IC74 LIABILITY INSURANCE - 14
| Q1.Under which treaty, the ceding company retains for its own net account a certain amount of any risk or class of risks, and the balance of the limit of liability over this retention is reinsured, subject to the agreed limits of the treaty? |
| a) Excess of loss treaty |
| b) Stop loss treaty |
| c) Surplus treaty |
| d) Quota share treaty |
| Q2.Which of the following is not an objective of reinsurance? |
| a) It enables the insurers to accept larger risks from the insuring public. |
| b) It provides a safeguard against series of effects of catastrophic losses |
| c) It spreads a heavy loss over many insureds |
| d) It helps the insurance in avoiding wide fluctuations in the loss ratio from year to year |
| Q3.Does that mean a primary policy effective on or after the inception of this policy which has been issued at the insurer's direction or coordinated specifically for this insurance program? |
| a) Leased worker |
| b) Loading or unloading |
| c) Local underlying |
| d) Employee |
| Q4.Which condition is compliance with the terms of the policy and the truth of the answers in the proposal form is condition precedent to liability under the policy? |
| a) Condition 3 |
| b) Condition 5 |
| c) Condition 7 |
| d) Condition 9 |
| Q5.Which is done after the drug obtains marketing approval and this is done for monitoring of the efficacy and effectiveness over long-term usage? |
| a) Phase I |
| b) Phase II |
| c) Phase III |
| d) Phase IV |
| Q6.___ formed by a consortium of insurers are not very common in liability insurance except perhaps in extra-hazardous risks. E.g., Demolition contracts. |
| a) Global policy |
| b) Comprehensive policy |
| c) Pollution coverage |
| d) Market pools |
| Q7.How many forms of an Insurance policy are there? |
| a) One |
| b) Two |
| c) Three |
| d) Four |
| Q8.Which of the following means that to him who is willing there can be no injury and if a person voluntarily consents to run a risk, he has no right of action against anyone for injuries suffered as a result of his actions? |
| a) Inevitable accident |
| b) Act of God or Vis Major |
| c) Volenti No fit injuria |
| d) Contracting out |
| Q9.What is a publication, writing, or broadcast of a false statements in a permanent form designed to damage the reputation of another person? |
| a) Sl ander |
| b) Libel |
| c) Assault |
| d) None of these |
| Q10.The Employers' Liability(Compulsory Insurance) Act, 1969 became operative from __. |
| a) 1st January 1925 |
| b) 1st January 1936 |
| c) 1st January 1954 |
| d) 1st January 1972 |