IC56 FIRE INSURANCE CLAIMS - 01
ic56-fire-insurance-claims-01-2
| Q1.The term ____ would include wearing apparel, books, cameras, musical instruments, etc., |
| a) Household goods |
| b) Personal effects |
| c) Finished goods |
| Q2.If the loss is proximately caused by an ____, there is no liability under the policy. |
| a) Insured perils |
| b) Excluded perils |
| c) Both of the above |
| d) None of these |
| Q3. ___ is a result of the principle of indemnity and is designed to prevent the insured from recovering more than the total amount of his/her loss/ |
| a) Escalation clause |
| b) Value of salvage |
| c) Subrogation |
| d) Contribution |
| Q4.The extent of indemnity is subject to which of the following limitations? |
| The value of the subject matter of the insurance effected |
| The sum insured under the policy for the affected item |
| Only A |
| Both a and b |
| Q5.Condition 6 provides |
| _ a) Forfeiture of policy benefits |
| b) Reinstatement of replacement of property |
| c) Pro-rata Average |
| d) Notification of loss |
| Q6.In the District forum, the claim amount payable is less than __. |
| a) Rs.5 lakhs |
| b) Rs.10 lakhs |
| c) More than Rs.5 lakhs but less than Rs.20 lakhs |
| d) Exceeds Rs.20 lakhs |
| Q7.Which of the below properties is covered under the declaration policy? |
| a) Building |
| b) Stocks |
| c) Furniture |
| d) Fixtures and fittings |
| Q8.During a claim investigation, the surveyor may conduct a chemical analysis to establish that the fire was a slow process of___. |
| a) Fermentation |
| b) Pigmentation |
| c) Oxidation |
| d) Corrosion |
| Q9.When Fire insurance contract is considered a valid one? |
| a) The first premium is not paid |
| b) The person is under 18 years of age |
| c) Both parties of the contract should be of different ideas |
| d) Both parties of the contract should have a common intention |
| Q10.Which proviso relates to the pro-rata average and there is a difference in the application of the average condition under the ordinary policy and the average condition as applied under this proviso? |
| a) Proviso 1 |
| b) Proviso 2 |
| c) Proviso 3 |
| d) Proviso 4 |