IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE - 11

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Q1.If ABC Ltd. has received a claim of Rs. 300000 and there is a salvage of Rs. 50000, what is the net amount of the claim?
   Rs 20000
   Rs 50000
   Rs 250000
   Rs 350000
   Rs 300000 only
 
Q2.Which of the following statement is true?
   Tariff schedule is of the same type for all policies
   Endorsements are common for all policies
   Common warranties are used for all policies
   Policy schedule is commonly used for all policies
   All policies have common add-ons
 
Q3.When the service of a workman is terminated because of continued ill health, it is excluded under the definition of ____.
   Suspension
   Voluntary Retirement
   Dismissal
   Lay-off
   Retrenchment
 
Q4.General observations made in respect of past failures in business would help in the evaluation of ____hazard.
   Intentional
   Moral
   Failure
   Criminal
   Loss experience
 
Q5.Choose from below one of the important factors which enter underwriting:
   Fire resistance check
   Add-on evaluations
   Risk evaluation report
   Reinsurance of the surplus
   Declaration policy requirements
 
Q6.Mr. A has a sum assured of Rs.100000 and his risk is rated under ‘materials stored in godown’. In this case what is the Maximum incidental open storage is allowed up to?
   Rs.20000
   0.01
   Rs.200
   Rs.2000
   Such open storage is not allowed at all
 
Q7.Choose the correct statement with regards to, “Verifying whether the interest involved is same as referred to in the policy.”
   It is the responsibility of the co-insurer
   It is the task of the engineer and architect of the insurer
   It is the responsibility of the reinsurer
  It is one of the first steps on receipt of claim intimation
   It is the job of the actuary
 
Q8.A Chartered Accountant (Mr. X), wanted a loss of product policy. His advisor suggested him a revenue policy. Is this the right suggestion?
   No, this is a wrong suggestion
   Yes, this is a right suggestion
  Yes, this is the right suggestion but the Gross fees policy would have been better
  Yes, this is the right suggestion but dual insurance would have been better
   It depends on the requirements and financial position of Mr. X
 
Q9.The fact that reinstatement value is the basis of fire insurance is an important segment of _____details.
   Inspection
   Risk
   Property
   Exposure
   Coverage
 
Q10.Which of the following should be followed (as far as possible) in claim settlement under Reinstatement Policy?
   The new machinery should be of the same production capacity
   The new machinery should be Imported, as the original was an imported one
   The new machinery should be of the same weight
   The new machinery should be of the same make
   The new machinery should be from the same manufacturer

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