A Question paper.

1 Which of the following is not insured under Standard Fire & Special perils policy Goods in factories Goods in open Goods in transit by rail/road Goods in godowns

2 Under Overseas Medical Policy(loss of checked baggage) for which of the following items claim is NOT paid binoculars sunglasses antiques All the above

3 Under Money insurance which of these statements is correct. Estimated amount of cash in transit during the policy period 1. is the maximum amount payable for any one loss 2. is the amount on which the premium is collected 1 is correct 2 is correct Both are correct Neither is correct

4 Which of the following risks is excluded under Television insurance policy Lightning Riot & Strike Theft None of the above

5 Which of the following provide Social Security Crop Insurance Scheme(RKBY) Janata Personal Accident Jan Arogya All the above

6 Insured's Declared Value of obsolete vehicles is to be determined by the surveyor the insured the insurer the insured and the insurer

7 The legal right to insure means consideration as per Indian Contract Act competence as per Indian Contract Act assignment insurable interest

8 Subject to no claim, cost of medical checkup once in every ..underwriting years is payable under Mediclaim policy 2 3 4 5

9 An appeal against the order of the National Commission can be made within a  period of ..days from the date of order 30 45 60 90

10 As per General Insurance Business (Nationalisation)Amendment Act 2002,General Insurance Corporation of India shall carry on reinsurance business only overseas reinsurance business only aviation insurance business only administration of motor third party insurance pool only

11 Which of the following risks is excluded under cattle policy earthquake Flood Riot & strike Theft

12 Which of the following is covered under Institute Cargo Clauses © fire explosion derailment of land conveyance All the above

13 Escalation clause added to the fire policy allows automatic regular increase not exceeding ..% in sum insured throughout the period of the policy 5 10 25 50

14 Which of the following property is covered under the fire policy if expressly stated in the policy books of account business books computer system records all the above

15 Which of the following perils is NOT covered under Standard Fire and Special perils policy Flood Subsidence Bush fire Forest fire

16 AS per the Insurance Act, 1938(as amended)an insurer has to obtain a report from a licensed surveyor if the loss equals or exceeds Rs.15000 Rs.20000 Rs. 25000 Rs.50000

17 Which of the following is NOT payable under Burglary(Business Premises) policy Theft by employees Theft by customers Theft by visitors All the above

18 An insured cannot recover more than his actual loss because of under-insurance excess clause principle of indemnity franchise clause

19 Under which of the following circumstances reinstatement basis of settlement will NOT apply under Fire reinstatement value policy insured fails to intimate to the insurer within 6 months or any extended time to replace the damaged property insured is unable to replace the damaged property insured is unwilling to replace the damaged property All the above three

20 In which of the following policies the principle of indemnity is modified Fire declaration policy Fire floating policy Fire Reinstatement policy Fire loss of profits policy

21 Which of the following is NOT required in the Mediclaim Proposal form Past diseases and details of treatment Average monthly income Income Tax PAN All the above are required

22 Under which of the following Fidelity Guarantee policies,'per capita' additional premium is charged collective floating positions blanket

23 Which of the following statements is correct according to law--1.The parties to a commercial contract have to observe good faith 2.The parties to an insurance contract have to observe utmost good faith 1 is correct 2 is correct Both are correct Both are incorrect

24 Which of the following statements is true--1.Marine Cargo policies are valued policies 2.Marine hull policies are valued policies 1 is true 2 is true Both are false Both are true

25 Under Personal Accident cover for Owner-driver the capital sum insured for commercial vehicles is Rs.50,000 Rs.1,00,000 Rs.2,00,000 Rs.3,00,000

26 Which of the following is true as per the Arbitration condition in fire and most miscellaneous policies  1. All differences in respect of a claim are to be referred to aribitration 2. Differences regarding amount of claim only to be paid are to be referre 1 is true 2 is true Both are true Both are false

27 If group P.A. policy cover is required when the employee is not at work and /or not on official duty i.e."off-duty"cover, the reduced premium of ..% of the normal premium is charged 40 50 60 75

