IC29 Mock Test Sample 20
General insurance claims involve policy coverage, surveyor responsibilities, reinsurance support, recoveries, and compliance with legal principles. Boiler Explosion policies cover losses arising from explosion or collapse of pressure plants. Bankers’ Indemnity policies provide protection against risks such as forgery, employee dishonesty, and transit losses. Principles like utmost good faith require full disclosure of material facts by parties. Surveyors assess the cause, nature, and quantum of loss and must maintain qualified staff and professional conduct. Recoveries through subrogation reduce net claim costs, while effective claims servicing ensures prompt intimation, documentation, survey, settlement, and recovery management. Proper complaint handling and adherence to IRDAI guidelines ensure transparency and policyholder protection.
Q1. Boiler Explosion policy covers:
a) Loss due to explosion or collapse of pressure plant
b) Fire loss only
c) Theft only
d) Burglary only
Q2. FLOP excess is typically expressed as:
a) Waiting period in days or monetary amount
b) Percentage of ICOW only
c) Turnover only
d) Salvage only
Q3. Sections under Bankers’ Indemnity include:
a) Forgery, dishonesty, transit and registered post
b) Only fire
c) Only theft
d) Only marine risks
Q4. Which principle requires disclosure of material facts?
a) Utmost good faith
b) Contribution
c) Subrogation
d) Indemnity
Q5. Cash call in reinsurance means:
a) Immediate payment of large losses by reinsurer
b) Deferred payment always
c) Premium collection
d) Bonus payment
Q6. Under ITC-Hulls, known unseaworthiness to owner:
a) Excludes claim
b) Always covered
c) Paid double
d) Reinsured automatically
Q7. Admitted vs non-admitted policies relate to:
a) Insurer licensing in jurisdiction
b) Premium types
c) Reinsurance only
d) Bonus systems
Q8. Surveyor’s staff should be:
a) Qualified and trained
b) Untrained
c) Bonus-based
d) Premium-based
Q9. Surveyor’s report generally covers:
a) Cause, nature, extent and quantum of loss
b) Premium only
c) Salvage only
d) FIR details only
Q10. On settlement of total loss:
a) Vehicle or salvage usually passes to insurer
b) Always stays with insured
c) Goes to dealer
d) Goes to broker
Q11. Disciplinary authority for surveyors is:
a) IRDAI / IIISLA
b) RBI
c) SEBI
d) MCA
Q12. Complaint received by insurer must be:
a) Acknowledged, investigated and resolved timely
b) Ignored
c) Returned without action
d) Sent to reinsurer only
Q13. Recovery in cyber claims may be against:
a) Third parties causing breach
b) Insured only
c) Premium department
d) Bonus department
Q14. Survey fees are governed by:
a) Mutual agreement under IRDAI guidelines
b) Fixed for all by IRDAI
c) Fixed only by insurer
d) Fixed only by IIISLA
Q15. Auditor’s certificate may be required to:
a) Validate claim financial figures
b) Audit insurer only
c) Audit reinsurer only
d) Audit agent only
Q16. In a claim, salvage belongs to:
a) Insurer after indemnification
b) Insured always
c) Surveyor
d) Broker
Q17. “Series of acts” provision in PI means:
a) Related acts treated as one claim
b) All acts treated separately
c) Claims doubled
d) No effect on claim
Q18. Employees’ Compensation Act covers:
a) Employer liability for employment-related injury/disease
b) Stocks
c) Vehicles
d) Buildings
Q19. Good marine cargo claim servicing requires:
a) Prompt intimation, survey and settlement
b) Delayed action
c) Automatic rejection
d) Payment without documents
Q20. Recoveries through subrogation help to:
a) Reduce net claim cost
b) Increase premium
c) Increase bonus
d) Delay settlement
