IC11 PRACTICE OF GENERAL INSURANCE EXAM - 41

Que. 1 : Q1) Members of the Insurance Advisory Committee are drawn to represent the interests of different groups like:

   1.  a) Surveyors, agents, advocates

   2.  b) Employees

   3.  c) Consumer forum, industry, intermediaries

   4.  d) Research bodies, organisations engaged in safety and loss prevention

Que. 2 : Q2) Which of the following risks is NOT covered at extra premium under Burglary(Business) premises policy?

   1.  a) Strike

   2.  b) Riot

   3.  c) Breakage of plate glass

   4.  d) Terrorism

Que. 3 : Q3) Which insurance will cover the contingent losses of - Own property damage, Gate money and advertising revenues, Own property damage etc.

   1.  a) Films / Entertainment

   2.  b) Standard Fire & LOP

   3.  c) Standard Fire burglary & Liability

   4.  d) Event Cancellation

Que. 4 : Q4) Which of the following statements is true?

   1.  a) Insurance is a method of sharing the losses of a few by the many

   2.  b) Insurance is a method of transferring the risk of an individual to another individual

   3.  c) Insurance is a method of sharing the losses of many by a few

   4.  d) Insurance is a method of transferring the gains of a few to the many

Que. 5 : Q5) Which of the below statement is correct with regards to renewal notice?

   1.  a) As per regulations there is a legal obligation on insurers to send a renewal notice to insured, 30 days before the expiry of the policy

   2.  b) As per regulations there is a legal obligation on insurers to send a renewal notice to insured, 15 days before the expiry of the policy

   3.  c) As per regulations there is a legal obligation on insurers to send a renewal notice to insured, 7 days before the expiry of the policy

   4.  d) As per regulations there is no legal obligation on insurers to send a renewal notice to insured before the expiry of the policy