IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE - 04

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Q1.___ are claims which are paid as a matter of grace where the loss is outside the scope of the policy or the liability under the policy, in strictly legal terms, is doubtful.
   Warranty payments
   Non-Warranty payments
   Ex-gratia payments
   Endorsement payments
   Alteration payments
 
Q2.‘No claim is payable or any 'on-account payment shall be paid, if the terms of this condition are not complied with’. The above statement is true with regards to which ‘condition’ in the policy?
   Condition 1
   Condition 2
   Condition 3
   Condition 4
   Condition 5
 
Q3.What is meant by drafting policies?
   It means completion of the schedule which forms part of the fire policy
  It means providing evidence of insurance before the policy document is issued
  It means providing evidence of insurance after the policy document is issued
  It means filling up all the relevant information in the proposal form by the agent
   It means signing a declaration from the proposer, that all the information provided by him is correct.
 
Q4.Examine the components of a ‘consequential loss policy’ and identify the section within which ‘various definitions related to the policy will be included.
   Proviso
   Operative clause
   Schedule
   Specification
   Policy Conditions
 
Q5.In a claim settlement, in case of delay in the payment, the insurer shall be liable to pay interest at a rate which is __ above the bank rate prevalent at the beginning of the financial year in which the claim is reviewed by it.
   0.02
   0.03
   0.04
   0.05
   0.06
 
Q6.In fire insurance, the ‘onus of proof’ that the loss was the direct result of fire rests with ____.
   Insurer
   Insured
   Surveying officer
   Insurance agent
   Re-insurer
 
Q7.In which of the following circumstances can spontaneous combustion occur?
   Provision of ventilation
   Avoidance of moisture
   Non-Provision of ventilation
   Non-absorption of oxygen by air
  Slow oxidization
 
Q8.Experts have recognized three main classes of occupancies, on the basis of fire load. Which of the following will be classified under “low fire load”?
   Retail shops
   Residential premises
   Bulk storage godowns
   Factory buildings
   Warehouses
 
Q9.Under which of the following sections, rates are provided for different types of goods stored in godowns or silos or in the open outside the compound of industrial risks?
   Simple risks (Section III)
   Industrial manufacturing risks (Section IV)
   Utilities (Section V)
   Storage risks (Section VI)
  Tank Gasholders (Section VII)
 
Q10.The Industrial All Risks Policy covers compulsory as well as optional covers/perils. Listed below are some compulsory covers/perils. List the odd one (optional cover/peril) out.
   Machinery Loss of Profit Cover
   Burglary (free)
   Fire and All Special Perils
   Electronic Equipment Insurance
   None of the above

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