IC74 LIABILITY INSURANCE MOCK
IC74 LIABILITY INSURANCE MOCK-CLICK HERE
| Q1.Does section III deal with? |
| a) Definitions |
| b) Meaning of insured |
| c) Policy conditions |
| d) Limits of insurance applications |
| Q 2. The people who provide additional coverage and cover more than one class of business are known as____. |
| a) Difference in limits(DIL) policies. |
| b) Excess insurance policies |
| c) Admitted policies |
| d) Umbrella policies |
| Q3.Insurers normally use which trigger in most of the polices cases and this enables the insurer to limit their exposure to latency losses because at the end of the policy period insurer is certain that no further claim can be made against that policy? |
| a) Occurrence trigger |
| b) Manifestation trigger |
| c) Losses discover the trigger |
| d) Claims made the trigger |
| Q4. Under which treaty, the reinsures pay for a loss only when it exceeds an agreed limit and only upon an agreed limit? |
| a) Proportional treaties |
| b) Non-proportional treaties |
| Q5.The insured has____ in the financial loss that may be caused to him due to legal liability. |
| a) A contribution |
| b) An insurable interest |
| c) A responsibility |
| d) An indemnity limit |
| Q6.Which of the following is a disadvantage of Loss occurring policies? |
| a) Insurance companies who accepted the risk many years ago may no longer be in business |
| b) Once claims made policy is cancelled, it is possible that purchasing insurance for past events will become difficult, expensive or perhaps not possible |
| c) Coverage is triggered by an actual claim for damage, not a notice of an occurrence or incident |
| d) None of the above |
| Q7.What shall mean any writ or summons issued against or served upon any Director or Officer for any Wrongful Act? |
| a) Claim |
| b) A Wrongful Act |
| c) Director or Officer |
| d) Discovery period |
| Q 8. Which of the following multiple stakeholders are involved in a clinical trial? |
| a) The sponsor whose product is being tested |
| b) The hospital/ institution where the trial is conducted |
| c) Contract Research Organisation who monitor the trial |
| d) All of the above |
| Q9.Notice of non-renewal will be given by Insurer a minimum ___ before expiry. |
| a) 15 days |
| b) 30 days |
| c) 45 days |
| d) 60 days |
| Q10.Which of the following statement is true with regards to the timeframe within which a claim be made from the date of accident under the compulsory public liability insurance policy? |
| a) There is no timeframe within which a claim should be made from the made date of the accident |
| b) The claim should be made any time before the renewal of the policy. |
| c) The claim should be made within one year from the date of the accident. |
| d) The claim should be made within five years from the date of the accident |