IC11 - LICENTIATE - Practice Of General Insurance 6
IC11 - LICENTIATE - Practice Of General Insurance 6
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Q 1. When an award has been made by the MACT, ________.
the amount is paid to the state govt where the tribunal is located
the amount is paid directly to the third party
the amount is deposited with the civil court
the amount is deposited with MACT
the amount is deposited with the arbitrator
Q 2. A policy covering a single shipment or consignment is known as ________.
Single policy
Open policy
Special policy
Specific policy
Open cover
Q 3. In motor insurance when fixing premium rates, the insurer may give discounts for _______.
Deletion of risks like riots, strikes, floods, etc.
membership of a recognized automobile association
voluntary excess
no claims during the year
All of the above
Q 4. The ALOP policy ________.
covers financial consequences of project delay
covers machinery breakdown
means consequential loss of profits
means deterioration of the stock insurance policy
None of the above
Q 5. Which of these policies do not specify any sum assured?
Professional indemnity policy
Personal accident insurance
Product liability policy
Directors` and officers` liability policy
Employers` liability policy
Q 6. Compulsory Excess applies only to _________.
Motor cars
All Imported vehicles
Two-wheelers
Ambulances
Commercial vehicles
Q 7. The proposal form is part of __________.
The operating clause
The heading
The preamble
The policy schedule
The insuring clause
Q 8.
1000 Factories require a sum insured of Rs 10 crores each and 2 factories get destroyed by fire each year. If the losses are to be paid for by all of the 1000 owners, what should be the contribution by each owner? nbsp;
Rs. 100000
Rs. 200000
Rs. 50000
Rs. 150000
Q 9. 100 houses require a Sum Insured of Rs.100000 each. Statistically, 2 houses may get destroyed by fire each year. Calculate the pure premium.
Rs. 500
Rs. 750
Rs. 1000
Rs. 1500
Rs. 2000
Q 10. The reinsurer of the reinsurance co is known as ___________.
Retrocedent
Retrocessionaire
Primary reinsurer
General reinsurer
National reinsurer
Q 11. What is a 'General average act'?
The condition of average is applied when there is underinsurance
It is the average of premiums paid in declaration policies
It is a loss caused when an extraordinary sacrifice or expenditure is made
It is the average of losses which occur in one financial year
It is the average of stocks maintained at various location
Q 12. Under the 'Erection All Risks' (EAR) insurance policy _________.
the insurance will cease two weeks after the first test operation
the insurance will cease six weeks after the first test operation
insurance will continue for one year
insurance will cease four weeks after the first test operation
None of the above
Q 13. ________ is engaged by the insurer and paid by the reinsurer.
Direct broker
Composite broker
Insurance broker
Stockbroker
Reinsurance broker
Q 14. Which of these is NOT an exclusion in Mediclaim policies?
Pregnancy, childbirth
Pre-existing diseases
Surgery for gallbladder
Cost of spectacles, contact lenses hearing aids
Cataract, hernia
Q 15. ______ policy provides cover for loss of gross profit due to stoppage of production.
Consequential Loss policy
Loss Recovery policy
Long Term policy
Reinstatement Value policy
Declaration policy