IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE - 02

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Q1.In the format of the policy schedule, which of the following data will be included under “Risk Description”?
   Risk code
   Description of property
   Claim Experience Discount
   Name and address of insured and insurer
   Rates for Building, Contents, etc.
 
Q2.Which of the following refers to the merchandise (articles and commodities) which are held for sale in retail shops or in wholesale establishments, factories?
   Ready stock
   Raw materials
   Finished goods
   Stock-in- process
   Stock-in-trade
 
Q3.Which of the following policies shall be issued for stocks which are subject to frequent fluctuations in value, or in quantity?
   Local Authority policy
   National Authority policy
   Agreed bank policy
   Family floater policy
   Declaration policy
 
Q4.In which of the following cases, the declaration policy cannot be issued?
   Stocks at railway sidings
  Insurance required for a short period
   Stocks undergoing process
   All of the above
   None of the above
 
Q 5. Turnover consists of three elements: variable charges, standing charges, and net profit. ‘Salaries to permanent staff’ will be included under which element?
   Standing charges
   Net profit
   Gross Profit
   Variable charges
  If it is less than 10% of turnover then under variable charges else understanding charges.
 
Q6.Under which of the following sections, rates are provided for utilities located outside the industrial / manufacturing risks?
   Simple risks ( Section III)
   Industrial manufacturing risks (Section IV)
   Utilities (Section V)
   Storage risks (Section VI)
  Tank Gasholders (Section VII)
 
Q7.Which of the following is an example of bad housekeeping?
  Regular maintenance of the building, electrical installation, plant and machinery, and fire extinguishing appliances
   Segregation of hazardous processes and hazardous goods
   The presence of defective windows, trap doors
   Separate storage of oils, paints, and petrol
  The clean, neat and tidy appearance of premises
 
Q8.In the format of the policy schedule, which of the following data will be included under “identification details”?
   Claim Experience Discount
   Name and address of insured and insurer
   Description of property
   Risk code
   Insurance code
 
Q9.Mr. X has a value of the property of Rs 1,00,000. Sum insured is Rs. 75,000. Loss incurred due to fire is Rs. 35,000. Determine the amount of claim payable under a fire insurance contract.
   Rs. 75,000
   Rs. 52,300
   Rs. 26,250
   Rs. 35,000
   Rs. 46,667
 
Q10.In which of the reinsurance methods, each risk is reinsured individually?
   Treaty
   Proportional Treaty
   Surplus
   Facultative
   Quota share

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