Q 1. __________ covers operational loss to engines, air compressors, pumps etc.
Q 2. A company insured its property assuming for full value as Rs 10,00,000/=. In an event of claim, it was realized that the original value of the property was Rs 12,50,000/=. The claim amount was Rs 2,00,000/= Will any claim be paid and if yes, what wil
Q 3. As per the Insurance Act, the __________ may, by rules, relax the requirements in respect of advance payment of premium.
Q 4. Compensation (Insurance liability) for accidents occurring while hand ling hazardous substances is provides under the ________ .
Q 5. For what is Open Cover generally issued ?
Q 6. For what is the 'Premium Register Copy' must for ?
Q 7. For what is the Trial Balance used ?
Q 8. How are the claims cost ideally controlled ?
Q 9. If a / an _________ issues a Claim Form, it does not constitute an admission of liability on its part.
Q 10. If the insurer wants to avoid liability on grounds of non-disclosure, he must prove certain facts. Which of the following is INCORRECT ?
Q 11. In PA, the coverage for loss of two limbs and two eyes is ____ %.
Q 12. In which of the following contracts does the buyers's responsibility of arranging insurance begin once the goods are placed on board ?
Q 13. A boiler, which was used by a factory to generate steam for captive use, imploded causing damage to it. There was no other loss than this. Will the fire policy indemnify for the loss of boiler ?/
Q 14. strong>With rapid changes in the insurance sector and increased competition, what should the insurance companies do to stand out ? /strong>/
Q 15. The full form of ILU is __________ .
Q 16. The proposals for imported motor vehicles are accepted subject to _________ .
Q 17. What are the claims recoveries made from third parties known as ?
Q 18. What does 'Condition of Average' mean ?
Q 19. What is not an implied condition of insurance ?
Q 20. Which are the two categories in which partial losses in marine insurance can be classified ?
Q 21. Which is the most appropriate insurance cover for contingent losses like cancellation, loss of reputation, loss of gate money and advertisement etc. ?
Q 22. Who arranges the re-insurance on behalf of insurer ?
Q 23. __________ cannot be an intermediary.
Q 24. Act only' policy covers _________ .
Q 25. Calculate the refund under declaration policy? Sum assured 100000 Rate Re 1 per 100 Premium Rs.1000 Declarations - Jan-65000,Feb-60000,March-50000,April-75000,May-50000,June-50000,July- 80000, Aug- 60000,Sept-50000,Oct-40000,Nov-90000,Dec-50000.
Q 26. Due to malfunctioning of a lift, a person lost his life and one person got injured. Representatives of both the persons approached the court seeking settlement under the Lift Insurance Policy. Will insurance indemnify the two loss sufferers ?
Q 27. If Mr. Abhay's car collides with another car and the other car's driver gets injured, who will pay for the claims of the other driver ?
Q 28. If the total premium is Rs.10000 and the limit of liability is Rs.5000000, what is the rate on line?
Q 29. In case of Motor Insurance which document is considered as the only evidence of existence of a valid insurance by police authorities and RTO ?
Q 30. In Motor Insurance, 'Form A' covers ________ .
Q 31. In private motor insurance, separate rates apply for vehicles below and above ______ .
Q 32. Indemnity under public liability policy does NOT cover __________ .
Q 33. Pure Premium is defined as ________ .
Q 34. The Industrial All Risks Insurance Policy covers risks over ______ .
Q 35. The Institute Time Clauses pertain to __________ .
Q 36. The total loss of any package lost overboard or dropped whilst loading on to or unloading from vessel or craft is ___________ .
Q 37. There cannot be a legal relationship between __________.
Q 38. What is the claim loading applied to a policy known as ?
Q 39. When amendments are made in the policy, they are termed as ____________ .
Q 40. When looking for reinsurance, the underwriter works at two levels - one is at risk level and the other is _____ .
Q 41. When will the underwriter use the burning cost method ?
Q 42. Which insurance deals with Loading and Unloading conditions and warehousing facilities ?
Q 43. Which insurance is effective whilst the insured temporarily resides in any hotel or rest house during a specified journey.
Q 44. Which of the following is NOT a function of the underwriter ?
Q 45. Which policy covers damage to actual structure of the vessel ?
Q 46. Which type of fire policy covers stocks at various locations under one sum assured ?
Q 47. With rapid changes in the insurance sector and increased competition, what should the insurance companies do to stand out ?
Q 48. _______ allows Life insurance companies and General insurance companies to have a tie up to sell each others products.
Q 49. ________ is the primary source of income for an insurer.
