IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE - 06
| Q1.All benefits under the policy shall be forfeited if - 1. The claim is fraudulent 2. The claim is supported by a false declaration 3. Loss or damage is not caused by the willful act of the insured |
| All 1, 2 and 3 |
| Only 1 |
| Only 3 |
| Only 1 and 2 |
| Only 2 and 3 |
| Q2.The 'situation of the risk', is considered from which point(s) of view: 1. The degree of exposure hazard existing from adjacent or contiguous properties 2. The actual situation whether in cities, towns or the mofussil 3. Conflagration hazard |
| All 1, 2 and 3 |
| Only 3 |
| Only 1 |
| 1 and 2 |
| 1 and 3 |
| Q3.Under the process of arbitration for resolving disputes, if the parties cannot agree upon a single arbitrator within __ days of any party invoking arbitration, the same shall be referred to a panel of three arbitrators. |
| 7 |
| 15 |
| 21 |
| 30 |
| 45 |
| Q4.Who gives an estimate of the repairs to a building if the repairs are major? |
| Major repairs are estimated by the architects or builders |
| Major repairs are estimated by the actuary |
| Major repairs are estimated by the surveyors |
| Major repairs are estimated by the owners of the building |
| Major repairs are estimated by the underwriters |
| Q5.As per the steps taken by the insurer for claim settlement, when it is clear that the business has resumed its normal working conditions, the surveyor should __. |
| pays a periodical visit to the scene of the damage, to ensure that all possible steps are being taken towards the resumption of normal work |
| calculate the insured standing charges and uninsured standing charges |
| prepare a preliminary report indicating the extent of the interruption expected |
| take up the detailed examination of the accounts for preparing the final assessment |
| recommend measures for a speedy resumption of business, making it clear that increased cost of working will be payable subject to policy terms |
| Q6.In the Final Survey Report, the surveyor has to give which of these details with respect to a breach of warranty? 1. If there is any breach of conditions 2. If there is any misdescription of the property 3. If there is any breach of warranties |
| Only 1 and 3 |
| All 1, 2 and 3 |
| Only 3 |
| Only 2 |
| Only 2 and 3 |
| Q7.Endorsements can be issued for making which of the following changes? 1. Variations in the sum insured 2. Alteration in the period of insurance 3. Change in the name of the insured i.e. change in interest |
| Only 3 |
| Only 2 |
| Both 1 and 2 |
| Both 2 and 3 |
| All 1, 2 and 3 |
| Q8.Saraswati Trust is the owner of a private school and college and is planning to take a 'Loss of Profit' policy. However, they are advised to go for a Revenue Policy instead. Guide them - |
| No, Schools cannot take Revenue Policies |
| No, Revenue Policies are ideal for the manufacturing sector |
| No, Schools should go for a Dual Insurance |
| Yes, they should go for a Revenue Policy |
| No, Revenue Policies are meant only for Chartered Accountants |
| Q 9. A person has taken an add-on for damage caused due to an earthquake. What will be the minimum deduction that would be done by the company if the person submits a net claim amount of Rs? 1,00,000. |
| Rs. 5000 |
| Rs. 1000 |
| Rs. 7500 |
| Rs. 3333 |
| Rs. 6000 |
| Q10.___ refers to the reduction in the value of the machinery due to usage, deterioration, wear and tear, rust, corrosion, mental fatigue, etc. |
| Deterioration |
| Depreciation |
| Betterment |
| Reduced Book Value |
| Salvage value |