IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE - 16

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Q1.The surveyor should thoroughly examine the policies to ascertain: 1. The scope of coverage 2. The book value of damaged property 3. The warranties applicable 4. The value of salvage 5. The property excluded
   1, 2 and 3
   1, 3 and 5
   Only 1
   2, 3 and 4
   All 1, 2, 3, 4 and 5
 
Q2.While calculating the basis rate, the contents for any storage blocks ____.
   has to be added to the premium rate
   has to be considered by the surveyors
   has to be considered by the underwriters
   has to be considered by the assessor
   should be never taken into consideration
 
Q3.The audit fees paid to auditors to produce the information required by the surveyors can be insured under CL policy. Is this statement valid - Debate.
   Such audit fees can be insured
   Such audit fees cannot be insured
  Such audit fees are considered as variable charges
  Such audit fees are considered as standing charges
  Such audit fees can be insured, but it all depends on the insurer's views
 
Q4.Any endorsement would have the same basic information as is found in the __.
   Surveyors Report
   Underwriters Report
   Policy Format
   Proposal
   Risk assessment Report
 
Q5.Mr. Kiran is an industrialist and has two factories - A Bulk Drug factory (Rs. 3.00 per millee ) and a Pharmaceutical factory (Rs 2.25 per millee). Both the factories are situated in the same compound. How will the ratings be done?
   The ratings will be done at an average rate of Rs. 3 and Rs. 2.25 - that is at Rs. 2.625
   The ratings will be done by adding the two rates of Rs. 3 and Rs. 2.25 - that is at Rs. 5.25
   The ratings will be done at their individual respective rates
   The ratings will be done at the highest rate among the two i.e. at Rs. 3.00
   The ratings will be done at the lowest rate among the two i.e. at Rs. 2.25
 
Q6.While judging the merits and demerits of factory floors, Mr. Sinha is paying special attention to the two considerations - a) Material Employed and b) Existence of floor openings. Is his approach right?
   No, he should use Material Density and Material Resistance as the two considerations
   No, he should use Material Density and Material Load as the two considerations
  No, he should use the Existence of floor openings and Material Resistance as the two considerations
   No, he should use Material Density and Material Employed as the two considerations
  Yes, he is right in using Material Employed and the Existence of floor openings as the two considerations
 
Q7.Identify the categories in which 'Solids which are moderately or slightly combustible' and 'Explosives' are classified into.
   The former is classified in Category III and the latter is classified in Category II
   The former is classified in Category II and the latter is classified in Category I
   The former is classified in Category I and the latter is classified in Category III
   The former is classified in Category I and the latter is classified in Category II
   The former is classified in Category III and the latter is classified in Category I
 
Q8.The first document which an insurer has to make is ____.
   Risk assessment report
   Fire report
   Proposal form
   Fire resistance report
   Coverage report
 
Q9.An insurer wishes to invoke the reinstatement condition for all future policies. What do you suggest?
   The reinstatement condition can be invoked only if no other condition is intended to be invoked
   The insurer can go ahead with the proposal subject to IRDAI guidelines.
  Invoking reinstatement conditions is mandatory as per IRDAI guidelines, hence the insurer does not have any option
  Reinstating is an option available to the insured, hence the insurer should exercise discretion
   The insurer can go ahead with the proposal
 
Q10.Can an insurer cover loss with an add-on, caused by impact damage due to vehicles other than vehicles of the insured?
   No, as impact damages cannot be covered without IRDAI approvals
  No, as an add-on is not required for such an impact damage
   No, as impact damage due to vehicles of others cannot be recovered.
   No, as impact damages due to vehicles cannot be covered
   Yes, the insurer can cover such loss with an add-on

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