ICS01 Principles and Practice of Insurance and Survey and Loss Assessment Mock Test 07

Q1. Which of the following is NOT listed as a negative constructional feature in tea factories?

A. Intermediate floors of timber

B. Wooden ducts for flue gases

C. Unprotected structural steel framework

D. Presence of water storage facility

E. Absence of fire fighting equipment

Q2. According to Regulation 9, how long should a surveyor take to furnish his report after appointment?

A. 15 days

B. 30 days

C. 3 months

D. 6 months

E. 1 year

Q3. What rule states that where a group of particular things has been specified followed by more general terms, the latter must be construed as being of the same kind as the specifically mentioned ones?

A. The rule of strict construction

B. The rule of statutory interpretation

C. The rule of ejusdem generis

D. The rule of contra proferentem

E. The rule of ambiguity resolution

Q4. According to the Code of Conduct, what activity should a surveyor and loss assessor avoid to prevent conflicts of interest?

A. Outsourcing activities

B. Undertaking business activities

C. Consulting services

D. Participating in training programs

E. Performing administrative tasks

Q5. What is one of the "salient features" of the regulations mentioned?

A. Introduction of apprenticeship for insurers

B. Establishment of a professional body for insurers

C. Categorization of surveyors based on experience

D. Enumeration of duties and responsibilities for surveyors

E. None of the above

Q6. What is the primary reason for including clauses in insurance policies regarding immediate protective measures?

A. To ensure the insured's safety during emergencies

B. To expedite the insurance claim process

C. To prevent further damage to the insured property after an incident

D. To determine liability for damages

E. To reduce insurance premiums

Q7. What is one of the purposes of the detailed estimate in a motor survey report?

A. To minimize the insurer's liability

B. To increase the complexity of the report

C. To expedite the claims settlement process

D. To provide a clear assessment of repair costs

E. To delay the final recommendation

Q8. What is the purpose of preparing the Balance Sheet?

A. To determine the net profit

B. To summarize income and expenditure

C. To disclose the financial position at a specific date

D. To calculate gross profit

E. To record daily transactions

Q9. What is the main difference between a revenue policy and a turnover policy?

A. The types of perils covered

B. The amount of standing charges included

C. The definition of the key financial metric (turnover vs. gross revenue)

D. The duration of the indemnity period

E. The method of premium calculation

Q10. What type of losses does Fidelity Guarantee Insurance cover?

A. Consequential losses

B. Losses due to natural disasters

C. Losses incurred by competitors

D. Losses related to employee dishonesty

E. Losses caused by vandalism