IC29 Mock Test Sample 3
General insurance claims involve assessment, investigation, documentation, and settlement of insured losses under various policies like marine, health, liability, engineering, and personal accident insurance. Key principles include contribution, indemnity, seaworthiness, claim reserves, and evidence preservation. Policies define limits, exclusions, waiting periods, and valuation methods for claims. Surveyors play an important role in loss assessment, salvage valuation, and maintaining evidence. Specialized covers such as Money in Transit, Machinery Breakdown, Professional Indemnity, and EEI provide protection against different risks. Regulatory bodies like IRDAI oversee fair claims practices, surveyor conduct, and compensation mechanisms to ensure transparency and timely settlement of claims.
Q1. Under contribution, each insurer pays:
a) The full loss
b) Its rateable proportion of the loss
c) Nothing
d) Equal share always
Q2. ATL in hull means:
a) Vessel destroyed or irretrievably lost
b) Partial loss
c) Minor damage
d) Delay
Q3. Money in transit cover requires:
a) Carrier authorised by insured
b) Any person
c) Random route
d) No declaration
Q4. Common PTD benefits include:
a) Loss of both eyes or limbs
b) Minor cut
c) Flu
d) Dental treatment
Q5. Aggregate limit in PI is:
a) Maximum payable during policy period
b) Per claim only
c) Sub-limit
d) Excess
Q6. Warranty of seaworthiness under voyage policy:
a) Implied at commencement of voyage
b) Never applies
c) Only at end
d) On renewal
Q7. EEI Section 3 (ICOW) covers:
a) Increased cost of working
b) Premium
c) Bonus
d) Salvage
Q8. Surveyor’s evidence preservation includes:
a) Photographs and written statements
b) Premium records
c) Bonus calculations
d) Tax documents
Q9. Under CMR (road), carrier’s time bar is:
a) One year generally
b) Six months
c) Five years
d) Ten years
Q10. Waiting period applies to:
a) Specific listed conditions and PED
b) Only accidents
c) Only maternity
d) Only surgeries
Q11. Hit-and-run compensation is administered by:
a) General Insurance Council
b) RTO
c) Customs
d) Municipalities
Q12. MB excludes:
a) Wear and tear
b) Sudden breakdown
c) Fire
d) Explosion
Q13. Claim on Bharat Griha Raksha for contents is on:
a) Market value less depreciation
b) Premium only
c) Salvage only
d) Book value only
Q14. “On net loss basis” means claim is calculated after:
a) Deducting salvage and recoveries
b) Adding premium
c) Adding tax
d) Adding interest
Q15. Spoliation of evidence means:
a) Wrongful destruction of evidence
b) Preservation of evidence
c) Premium adjustment
d) Bonus settlement
Q16. Salvage valuation by surveyor is often done through:
a) Tender or approved buyers
b) Personal sale
c) Free disposal
d) Donation
Q17. Automatic termination of war cover under hull occurs:
a) On outbreak of war among major powers
b) At renewal
c) At year-end
d) On claim settlement
Q18. Under a valued policy, partial loss settlement:
a) Based on actual repair cost
b) Always at agreed value
c) Always half value
d) Only salvage value
Q19. Code of Conduct for surveyors is enforced by:
a) IRDAI / IIISLA
b) RBI
c) SEBI
d) MCA
Q20. Claim reserves are maintained to:
a) Meet future claim liabilities
b) Pay dividends
c) Pay agents
d) Pay taxes
