignation of the dishonest employee.

a) 6

b) 12

c) 18

d) 24
 
Q 14. Under fire policy, pro-rata average applies when there is

a) Double insurance

b) Overinsurance

c) Under insurance

d) Subrogation
 
Q 15. Personal accident cover for owner-driver under liability only motor policy applies if the

a) Owner-driver is the registered owner of the insured vehicle.

b) Owner-driver is the insured named in the policy.

c) The Owner0driver holds an effective license.

d) All of the above


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