IC74 MOCK LIABILITY INSURANCE
IC74 MOCK-LIABILITY INSURANCE-Click Here
| Q1.State Commission has jurisdiction to entertain complaints where the value of the goods or services and the compensation claimed should be ____. |
| a) Exceeds Rs.10 lakhs but does not exceed Rs. Rs.50 lakhs |
| b) Exceeds Rs.15 lakhs but does not exceed Rs. Rs.80 lakhs |
| c) Exceeds Rs.20 lakhs but does not exceed Rs. Rs.100 lakhs |
| d) None of these |
| Q2.Under Operative Clause, what is based on the Limit of Indemnity 'anyone accident' (AOA) and the turnover and these rates were based on a market agreement entered into by the four public sector insurers when the law came into place? |
| a) Interest |
| b) Disputes resolution |
| c) Premium |
| d) Interest |
| Q3.Which of the following are characteristics of statutory liability? |
| a) The liability arises by specific legislation. |
| b) The compensation payable is fixed by the amount or by a structured formula and it is thus limited and can be quantified. |
| c) The claim for compensation is on an occurrence basis. |
| d) All of the above |
| Q4._____ is the maximum payable under Coverage C for all medical expenses because of bodily injury sustained by any one person. |
| a) Each Occurrence Limit |
| b) Medical Expenses limit |
| c) Personal and Advertising injury limit |
| d) Premises rented to Insured limit |
| Q5.The principle of insurable interest leads to the principle of ____. The former principle states that a policy of insurance is designed to protect the financial interest of the insured. |
| a) Responisbility |
| b) Indemnity |
| c) Utmost good faith |
| d) Contribution |
| Q6.Does section V deal with it? |
| a) Definitions |
| b) Meaning of insured |
| c) Policy conditions |
| d) Limits of insurance applications |
| Q7.Which clause excludes liability for damage to property owned by the Insured or hired by him or in his custody and such property may be covered under a material damage policy? |
| a) Clause 8.10 |
| b) Clause 8.11 |
| c) Clause 8.12 |
| d) Clause 8.13 |
| Q8.Which policy is adopted separately by each state but are more or less similar and these laws require employed to pay prescribed benefits for occupational injury or illness of employees, irrespective of negligence? |
| a) Liquor liability policy |
| b) Homeowner's Property liability package policy |
| c) Workmen's compensation policy |
| d) Business owners policy |
| Q9.That means a land motor vehicle, trailer, or semitrailer designed for travel on public roads, including any attached machinery or equipment. But not mobile equipment? |
| a) Advertisement |
| b) Auto |
| c) Impaired property |
| d) Coverage |
| Q10.Which clause is the cancellation condition? |
| a) Clause 9.10 |
| b) Clause 9.11 |
| c) Clause 9.12 |
| d) Clause 9.13 |