IC11 - LICENTIATE - Practice Of General Insurance 6

IC11 - LICENTIATE - Practice Of General Insurance 6

Find More Mock Tests Here


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


Find More Mock Tests Here