IC74 MOCK TEST-LIABILITY INSURANCE
| Q1.What is unlawfully touching or perpetrating bodily harm to a person by another person? |
| a) Sl ander |
| b) Libel |
| c) Assault |
| d) None of these |
| Q2.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 outstanding |
| c) Outstanding but not paid |
| d) Paid and/or outstanding |
| Q3.An ____ is the one that will respond to and defend claims in a given territory or group of territories. |
| a) Admitted policy |
| b) Non-admitted policy |
| c) Liability policy |
| d) Speculative policy |
| Q4.Under which treaty is a fixed percentage of every policy is reinsured and this involves considerable loss of premium income to the ceding company because the ceding company is obliged to cede under the treaty even policies which can be safely retained by it? |
| a) Surplus treaty |
| b) Excess of loss treaty |
| c) Stop loss treaty |
| d) Quota share treaty |
| Q5.What shall mean a legal liability of the Directors or Officers to pay damages or costs awarded against them and costs and expenses incurred by the Directors with the written consent of underwriters in respect of investigation, defense, or settlement of a claim? |
| a) Discovery period |
| b) Director or Officer |
| c) Claim |
| d) Loss |
| Q6.Does private nuisance deal with? |
| a) Criminal liability |
| b) Civil liability |
| Q7.CGL policy Clauses Section 1 Coverage B deals with? |
| a) Medical payments |
| b) Personal and advertising injury liability |
| c) Bodily injury and property damage liability |
| d) None of these |
| Q8.Which of the following cases resulted in the need for director's and officer's liability policy? |
| a) Ryl Andes V.Fletcher |
| b) M.C.Mehta V.Union of India |
| c) Mukesh Textile Mills(p) Ltd.V.H.R.Subramanya Sastry |
| d) Mulchand Nemichand V.basdeo Ramsarup |
| Q9.Civil liability may arise under common law or statutory law. Say whether True or False. |
| a) True |
| b) False |
| Q10.For cancellation of Policies, 10 days notice in case of non-payment of premium and in all other cases, ___ notice shall be given. |
| a) 15 days |
| b) 30 days |
| c) 45 days |
| d) 60 days |