IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE - 13

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Q1.Can an insurer recommend 'Elimination of constructional defects' methods in the Risk Inspection Report? Guide -
   Yes, an insurer can recommend 'Elimination of constructional defects' methods in the Risk Inspection Report
   No, the insurer has to do it through a Risk Minimisation report
   No, the insurer has to do it through a Risk Evaluation report
   No, the insurer has to do it through a Constructional Defects report
   There is no such thing as a Risk Inspection Report in Fire Insurance
 
Q2.During the inspection, what is the first step to being taken in 'Large complicated losses'?
  Take or recommend measures directed at minimization of loss and protection of salvage
  Finding out the main cause of the fire to avoid future fires
   Finding out the total and exact amount of loss
   Informing the insurer about the details of the fire and loss
   Study the possibility of future damage
 
Q3.Shakti Stores is a shop which stock non-hazardous goods. During Diwali, it wants to stock and sell crackers. How can it do it?
   It has to apply to the insurer
  Loading shall be charged on the rates applicable to contents
   The insurer can give the permission if it receives permission from IRDAI
  The insurer will charge an additional special premium
  In such cases, an additional add-on is required
 
Q4.In Consequential loss policies, the main index of business activity is the ____.
   Gross profit
   Net profit
   Turnover
   Capital employed
   EPS
 
Q5.Who gives an estimate of the repairs to a property if the repairs are minor?
   Minor repairs are estimated by the underwriters
   Minor repairs are estimated by the surveyors
   Minor repairs are estimated by the IRDAI experts
   Minor repairs are estimated by the actuary
   Minor repairs are estimated by the architects
 
Q6.Which of the below options is an example of an Endorsement for Transfer by Will?
   It is hereby declared and agreed that the interest in the insurance by this policy is not vested in _____ as Executors of within named Mr. ____
   It is hereby declared and agreed that the interest in the insurance by this policy is now vested in _____ as executors of Mr. ____ and not as heretofore.
   It is hereby declared that the insurance risk is shifted from ____ (the transferor) and transferred to _____ (the transferee)
  It is hereby declared that the insurance policy is canceled and transferred to _____ (the transferee)
   It is hereby declared and agreed that the interest in the insurance has been sold to _____ (the transferee)
 
Q7.AAA is an insurer and it wants to correspond to the insured regarding the claims but it wants to leave the question of ultimate liability under the policy open. What should it do?
   It should mark the correspondence as ‘Without Recourse’
   It should mark the correspondence as ‘With Recourse’
   It should mark the correspondence as ‘Without Limit’
   It should mark the correspondence as ‘Without Prejudice’
   It should mark the correspondence as ‘Without Binding’
 
Q 8. Under the 'Steps taken by the insurer under claim settlement' - What steps can a surveyor take to ensure that all possible steps are being taken towards a resumption of normal work?
   He should request the insured to pay a visit to the surveyor to give all details
  The surveyor should pay a periodical visit to the scene of damage to the insured
   The surveyor should contact the insurer for clarification
   The surveyor should contact the insured for clarification
   The surveyor should request the insured to make a weekly statement to be submitted to the insurer
 
Q 9. Which are the most appropriate measures to be taken for 'Loss Minimisation' in the case of stocks?
  Storing the stocks in a godown which is fireproof
   By resorting to 'Just in Time' inventory
   By regular stock checking etc
   By cleaning the places properly where stock is placed
   By drying, reconditioning, removal to places of safety, etc.
 
Q10.Identify the correct statement with respect to The peril insured __.
   may not cause the damage
  maybe one of the causes of damage
  need not be the immediate cause of the damage
  has to be the immediate cause of damage
   cannot be said to be the cause of damage

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