IC74 LIABILITY INSURANCE - 15

Q1.Under which method, firstly the loss of annual dependency amount from the deceased's income is ascertained, out of which the amount the victim would have spent on him is deducted?
   a) Nance's method
   b) Punitive damages
   c) Structured settlements
   d) Multiplier method
 
Q2.According to the premium rules, in case of cancellation, Which of the following is the period in case of non-payment of premium?
   a) 60 days
   b) 6 days
   c) 10 days
   d) 16 days
 
Q3.What means any allegation in writing made by a complaint that the i) Goods bought by him suffer from one or more defects ii) Services hired or availed of by him suffer from a deficiency in any respect?
   a) Report
   b) Consumer dispute
   c) Complaint
   d) Remarks
 
Q4._____ and group means the items listed out and grouped under public liability Insurance Act, 1991 and the Rules framed thereunder.
   a) Accident
   b) Hazardous substance
   c) Act
   d) Handling
 
Q5.Which of the following is correct about Breach of contract?
   a) Duty-Arises from law
   b) Application of duty - All members of the society
   c) Connection between parties required- Yes
  d) Law for determination of damages - Reasonable foreseeability
 
Q6.Cancellation of policy by insured condition provides for cancellation of the policy by the insured owner by __ written notice.
   a) 15 days
   b) 30 days
   c) 45 days
   d) 60 days
 
Q7.The third pre-requisite to take civil action negligence is that the plaintiff proves that he has suffered ___ as a consequence of the breach of duty of care.
   a) Contribution
   b) Injury or damage
   c) Subrogation
   d) None of these
 
Q8.Phase I deals with which of the following?
   a) Workability
   b) Body of knowledge established
   c) Safety of the treatment
   d) Comparison with existing treatment
 
Q9.Clause 4 in a public liability policy provides for the extension to cover:
   a) Liability of the official of the insured
  b) Liability arising after the expiry date
   c) Claims made after the policy period
   d) Claims made before the policy period
 
Q10.Which of the following activities is not part of an underwriting process?
   a) Identification and critical evaluations of risks
   b) Deciding the cover to be offered
   c) Financial the terms and conditions to be imposed
   d) Collecting the premium from the proposer

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