Q 50. _________ is not covered under satellite insurance.
Q 51. A company insures its factory building for Rs 12 crore and the machinery for Rs 3 crore. The actual value for these was Rs 18 crore and Rs 4 crore respectively. In a fire, the building suffers damage to the tune of Rs 10 crore and machinery Rs 3.6 cr
Q 52. A fire which is deliberately caused by the insured is called as ______ .
Q 53. A furniture shop also has a basement storage. Can the underwriters accept the risk ? If yes, how ?
Q 54. A man owns a company which manufactures seat covers of cars from leather cloth. While lifting the leather cloth roll with the help of forklift , a cut occurred to the cloth. Is the claim admissible under the fire policy ?
Q 55. A ship was transporting goods from one location to another when an explosion in the ship damaged the vessel as well as the goods. Under the Marine Hull policy, the compensation will be paid for ________.
Q 56. All insurers in India will have to inform ______ every year while devising their re-insurance programme.
Q 57. Analysis and Pricing of an insurance product is the job of _______ .
Q 58. Employee State Insurance policy is applicable in the areas notified by the Government. The scheme is applicable to _________ .
Q 59. Excess of loss re-insurance is a type of ________ re-insurance.
Q 60. Fitness and Permit certificate is required for claims processing in case of _____ .
Q 61. In which two ways can risk be measured within a risk register ?
Q 62. Insurance companies have two major sources of income, they are ______ and ______ .
Q 63. M/s. XYZ Construction Co. has got an order to construct a bridge and tunnel. Which policy should they take before they start the project ?
Q 64. Mr. X met with an accident by a car driven at a fast speed by Mr. Y. Mr. X filed a claim for losses suffered to his insurers. His insurers suggested him to approach Mr. Y's insurers under third party liability cover. Mr. X transferred his rights of c
Q 65. strong>What does #39;Condition of Average#39; mean ? /strong>/ /
Q 66. The increase or loading on premium is called ________ .
Q 67. Third Party Administrators (TPA) are separate organisations either owned by ______ .
Q 68. Which insurance is considered for the Indian Ports (Major Ports) Act ?
Q 69. Which of the following is an ex-gratia payment?
Q 70. Which of the following is not likely to be a rating factor in Fire Insurance ?
Q 71. Which of these pools is not managed by GIC ?
Q 72. Which policy covers Self Ignition damage ?
Q 73. ______ covers are related to the total amount of claims in a year over and above a particular limit or loss ratio.
Q 74. ______ hazard is not one of the prime hazards an underwriter looks at.
Q 75. A deductible is also known as ________ .
Q 76. A fire deliberately caused by the insured is called ________ .
Q 77. A man insures his property for Rs.500000. The Actual value of the property is Rs.750000. There is loss of Rs.100000. How much will the insurer pay?
Q 78. A subrogation claim is recovered from the Third Party and /or which other party ?
Q 79. If the insurer wants to avoid liability on grounds of non-disclosure, he must prove certain facts - which of the following is INCORRECT ?
Q 80. In which insurance can the certificate take the place of policy?
Q 81. In which of the below activities is an actuary not involved in ?
Q 82. Increased value' insurance covers are issued for ________ .
Q 83. strong>In marine insurance, the Special declaration policy can be applied by individual companies having a minimum turnover of Rs __________ ./strong>/
Q 84. Pick the correct option -
Q 85. Pricing of insurance products is done by ________ .
Q 86. Risk,Strike and Malicious Damage cover(RSMD) is associated with ________ .
Q 87. The All Risks Insurance Policy _________ .
Q 88. The Annual Policy in marine insurance covers _________ .
Q 89. The contra proferentum rule is used against the ___________ .
Q 90. The first aviation policy was issued in the year ______ .
Q 91. The Motor Vehicles Act was enacted in the year _______ .
Q 92. The Operative Clause is also known as ______ .
Q 93. Which component of the policy document is unique to each insured person ?
Q 94. Which document has the final supremacy when there is a conflict in wordings of various documents ?
Q 95. Which of these is a contractual obligations that require one party to the contract to do something before the other party to the contract is required to do something ?
Q 96. Which policy covers stocks at various specific locations under one sum assured?
Q 97. _____ is the procedure of assessing, accepting and pricing risks, applying policy conditions and managing exposures.
Q 98. _______ , a social peril, is included in the Stand ard Fire Insurance policy.
Q 99. ________ can also be known as an Endorsement.
Q 100. A _______ requires an insured to do or not to do certain things and is often linked to a specific trade.
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