IC29 Mock Test Sample 6

Q1. Recovery in theft claims is made from:
a) Thieves if caught
b) Insured
c) Premium account
d) Bonus fund

Q2. Temporary Total Disablement (TTD) pays:
a) Weekly benefit up to specified period
b) Full CSI
c) Only death benefit
d) No benefit

Q3. Insured’s duty to cooperate includes:
a) Provide documents and allow inspection
b) Hide information
c) Destroy evidence
d) Settle directly without insurer consent

Q4. Constructive Total Loss (CTL) occurs when:
a) Recovery or repair cost exceeds insured value
b) Minor damage occurs
c) Only leakage happens
d) Only delay occurs

Q5. Recovery in fire claims is made from:
a) Third party causing fire
b) Insured
c) Premium account
d) Bonus fund

Q6. In fire claim, stock loss is based on:
a) Actual stock less salvage with evidence
b) Maximum sum insured always
c) Average yearly stock
d) Last year’s stock only

Q7. Documents for PA disablement claim include:
a) Medical certificate and treatment records
b) Only policy
c) Only FIR
d) Only ID proof

Q8. Marine cargo insurance covers:
a) Goods in transit by multiple modes
b) Only hull
c) Only ships
d) Only aircraft

Q9. Machinery breakdown loss of profit requires:
a) Underlying MB policy
b) Only fire policy
c) No material damage cover
d) Only burglary policy

Q10. Photographs in claim file serve to:
a) Provide visual evidence of loss
b) Decorate file
c) Increase premium
d) Replace policy

Q11. Time-bound salvage disposal is:
a) Important to avoid deterioration
b) Optional always
c) Related only to bonus
d) Related only to premium

Q12. Misrepresentation means:
a) Incorrect statement of fact
b) Silence on fact
c) Under-insurance
d) Over-insurance

Q13. Which is NOT a function of insurance?
a) Gambling
b) Risk transfer
c) Risk pooling
d) Spreading of risk

Q14. Bankers’ Blanket Bond is:
a) Comprehensive bank insurance cover
b) Hull cover
c) Cargo cover
d) Motor cover

Q15. Time bar for suit against insurer in India is:
a) 3 years from cause of action
b) 1 year
c) 6 months
d) 10 years

Q16. In reinstatement value policy, reinstatement must be completed:
a) Within reasonable time
b) Within 10 years
c) Never
d) Before the loss

Q17. FLOP claim investigation includes review of:
a) Financial and production records
b) Only photographs
c) Only premium receipts
d) Only ID proof

Q18. A warranty in insurance is:
a) A condition that must be strictly complied with
b) A suggestion
c) A discount
d) A penalty

Q19. Inter-dependency among locations requires:
a) Cover for linked locations
b) Cover only for main site
c) Cover only for suppliers
d) No cover required

Q20. Surveyor’s TDS treatment means:
a) Insurer deducts TDS as per Income Tax Act
b) No deduction applies
c) Premium adjustment only
d) Bonus deduction only