IC56 FIRE INSURANCE CLAIMS - 03
IC56 FIRE INSURANCE CLAIMS - 03
Click Here for the Answer Key
Q1.Under the __, the payment to be made is the cost of reinstatement of the building or the cost of replacement of the machinery to a condition equal to its condition when new. |
a) Declaration policy |
b) Floater policy |
c) Reinstatement value policy |
d) Property policy |
Q2.______ is defined as the voluntary relinquishment of a known right. |
a) Abandonment |
b) Repudiation |
c) Renunciation |
d) Waiver |
Q3.The payment made to the insured based on the interim report of the surveyor is known as_____. |
a) On-account payment |
b) Interim payment |
c) Advance payment |
d) Pre-payment |
Q4.In the case of finished goods, according to the modern way,_____would provide real indemnity. |
a) Market value of goods |
b) Cost of production of goods |
c) Cost of production of goods plus excise duty, if any |
d) Market value of goods storage cost |
Q5.Both parties to the contract must have a common intention or should be of the same kind. Say whether True or False. |
a) True |
b) False |
Q6.The term ____ is used to denote the broad principles and specific practices adopted by insurers to conduct their business along sound scientific lines to produce a reasonable profit on their operations. |
a) Contract |
b) Underwriting |
c) Settlement of claims |
d) Fire insurance |
Q7.Which act was enacted in 1986 to provide the protection of the interest of the consumers and to make provision for the establishment of the Consumer councils? |
a) Grievance Act |
b) Consumer Forum Act |
c) Ombudsman act |
d) None of these |
Q8.An ____ to enter into a contract of insurance usually comes from the proposer. |
a) Offer |
b) Acceptance |
c) Cover note |
d) Counter-offer |
Q9.How to calculate Pro-rate Average if sum insured = Rs. 30,000 Value of property = Rs.40,000 Loss = Rs. 16,000 |
a) Rs.5,000 |
b) Rs.10,000 |
c) Rs.12,000 |
d) Rs.15,000 |
Q10.Who deals with complaints in respect of personal line of insurance and is empowered to decide complaints where the value complained, does not exceed___. |
a) Rs.20 lakhs |
b) Rs.30 lakhs |
c) Rs.40 lakhs |
d) Rs.50 lakhs |