IC29 Mock Test Sample 12
General insurance claims involve claim servicing, contribution recovery, liability assessment, and compliance with policy terms. Marine cargo insurance under ICC clauses provides varying levels of protection, and buyers may purchase additional cover for wider protection. Failure to mitigate losses can reduce claim amounts or lead to repudiation. Public liability, aviation, and CAR/EAR policies require proper documentation, investigation, and legal coordination during claim handling. Surveyors assess financial losses, policy conditions, exclusions, and warranties while keeping insurers informed about material developments. Concepts such as quota share reinsurance, claim settlement ratio, gross profit calculation, and Employees Compensation liability are important for effective underwriting, recovery management, and fair claim settlement.
Q1. If insurance is taken on ICC(C) only under CIF default, buyer can:
a) Purchase additional cover from own insurer
b) Only claim on seller
c) Only claim on carrier
d) Cancel contract only
Q2. Failure to mitigate may result in:
a) Reduction in claim or repudiation
b) Increased claim amount
c) Bonus payment
d) Premium refund
Q3. Interest for delayed motor claim payment is:
a) As per regulations or court order
b) Never payable
c) Only for PA claims
d) Only for TP claims
Q4. Limitation for filing EC claim is:
a) Two years from accident or knowledge
b) Six months
c) Five years
d) Ten years
Q5. Contribution recoveries are:
a) Sharing loss between insurers covering same risk
b) Recovery from insured
c) Premium recovery
d) Bonus recovery
Q6. “Rent payable” clause in FLOP:
a) Treats rent as insured standing charge
b) Excludes rent
c) Cancels rent
d) Ignores rent
Q7. Which perils are covered under ICC(B) but not ICC(C)?
a) Earthquake and entry of water
b) Fire
c) Explosion
d) Sinking
Q8. Third-party liability section in CAR/EAR covers:
a) Legal liability for injury or property damage
b) Workers’ injury only
c) Stocks only
d) Vehicles only
Q9. A surveyor must consider:
a) Policy conditions, exclusions and warranties
b) Premium only
c) Bonus only
d) Salvage only
Q10. Public Liability claim requires:
a) Third-party notice and expert reports
b) Only premium receipt
c) Only RC
d) Only DL
Q11. Aviation liability covers:
a) Passenger, cargo and third-party liabilities
b) Hull only
c) PA only
d) Stocks only
Q12. Quota share reinsurance means:
a) Fixed percentage sharing of all risks
b) Above retention only
c) Stop loss cover
d) Premium refund system
Q13. “Without benefit of salvage” means:
a) Insurer does not claim salvage rights
b) Salvage belongs to insurer
c) Ex-gratia settlement
d) Delayed settlement
Q14. Claim settlement ratio (CSR) indicates:
a) Percentage of claims settled versus received
b) Premium collection rate
c) Reinsurance percentage
d) Commission ratio
Q15. Surveyor must inform insurer of:
a) Material developments during assessment
b) Nothing
c) Only after final report
d) Only premium details
Q16. Surveyor’s role in FLOP is to:
a) Assess financial quantum and verify figures
b) Issue policy
c) Fix premium
d) Pay claim directly
Q17. Rate of gross profit is:
a) Gross profit divided by turnover
b) Premium divided by salvage
c) Wages divided by rent
d) Salvage divided by loss
Q18. Under Employees Compensation claim, liability arises from:
a) Accident arising out of employment
b) Leisure accident
c) Home accident
d) Illness always
Q19. Servicing liability claim involves:
a) Coverage analysis and settlement coordination
b) Premium pricing only
c) Marketing only
d) Reinsurance only
Q20. Applicant for new surveyor licence must apply through:
a) IRDAI / IIISLA online portal
b) Manual process only
c) Bank only
d) Customs office
