IC11 PRACTICE OF GENERAL INSURANCE EXAM - 02

Que. 1 : Q1) Under which principle can the insurer assume the rights of the insured in order to recover from a third party the loss paid under a policy?

   1.  a) Contribution

   2.  b) Discharge

   3.  c) Subrogation

   4.  d) Indemnity

Que. 2 : Q2) The deductible for perils other than act of god perils under standard fire and special perils policy is

   1.  a) Rs 5000/- for each and every loss

   2.  b) Rs. 10,000/-for each and every loss

   3.  c) Rs.15,000/- for each and every loss

   4.  d) Rs.20,000/- for each and every loss

Que. 3 : Q3) In which of the following policies the principle of indemnity is modified.

   1.  a) Fire Declaration Policy

   2.  b) Fire floating policy

   3.  c) Fire reinstatements policy

   4.  d) Fire loss of profits policy

Que. 4 : Q4) The inland transit (Rail/Road) Clause C covers the following risks.

   1.  a) Fire and theft

   2.  b) Derailment

   3.  c) Collision

   4.  d) Fire and lightning

Que. 5 : Q5) What class of insurance would respond to claims made against a lawyer in respect of incorrect advice given for a fee?

   1.  a) Financial loss insurance

   2.  b) Legal expenses insurance

   3.  c) Professional indemnity insurance

   4.  d) Public liability insurance