IC11 PRACTICE OF GENERAL INSURANCE EXAM - 33

Que. 1 : Q1) Under public liability insurance Act, Application for claim for relief must be made to the collector within _______ years of the occurrence of the accident.

   1.  a) 1 year

   2.  b) 2 years

   3.  c) 3 years

   4.  d) 4 years [This is the Right Answer]

Que. 2 : Q2) Cost of risk is determined by ________________.

   1.  a) Probability only

   2.  b) Impact only

   3.  c) Probability and impact [This is the Right Answer]

   4.  d) Timing of risk

Que. 3 : Q3) Fire Consequential loss policy pays the insured

   1.  a) Net profit

   2.  b) Standing charges

   3.  c) Increased cost of working

   4.  d) All of the above [This is the Right Answer]

Que. 4 : Q4) With rapid changes in the insurance sector and increased competition, what should the insurance companies do to stand out?

   1.  a) Organise camps

   2.  b) Recruit more agents

   3.  c) Increase channel selling

   4.  d) Product differentiation [This is the Right Answer]

Que. 5 : Q5) How is the fire insurance for residential properties classified ?

   1.  a) Simple Risk [This is the Right Answer]

   2.  b) Dynamic Risk

   3.  c) Hazardous Risk

   4.  d) Storage Risk