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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. Which of the following statements is true? A. Corporate insurance executive has to undergo training and pass the licensing examination B. 'Specified persons' have to undergo training and pass the licensing examination C. Both are true D. Neither is true 2. Which of the following statements is true? A. Dental treatment is excluded unless requiring hospitalization B. Expenses on vitamins and tonics are excluded unless forming part of treatment C. Both are true D. Both are false 3. Which of the following statements is true? A. Elephants used for commercial purposes are covered B. Elephants used for religious are covered C. Both are true D. Both are false 4. Which of the following statements is true? A. Endorsements are issued at the time of issuing the policy as part of the policy B. Endorsements are issued after the policy to record alterations C. Both are true D. Both are false 5. Which of the following statements is true? A. Explosion is covered under Standard Fire and Special Perils policy. B. Implosion is covered under Standard Fire and Special Perils policy. C. Both these D. Neither of these 6. Which of the following statements is true? A. For export/import cargo policies, Institute Cargo Clauses (I.C.C.) are used, B. For inland transit consignments, local clauses are used. C. Both these D. Neither of these 7. Which of the following statements is true? A. ICC(B)& (C) provide specified risks cover B. 1CC(A) Provides 'all risks' cover C. Both statements are true D. Both statements are false 8. Which of the following statements is true? A. In cargo losses, the survey fees are paid by the claimant initially B. Survey fees are reimbursed by insurers, if the claim is admitted. C. Both are true D. Both are false 9. Which of the following statements is true? A. In fire insurance insurable interest is required both at the time of taking the policy and at the time of loss. B. In marine hull insurance insurable interest is required both at the time of taking the policy and at the time of loss. C. Both are true D. Both are false 10. Which of the following statements is true? A. Insurance facilitates free investment of capital in business B. Insurance encourages commercial and industrial development C. Insurance contributes to national productivity D. All above 11. Which of the following statements is true? A. Insurance is a method of sharing the losses of a 'few' by the 'many'. B. Insurance is a method of transferring the risk of an individual to a group of individuals C. Both these D. Neither of these 12. Which of the following statements is true? A. Insurance prevents the losses from happening B. Insurance divides the losses amongst the insureds C. Both these D. either of these 13. Which of the following statements is true? A. Insurance protects the asset B. Insurance prevents its loss C. Insurance reduces possibilities of loss D. Insurance pays when there is loss of asset 14. Which of the following statements is true? A. Insurance provides direct benefits to individuals B. Insurance provides indirect benefits to the community C. Both these D. Neither of these 15. Which of the following statements is true? A. Machinery Loss of Profits policy is granted only if there is Machinery Breakdown Policy covering the machinery. B. Loss under Machinery Loss of Profits is payable if the material damage under Machinery Breakdown policy is payable. C. Both- are true D. Both are false 16. Which of the following statements is true? A. Marine Cargo policies are valued policies B. Marine Hull policies are valued policies C. Both are false D. Both are true 17. Which of the following statements is true? A. Motor third party (injury claims) are adjudicated by Motor Accident Claims Tribunal. B. Motor third party (property damage claims) are adjudicated by civil courts. C. Both are true D. Both are false 18. Which of the following statements is true? A. No claim bonus is computed on the 'Own Damage' premium required for renewal of the policy. B. When there is transfer of interest in the motor policy from one insured to another, the transfer of no claim bonus is not automatic. C. Both are true D. Both are false 19. Which of the following statements is true? A. No medical examination is required for fresh cover for personal accident insurance. B. Medical examination is required for renewal of personal accident insurance. C. Both are true D. Both are false 20. Which of the following statements is true? A. Open policies are useful to cover inland consignments. B. Open covers are useful to cover export/import shipments. C. Both are true D. Both are false 21. Which of the following statements is true? A. Personal Accident cover is not granted for high sum insured which is disproportionate to monthly salary of the insured. B. Non-earning housewives are granted personal accident cover for capital sums only. C. Both are true D. Both are false 22. Which of the following statements is true? A. Pro-rata average is applied under CAR policy B. Pro-rata average is applied under EAR policy C. Both these D. Neither of these 23. Which of the following statements is true? A. Rates of premium for motor third party risks are fixed by the IRDA. B. Rates of premium for motor 'own damage' risks are fixed by the Tariff Advisory Committee C. Both are true D. Both are false 24. Which of the following statements is true? A. Redressal of Public Grievances Rules apply to life and