IC74 LIABILITY INSURANCE - 18
| Q1.Clinical trials follows how many phases? |
| a) One |
| b) Two |
| c) Three |
| d) Four |
| Q2.Who means a person holding office as per company law? |
| a) Workers |
| b) Executive officer |
| c) Employee |
| d) Hostile fire |
| Q3.1.Legal liability arising out of operations and activities of the proposer in India only are insurable; therefore the proposer is required to fill in details about those activities only in the proposal form. 2. A rapid increase in an annual turnover of a company is considered a favorable feature while assessing the physical risk as it increases profitability. Read the above statement and choose the correct option: |
| a) Statement 1 is true and statement 2 is false |
| b) Statement 2 is true and statement 1 is false |
| c) Statement 1 and statement 2 are false |
| d) Statement 1 and statement 2 are false |
| Q4.Which has been defined as an event due to natural causes directly and exclusively without human intervention? |
| a) Act of God or Vis Major |
| b) Inevitable accident |
| c) Volenti No fit injuria |
| d) Contracting out |
| Q5.The policy is cancellable by the insurance company by sending ____ notice by registered letter to the insured at his last known address, and premium adjusted in accordance with the condition. |
| a) 7 days |
| b) 15 days |
| c) 30 days |
| d) 45 days |
| Q6.How much amount of fee is collected for filing a complaint or filing an appeal whether it is before the State Commission or the National Commission? |
| a) Rs.10,000 |
| b) Rs.50,000 |
| c) Rs.1,00,000 |
| d) No fees is collected |
| Q7.What means the territory specified in the schedule? |
| a) Coverage territory |
| b) Hostile fire |
| c) Damage |
| d) Bodily injury |
| Q8.Which of the following condition provides that there shall be no liability under the policy for a claim made after 5 years from the date of accident and this is as per provisions of the Act? |
| a) Consent of the insurance company |
| b) Turnover of the insured |
| c) Contribution |
| d) Time barred liability |
| Q9.Products Guarantee policy will pay for which of the following? |
| a) The cost of repairing or replacing a defective product |
| b) The cost of recalling defective products |
| c) The financial losses caused by such products where there is no injury to or damage to property of third parties |
| d) All of the above |
| Q10.Which is a payment of compensation for damages in installments rather than in a lump sum, and has now become a common feature of liability claims in the U.S.A and the U.K.? |
| a) Structured settlements |
| b) Punitive damages |
| c) Nance's method |
| d) Multiplier method |