IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE - 01
| Q1.Which problem can an assessor come across when the loss assessment of household goods and personal effects is being carried out? |
| Insured may not be able to produce proofs of values in the form of vouchers, bills, etc. |
| The insured may manipulate the bills etc. |
| The insured may present a worse picture of the damage than the actual damage |
| It is not possible to professionally value household goods etc. |
| The insured can manipulate the damages |
| Q2.What is the fundamental thing which an insurer should take care of if it wants to ensure a reasonable profit on operations of the business? |
| Maintain a decent law of averages |
| Expansion of the insurance base in rural areas |
| Sound underwriting |
| Effective marketing plan |
| Very competitive premium |
| Q3.Which document has to be furnished to the surveyors before proceeding with the survey? |
| Actuarial report |
| Underwriter’s report |
| Claim document |
| Aadhar Card/Pan card |
| FIR with police |
| Q4.Which of these is the odd man out? |
| Crackers and Fireworks |
| Coir lose |
| Hemp |
| Glass |
| Celluloid Goods |
| Q5.What will give a fairly clear guide to the real rate of gross profit? |
| Gross profit earned during the last three months immediately before the date of damage |
| Gross profit earned during the calendar year immediately before the date of damage |
| Gross profit earned during the financial year immediately before the date of damage |
| Average of last three years of gross profit |
| Average of last five years of gross profit |
| Q6.The risks emerging from which of these suppliers cannot be covered? |
| Service sector suppliers |
| Suppliers who are abroad |
| Suppliers who carry the risky process |
| Suppliers who are from the public sector |
| Suppliers who are in n the coastal areas |
| Q7.Which of the following option is a crucial difference between a Normal policy and an Output policy? |
| Output policy is risk-free from the point of view of insured |
| The burden upon the insured to minimize the loss in every way is extremely strict in case of an Output policy |
| The burden upon the insured to minimize the loss in every way is extremely strict in case of a Normal policy |
| Normal policy is risk-free from the point of view of insured |
| Output policy is risk-free from the point of view of the insurer |
| Q8.An insurance company claims that the concept of VALUE has been defined under the insurance policy law as - 'Value of a property may be defined as the worth of anything in terms of something else for which it can be exchanged either with other goods or in terms of money'. - Is this claim correct? |
| Yes, it's correct |
| Yes, it's correct but this has not been given in the insurance law. It is a general meaning assigned to the word |
| No, as this is the definition for Market Price |
| No, the definition is not clear |
| No, this definition is a vague definition. There is a different definition of value in the insurance law |
| Q9.In the Risk Inspection Report, what should be mentioned in respect of the machinery used in the process of manufacture? |
| Details of the country and the name of the manufacturer of the machine |
| Details of the parts used in the machine |
| Details of the ISO certifications |
| Details of the age and condition of the machine |
| Details of whether the machine has ISI etc. marks |
| Q10.The surveyor himself may prepare the estimate if __. |
| repairs are major |
| repairs are moderate |
| repairs are minor |
| repairs cannot be undertaken |
| repairs are beyond the budget |