IC77 ENGINEERING INSURANCE EXAM - 01
| Q1.What shall mean by any fired closed vessel or a combined container piping system in which steam is generated under pressure? |
| a) Pressure plant |
| b) Boiler |
| c) Collapse |
| d) Flue gas explosion |
| Q2.Which of the following is taken into account in fixing the estimated completely erected value of the contract works under CAR Policy? |
| a) Cost of material |
| b) Construction costs |
| c) Freight and customs duties |
| d) All of the above |
| Q3.What is a prior agreement between the ceding company and the reinsurer whereby the ceding company agrees to cede and the reinsurer agrees to accept all business up to a certain limit laid down in the treaty contract upon agreed terms and conditions? |
| a) Facultative reinsurance |
| b) Treaty reinsurance |
| Q4.In CAR Insurance, the maintenance period is usually ____ but may vary depending on the type of contract work. |
| a) 3 months |
| b) 6 months |
| c) 9 months |
| d) 12 months |
| Q5.Which of the following is an example of 'mobile machinery'? |
| a) Earthmoving machines |
| b) Fixed conveyor systems |
| c) Concrete batching plants |
| d) Asphalt mixing plants |
| Q6.Which of the following is incorrect with respect to the CAR policy? |
| a) CAR policy provides a virtually comprehensive cover for the entire civil engineering projects whilst the work is in progress and also during the maintenance period thereafter. |
| b) CAR policy cover is provided on an 'All Risks' basis, i.e. every hazard which is not specifically excluded is covered. |
| c) Sudden and unforeseen loss or damage occurring during the period of insurance to the property insured on the construction site is not indemnified in a CAR policy. |
| d) In a CAR policy, during the maintenance period, the cover is restricted to loss or damage for which the contractors are liable according to the contract conditions. |
| Q7.An Engineering Policy can be issued to cover: |
| a) Moveable equipment |
| b) Portable equipment |
| c) a) and b) |
| d) None of above |
| Q8.The main objective of ____ is to protect the leasing company's interests as the owner of installations and machinery leased for a certain number of years under various leasing contracts. |
| a) Contract Works Insurance |
| b) Machinery Insurance |
| c) Contractor's plant and Machinery Insurance |
| d) Machinery leasing insurance |
| Q9.It is a condition precedent under the Deterioration Policy that a claim should be admitted under the Machinery Insurance Policy. |
| a) Civil Engineering Completed Risks Insurance Policy |
| b) Fire Insurance Policy |
| c) Machinery Insurance Policy |
| d) Marine Insurance Policy |
| Q10.Risk management includes |
| a) Risk reduction |
| b) Risk avoidance |
| c) Loss minimization |
| d) All the above |