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The form will be autosubmitted at end of 60 minutes after page open/refresh. For each of the following multiple choice questions, choose the most appropriate answer : 1. Renewal notice is issued because: A. it is required under the Insurance Act B. of IRDA Regulations C. it is a healthy business practice D. it is provided by policy conditions 2. Specified persons nominated for soliciting insurance business by a corporate agent can be A. one or more of its partners B. one or more of its directors C. one or more of its employees D. All these 3. Subject to no claim, cost of medical checkup once in every how many underwriting years is payable under Mediclaim policy : A. 2 years B. 3 years C. 4 years D. 5 years 4. Subrogation condition does not appear in : A. Fire policy B. marine cargo policy C. Burglary policy D. Baggage policy 5. Subsidence covered under standard Fire & Special perils policy means: A. normal cracking B. settlement C. bedding down of new structures D. Subsidence of part of the site on which the property stands 6. Sum insured (provisional) under fire declaration policy is Rs100,00,000/-. Rate of premium is Re1.00 per mille. Average sum insured is Rs50,00,000. The refund premium is : A. Rs5,000/- B. Rs.6,000/ C. Rs.10,000/- D. Nil 7. Sum insured under an insurance policy means : A. it is the agreed value of subject matter insured B. the amount payable when there is a loss C. the amount on which the premium is calculated D. the maximum limit of liability under the policy 8. Terrorism cover for industrial risks is subject to a deductible value of: A. 0.5% of total sum insured B. 1.0% of total sum insured C. 2.0% of total sum insured D. 3.0% of total sum insured 9. The Indemnity Clause of Industrial Risks Public Liability policy excludes : A. Products liability B. Pollution liability C. Both are true D. Both are false 10. The Inland Transit (Rail/Road) Clause (C) covers the following risks : A. Fire and theft B. Derailment C. Collision D. Fire and lightning 11. The Insured Declared value shall be treated as the market value throughout the policy period without any depreciation for the purpose of A. Actual Total Loss B. Constructive Total Loss C. Both are true D. Both are false 12. The National Commission under Consumer Protection Act can entertain a complaint where the compensation claimed exceeds : A. Rs 25 lakhs B. Rs 50 lakhs C. Rs 75 lakhs D. Rs 1 crore 13. The Overseas Medical Policy does not provide indemnity for pre-existing medical condition which is defined as sickness for which the Insured person was treated prior to travel, in the preceding : A. 3 months B. 6 months C. 9 months D. 12 months 14. The Purpose of the Proposal form is to provide for A. material information B. declaration that the answers are true and accurate C. agreement of the insured that the form shall be the basis of the insurance contract. D. All these 15. The Standard Fire and Special perils policy automatically covers works of art for an amount not exceeding : A. Rs.5,000/. B. Rs.10,000/_ C. Rs.20,000/- D. Rs.25,000/- 16. The administrator of motor third party insurance is : A. IRDA B. GIC C. Central Government D. Motor Accident Claims Tribunal 17. The amount of relief payable under Public Liability Insurance Act, 1991 for fatal accident is A. Rs.10,000/- B. Rs.12,500/ C. Rs.25,000/- D. Rs.50,000/- 18. The amount of relief payable under Public Liability Insurance Act, 1991 for permanent total disability is: A. Rs.12,500/- B. Rs.25,000/ C. Rs.50,000/- D. Rs. 1,00,000/- 19. The amount of weekly payment for temporary total disablement under personal accident insurance is restricted to A. Rs1,000/- B. Rs2,000/- C. Rs3,000/- D. Rs5,000/- 20. The basis of valuation adopted under marine open cover is the prime cost of goods, Costs of freight and insurance plus : A. 5% to cover profits B. 10% to cover profits C. 15% to cover profits D. 20% to cover profits 21. The clause in open cover which limits the liability of insurers at any one time or place before the shipment is known as : A. Declaration clause B. Basis of valuation clause C. Location clause D. Limit per bottom clause 22. The contractual duty of utmost good faith applies A. to motor insurance only B. to marine cargo insurance only C. to fire insurance only D. all insurances where proposal form with a declration clause is used 23. The deductible for Act of God perils under Standard Fire and Special perils policy is : A. 1 % of each and every loss B. 3% of each and every loss C. 4% of each andevery loss D. 5% of each and every loss 24. The deductible for perils other than Act of God perils under Standard Fire and Special perils policy is : A. Rs5,000/- for each and every loss B. Rs10,000/- for each and every loss C. Rs15,000/- for each and every loss D. Rs20,000/- for