IC29 Mock Test Sample 17
General insurance claims involve documentation, surveyor licensing, liability insurance, property loss assessment, and dispute resolution mechanisms. Householder policies require different documents depending on the section involved, such as fire, burglary, or jewellery. Surveyors must maintain professional standards, as misconduct or fraud can lead to suspension or disqualification. Important concepts include pair and set clauses, contingent business interruption, title insurance, and actual total loss. Marine and motor insurance claims involve deductibles, depreciation, carrier liabilities, and subrogation procedures. Alternative dispute resolution methods like mediation and arbitration help resolve claim disagreements efficiently. Proper compliance, documentation, and ethical handling ensure transparent and fair settlement of insurance claims.
Q1. Householder’s claim differentiates by section because:
a) Each section requires separate documents
b) Single document is enough
c) Only FIR is needed
d) Only PA documents apply
Q2. Disqualifications for surveyor licence include:
a) Fraud conviction, insolvency or mental incapacity
b) Premium payment
c) Bonus issue
d) Salvage handling
Q3. Pair and set clause provides that:
a) Loss of one item is settled proportionately
b) Full pair value is always paid
c) Claim is excluded
d) Ex-gratia settlement applies
Q4. Common claim denial reasons include:
a) Exclusions, waiting period breach and non-disclosure
b) Policy in force
c) Correct hospital
d) Cashless facility used
Q5. A surveyor may be suspended for:
a) Misconduct or professional incompetence
b) Honest reports
c) Timely report submission
d) Cooperation with insurer
Q6. Hospitalisation generally requires minimum stay of:
a) 24 hours except day care treatment
b) No minimum stay
c) 72 hours
d) One week
Q7. If insured retains salvage, claim amount is:
a) IDV minus salvage value
b) Full IDV
c) Double IDV
d) Salvage value only
Q8. Which of the following is a liability insurance?
a) Public Liability Policy
b) Fire Policy
c) Marine Cargo Policy
d) Burglary Policy
Q9. Under Hague-Visby Rules, cargo claim time bar is:
a) One year from delivery
b) Six months
c) Two years
d) Five years
Q10. A subrogation letter is signed by:
a) Insured in favour of insurer
b) Insurer
c) Reinsurer
d) Broker
Q11. Collision with fixed/floating object liability is covered by:
a) FFO cover / P&I
b) ITC-Hulls automatically
c) Cargo cover only
d) War cover only
Q12. A new licence applicant must complete:
a) Training and IIISLA examination
b) Only PA training
c) Only marine training
d) Only motor training
Q13. Contingent BI refers to:
a) BI due to events outside insured premises
b) Own damage only
c) Employee injury only
d) Theft only
Q14. Compulsory deductible for private car up to 1500cc is commonly:
a) Rs 1,000
b) Rs 50
c) Rs 10,000
d) Rs 1 lakh
Q15. Loss of gross profit is computed as:
a) Reduction in turnover × rate of gross profit
b) Full turnover × premium
c) Standing charges × ICOW
d) Rent × wages
Q16. Vessel laid-up cover offers:
a) Reduced premium with limited peril cover
b) Full trading cover
c) War cover only
d) P&I cover only
Q17. Depreciation on plastic/rubber/nylon parts in motor OD is:
a) 50%
b) 10%
c) 25%
d) 0%
Q18. Actual total loss means:
a) Subject matter wholly destroyed or irretrievably lost
b) Partial damage only
c) Temporary loss
d) No damage
Q19. Title insurance covers:
a) Loss due to defects in property title
b) Fire loss
c) Theft loss
d) Marine loss
Q20. Mediation and arbitration are:
a) Alternative dispute resolution methods
b) Premium calculation methods
c) Salvage processes
d) Bonus systems
