IC29 Mock Test Sample 1
General Insurance Claims involve the process of reporting, assessing, and settling losses under different insurance policies such as fire, marine, liability, engineering, and personal accident insurance. Important principles include indemnity, subrogation, contribution, and utmost good faith. Claims may require documents like claim forms, FIRs, fire brigade reports, invoices, and surveyor assessments. Surveyors help evaluate losses, especially in engineering and marine claims. Policies may include exclusions, deductibles, salvage rights, and liability conditions. Marine insurance includes concepts like General Average and Constructive Total Loss. Product liability, pollution risks, and recall expenses may be covered through policy extensions and special conditions.
1. Under Warsaw/Montreal Convention (air), cargo claim time bar is:
a) One year
b) Six months
c) Ten years
d) No bar
2. Common law (negligence) liability claims by employees should be:
a) Settled by employee
b) Always denied
c) Reinsured only
d) Refused
3. Salvage is part of the principle of:
a) Subrogation
b) Contribution
c) Utmost good faith
d) None
4. Joint and several liability means:
a) Each only proportionate
b) Premium based
c) Bonus sharing
d) None
5. Recovery from carrier reduces:
a) Premium
b) Salvage
c) Bonus
d) None
6. EAR (Erection All Risks) policy covers:
a) Civil construction
b) Health
c) Life
d) Marine cargo
7. Recall costs under product liability are:
a) Always automatic
b) Always excluded
c) Reinsured only
d) Only PA
8. Sudden and accidental pollution is:
a) Always excluded
b) Premium based
c) Bonus related
d) None
9. Salvage of branded goods is:
a) Free sale
b) Premium based
c) Bonus based
d) None
10. IRDAI licensed surveyor is required for claims above:
a) Rs 20,000
b) Rs 1 crore
c) Rs 10 lakhs
d) Rs 5,000
11. General Average in marine insurance is:
a) Voluntary sacrifice/expenditure shared
b) Particular loss
c) Total loss
d) Constructive loss
12. In a fire claim, essential documents include:
a) Only premium receipt
b) Only FIR
c) Only DL
d) Only RC
13. Forest fire is:
a) Excluded under standard fire policy
b) Paid ex-gratia
c) Reinsured
d) Optional
14. Surveyor's involvement in policy issuance:
a) Mandatory
b) Premium based
c) Bonus based
d) None
15. Liability policies are written on:
a) Only premium basis
b) Only reinsurance basis
c) Only indemnity
d) Only agreed value
16. In engineering claims, surveyor:
a) Issues policy
b) Sets premium
c) Reinsures
d) None
17. Common PA exclusions include:
a) All accidents
b) Broken bone
c) Fracture
d) Sunburn
18. Indemnity seeks to:
a) Place insured in same financial position
b) Punish insured
c) Benefit insurer
d) Refund premium
19. Salvage of perishables:
a) Wait one year
b) Premium based
c) Bonus related
d) None
20. When vessel becomes a CTL, insurer:
a) Never accepts
b) Only pays 50%
c) Only pays salvage
d) Ex-gratia