28 Sum insured under an insurance policy means it is agreed value of subject matter insured the amount payable when there is a loss the amount on which the premium is calculated the maximum limit of liability under the policy

29 Which of the following is not a function of a direct broker as per IRDA Regulations advise clients on appropriate cover and terms submit insurers premium quotation to client pay premium to insurers on behalf of client assist in negotiation of claims

30 If there is no insurable interest the insurance contract becomes unenforceable in a Court of Law illegal void voidable

31 As per IRDA Regulations which of the following is NOT a function of the Third Party Administrators collection of premium collection of claims documents claims scrutiny and processing claims payment

32 Under the Motor vehicles Act,the amount of compensation for death on the basis of no-fault liability is Rs. 25000 50000 1,00,000 2,00,000

33 Which of the following statements is true 1. No medical examination is required for fresh cover for personal accident insurance  2. Medical examination is required for renewal of personal accident insurance 1 is true 2 is true Both are true Both are false

34 Which of the following statements is true. Liability under Workmen's Compensation Act is to be compulsorily insured in respect of 1. workers carried in a goods vehicle 2. workers carried in a public service vehicle 1 is true 2 is true Both are true Both are false

35 Which of the following complaints cannot be made to the Ombudsman Total repudiation of claim by insurer Partial repudiation of claim by insurer Delay in settlement of claims Premium rates are high

36 Which of the following exclusions of Industrial Risks Public Liability policy can be covered under a separate policy Liability for pollution Liability of collaborator who has a technical collaboration with the insured Liability for injuries to employees Liability  arising out of earthquake

37 Under Corporate Frequent Travel Annual policy the duration of any one trip not to exceed ..days 30 45 60 90

38 In which of the following professional indemnities there is no provision for voluntary excess Architects Chartered Accountants Medical establishments Doctors

39 Renewal notice is issued because it is required under the Insurance Act of IRDA regulations it is a healthy business practice it is provided by policy conditions

40 Out of the following documents for 'Own Damage'motor claims, select one which is additionally required for commercial vehicle (goods carrier) claims Registration Certificate book Permit Driving Licence Policy Report

41 Turnover is Rs. 10 lakhs. Cost of production Rs. 7 lakhs. Fixed overheads Rs. 2 lakhs. Calculate the net profit for consequential loss (fire) policy 1 lakh 3 lakhs 5 lakhs 8 lakhs

42 Which of the following statements is true. 1. Terrorism is included in Riot,Strike and Malicious Damage 2. Terrorism is a separate cover at extra premium without Riot,Strike and Malicious Damage 1 is true 2 is true Both are true Both are false

43 Under the private car package policy the towing charges in respect of a damaged vehicle mean cost of protection to the vehicle cost of removal to the nearest repairer cost of re-delivery to the insured All of the above

44 Which of the following statements is true 1. All disputes regarding claim nder the fire policy are to be referred to a Civil Court 2. Disputes regrding the amount of claim payable are to be referred to arbitration 1 is true 2 is true Both are true Both are false

45 Which of the following is NOT covered under Spoilage Material Damage extenstion loss of stock in process loss of stock in godowns damage to machinery damage to containers & equipment

46 Which of the following documents is NOT required for processing private car 'Own Damage'claims Driving licence Registration Certificte book Fitness certificate Final bill from repairers

47 No complaints to the Ombudsman shall lie if the complaint is made later than one year after the insurer had rejected the representation if the complaint is pending in any Consumer Forum if the complaint is subject of arbitration all the above

48 Which of the following statements is true--1.In fire insurance insurable interest is required both at the time of taking the policy and at the time of loss 2. In marine hull insurance insurable interest is required both at the time of taking the policy an Only 1 Only 2 Both are true Both are false

49 Which of the following statements is true. 1. Code of conduct regulations apply to micro-insurance agents 2. Advertisement regulations apply to micro-insurance agents 1 is true 2 is true Both are true Both are false

50 Which of the following does NOT apear in the indemnity clause of Workmen's Compensation insurance Employees State Insurance Act Workmen's Compensation Act Fatal Accidents Act Common Law