IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE - 12

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Q1.Example of Risk improvement in an inspection report can be illustrated as follows:
   Recommendation to eliminate constructional defects such as imperfect openings
   Recommendation to improve materials quality
   Recommendation to change the authorized signatory
   Recommendation to change the supplier
   Recommendation to change the location
 
Q2.Which activity is used as the index of business activity in the great majority of consequential loss insurances?
   Gross profit
   Asset employed
   Net profit
   Turnover
   Capital employed
 
Q3.Common sense and ability to take initiative
  Technical knowledge, good physical stamina, and above-average logical thinking
  Common sense, imagination, and technical knowledge
   Imagination and logical thinking
   Leadership and logical thinking
 
Q4.The Tariff provides a _______ classification of earthquake zones.
  State-wise and District wise
   area and locality wise
   rural and urban areas wise
   district collector power based
   municipal limits based
 
Q5.Discover the proximate cause of damage in the below situation. ‘A bomb is dropped by enemy aircraft and a factory building catches fire due to this, during a war’.
   The enemy action
   The war
   Ties between the countries
   The fire itself
   The factory building
 
Q6.Differentiate between the Contract price insurance clause and the Spontaneous combustion clause.
  The contract price insurance clause is related to inflammable goods only while the Spontaneous combustion clause is related to non-combustible commodities.
  Contract price insurance clause is related to manufactured goods only while the Spontaneous combustion clause to natural goods.
   Contract price insurance clause is related to imported goods only while Spontaneous combustion clause to internally combustible commodities
  The contract price insurance clause is related to hazardous goods only but the Spontaneous combustion clause is related to internally combustible commodities.
   Contract price insurance clause is related to non-inflammable goods only
 
Q7.What is mentioned in condition 6?
   Condition 6 excludes wars and kindred perils
   Condition 6 may include wars and kindred perils
   Condition 6 includes wars and kindred perils
   Condition 6 says that wars and kindred perils should be mentioned in the schedule for them to be included
   Condition 6 includes certain categories of kindred perils
 
Q8.A lower premium for silent risk has been agreed by an insurer, XYZ Ltd. Judge this statement.
   XYZ Ltd has done the right thing.
  If approval from the company’s auditor is already taken, XYZ Ltd is right.
   XYZ Ltd is right, provided a warranty is inserted.
  If approval is already taken from IRDAI, XYZ Ltd has taken the right step.
   XYZ Ltd is not right in its approach.
 
Q9.The risk industrial policy rates are based on the following factors: 1. Detailed risk assessment report of the engineer 2. Claims experience 3. Deductible opted by the insured
   Only 1
   1, 2 and 3
   1 and 2
   2 and 3
   Only 2
 
Q10.‘Maximum probable loss’ is the term that relates to the insurer's estimate of potential liability___
   In an unpredictable event
   In a predictable event
   In the easiest of circumstances
   In the most difficult of circumstances
   In the worst event

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