IC74 LIABILITY INSURANCE - 19

Q1.Which of the following is correct about Crime?
   a) Grounds-Civil wrongdoing
   b) Law-Common law
   c) Initiating party-victim
   d) Action taken-Prosecution by state
 
Q2.Under medical expenses for bodily injury caused by an accident within the covered territory and the policy period, expenses are incurred and reported to insurers:
   a) Immediately
   b) Within one year of the accident
   c) Within 1 month of the accident
   d) None of the above
 
Q3.While arriving at the rate of premium on the basis of past loss experience of the business the 'gross net' premium of the ceding for a period of a say, five years is divided by the cost of all claims which are in excess of the amount of the underlying limits such cost of claims should include:
  a) Paid or outstanding
  b) Paid and outstand ing
   c) Outstanding but not paid
   d) Paid and/or outstanding
 
Q4.Special and general damages are known as ____.
   a) Structured damages
   b) Property damages
   c) Compensatory damages
   d) Regular damages
 
Q5.That means that the policy will respond to an event that becomes manifest to the insured during the period of insurance and this trigger is seldom used by insurers?
   a) Occurrence trigger
   b) Causation trigger
  c) Losses discover the trigger
   d) Manifestation trigger
 
Q6.___ in relation to any hazardous substance means the manufacture, processing, treatment, package, storage, transportation by vehicle, use, collection, offering for sale, transfer, or the like of such hazardous substance.
   a) Accident
   b) Hazardous substance
   c) Act
   d) Handling
 
Q7.Office / administrative premises, medical establishments are examples of which risks?
   a) Industrial risks
   b) Machinery risks
   c) Non-industrial risks
   d) None of these
 
Q8.What means a civil proceeding and includes an arbitration proceeding for such injury or damage or an alternative disputes proceeding for the same purpose?
   a) Temporary worker
   b) Property damage
   c) Pollutants
   d) Suit
 
Q9.Which clause says that the company is not liable to make any payment in respect of any claim if it is in any manner fraudulent or if there has been any material misstatement or non-disclosure of any material information by the Insured?
   a) Clause 9.10
   b) Clause 9.11
   c) Clause 9.12
   d) Clause 9.13
 
Q10.The extension of coverage for sports facilities under a public liability policy is subject to all of the following conditions, except:
   a) The equipment and premise used for sports are kept property maintained
   b) Adequate guards and experienced trainers are on duty, where necessary
  c) Coverage is subject to specified limits (AOA/AOY) which form part of the overall limits
  d) There is a compulsory excess of 1/4% of the limit of indemnity for any one accident.

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