LIABILITY INSURANCE MOCK-IC74
LIABILITY INSURANCE MOCK-IC74- CLICK HERE
| Q1.Under which clause, at the option of the Insured, the policy shall be subject to a voluntary excess as mentioned in the Schedule? |
| a) Compulsory excess (clause 7.1) |
| b) Compulsory excess (clause 7.2) |
| c) Voluntary excess (clause 7.3) |
| d) Exclusions (clause 8) |
| Q2.Who is a substitute for seasonal or short term work conditions? |
| a) Employee |
| b) Permanent worker |
| c) Temporary worker |
| d) Executive officer |
| Q3.Which method was evolved by Viscount Simon K.C and it also starts with the basic dependency amount? |
| a) Punitive damages |
| b) Nance's method |
| c) Structured settlements |
| d) Multiplier method |
| Q4.Under clause 9.10, the policy can be canceled by either of the party by giving written notice of ___, with a proportionate refund of premium. |
| a) 7 days |
| b) 15 days |
| c) 30 days |
| d) 45 days |
| Q5.Which policy has the special exclusions in the Product Liability Policy relate to product damage, product repair or replacement product recall, product guarantee, and product performance? |
| a) Comprehensive policy |
| b) Market pools |
| c) Pollution coverage |
| d) Products Guarantee policy |
| Q6.Persons may relieve themselves of or restrict their liability by incorporating conditions in the agreements entered into with other parties refers to? |
| a) Contributory negligence |
| b) Contracting out |
| c) Act of God or Vis Major |
| d) Inevitable accident |
| Q7.Which clause says that the company is not liable to make any payment in respect of any claim if it is in any manner fraudulent or if there has been any material misstatement or non-disclosure of any material information by the Insured? |
| a) Clause 9.10 |
| b) Clause 9.11 |
| c) Clause 9.12 |
| d) Clause 9.13 |
| Q8.Coverage will commence after ___ or the end of the policy period, whichever is earlier. |
| a) 30 days |
| b) 45 days |
| c) 60 days |
| d) 90 days |
| Q9.Special and general damages are known as ____. |
| a) Structured damages |
| b) Property damages |
| c) Compensatory damages |
| d) Regular damages |
| Q10.The maximum time limit allowed for the notification of claims under the extended claim reporting clause is ___ from the date of expiry or cancellation of the policy? |
| a) 30 days |
| b) 60 days |
| c) 90 days |
| d) 120 days |