IC29 Mock Test Sample 4

Q1. Books of account and stock registers are required to:
a) Establish stock quantum, values and movement
b) Issue policy
c) Compute premium
d) Transfer policy

Q2. Fidelity Guarantee claim requires:
a) Policy, proof of dishonest act, financial records
b) Only FIR
c) Only receipt
d) Only estimate

Q3. Ethical salvage handling means:
a) Transparent and fair handling
b) Hidden transactions
c) Bonus adjustment
d) Premium increase

Q4. Personal Accident policy pays on:
a) Death or disablement due to accident
b) Illness
c) Natural death
d) Voluntary injury

Q5. The current threshold above which licensed surveyor is mandatory is:
a) Rs 20,000
b) Rs 1,000
c) Rs 5,000
d) Rs 1,00,000

Q6. Recovery from product manufacturer is for:
a) Damage caused by defective products
b) Premium collection
c) Bonus settlement
d) Policy renewal

Q7. Compulsory PA cover to owner-driver sum assured is:
a) Rs 15 lakhs
b) Rs 2 lakhs
c) Rs 10 lakhs
d) Rs 50,000

Q8. Public utilities extension typically names:
a) Electricity, water, gas, telecom
b) All utilities without naming
c) Only insurer
d) Only broker

Q9. The Insurance Act, 1938 was amended in 2015 to:
a) Strengthen surveyor regulation
b) Remove regulations
c) Reduce surveyor role
d) Cancel policies

Q10. Zero depreciation add-on:
a) Pays without deducting depreciation
b) Covers only salvage
c) Covers only third party
d) Covers only FIR

Q11. Customs duty exclusion in cargo is:
a) Payable only if specifically included
b) Always covered
c) Always excluded forever
d) Only for air cargo

Q12. Surveyor’s recommendation on salvage handling includes:
a) Disposal method and valuation
b) Premium calculation
c) Bonus distribution
d) Tax payment

Q13. Claim payment modes include:
a) Cheque, NEFT/RTGS, cashless payment
b) Only cash
c) Only demand draft
d) Only hundi

Q14. Salvage management KPIs include:
a) Realisation rate and time taken
b) Premium income
c) Bonus amount
d) Policy term

Q15. Terrorism on hull is typically:
a) Covered by Institute War/Strikes Clauses
b) Automatically covered in ITC
c) Covered only by P&I
d) Not available

Q16. Credit insurance recovery efforts must be:
a) Actively pursued by insured
b) Optional
c) Banned
d) Reinsurance only

Q17. Surveyor must be licensed by:
a) IRDAI
b) RBI
c) SEBI
d) MCA

Q18. Surveyor’s continuing education hours are:
a) As prescribed by IRDAI/IIISLA
b) Optional
c) Bonus based
d) Premium linked

Q19. Log book records:
a) Navigational and operational events
b) Premium details
c) Bonus details
d) Customs duty

Q20. Master’s note of protest is:
a) Sworn statement by master about casualty
b) Survey report
c) Cargo manifest
d) Customs note