general insurance. B. These Rules apply to personal lines insurance only. C. Both are true, D. Both are false 25. Which of the following statements is true? A. State Commission can entertain appeals against the order of the District Forum. B. National Commission can entertain appeals against the order of the State Commission. C. Both are true D. Both are false 26. Which of the following statements is true? A. Terrorism is an exclusion under the Standard Fire and Special perils policy. B. Terrorism can be covered at extra premium along with Riot, Strike and Malicious Damage C. Both are true D. Both are false 27. Which of the following statements is true? A. Terrorism is included in Riot, Strike and Malicious Damage. B. Terrorism is a separate cover at extra premium without Riot, Strike and Malicious Damage C. Both are true D. Both are false 28. Which of the following statements is true? A. The Indemnity Period is to be selected by the insured, B. The period of indemnity may vary from 3 months to 3 years. C. Both are true D. Both are false 29. Which of the following statements is true? A. The Insured's Declared Value of the vehicle is fixed on the basis of manulacturer's listed selling price of the brand and model of the.vehicle at the commencement of insurance. B. The Insured's Declared Value is the sum insured under the policy. C. Both are true D. Both are false 30. Which of the following statements is true? A. The duration of cover for marine risks is for the entire voyage on a warehouse to warehouse basis B. The duration of cover for war risks is restricted to the time when the goods are waterborne and not on land C. Both are true D. Both are false 31. Which of the following statements is true? A. The duration of cover for strikes, riot and civil commotion applies during the entire voyage on a warehouse to warehouse basis B. The duration of cover for strike, riots and civil commotion applies only when the goods are waterborne and not on land C. Both are true D. Both are false 32. Which of the following statements is true? A. The proposer need not disclose facts which he considers as not material. B. Facts which are of common knowledge need not be disclosed. C. Both are true D. Both are false 33. Which of the following statements is true? A. The seller is responsible for cargo insurance till the goods are placed on board the steamer under FOB sale contract. B. b)The buyer is responsible for cargo insurance once the goods are placed on board under C&F contract. C. Both these D. Neither of these 34. Which of the following statements is true? A. The sum insured under consequential loss (fire) policy is to be fixed by the insured. B. The sum insured is to be computed from the insured's accounts C. Both are true D. Both are false 35. Which of the following statements is true? A. The sum insured under consequential loss (fire) policy should be equal to gross profits of the Indemnity Period selected. B. The sum insured should be equal to the net profits of the Indemnity period selected. C. Both are true D. Both are false 36. Which of the following statements is/are true? A. General average sacrifice is covered under ICC(C) B. Jettison is covered under ICC(C) C. Both are true D. Both are false 37. Which of the following statements is/are true? A. Contribution applies only to contracts of indemnity B. Contribution does not apply to personal accident insurance C. Both are true D. Both are false 38. Which of the following types of specific treatment are exempted from minimum 24 hours stay in a hospital? A. Chemotherapy B. Radiotherapy C. Lithotripsy D. All these 39. Which of the statements is true under fire insurance? A. Escalation clause applies to buildings and machinery only. B. Escalation clause applies to fluctuating stocks. C. Both statements are true D. oth statements are false 40. Which of the, following is/are requisites of a valid insurance contract? A. Consideration B. Parties of same mind C. Parties competent to contract D. All the three 41. Which of these statements is correct? A. Subrogation under common law is applied in contracts of indemnity. B. Subrogation under common law arises only after payment of loss C. Both are correct D. Both are incorrect 42. Which of these statements is true? Compensation from Solatium Fund is paid for : A. no-fault liability claims B. hit and run claims C. Both are true D. Both are false 43. Which of these statements is true? A. Compulsory motor third party insurance covers negligence liability B. Compulsory motor third party insurance liability C. Both statements are false D. Both statements are true 44. Which of.the following is true as Per the Arbitration condition in fire and most miscellaneous policies? A. All differences in respect of a claim are to be referred to arbitration B. Differences regarding amount of claim only to be paid are to be referred to arbitration C. Both these D. Neither of these 45. Who among the following is eligible to be nominated 'Corporate Insurance Executive' by a corporate agent? A. a partner (in the case of a firm) B. a director (in the case of a company) C. one or more of its officers D. All the above 46. if an insurance policy is not stamped as per Indian Stamp Act, the contract becomes A. illegal B. void C. voidable D. unenforceable in a Court of Law 47. which of the following is excluded under Deterioration of Stocks add-on cover to the fire policy? A. act of government B. act of municipal authority C. rationing, etc. of power supply D. none of these | |