IC56 FIRE INSURANCE CLAIMS - 09
| Q1.In the case of total destruction of a building, it would not be appropriate to consider the market value or sale value of the building. Say whether True or False. |
| a) True |
| b) False |
| Q 2. The extension provides cover for Architects, Surveyors, and Consulting Engineers fees for plans and services in connection with reinstatement of building up to ___ of the adjusted loss, but this does not include any cost of preparation of the claim. |
| a) 1% |
| b) 3% |
| c) 5% |
| d) 7.5% |
| Q3.In Terrorism damage cover, the limit of indemnity under this cover shall not exceed the sum insured as defined in the policy or ____ crores at any one location, whichever is lower. |
| a) Rs.500 crores |
| b) Rs.1000 crores |
| c) Rs.1500 crores |
| d) Rs.2500 crores |
| Q4.If the Total sum insured under the policies is Less than the value at the time of loss. Then Calculate Total Loss. |
| a) X Pays =RS.1,00,000 , Y Pays = Rs.1,50,000 |
| b) X Pays =RS.3,00,000 , Y Pays = Rs.1,50,000 |
| c) X Pays =RS.2,00,000 , Y Pays = Rs.2,50,000 |
| d) X Pays =RS.2,50,000 , Y Pays = Rs.1,50,000 |
| Q5.As per condition 1 of a fire insurance policy, the policy shall be voidable in the event of___in any material particular? |
| a) Misrepresentation |
| b) Misdescription |
| c) Non-disclosure |
| d) Any of the above |
| Q6.The _____ which arises under common law ensured that insured does not recover more than the actual loss suffered by him/her. |
| a) Consideration |
| b) Insurable interest |
| c) Underwriting |
| d) Principle of indemnity |
| Q7.If the Total sum insured under the policies is Less than the value at the time of loss. Then Calculate Total Loss. In the case of Under-Insurance, Insured bears how much amount? |
| a) Rs.10,000 |
| b) Rs.30,000 |
| c) Rs.50,000 |
| d) Rs.70,000 |
| Q8.Under the principle of Contribution, Calculate the Claim payable by each Policy of Total Claim admissable |
| a) X =Rs.15,000 , Y = Rs.5,000, Total = Rs.20,000 |
| b) X =Rs.12,000 , Y = Rs.8,000, Total = Rs.20,000 |
| c) X =Rs.7,000 , Y = Rs.14,000, Total = Rs.20,000 |
| d) X =Rs.10,000 , Y = Rs.10,000, Total = Rs.20,000 |
| Q9.Explosion damage is evidenced by broken machinery, shattered glass, splintered timbers, and widely scattered debris and this is known as ___. |
| a) Lighter damage |
| b) Concussion damage |
| c) Exclusion damage |
| d) Heavier damage |
| Q10.If the building insured or containing the insured property becomes unoccupied and so remains for a period of more than __. |
| a) 7 days |
| b) 15 days |
| c) 30 days |
| d) 45 days |