IC11 PRACTICE OF GENERAL INSURANCE EXAM - 04
| Q1.Increased value' insurance covers are issued for __. |
| imports |
| exports |
| both exports and imports |
| marine cargo imports |
| carriage by road |
| Q2.Which document has the final supremacy when there is a conflict in the wordings of various documents? |
| Proposal |
| Policy |
| Contract |
| Preamble |
| Policy schedule |
| Q3.In which insurance can the certificate take the place of policy? |
| Fidelity insurance |
| Marine insurance |
| Contractors 'All risks insurance' |
| Fire insurance |
| Health insurance |
| Q4.The All Risks Insurance Policy ___ . |
| is decided on the principle of indemnity |
| is settled on an agreed value basis |
| is based on the principle of contribution |
| is settled on the basis of loss incurred |
| None of the above |
| Q5.A deductible is also known as __ . |
| a franchisee |
| a warranty |
| a representation |
| an excess |
| a declaration |
| Q6.A man insures his property for Rs.500000. The Actual value of the property is Rs.750000. There is a loss of Rs.100000. How much will the insurer pay? |
| Rs.100000 |
| Rs.500000 |
| Rs. 83000 |
| Rs. 125000 |
| Rs. 67000 |
| Q7.Which policy does not take into account depreciation? |
| First loss policy |
| Fire policy |
| Marine cargo policy |
| Reinstatement value policy |
| Family floater policy |
| Q8.Which of these are contractual obligations that require one party to the contract to do something before the other party to the contract is required to do something? |
| implied conditions |
| express conditions |
| conditions subsequent to the contract |
| compulsory conditions to the contract |
| conditions precedent to the contract |
| Q9.The contra proferentum rule is used against the _____. |
| the insurer when it declines a claim |
| the insurer when the wordings in the policy document are ambiguous |
| the insured when he suppresses an important and material fact |
| the underwriter when he charges a wrong premium |
| the insurer when it delays servicing of a policy |
| Q10.In which of the below activities is an actuary not involved? |
| Loss assessment |
| Pricing |
| Financial management |
| Product design |
| Corporate planning |