IC56 FIRE INSURANCE CLAIMS - 06
| Q1.Manoj had taken a fire insurance policy for his shop with a sum insured of Rs. 6,00,000. There was a fire shop and there was a loss of Rs. 5,00,000. The surveyor in his investigation found out that the value of the shop was worth Rs. 7,00,000. How many claims will be paid to Manoj? |
| a) Rs. 5,00,000 |
| b) Rs. 4,28,571 |
| c) Rs. 5,28,571 |
| d) Rs. 3,28,571 |
| Q2.The consumer Forum Act was enacted in ____. |
| a) 1978 |
| b) 1986 |
| c) 1995 |
| d) 1999 |
| Q3.Salvage may be sold at a ___ to a buyer who offers a satisfactory price and it is sold to the highest bidder after giving all interested buyers the opportunity of examining it and giving their offers. |
| a) Private sale |
| b) Sale by Tender |
| c) Through the Insured |
| d) By public opinion |
| Q4. The question of valuation, for indemnity purposes, of ____ which are destroyed whilst they are still upon the manufacturer's premises and whilst they are still the property of the manufacturer is beset with several difficulties. |
| a) Finished goods |
| b) Stock-in-purchases |
| c) Raw materials |
| d) None of these |
| Q5.What is mean by if the peril need not be the immediately preceding cause of the damage; but it must be established that the loss in connection with the peril by a chain of events leading naturally and in the ordinary course of events, from one to the other? |
| a) Insured perils |
| b) Excluded perils |
| c) Both of the above |
| d) None of these |
| Q6.Missile testing operations are conducted by whom? |
| a) IRDA |
| b) RBI |
| c) Government of India |
| d) SEBI |
| Q7.This peril is included so that all damage so caused, whether fire results or not, is covered because there is no specific mention of damage by ____ involving no ignition would not have been covered. |
| a) Fire |
| b) Explosion |
| c) Lightning |
| d) Strike |
| Q8.Which of the following is correct about Fire policy? |
| a) Fire policy covers only forest fire |
| b) Fire policy covers both bush fire and Forest fire |
| c) Fire policy covers bush fire but excludes forest fire |
| d) None of these |
| Q9.Proofs and information as may reasonably required by or on behalf of the company have to be submitted. Say whether True or False. |
| a) True |
| b) False |
| Q10.Calculate the amount payable for the following? |
| a) Building = Rs.50,000/-, Machinery = Rs.2,00,000/-, Stock = Rs.50,000/- |
| b) Building = Rs.1,00,000/-, Machinery = Rs.2,50,000/-, Stock = Rs.60,000/- |
| c) Building = Rs.60,000/-, Machinery = Rs.1,00,000/-, Stock = Rs.55,000/- |
| d) Building = Rs.70,000/-, Machinery = Rs.1,00,000/-, Stock = Rs.60,000/- |