IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE - 08

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Q1.The basis for monthly declaration in a Declaration Policy is - 1. Average of the highest value at risk on each day of the month or 2. The highest value on any day of the month or 3. The lowest value on any day of the month
   Only 1
   Only 2
   Only 3
   Only 1 and 2
   Only 1 and 3
 
Q2.An insurer wants to classify a building as having a fire resistance of FOUR hours. Under which class should it be classified?
   Class I
   Class II
   Class III
   Class IV
   Class V
 
Q3.Pick up the odd option when it comes to 'Acceptance cum Receipt' in the cover note-
   Policy No.
   Period of Insurance
   Serial number of the cover note
   Policy issuing office details
   Name of insured and address
 
Q4.Which condition gives the right to the insurance company to enter the premises where loss has occurred and take possession of the property?
   ‘Right of possession’ condition
   ‘Right of salvage’ condition
   ‘Right of cover’ condition
   ‘Right of entry’ condition
   ‘Right of protection’ condition
 
Q5.Some examples of Standing Charges are - 1. Interest on loans, bank overdrafts, and debentures 2. Legal, auditing, and other professional fees 3. Advertising and publicity expense 4. Office and General Establishment expenses
   1 and 3
   2, 3 and 4
   3 and 4
   1, 2 and 3
   All 1, 2, 3 and 4
 
Q6.Suresh has insured property for Rs 56000. The value of the property is Rs 85000. Due to a fire, there is a loss of Rs 30000 to the property. What will be the claim payable to him?
   Rs. 18550
   Rs. 23688
   Rs. 56000
   Rs. 19764
   Rs. 30000
 
Q7.The principle of subrogation and principle of contribution are corollaries to which principle of insurance?
   Principle of insurable interest
   Principle of proximate cause
   Principle of utmost good faith
   Principle of coexistence
   Principle of indemnity
 
Q8.The Petrochemical Tariff classifies flammable materials into classes according to their flashpoint. Which of the below is correct with regards to flashpoint for flammable material classified as Class C.
  Above 103 degrees C
  Above 93 degrees C
  Below and up to 23 degrees C
  Above 23 degrees C and up to 65 degrees C
  Above 65 degrees C and up to 93 degrees C
 
Q9.On intimation of any loss where a surveyor has to be appointed for assessing a loss/claim, it shall be so done within ___of the receipt of intimation from the insured.
   12 hours
   24 hours
   48 hours
   72 hours
   1 week
 
Q10.Damage to the stocks in cold storage premises is:
   Generally included in fire policy
   Generally always excluded from fire policy
   Generally excluded in fire policy but may be covered by endorsement under "add-ons"
   Is included in fire policy only if the cold storage has fire-prevention facilities
   None of the above

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