IC11 - LICENTIATE - Practice Of General Insurance 5
IC11 - LICENTIATE - Practice Of General Insurance 5
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Q 1. ________ can also be known as an Endorsement.
Signature on policy
Policy Document
Articles
Memorandum
Offer letter
Q 2. A _______ requires an insured to do or not to do certain things and is often linked to a specific trade.
Exclusion
Warranty
Legal Document
Deductible
None of the above
Q 3. A fire policy covers assets like printers, machines, etc. The policy did not have a Reinstatement Value Clause. In the event of loss, will the claim be paid or not, and if yes, how?
No, the claim will not be paid
Yes, it will be paid on a market value basis
Yes, it will be paid on a Reinstatement Value basis
Yes, it will be paid on a market value basis or Reinstatement Value basis ever is higher.
None of the above
Q 4. A company deals in export-import of cement. For each declaration they make, the Sum Insured under the policy gets reduced. What type of marine policy is this? And what can the insured do in this case?
Open Policy, Insured can get the sum insured enhanced for further disposal
Open Cover, Insured can get the sum insured enhanced for further disposal
Specific Marine, Insured should take a new policy
Open Policy, Insured will have to wait till the year-end / or for the expiry of the policy
Open Cover, take a new policy altogether
Q 5. A claim was reported as 'Theft Claim' under a motor policy. How will the loss be categorized?
No Loss
Partial Loss
Total Loss
Motor Loss
Theft Loss
Q 6. What is the process called wherein the various techniques available to control and manage the risk exposures are studied and decisions taken on the measures to be adopted?
Risk detection
Risk evaluation
Risk identification
Risk Control
Risk analysis
Q 7. A 'Discharge Voucher' with a standardized format is mainly used for _______.
Final Settlement
Investigation
Closure
Setting up a claim reserve
None of the above
Q 8. For how long is the open cover generally valid?
6 month
1 year
2 years
5 years
10 years
Q 9. For whom is the Railway Claim Tribunal Act relevant?
Train Accident insurance
Personal accident insurance
Cargo insurance
Medical insurance
Hull insurance
Q 10. The key part of the policy where the actual cover provided is outlined is called _______.
Policy Wordings
Preamble
Conditions
Policy schedule
Operative clause
Q 11. The object of a Fire Policy is to indemnify _______.
Loss of turnover
Loss of profit
Material Damages
All of above
None of above
Q 12. Which policy is concerned with the erection / installation of plant, machinery, equipment, and structures involving no or very little civil engineering work?
Marine cum Erection policy
Storage cum Erection policy
Contractors All Risk policy
Advance Loss of Profits policy
None of the above
Q 13. _____ is the procedure of assessing, accepting, and pricing risks, applying policy conditions, and managing exposures.
Risk Assessment
Investment
Risk Evaluation
Underwriting
Hedging
Q 14. _______, a social peril, is included in the Standard Fire Insurance policy.
Explosion / implosion
Riot
AOG perils
Hurricane
Aircraft damage
Q 15. Foreign Direct Investment (FDI) in insurance was hiked to ______ % in the Union Budget of 2015.
41%
43.50%
45%
47.50%