IC29 Mock Test Sample 10
General insurance claims involve policy exclusions, depreciation, recovery mechanisms, liability handling, and claim documentation. The Standard Fire and Special Perils (SFSP) policy covers specified risks while excluding perils such as war and wear and tear. Depreciation reduces claim value based on age and usage of property or vehicle parts. FLOP and material damage policies may overlap for certain expenses like debris removal and ICOW. Health, liability, marine cargo, and workmen compensation claims require detailed supporting records and timely reporting. Recovery through contribution, subrogation, arbitration, or litigation ensures equitable settlement. Efficient claim servicing, transparency, and proper documentation are essential for smooth and fair claim resolution.
Q1. Which is NOT a standard exclusion in fire policy?
a) Storm
b) War and nuclear risks
c) Wear and tear
d) Own fermentation loss
Q2. Depreciation in claim settlement refers to:
a) Reduction in value due to age and wear
b) Increase in value
c) Interest on claim
d) Penalty on insurer
Q3. FLOP overlaps with MD cover for:
a) Debris removal and ICOW
b) Full profits only
c) Salvage only
d) Nothing
Q4. The standard fire policy in India is known as:
a) SFSP
b) Fire only policy
c) Marine fire policy
d) Engineering fire policy
Q5. Reimbursement claim means:
a) Insured pays first and claims later
b) Cashless claim
c) TPA pays directly
d) Hospital bears expense
Q6. Recovery from co-insurers is through:
a) Contribution mechanism
b) Subrogation only
c) Bonus settlement
d) Premium adjustment
Q7. Disputed recovery is usually:
a) Litigated through courts or arbitration
b) Abandoned immediately
c) Settled through premium
d) Settled through bonus
Q8. Group health insurance claims are:
a) Managed under consolidated group policy
b) Only individual claims
c) Only cashless
d) Only reimbursement
Q9. Tendering for salvage requires:
a) Transparent process and documentation
b) Private deal only
c) Bonus approval
d) Premium payment
Q10. A re-survey may be ordered when:
a) Original report is incomplete or disputed
b) Always required
c) Never allowed
d) Only after settlement
Q11. Subrogation cannot be exercised against:
a) Insured or own employees
b) Third parties
c) Carriers
d) Tortfeasors
Q12. Adjudicating authority under PLI Act is:
a) Collector of district
b) MACT
c) Consumer Forum
d) Civil Court only
Q13. Depreciation for vehicle plastic parts is commonly:
a) 50%
b) 0%
c) 25%
d) 75%
Q14. Annual MB policy renewal requires:
a) Continued coverage with revaluation if needed
b) Salvage approval
c) Bonus declaration
d) No review
Q15. PL claim documentation includes:
a) Third-party notice and expert reports
b) Only DL
c) Only RC
d) Only premium receipt
Q16. TAT in claim service refers to:
a) Turn-around time for processing claims
b) Total assessed tax
c) Travel allowance tally
d) Total agent tenure
Q17. Time bar for liability claims is:
a) As per Limitation Act or contract
b) No limit
c) One day only
d) One month only
Q18. Freshwater damage to cargo is:
a) Covered under ICC (A) and (B)
b) Only in ICC (C)
c) Always excluded
d) Only in hull policy
Q19. ALOP triggers when:
a) Indemnifiable CAR/EAR damage causes delay
b) Premium unpaid
c) Bonus applied
d) Salvage delayed
Q20. WC claim needs:
a) Medical certificate, wage proof and accident report
b) Only DL
c) Only RC
d) Only invoice
