Ic11 Mock Test Sample 14
These questions cover various insurance concepts including reinsurance treaties, claim settlement practices, and specialized insurance products like cattle, electronic equipment, and satellite insurance. They highlight practical scenarios such as claim fraud, business interruption, and trader risks. Important regulatory aspects like IRDAI involvement and underwriting returns are included. The role of policies like ALOP and Janta Personal Accident is explained, focusing on target segments like weaker sections. Concepts like quota share treaty, stop loss treaty, and retail insurance broaden understanding of insurance operations. Overall, this set strengthens knowledge of real-life applications, risk coverage, and policy structures essential for insurance exams and practice.
1. The constitution of _______ was done as per the provisions of Motor Vehicle Act.
a) MACT – Motor Accidents Claim Tribunal
b) FACT – Fatal Accidents Claim Tribunal
c) Motor Damages Act
d) Motor Vehicles Accident Act
2. Which insurance provides cover against death of animals like cows, bulls etc.?
a) Animal insurance
b) Cattle insurance
c) Farm insurance
d) Agricultural equipment insurance
3. Reimbursement of expenses incurred for carriage of dead body is ________.
a) Rs 5000
b) Rs 2000
c) Rs 2500
d) Rs 3000
4. Personal health insurance, home insurance etc. are examples of ________.
a) Wholesale insurance
b) Retail insurance
c) Hull insurance
d) Corporate insurance
5. The _________ treaty is an automatic reinsurance with fixed percentage sharing.
a) Facultative
b) Excess of loss
c) Stop loss
d) Quota share
6. Commission paid back to the insured as an incentive is known as ______.
a) Kickback
b) Corruption
c) Premium
d) Discount
7. Replacing tiles with marble but billing as tiles is an example of claim ______.
a) Over valuation
b) Indemnity
c) Betterment
d) Under insurance
8. Interruption of business due to machinery breakdown is termed as _______.
a) Loss of continuity
b) Loss of assets
c) Loss of finance
d) Loss of profit
9. Suitable insurance for electronic and telecom equipment is ______.
a) Advance Loss of Profits policy
b) Machinery Breakdown Policy
c) Standard fire and Machinery breakdown Policy
d) Electronic Equipment Insurance Policy
10. The full form of ALOP is ________.
a) Advance Loss of Price Policy
b) Advance Loss of Profit Policy
c) Advance Loss of Property Policy
d) Advance Loss of Pension Policy
11. Long term insurance policies are suitable for ______.
a) Retail customers
b) Corporate customers
c) Rural low income customers
d) Multinational customers
12. Which policy is issued with ALOP policy?
a) Boiler and Pressure Plant Insurance
b) Machinery Breakdown Insurance
c) Marine hull Insurance
d) Erection / construction insurance
13. Stop loss treaty is based on ________.
a) Underwriters assessment
b) Sum insured
c) Loss amount
d) Claims ratio
14. Insurers must inform ______ while devising reinsurance programme.
a) RBI
b) GIC
c) SEBI
d) IRDAI
15. Underwriting returns are required by ________.
a) Regional Office
b) General Office
c) Administrative department
d) Head Office
16. Which is not a peril but still covered under ICC (C)?
a) Grounding
b) Capsizing
c) Explosion
d) Sinking
17. Janta Personal Accident policy is designed for ______.
a) Rich sections
b) Weaker sections
c) All sections
d) Rural population
18. Term used when employees sustain accidents or illness is ______.
a) Loss of Man-days
b) Loss of profit
c) Loss by legal liability
d) Loss of finance
19. Insurance covering satellite transit to launch site is ______.
a) Satellite Launch Insurance
b) Pre Launch phase insurance
c) Launch phase insurance
d) Manufacturing phase insurance
20. One way traders suffer losses is _______.
a) Default by vendors
b) Default by suppliers
c) Default by exporters
d) Default by buyers
