LIABILITY INSURANCE MOCK TEST
LIABILITY INSURANCE MOCK TEST-CLICK HERE
| Q1.Which clause is incorporated in the policy where more than one insured is covered under the policy? |
| a) Operative Clause (Clause 1) |
| b) Extended claim reporting clause(clause 3(b) ) |
| c) Indemnity to other(clause 4) |
| d) Cross liabilities (Clause 5) |
| Q2.Which clause provides that the insured may notify the company in writing during the policy period, of any specific event or circumstances which may give rise to a claim in the future, that is, after the expiry of the policy period? |
| a) Operative Clause (Clause 1) |
| b) Indemnity(Clause 2) |
| c) Notification extension Clause (Clause 3(a) ) |
| d) Indemnity to other (Clause 4) |
| Q3.Which of the following ratios is not used to calculate the net combined operating ratio for determining the profitability of an insurance portfolio? |
| a) Expense ratio |
| b) Premium received ratio |
| c) Commission ratio |
| d) Incurred claims ratio |
| Q4.In which of the following court case concerning an insurance broker? |
| a) Lanphier v. phipos |
| b) Badgley v.Dickson |
| c) L.B.joshi v. T.R.Godbole |
| d) Chapman v.Walton |
| Q5.Does section II deal with? |
| a) Definitions |
| b) Meaning of insured |
| c) Policy conditions |
| d) Limits of insurance applications |
| Q6.Under which Commission, complaints between Rs.20 lakhs to 1 crore were accepted? |
| a) National Commission |
| b) State Commission |
| c) District forum |
| d) None of these |
| Q7.______ means a person who i) makes or manufactures any goods or parts thereof or ii) Places or causes to place his own mark on any goods made or manufactured by any other manufacturer and claims such goods to be goods made or manufactured by himself. |
| a) Manufacturer |
| b) Wholesaler |
| c) Retailer |
| d) None of these |
| Q8.The proposal of a public liability policy collects detailed information which is relevant for rating and underwriting the risk. Say whether True or False. |
| a) True |
| b) False |
| Q9.The amount of compensation payable for death is __ of monthly wages multiplied by the relevant factor. |
| a) 25% |
| b) 50% |
| c) 60% |
| d) 70% |
| Q10.Which are risks other than industrial risks and it includes hotels, motels, clubhouses, boarding, and lodging houses? |
| a) Industrial risks |
| b) Non-industrial risks |
| c) Machinery risks |
| d) None of these |