each and every loss 25. The duty of disclosure of material information A. applies to insured B. applies to the agent C. applies to the insurer D. all three 26. The function(s) of IRDA is/are to protect the interests of policyholders in matters of : A. settlement of claims B. fair and equitable rates of premium C. terms and conditions of insurance D. All these 27. The legal right to insure means : A. consideration as per Indian Contract Act B. competence as per Indian Contract Act C. assignment D. insurable interest 28. The liabilities which require compulsory insurance under Motor Vehicles are for death or bodily injury A. of any third party B. of any passenger of a public service vehicle C. damage to any property of a third party D. All these 29. The maximum liability of the insurer under Public Liability Insurance Act 1991 to pay relief to several claimants arising out of one accident shall not exceed : A. Rs 2.50 crores B. Rs5.00 crores C. Rs 7.50 crores D. Rs 10.00 crores 30. The maximum limit of cover under Architects' Fees 'add-on' cover is : A. 2.5% of the adjusted loss B. 5% of the adjusted loss C. 7.5% of the adjusted loss D. 10% of the adjusted loss 31. The maximum towing charges of a private car payable is restricted to : A. Rs750/- B. Rs1,000/- C. Rs1,500/- D. Rs2,000/- 32. The minimum retention of premium under fire declaration policy is : A. 10% of the annual premium B. 25% of the annual premium C. 50% of the annual premium D. 75% of the annual premium 33. The object of the principle of indemnity is to : A. pay the full cost of repairs B. pay the full cost of replacement C. pay the cost of reinstatement D. prevent the insured from making any profit out of his loss 34. The principle of Subrogation applies under : A. products liability policy B. fidelity guarantee policy C. fire policy D. All the above 35. The principle of indemnity arises under the : A. Insurance Act 1938 (as amended) B. IRDA Act C. Indian Contract Act D. Common Law 36. The principle of indemnity is applied through deduction : A. for under insurance B. for depreciation C. under franchise clause D. under excess clause 37. The principle of utmost good faith requires the proposer to disclose material facts : A. which he knows B. which he ought to know C. which he knows and ought to know D. none of the above 38. The rates of depreciation for replacement of rubber parts under private car package policy is : A. 10% B. 20% C. 30% D. 50% 39. The role of disclosure of material facts A. ceases when the policy is issued B. arises again at the time of renewal of the policy C. Both these D. Neither of these 40. The sum insured under Mediclaim policy is increased by 5% for each claim free year of insurance subject to a maximum accumulation of : A. 3 years B. 5 years C. 10 years D. 15 years 41. The term 'Fire' under the fire policy means: A. natural heating B. burning by order of public authority C. spontaneous combustion D. accidental ignition 42. The turnover of a business consists of : A. variable charges and standing charges B. standing charges and net profit C. variable charges and net profit D. variable charges, standing charges and net profit 43. Third Party Administrator's 'cashless services' mean : A. admission to a specified hospital without admission fees payment B. admission to a specified hospital without deposits C. discharge from specified hospital without payment of covered expenses of treatment D. all these 44. To arrive at final rate by loading the pure rate, which of the following is not taken into account. A. past losses B. Unexpected heavy losses in the future C. margin for expenses of management D. margin for profits 45. To which of the following does the Employees State Insurance Act, 1948 apply? A. Employees of Central Government B. Employees of State Government C. Employees of Public Sector manufacturing companies D. Industrial employees as notified by the Government 46. Transfer of rights and liabilities of an insured to another person who has insurable interest is known as : A. Consideration B. Subrogation C. Assignment D. Endorsement 47. Treatment for which of the following is excluded under Mediclaim policy? A. Voluntary termination of pregnancy B. Caesarian section C. Childbirth D. All these 48. Turnover is Rs 10 lacs. Cost of production Rs 7 lacs. Fixed overheads Rs 2 lacs. Calculate the net profit for consequential loss (fire) policy : A. 1 lac B. 3 lacs C. 5 lacs D. 8 lacs 49. Turnover is Rs20 lacs. Cost of production Rs14 lacs, Fixed overheads Rs4 lacs. Net Profit Rs2 lacs. Calculate the Sum insured for a consequential loss (fire) policy? A. Rs 10 lacs B. Rs 18 lacs C. Rs 2 lacs D. Rs 6 lac 50. Under Agricultural Pump Set Policy, which of the following risks is covered at extra premium? A. Mechanical breakdown B. Electrical breakdown C. Flood D. Burglary | |