IC56 FIRE INSURANCE CLAIMS - 04

Que. 1 : Q1) Navin used to run a steel plant. It was destroyed by fire. For the surveyor, the condition of the property will provide some evidence of its sound value and the amount of loss. Which of the below will be useful evidence to provide sound value amount of loss, in case of Navin's steel plant?

   1.  a) Its measurement and construction

   2.  b) Its count, weight and measurement

   3.  c) Its character

   4.  d) It cost reconstruction

Que. 2 : Q2) What is a corollary of the principle of indemnity and is designed to prevent the insured from recovering more than the total amount of his loss and it is an implied condition in all contracts of indemnity?

   1.  a) Contribution

   2.  b) Escalation clause

   3.  c) Depreciation

   4.  d) Pro-rata average

Que. 3 : Q3) Loss or visible physical damage or destruction caused to the property insured due to impact by any Rail/Road vehicle or Animals by direct contact but not belonging to or owned by the insured or any occupier of the premises is known as?

   1.  a) Flood damage

   2.  b) Direct damage

   3.  c) Indirect damage

   4.  d) Impact damage

Que. 4 : Q4) Therefore, in respect of buildings, indemnity is provided on the basis of cost of ____________ of the building and this cost is determined with reference to the cost of labour and materials at the time and place of the loss plus other professional and incidental charges.

   1.  a) Causes of deterioration

   2.  b) Reinstatement or reconstruction

   3.  c) Maintenance of the building

   4.  d) Partial loss an a building

Que. 5 : Q5) The legal doctrine of proximate cause apples equally to exceptions under which policy?

   1.  a) Insured perils

   2.  b) Uninsured perils

   3.  c) Excluded perils

   4.  d) None of these