IC77 ENGINEERING INSURANCE EXAM - 11
| Q1.The estimation of Maximum Probable Loss (MPL) to which the organization may be exposed is done during which stage of risk management? |
| a) Risk identification |
| b) Risk evaluation |
| c) Risk control |
| d) Risk financing |
| Q2.Which of the following conditions/information is not relevant in Boiler Explosion Insurance: |
| a) Alteration of fuel used in the Boiler. |
| b) The pressure on the safety valve should not be more than as specified in the schedule at all times. |
| c) Make and location of the boiler |
| d) All of the above are relevant. |
| Q3.In Turnover Basis, Deposit premium is collected at the commencement of the policy, which will be adjusted on an agreed date between the insurer and the insured but normally within __ of expiry of the policy. |
| a) 15 days |
| b) 30 days |
| c) 45 days |
| d) 60 days |
| Q4.The maximum permitted indemnity period under MLOP policy |
| a) 6 months |
| b) 12 months |
| c) 18 months |
| d) 24 months |
| Q5.____ is a stamped document that provides evidence of the insurance contract. |
| a) Proposal form |
| b) Cover note |
| c) Policy |
| Q6.The advanced loss of profit policy covers |
| a) Loss of projected profit due to interruption of the project by an insured peril |
| b) Loss of turnover after the commencement of the project |
| c) Loss of projected profit due to non-completion of the project due to financial bankruptcy |
| d) None of the above |
| Q7.Checklists and questionnaires are made available to the risk managers to ensure systematic inspection. This is done during which stage of risk management? |
| a) Risk identification |
| b) Risk evaluation |
| c) Risk control |
| d) Risk financing |
| Q8.An insured approach an insurance company and requested for cancellation of his EAR policy and demanded a refund, which of the following factor will make him ineligible for a refund: |
| a) His claim experience as of the date of cancellation is 65%. |
| b) Testing period has not commenced. |
| c) Both a and b. |
| d) None of the above. |
| Q9.Statement-1: A claim must first be admitted under the concurrent machinery material damage policy before a claim becomes admissible under MLOP Policy Statement-2 it is mandatory to have a concurrent Machinery material damage policy irrespective of the fact whether any claim is admitted in MB (material damage) policy before a claim becomes admissible under the MLOP policy |
| a) Statement-1 is only correct |
| b) Statement-2 is only correct |
| c) Both statements are correct |
| d) Both statements are incorrect |
| Q10.An Engineering policy that is not an annual policy |
| a) Contractors Plant and; Machinery policy |
| b) Contractors All Risks Policy |
| c) Civil Engineering Completed Risks Policy |
| d) BPP Insurance Policy |