IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE - 06

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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

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