IC56 FIRE INSURANCE CLAIMS - 03
IC56 FIRE INSURANCE CLAIMS - 03
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| Q1.Under the __, the payment to be made is the cost of reinstatement of the building or the cost of replacement of the machinery to a condition equal to its condition when new. |
| a) Declaration policy |
| b) Floater policy |
| c) Reinstatement value policy |
| d) Property policy |
| Q2.______ is defined as the voluntary relinquishment of a known right. |
| a) Abandonment |
| b) Repudiation |
| c) Renunciation |
| d) Waiver |
| Q3.The payment made to the insured based on the interim report of the surveyor is known as_____. |
| a) On-account payment |
| b) Interim payment |
| c) Advance payment |
| d) Pre-payment |
| Q4.In the case of finished goods, according to the modern way,_____would provide real indemnity. |
| a) Market value of goods |
| b) Cost of production of goods |
| c) Cost of production of goods plus excise duty, if any |
| d) Market value of goods storage cost |
| Q5.Both parties to the contract must have a common intention or should be of the same kind. Say whether True or False. |
| a) True |
| b) False |
| Q6.The term ____ is used to denote the broad principles and specific practices adopted by insurers to conduct their business along sound scientific lines to produce a reasonable profit on their operations. |
| a) Contract |
| b) Underwriting |
| c) Settlement of claims |
| d) Fire insurance |
| Q7.Which act was enacted in 1986 to provide the protection of the interest of the consumers and to make provision for the establishment of the Consumer councils? |
| a) Grievance Act |
| b) Consumer Forum Act |
| c) Ombudsman act |
| d) None of these |
| Q8.An ____ to enter into a contract of insurance usually comes from the proposer. |
| a) Offer |
| b) Acceptance |
| c) Cover note |
| d) Counter-offer |
| Q9.How to calculate Pro-rate Average if sum insured = Rs. 30,000 Value of property = Rs.40,000 Loss = Rs. 16,000 |
| a) Rs.5,000 |
| b) Rs.10,000 |
| c) Rs.12,000 |
| d) Rs.15,000 |
| Q10.Who deals with complaints in respect of personal line of insurance and is empowered to decide complaints where the value complained, does not exceed___. |
| a) Rs.20 lakhs |
| b) Rs.30 lakhs |
| c) Rs.40 lakhs |
| d) Rs.50 lakhs |
