ICS01 Principles and Practice of Insurance and Survey and Loss Assessment Mock Test 18
These questions cover important topics in insurance, claims assessment, marine cargo insurance, loss adjustment, salvage operations, engineering losses, business interruption, court bonds, and products liability. Key areas include the legal meaning of housebreaking, methods used to document damages and their causes, the history of the Chartered Institute of Loss Adjusters, and common causes of marine cargo losses. The questions also examine protective measures during salvage operations, documentation required before engineering repairs, alternative evidence when accounting records are unavailable, and coverage for interruptions caused by supplier damage. Additionally, they cover the purpose of Court Bonds and exclusions and coverage under Products Liability Policies.
Q1. In what circumstances is an act considered "housebreaking" under the Indian Penal Code?
a) When the offender enters or leaves through any passage intended for human entrance
b) When the offender enters or leaves through a passage opened by the occupier of the house
c) When the offender enters or leaves using criminal force or committing an assault
d) When the offender enters or leaves after scaling or climbing over a wall or building
e) When the offender enters or leaves by using a passage that was fastened against entrance or departure
Q2. In what form are evidences of damages, cause, and origin captured during claim assessments?
a) Through verbal descriptions
b) In the form of handwritten notes
c) Through still photographs or videography
d) Using Morse code
e) Through interpretive dance
Q3. Which year marked the granting of a Royal Charter to the Association, forming the Chartered Institute of Loss Adjusters?
a) 1941
b) 1961
c) 1971
d) 1981
e) 1991
Q4. What is a commonly encountered cause of losses in a Marine Cargo Policy?
a) Collision with other vehicles
b) Rain water damage
c) Mechanical failure of parts
d) Jerks and jolts in road transit
e) Fire accidents
Q5. Which of the following is NOT a suggested protective measure for salvaging property after an incident?
a) Dewatering of basement warehouses
b) Submerging ferrous spare parts in water
c) Cleaning and drying electric motors
d) Pumping oil from burning oil tanks
e) Separating flaked wheat and cement and rebagging using dry bags
Q6. What is demanded from external repair agencies before permitting repairs in engineering losses?
a) Detailed inventory of damaged items
b) Proof of ownership for damaged equipment
c) Detailed estimate of repair costs
d) Evidence of previous repairs conducted
e) Documentation of labor hours spent on repairs
Q7. What alternative evidences can a surveyor use if the books of accounts are not available or satisfactory?
a) Statements of accounts maintained by the supplier
b) Bank statements of the insured
c) Details submitted to income tax authorities
d) Information from debtors
e) All of the above
Q8. How are interruptions in business due to damage at supplier's premises covered under the policy?
a) The policy does not cover interruptions caused by damage at supplier's premises
b) Interruptions at supplier's premises are covered as a standard feature of the policy
c) A separate policy is required to cover interruptions at supplier's premises
d) Interruptions at supplier's premises are covered with a relevant endorsement
e) Only partial coverage is provided for interruptions at supplier's premises
Q9. What is the purpose of Court Bonds issued by insurers?
a) To guarantee the honesty of court judges.
b) To ensure fair trial proceedings.
c) To secure the proper discharge of duties by court-appointed officers.
d) To provide financial compensation to plaintiffs.
e) To cover legal fees for court cases.
Q10. What is NOT excluded under the Products Liability Policy?
a) Costs of repair or replacement of defective product
b) Claims for failure of products to fulfill their purpose
c) Legal liability for injury or damage to property arising out of defects in specified products
d) Product guarantee
e) Legal liability for injury or damage to property during transportation
