IC11 - LICENTIATE - Practice Of General Insurance 51

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Q 1. For what is? Is Trial Balance used?

a) To prepare the cash book

b) To prepare the cash book

c) To prepare the account book

d) To prepare the Balance sheet

Q 2. Which of the following properties can be covered under all Risks policy on an Agreed value basis?

a) Watches

b) Cameras

c) Binoculars

d) Paintings

Q 3. Insurance agents who hold a license to act as an agent for both a life insurer and a general insurer are called _______________.

a) Common insurance agents

b) Composite insurance agents

c) Multiple insurance agents

d) General insurance agents

Q 4. Which of the following statements is True? (1) The indemnity clause of industrial risks public liability policy excludes Product liability (2) The indemnity clause of industrial risks public liability policy excludes Pollution liability

a) Statement 1 is True

b) Statement 2 is True

c) Both are true

d) Both are false

Q 5. Out of the following documents for Own Damage motor claims, select one that is additionally required for commercial vehicle (goods carrier) claims.

a) Registration Certificate book

b) Permit

c) Driving License

d) Police report

Q 6. Fluctuation Reserves are classified under the heading

a) Accounting reserves

b) Technical Reserves

c) Unexpired Premium

d) Asset Liability reserves

Q 7. The sum insured (provisional) under the fire declaration policy is Rs.100, 00,000/-, rate of premium is Re.(1) 00 per mile average sum insured is Rs.50, 00,000. The refund premium is

a) Rs.5,000/-

b) Rs.6,000/-

c) Rs.10,000/-

d) Nil

Q 8. Rajesh's Car collides with another car and the other car driver is injured. Who will pay for the claims of the other driver?

a) Rajesh will pay from his pocket

b) The other driver will have to pay on his own for the treatment costs as he does not have any insurance

c) Third-Party Insurance pool

d) Rajesh Insurance Company

Q 9. In the event of the death of the sole insured under a motor policy, the policy will remain valid for a period of ___ months from the date of death of the insured or until the expiry of the policy ( whichever is earlier)

a) 3 months

b) 6 months

c) 9 months

d) 12 months

Q 10. Compare claims investigation and claims assessment.

a) Both claims investigation and assessment are the same thing

b) Investigation tries to determine the validity of the claim whereas assessment is more concerned with the cause and extent of the loss

c) Assessment tries to determine the validity of the claim whereas investigation is more concerned with the cause and extent of the loss

d) Investigation is done before the claim is paid and assessment is done after the claim is paid

Q 11. All insurers have to prepare what type of account?

a) Reconciliation statement

b) Company register

c) Income and Expense statement

d) Balance sheet

Q 12. Ombudsman is a

a) Governmental body

b) Semi-governmental body

c) Semi-quasi body

d) Semi-judicial body

Q 13. Q13) 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 14. Which of the following statements is True? (1) Dental treatment excluded unless requiring Hospitalization (2) Expenses on vitamins and tonics are excluded unless forming part of treatment

a) Statement 1 is True

b) Statement 2 is True

c) Both are true

d) Both are false

Q 15. Which policy covers damage to the actual structure of the vessel?

a) Marine Cargo Insurance

b) Marine Hull Insurance

c) Both of the above

d) None of the above


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