IC74 LIABILITY INSURANCE Mock
IC74-LIABILITY INSURANCE MOCK-CLICK HERE
| Q1.What are the primary functions of the law of tort? |
| a) To punish the wrongdoer by fine and/or imprisonment |
| b) To take an action for a civil cause |
| c) To regulated actions and behavior of society |
| d) To compensate the injured |
| Q 2. Which policy coverage is on the lines of an errors and omissions policy to cover liabilities arising out of hacking email frauds, web developing, website maintenance, and E-commerce? |
| a) Stockbrokers liability |
| b) Cybercrime liability |
| c) Pollution policy |
| d) Market policies |
| Q3.Which clause is deliberate, willful, or intentional non-compliance with any statutory provision. Therefore, if insurance coverage is provided for such liability, it would be contrary to public policy and against the public interest? |
| a) Clause 8.3 |
| b) Clause 8.4 |
| c) Clause 8.5 |
| d) Clause 8.6 |
| Q4.Which condition requires the Insured to keep an accurate record of the annual turnover, and at renewal, declare details of the same, if required by the company? |
| a) Clause 9.5 |
| b) Clause 9.6 |
| c) Clause 9.7 |
| d) Clause 9.8 |
| Q5.Liability insurances are usually protected by ____ although proportional methods of reinsurance may also be resorted to according to the needs. |
| a) Surplus treaty |
| b) Stop loss treaty |
| c) Excess of loss treaty |
| d) Quota share treaty |
| Q6.In which insurance, the policy will pay or share in equal proportion if another primary cover exists? |
| a) Excess insurance |
| b) Primary insurance |
| c) Secondary insurance |
| d) Method of sharing |
| Q7.What is an agreement between the ceding company and the reinsurer whereby the latter provides automatic and obligatory protection upto certain limits for all risks falling within the scope of the agreement? |
| a) Treaty method |
| b) Facultative method |
| Q8.In the U.S.A which policy is a simplified property and liability package policy designed for small to medium-sized businesses? |
| a) Liquor liability policy |
| b) Homeowner's Property liability package policy |
| c) Farm liability |
| d) Business owners policy |
| Q 9. The act or omission which unlawfully interferes with another person's use or enjoyment of land or some right in connection with it is____. |
| a) Negligence |
| b) Nuisance |
| c) Crime |
| d) Breach of duty |
| Q10.A society is said to _____ when the members of the society are well informed about their legal rights and the courts are very sympathetic to the claimant. |
| a) Jurisdiction |
| b) Class actions |
| c) Limitation |
| d) Litigious societies |