IC74 LIABILITY INSURANCE - 12
| Q1.Does Phase II deal with which of the following? |
| a) Workability |
| b) Body of knowledge established |
| c) Safety of the treatment |
| d) Comparison with existing treatment |
| Q2.The principle of indemnity provides that an insured can recover his financial loss only to the extent of ___. |
| a) The specified indemnity limit |
| b) The actual loss |
| c) The insurable interest |
| d) The sum insured |
| Q3.Clinical trials follow how many phases? |
| a) One |
| b) Two |
| c) Three |
| d) Four |
| Q4.What shall mean any actual or alleged breach of duty, breach of trust, neglect, misleading statement, omission, breach of warranty of authority, or other act done or wrongly attempted by any Director or Officer? |
| a) Claim |
| b) A Wrongful Act |
| c) Director or Officer |
| d) Discovery period |
| Q5.'Stop Loss' treaty operators in respect of which of the following? |
| a) Fixed amount of underlying retention |
| b) Proportionate amount of underlying retention |
| c) Annual loss ratio incurred |
| d) Annual loss ratio expected |
| Q6.In addition to the claim form, __ have to be sustained by a death certificate, a copy of the post-modern report, and a copy of the police report. |
| a) Permanent Total Disablement and Permanent Partial Disablement |
| b) Temporary Disablement |
| c) Fatal Injury claims |
| d) None of these |
| Q7.The need for reinsurance protection in liability insurance is self-evident as: |
| a) Liability insurance is classified under proportional treaties methods. |
| b) Liability insurance is classified under non-proportional treaties methods. |
| c) Liability insurance may involve enormous for the insurer |
| d) Liability insurance may involve heavy potential losses |
| Q8._____ means a person who owns, or has control over handling any hazardous substance at the time of the accident and includes: i) In the case of a firm, any of its partners ii) In the case of an association, any of its members. |
| a) Agent |
| b) Principal |
| c) Owner |
| d) Policholder |
| Q9.Which clause excludes liability arising out of the deliberate, conscious, or intentional disregard of the Insured's technical or administrative management of the need to take all reasonable steps to prevent claims? |
| a) Clause 8.13 |
| b) Clause 8.14 |
| c) Clause 8.15 |
| d) Clause 8.16 |
| Q10.Which of the following are special features of liability insurance? |
| a) Claims are paid to persons other than the insured |
| b) The insurance provides indemnity to the insured in respect of his potential legal liability |
| c) Legal costs of the insured incurred with the written consent of the insurers are reimbursed under the policy |
| d) All of the above |